The Swedish programmer who sold his Lego-like sandbox game to Microsoft for $2.5 billion is now trying to turn a Beverly Hills trophy home back into cash. His timing, however, is raising eyebrows.
Markus “Notch” Persson, the creator of Minecraft, has listed his roughly 22,300-square-foot Trousdale Estates compound for $70 million—the same price he paid for it in 2014, The Wall Street Journal first reported. If it fetches its asking price, it would be the priciest home sale in Beverly Hills this year and the second most expensive in Los Angeles County, behind only the $130 million Casa Encantada estate Peter Thiel bought at a foreclosure auction in September, The Real Deal reported, citing the Los Angeles Times.
Aaron Kirman and Katia De Los Reyes of Christie’s International Real Estate Southern California hold the listing, alongside Branden and Rayni Williams of The Beverly Hills Estates. Kirman told the Journal that Persson simply isn’t spending much time in Los Angeles anymore and “is committed to selling.” He also acknowledged that luxury markets nationwide have cooled, adding: “We’re not doing aspirational pricing anymore.” It’s a reality sellers far below Persson’s tax bracket know well: Across the U.S., homeowners have been forced to slash asking prices in a stagnant market.
A $70 million price tag, frozen in time
Persson bought the property in December 2014, just months after Microsoft agreed to acquire Mojang, the Stockholm studio behind Minecraft, for $2.5 billion. Persson owned roughly 70% of the company, and the deal made him a billionaire. Forbes estimates his net worth at about $1.5 billion.
The purchase famously beat out a bid reportedly involving Beyoncé and Jay-Z, and at the time it was the most expensive home sale in Beverly Hills history. The spec mansion, built by developer Bruce Makowsky and originally listed at $85 million, came fully loaded: a candy room valued at $200,000, a 2,500-bottle wine cellar, an 18-seat screening room, and a car lift to move vehicles into a gallery-style showroom, Forbes reported. Persson later spent millions more adding a recording studio and a private nightclub with a DJ booth, bar, and dance floor, according to the Journal.
Leaving Los Angeles—but not necessarily fleeing a tax
Whatever is motivating the sale, the listing landed at a politically awkward moment. California voters head to the polls today to decide on Proposition 40, a one-time 5% tax on the net worth of billionaires who were California residents on Jan. 1, 2026. Two competing measures on the same ballot, Propositions 41 and 42, could nullify it if either draws more “yes” votes.
The measure has already reshaped where some of the state’s richest people say they live. Google cofounder Larry Page left California before the cutoff and spent $173.4 million on Miami mansions, while fellow cofounder Sergey Brin relocated to Nevada and has poured $102 million into fighting the tax. Uber cofounder Travis Kalanick says he moved to Austin on Dec. 18, 2025—about two weeks before it would have applied to him. Meta’s Mark Zuckerberg told the company’s directors he intended to establish residence outside California, before Meta struck a deal to issue a new class of nonvoting stock that could help him cover a potential tax bill; as part of it, he committed to staying in California, or wherever Meta is headquartered, for eight years.
But there’s no public indication that Persson’s sale is tax-driven, and unloading the house wouldn’t obviously change his exposure if it were. The measure’s residency test looks back to Jan. 1, 2026, and its text excludes real estate that billionaires own directly. Neither Persson nor his agents have tied the listing to the vote.
From “incompetent or evil” to “a teensy tiny bit wrong”
The mansion isn’t the only thing Persson has had a change of heart about lately. Early this year, his full-throated warning against AI-generated code made headlines: He wrote on X that anyone advocating for the practice is “either incompetent or evil,” and he has long urged young developers to “Learn. Your. Craft.”
The conviction had a shelf life. In July, Persson told his followers he “just might give vibe coding a shot,” citing trouble hiring talented programmers, and asked which tools he should try. By September, he’d come around entirely. “I will admit, I am enjoying vibe coding,” he wrote. “I may have been a teensy tiny bit wrong.”
