Best buy founders: Best Buy History: Founding, Timeline, and Milestones

Best Buy History: Founding, Timeline, and Milestones

Best Buy Company History Timeline

1966

Incorporated: 1966 as Sound of Music, Inc.

1967

In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company.

1969

In 1969, Sound of Music had three stores and Schulze bought out his business partner.

1970

In 1970 Richard became the sole owner of the store as he bought out the stakes of his partner.

1971

1971: Schulze buys out his partner and begins to expand.

1973

Anderson had begun working at Best Buy in 1973 while attending seminary school.

1981

The Burnsville location featured a high-volume, low-price business model, which was borrowed partially from Schulze’s successful Tornado Sale in 1981.

In 1981, the Roseville, Minnesota, Sound of Music location, at the time the largest and most profitable Sound of Music store, was hit by a tornado.

Till 1981, he was happy selling only his stereo equipment and with the income it generated.

1982

Future Shop had been founded by Hassan Khosrowshahi, who opened the chain’s first outlet in Vancouver, British Columbia, in 1982.

Inspite of having little experience selling appliances, his store was able to generate $9.5 million in revenue in the year 1982.

1983

In 1983, with seven stores and $10 million in annual sales, Sound of Music was renamed Best Buy Company, Inc.

The company changed its name from Sound of Music, Inc. to Best Buy Co., Inc. in 1983.

1984

Then, in 1984, Schulze took another major step by introducing the superstore format and quickly capturing 42 percent of the local market.

1985

Meantime, Best Buy was taken public in 1985, raising $8 million through an IPO, and two years later gained a listing on the New York Stock Exchange (NYSE).

Dunn had joined Best Buy in 1985 as a sales associate.

1986

In 1986, Best Buy began to offer entertainment software, adding video rental departments and CDs.

1987

Now they decided to expand their services throughout the Midwest region and by 1987 they had more than 25 stores.

Best Buy debuted on the New York Stock Exchange in 1987.

Price wars were the chief culprit, and they were still escalating to a frenzied pitch in Best Buy’s core Twin Cities market, which Highland had boldly entered in early 1987.

At the time the company operated just eight stores in the Midwest, but by 1987 this number had tripled, while sales and earnings had spi-raled upward to $239 million and $7.7 million, respectively.

1988

Although sales had practically doubled to $439 million in fiscal 1988, net earnings had declined by 64 percent.

1989

Despite the earnings downturn in fiscal 1989 (net profits for the year ending March 31 slumped 26 percent, to just $2 million), and the looming presence of Highland, revenues were still climbing, albeit more slowly.

1991

In April 1991, even before Best Buy had gotten around to converting its 10 Twin Cities stores, loss-ravaged Highland exited the metropolitan area, conceding defeat and closing all six of its stores there.

For the first half of 1991, Best Buy outshone all other New York Stock Exchange stocks in percentage appreciation.

Best Buy itself reported a loss of $9.4 million for fiscal 1991, but this was due to a $14 million change in its method of accounting for extended service plans.

1992

He later expanded the chain throughout the remaining Canadian provinces and even made an abortive move into the United States market in 1992, opening 28 stores in five states and losing millions before beating a hasty retreat.

In 1992, it hit the $1 billion mark in annual revenues.

1993

The concept became a big hit with the customers and soon Best buy had recorded its highest earning year in 1993 with total revenues touching the $1.5 billion mark.

Numerous other openings, including a small number of megastores (40,000- to 50,000-square-foot self-service warehouses emphasizing the emerging growth lines of prerecorded music and computers), brought Best Buy’s tally to 151 stores by year-end 1993.

1994

The Virginia company also had plans to enter Kansas City, Missouri and the Twin Cities in 1994.

In 1994 Best Buy decided to expand into the Pacific Northwest where other consumer electronics chains were strong.

Since 1994 Best Buy has sponsored the annual Best Buy Children’s Foundation LPGA Golf Tournament.

1995

christman, ed. “best buy, circuit city a potent combo; 2 chains change entertainment retailing.” billboard, 17 june 1995.

President of Mitsubishi Consumer Electronics America Jack Osborn explained to Forbes in 1995 that his company chose to sell through smaller retailers because they offer better service and cannot use their size to pressure Mitsubishi into offering lower wholesale prices.

In an effort to reverse this trend, Best Buy announced in 1995 that it would revamp its merchandising format for high-quality audio products.

1996

“best buy, circuit city downsize.” television digest, 23 september 1996.

The company was particularly hurt that year by an ill-timed decision to borrow heavily to add $300 million of merchandise, mainly computers, for the 1996 holiday season.

From 1996-97, Best Buy opened nearly 95 stores as their popularity was growing.

In 1996, it introduced gourmet kitchen appliances to its outlets offering cookware, small electronics, cutlery, and spices.

1997

In early 1997, saddled with mountains of unsold PCs, Best Buy had to ask its creditors and vendors for an extra 60 days to pay its bills.

By 1997 Best Buy had achieved its goal of becoming the industry leader, but it paid the price in profits, which had fallen to a dismal $1.7 million on revenues of $7.77 billion, translating into a minuscule profit margin of 0.02 percent.

