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Data: Forbes; Chart: Naema Ahmed/Axios

Steve Cohen's bid to buy the Mets was approved by MLB's Ownership Committee on Tuesday, all but assuring he'll be the team's new owner.

Why it matters: Cohen's net worth ($14.6 billion) would make him the second-richest owner in American sports behind Steve Ballmer ($73 billion), while also making him wealthier than the next three richest MLB owners combined.

  • That kind of money is transformative, as we've seen with Ballmer in L.A.
  • Despite the NBA's salary cap, his deep pockets and willingness to pay the luxury tax have helped the Clippers build a contender, and a new privately funded arena set to open in 2024 will make L.A. even more attractive.

The intrigue: In a league like MLB, which doesn't have a salary cap, having more money than your opponents matters even more.

Go deeper:

Go deeper

The wealthy rush to shield their assets from Biden

Illustration: Eniola Odetunde/Axios

High-net-worth Americans are busy setting up trust funds, giving large gifts to heirs and philanthropies, and even selling family businesses as they brace for the tax hikes a Biden presidency might bring.

Why it matters: President Trump has jacked up the amount that people can leave tax-free to their heirs to record highs. If Biden wins, his tax shakeup would have ripple effects on how the wealthy buy and sell properties, allocate savings and investments, and give to charity.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

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