Some of the most repeated advice in personal finance is wrong. Saving as much as you can when you’re young to benefit from compounding sounds obvious, but it ignores what economists call the life-cycle model. Following it can mean sacrificing the years when your money buys the most. In this video, I work through this myth and nine others to help you make better financial decisions and avoid costly mistakes.
*Timestamps*
00:00 – Intro
00:32 – Myth #1: Saving As Much As You Can Early
03:30 – Myth #2: The Economy = The Stock Market
05:04 – Myth #3: Dividends Explain 40% of Stock Market Growth
06:29 – Myth #4: Index Funds Only Give You Average Returns
08:22 – Myth #5: The Shiller CAPE Ratio is an Omen
11:14 – Myth #6: If Warren Buffett Can Beat The Market, So Can You!
12:36 – Myth #7: Bonds and Cash Are Safe Investments
14:41 – Myth #8: Gold is an Inflation Hedge
17:13 – Myth #9: Renting is Throwing Away Money
18:08 – Myth #10: Debt is Always a Bad Thing to Have
Most people save without knowing their real “why.” Free exercise for Canadians to find it.
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*References*
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Key Insight: How large lenders are managing new risks in the mortgage servicing rights portfolios that play a key role in their business strategies.
What’s at Stake: Mortgage companies’ ability to retain and build on customer relationships while maintaining strong balance sheets. Overview bullets generated by AI with editorial review.
Executives from some top players in the mortgage servicing rights market agreed there are some growing challenges when it comes to the operational responsibility for managing MSRs, and each had some distinct thoughts on how these should be addressed. While some industry leaders have stressed the importance of building market share, Newrez President Baron Silverstein told attendees at IMN’s Mortgage Servicing Rights conference that it’s not the route his company’s taking.
Processing Content
“We don’t need to grow. We’ve been very clear about our strategy,” he said.
Rather, Silverstein described his company’s approach to the market as “disciplined.”
Newrez President Baron Silverstein
“There are attractive returns even in a market like this. The origination market is certainly challenged, but there’s still opportunities there. There are opportunities on the MSR side, and you just need to make sure that you can manage your balance sheet,” he said.
Silverstein said his company has been buying a mix of older loans from the pandemic or before and new originations, with the former accounting for around 60% of its portfolio and the latter for the remaining 40%.
While Newrez is taking a different approach to the market than some other large nonbank mortgage companies, Silverstein said he did agree with some other executives’ statements about needing to manage liquidity.
What servicers are doing about liquidity challenges
Mortgage companies have been growing increasingly concerned about liquidity risk from having to advance funds for delinquency borrowers in the large Ginnie Mae market, said Simon Aldrich, a senior executive vice president at Freedom Mortgage, a leading player in the space.
Michael Lau, managing director at Bayview Asset Management, said that’s made Ginnie servicing, which has a relatively high delinquency rate, “very specialized and intense particularly in the current environment.”
Bayview and Freedom, which are top players in the Ginnie Mae space, said the advancing obligations so far have been manageable.
Freedom has “beefed up its advance lines” and has “plenty of liquidity,” Aldrich said.
Silverstein said Newrez has been using models with additional analysis to manage current servicing risks.
“You have to actually go beyond the model. You need to think outside what is happening in a macro environment, and where these models are not thinking about risks on a go-forward basis,” he said.
Lau said he prefers working with third-party experts to handle the operational responsibility for servicing in this environment.
“We utilize subservicers,” he said. “We would much rather have other people who are really good at it and that are contractually on the hook if they make mistakes.”
Onity, which has been engaged in a multiyear effort to de-risk its balance sheet, is keeping a close eye on delinquency risk that can go up when rates rise by regularly monitoring and testing the strength of its portfolio and operations, said Chief Investment Officer Aaron Wade.
“We shock our delinquency ratios to make sure that our cost of service, our valuations, and our liquidity are appropriate,” Wade said.
While the operational management of mortgage servicing rights is getting more complicated, Silverstein reaffirmed that it’s worth it.
“Holding onto the MSRs is a good thing, and staying attached to the customers is a good thing,” he said.
Preparing for a new risk environment: Explore how geopolitical instability, economic fragmentation, inflation, climate risk, and technological disruption can increase tail risk and challenge traditional diversification.
Stress testing portfolio vulnerabilities: Examine how practical scenarios can uncover hidden exposures, test assumptions, and inform hedging and asset allocation decisions.
Avoiding “model on, brain off”: Consider why portfolio managers need to remain skeptical of quantitative models, particularly during market shocks and regime changes.
Model governance in the age of AI: Explore the importance of separating model development from validation and strengthening post-deployment monitoring for complex AI systems.
Liquidity risk and private credit: Understand how ostensiblyliquid assets can behave during periods of stress and how limited transparency can conceal concentration risks.
Systemic risk and financial resilience: Examine how regulatory stress tests, government debt, constrained fiscal capacity, and geopolitical shocks can influence portfolio risks and market behavior.
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How can investment organizations harness AI to improve decision-making while preserving accountability, governance, and human judgment?
In this episode of Conversations with Frank Fabozzi, CFA, Til Schuermann examines how portfolio managers can navigate an increasingly uncertain and interconnected risk environment. Drawing on his experience as Partner and Global Head of Finance and Risk at Oliver Wyman and his previous work at the Federal Reserve Bank of New York, he explores stress testing, model risk, liquidity, private credit, regulation, and the vulnerabilities that can emerge during periods of market disruption.
The discussion will consider how investment professionals can challenge assumptions, identify hidden exposures, and strengthen portfolio resilience when markets behave in ways that historical models may not anticipate.
Amex Offer for Brilliant Cardholders: Spend $900, Get $200 Back on Airfare
American Express has a new targeted offer that could save Marriott Bonvoy Brilliant cardholders $200 on airfare. The offer gives eligible cardholders a one-time $200 statement credit after spending $900 or more on flights booked directly with airlines. That’s more than 22% back if you spend exactly $900. Let’s go over the details.
Offer Details
Earn a one-time $200 statement credit after using your enrolled eligible Marriott Bonvoy Brilliant® American Express® Card to spend a minimum of $900 USD in one or more qualifying purchases of flights booked directly with airlines by 2/28/2027. Excludes third party booking sites and travel agencies. See terms.
Guru’s Wrap-up
This is a pretty nice offer if you have the Marriott Bonvoy Brilliant card and are planning to book flights soon. Getting $200 back on $900 in airfare is a solid discount, and being able to split the spending across multiple purchases makes it easier to use.
Check your Amex Offers and see if you’re targeted!
Florida’s minimum wage increased to $15 per hour on September 30, 2026, completing the state’s voter-approved schedule of annual wage increases. Andrea Piacquadio/Pexels
Florida workers are now earning a higher minimum wage following the final scheduled increase approved by voters six years ago. As of September 30, 2026, Florida’s minimum wage is officially $15 per hour, a significant increase from the $8.65 hourly rate workers received in early 2021. For someone working full-time at minimum wage, that difference represents more than $13,000 in additional annual gross earnings.
However, the increase doesn’t necessarily mean Florida workers can comfortably afford housing, groceries, transportation, and other necessities. Rising living expenses continue to put pressure on household budgets, particularly in areas with expensive housing markets.
Whether you’re starting a new job, working part-time during retirement, or trying to determine whether your employer is paying you correctly, understanding Florida’s minimum wage laws can help protect your paycheck.
What Is Florida’s Minimum Wage in 2026?
Florida’s minimum wage increased to $15 per hour on September 30, 2026, according to the Florida Department of Commerce. The new rate applies to covered non-tipped employees throughout the state, replacing the previous $14 hourly minimum that took effect in September 2025. Florida reached the $15 milestone through a constitutional amendment approved by voters in November 2020, which established annual increases of $1 beginning in September 2021. The current $15 rate will remain effective through December 31, 2027, before inflation-based adjustments resume in January 2028. Employees should review their pay stubs to confirm that hours worked on or after September 30, 2026, are being compensated at the appropriate rate.
How Florida’s Minimum Wage Has Changed Since 2021
Florida’s move to a $15 minimum wage happened gradually rather than through a single large increase. Under the voter-approved amendment, the state raised its minimum wage to $10 in September 2021 and increased it by another dollar every September until reaching $15 in 2026. This schedule gave employers several years to prepare for higher payroll expenses while allowing employees to anticipate future wage increases. The progression also means someone who remained in a minimum-wage position throughout the entire period has experienced a substantial increase in their hourly pay. Here’s how the state’s wage schedule developed.
Effective Date
Minimum Hourly Wage
September 30, 2021
$10.00
September 30, 2022
$11.00
September 30, 2023
$12.00
September 30, 2024
$13.00
September 30, 2025
$14.00
September 30, 2026
$15.00
Florida’s Minimum Wage for Tipped Employees Is Different
Restaurant servers, bartenders, and certain other tipped employees may receive a lower direct hourly wage because Florida permits qualifying employers to claim a tip credit. As of September 30, 2026, the minimum cash wage for eligible tipped workers is $11.98 per hour, with employers permitted to count up to $3.02 in tips toward the regular $15 minimum. According to the U.S. Department of Labor, employers must ensure that workers receive at least the applicable full minimum wage when direct wages and qualifying tips are combined. If an employee’s tips are insufficient to reach that amount, the employer must make up the difference rather than leaving the worker with less than minimum wage. Tipped workers should carefully review their pay statements and keep accurate records of their hours and tips to identify potential underpayment.
How Much Does Someone Earning Minimum Wage Make Annually?
A Florida employee earning $15 per hour and working 40 hours per week would receive $600 in gross weekly pay. Over 52 weeks, that translates to $31,200 annually before federal income taxes, payroll taxes, health insurance premiums, and other deductions. Someone working 30 hours per week at the same rate would earn approximately $23,400 annually, assuming they worked every week of the year. These calculations also exclude overtime, bonuses, unpaid time off, and any additional compensation that could change actual earnings. Understanding the difference between gross and take-home pay is especially important when creating a household budget or deciding whether a new job provides sufficient income.
Weekly Hours
Weekly Gross Pay
Annual Gross Pay
20 hours
$300
$15,600
25 hours
$375
$19,500
30 hours
$450
$23,400
40 hours
$600
$31,200
Calculations assume 52 paid weeks per year and no overtime.
Is Florida’s Minimum Wage Higher Than the Federal Minimum?
Florida’s $15 hourly minimum is more than twice the federal minimum wage of $7.25, which has remained unchanged since July 2009. The U.S. Department of Labor explains that when federal and state minimum wage laws both apply, covered workers are generally entitled to the higher applicable rate. This means an employer cannot ordinarily justify paying a covered Florida worker $7.25 simply because that remains the federal minimum. However, certain workers may fall under specific exemptions or special wage provisions, depending on their employment circumstances and applicable federal law. Employees who believe they are being underpaid should verify which wage requirements apply to their jobs rather than relying solely on the federal rate.
Are Teenagers and Part-Time Workers Covered?
Florida’s minimum wage generally applies to covered workers regardless of whether they work full-time or part-time, but certain federal exemptions and special wage provisions may apply. One example involves the federal youth opportunity wage, which permits qualifying employers to pay eligible workers under age 20 a lower rate during their first 90 consecutive calendar days of employment when applicable legal requirements are satisfied. Florida’s Minimum Wage Act incorporates certain federal wage provisions, making it important to evaluate eligibility before assuming every employee must receive the same rate. Teenagers also face separate restrictions involving working hours and hazardous occupations, which are distinct from minimum wage requirements. Young workers and parents should review the applicable rules through the Department of Labor before accepting a job offering less than the standard Florida minimum wage.
Does Florida’s $15 Minimum Wage Cover the Cost of Living?
Earning $31,200 annually before taxes can be a meaningful improvement over previous minimum-wage earnings, but whether that income is sufficient depends heavily on household circumstances. Housing costs, transportation, childcare, groceries, and healthcare expenses can vary considerably between Florida communities, making a single statewide wage difficult to evaluate against every family’s needs. The MIT Living Wage Calculator provides county-level estimates of the hourly income required to cover basic expenses based on household size and the number of working adults. A single worker sharing housing expenses may face a very different financial situation from a parent supporting two children on the same hourly wage. Comparing actual monthly take-home pay with essential expenses provides a more useful picture of financial security than looking at the minimum wage alone.
What the Higher Minimum Wage Means for Working Retirees
Florida’s wage increase may also benefit retirees who work part-time to supplement Social Security, pensions, or retirement savings. Someone working 20 hours weekly at $15 per hour could earn $15,600 annually before taxes, providing additional money for healthcare costs, home maintenance, and other expenses. However, people who claim Social Security retirement benefits before reaching full retirement age should understand that earnings above the annual limit can temporarily reduce their benefits. The Social Security Administration explains that the retirement earnings test generally stops applying once someone reaches full retirement age, although wages can still affect income taxes and other financial considerations. Retirees considering part-time employment should evaluate how additional earnings could affect their overall income, tax obligations, and eligibility for income-based assistance programs.
What Happens if Your Employer Pays Less Than Minimum Wage?
Florida workers who believe they are receiving less than the legally required minimum wage have options for seeking unpaid compensation. Under Florida Statute 448.110, an employee pursuing a state minimum-wage claim generally must first provide written notice to the employer identifying the alleged underpayment and the wages owed. The employer then has 15 calendar days to resolve the claim before the employee may proceed with a civil action under the statute. Workers who prevail may be entitled to unpaid wages, additional damages, and reasonable attorney’s fees, subject to the applicable legal requirements. Keeping pay stubs, time records, schedules, and written communications can help establish the facts if a wage dispute arises.
What Happens to Florida’s Minimum Wage After 2026?
Florida has completed the scheduled annual $1 increases established by the constitutional amendment approved in 2020. The state’s minimum wage will remain $15 per hour through December 31, 2027, rather than automatically increasing to $16 in September 2027. Beginning in September 2027, Florida will calculate future adjustments based on inflation, with the first adjusted rate scheduled to take effect January 1, 2028. The Florida Constitution establishes this inflation-based system using the Consumer Price Index for Urban Wage Earners and Clerical Workers. Workers and employers should monitor official Florida Department of Commerce announcements for future wage adjustments instead of assuming another fixed dollar increase will occur.
Florida Workers Should Know What Their Paychecks Are Worth
Florida’s minimum wage has reached $15 per hour, marking the completion of a major wage increase approved by voters in 2020. For a full-time employee, that rate represents $31,200 in annual gross earnings, while eligible tipped workers must receive at least $11.98 per hour in direct wages plus tips sufficient to meet the full applicable minimum. Although higher wages can provide additional financial breathing room, the cost of living, taxes, and household expenses still determine how far each paycheck stretches. Workers should verify their hourly rates, review pay stubs, and understand their rights if they believe an employer is paying less than required. Knowing Florida’s current minimum wage is an important first step toward protecting your income and making informed financial decisions.
Do you think Florida’s $15 minimum wage is enough to cover everyday living expenses? Has the latest increase made a noticeable difference in your household budget? Share your thoughts in the comments.
Read More
What Is The Minimum Wage in California?
Ways a $10 Minimum Wage Would Help Employees
Minimum Wage Worker Needs 2.5 Full-Time Jobs to Afford 1-Bedroom Apartment
Kathryn Vercillo is a professional writer who loves to live a balanced life. She appreciates a good work-life balance. She enjoys balance in her relationships and has worked hard to learn how to balance her finances to allow for a balanced life overall. Although she’s only blonde some of the time, she’s always striving for total balance. She’s excited to share what she’s learned with you and to discover more together along the way.
As of 6:45 a.m. Eastern Time today, oil is trading at $110.45 per barrel, based on the Brent benchmark we’ll explain in a bit. That’s $2.15 below yesterday morning’s level and about $45 higher than where it stood a year ago.
Oil price per barrel
% Change
Price of oil yesterday
$112.60
-1.90%
Price of oil 1 month ago
$106.48
+3.72%
Price of oil 1 year ago
$65.41
+68.85%
Price of oil yesterday
Oil price per barrel
$112.60
% Change
-1.90%
Price of oil 1 month ago
Oil price per barrel
$106.48
% Change
+3.72%
Price of oil 1 year ago
Oil price per barrel
$65.41
% Change
+68.85%
Will oil prices go up?
No one can say for sure where oil prices will go next. Many forces shape the market—but at the core, it’s still about supply and demand. When risks like a potential recession or war ramp up, oil prices can change direction quickly.
How oil prices translate to gas pump prices
When you buy gas at the pump, you’re covering more than the cost of crude oil. You’re also paying for every step in the process, including refineries, wholesalers, taxes, and the markup your local gas station adds.
Even so, crude oil has the biggest influence on what you pay, often making up more than half the cost per gallon. When oil prices jump, gas prices usually climb right along with them. But when oil falls, gas prices often slip much more slowly—a pattern sometimes called “rockets and feathers.”
The role of the U.S. Strategic Petroleum Reserve
If an emergency hits, the U.S. keeps a backup supply of crude oil called the Strategic Petroleum Reserve. It’s mainly there to protect energy security during crises, such as sanctions, catastrophic storm damage, even war. It can also help cushion the blow when supply shocks send prices soaring.
It’s not meant to solve long-term problems. Instead, it provides quick relief for consumers and helps keep vital parts of the economy moving, like essential industries, emergency services, and public transit.
How oil and natural gas prices are linked
Oil and natural gas are two of the world’s primary energy sources. A big change in oil prices can affect natural gas by extension. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which which increases demand for natural gas.
Historical performance of oil
When looking at how oil performs, two main benchmarks stand out:
Brent crude oil is the main global oil benchmark.
West Texas Intermediate (WTI) is the main benchmark of North America.
Of the two, Brent gives a better picture of global oil performance because it prices a large share of the world’s traded crude. It’s also the go-to for tracking oil’s historical trends. In fact, even the U.S. Energy Information Administration now relies on Brent as its primary reference in its Annual Energy Outlook.
If you look at the Brent benchmark over several decades, oil has been far from stable. It has experienced sharp rises tied to wars and supply cuts, along with steep drops linked to global recessions and oversupply (called a “glut”). For example:
The early 1970s delivered the first major oil shock when the Middle East slashed exports and placed an embargo on the U.S. and others during the Yom Kippur War.
Prices fell in the mid-1980s due to lower demand and an influx of non-OPEC oil producers joining the market.
Prices surged again in 2008 as global demand grew, but then crashed alongside the global financial crisis.
During the 2020 COVID lockdown, oil demand plummeted like never before—pushing prices below $20 per barrel.
To sum up, oil’s historical performance has been anything but smooth. Again, it’s heavily influenced by wars, recessions, OPEC whims, shifting energy policies, and much more.
Energy coverage from Fortune
Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:
Frequently asked questions
How is the current price of oil per barrel actually determined?
The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.
How often does the price of oil change during the day?
The price of oil updates constantly when the “futures” markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.
How does U.S. shale oil production affect the current price of oil?
In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we’ll have—and the more easily oil prices can keep from spiking as much thanks to a greater supply.
How does the current price of oil impact inflation and the broader economy?
When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it’s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it’s more expensive to get those products from warehouses and farms onto the shelf.
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As per the FEMA Act, it is illegal to trade pairs without INR Currency & do business with brokers not registered in India. Kindly Google and do your own research & take decisions wisely. I am trading Forex in Dubai using EXNESS broker which is registered in Cyprus.
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