Schulze and his partner operated the store for five years, but in 1997 Schulze bought out his partner and began expanding the chain.

1998

While this restructuring proceeded, the chain’s expansion was slowed considerably, and only 12 new stores opened during the fiscal year ending in February 1998.

In March 1998 Best Buy officially entered the e-commerce realm by launching an online music store at its bestbuy. com web site.

“visual merchandising exec joins best buy.” pr newswire, 9 june 1998.

Inventory began turning over at a quicker pace, a key criterion for retail success, and net profits for 1998 jumped to a record $94.5 million on record revenues of $8.36 billion.

1998: The Concept IV format debuts, featuring more high-tech products, merchandise grouped in such departments as home theater, cash registers throughout the store, and “high touch” areas for digital products where more employee interaction is needed.

Best Buy continued adding DVD movie titles and planned to continue expanding its DVD movie area over 1998.

In 1986, Best Buy began to offer entertainment software, adding video rental departments and CDs. It was the first major retailer to sell digital versatile disks (DVDs) and related software beginning in 1998.

1999

Sales of digital products reached 17 percent of total sales, compared to the 4 percent figure for fiscal 1999.

1999: Revenues surpass $10 billion.

The company planned to open another 25 stores during fiscal year 1999.

2000

In August 2000, through an agreement with Whirlpool Corporation, Best Buy stores began selling KitchenAid brand appliances.

Fiscal 2000 profits jumped 60 percent, to $347.1 million, and revenues grew smartly again, reaching $12.49 billion.

2001

In January 2001, Best Buy acquired Musicland Stores Corporation, a Minnetonka, Minnesota-based retailer that sold home entertainment products under the Sam Goody, Suncoast Motion Picture Company, Media Play and OnCue brands.

In November 2001 the company spent $368 million for Future Shop Ltd., the largest consumer electronics retailer in Canada.

Among the 62 new Best Buy stores opened during 2001 were 15 located in the greater New York City area.

Heightened competition and a slowdown in consumer spending cut into fiscal 2001 profits, which increased only 14 percent over the previous year.

2002

Best Buy announced in April 2002 that it would rebrand the On Cue stores under the more nationally known Sam Goody name.

Brad Anderson succeeded Richard Schulze as Best Buy CEO in July 2002.

Toward this same end, Best Buy had bought Minneapolis-based Geek Squad, Inc. in October 2002 for about $3 million.

Despite the completion of this acquisition, Best Buy pushed ahead with a previously planned expansion of the Best Buy chain into Canada, opening eight stores in the Toronto area in the fall of 2002.

2003

In another early 2003 development, Best Buy shifted its corporate headquarters from Eden Prairie, Minnesota, where it had operated out of eight scattered buildings, to a more compact 37-acre campus in nearby Richfield.

2003: Some $500 million in special charges, mainly related to the money-losing Musicland operations, cut profits for the fiscal year to $99 million; Best Buy divests Musicland; Magnolia Hi-Fi is renamed Magnolia Audio Video; Best Buy pays its first dividend.

2004

Fueled by a 7.1 percent increase in comparable store sales, the newly refocused Best Buy rebounded with its best year ever in fiscal 2004.

In 2004 Best Buy introduced the Reward Zone loyalty program as part of their customer centricity transformation and hired the Virtucom group to handle their online content.

2005

In April 2005, Best Buy began eliminating mail-in rebates in response to negative customer reaction against them, and instead started giving out instant rebates via notebook computers.

2006

In May 2006, Best Buy acquired a majority interest in Chinese appliance retailer Jiangsu Five Star Appliance for $180 million.

2007

In January 2007, the first Best Buy-branded store in China officially opened in Shanghai, China.

In March 2007, Best Buy acquired Speakeasy, a Seattle, Washington-based broadband VOIP, data and IT services provider.

Another notable event in the year 2007 was the purchase of Napster and Cinema Now which they hoped would help them to keep up with the advancement of digital downloads which were causing a sharp decrease in media and music sales in stores.

2008

In February 2008, Best Buy opened its first store in San Juan, Puerto Rico.

In July 2008, Best Buy announced that it would start selling musical instruments and related gear in over 80 of its retail stores, making the company the second-largest musical-instrument distributor in the US. Best Buy became the first third-party retail seller of Apple’s iPhone in September.

Joly had previously served as CEO of Carlson, a hospitality conglomerate, since 2008.

2009

In November 2009, Best Buy partnered with Roxio’s CinemaNow to launch an on-demand streaming service which allowed streaming from any Internet device sold by Best Buy.

Brian Dunn replaced Schulze as the CEO of the company in 2009, although Schulze stays active in the company serves as the chairman of the board.

As a way to improve its image and past environmental issues, the company introduced a recycling program in 2009 that has since collected nearly half-a-billion pounds of consumer electronics and e-waste, and is available at all their stores for a nominal fee.

2010

In April 2010, Best Buy opened its first United Kingdom-based Best Buy-branded store in Thurrock.

In 2010 Best Buy launched their Video Game trade in program which allowed them to purchase used video games and resell them similar to that of GameStop.

An increasing trend towards online shopping began to erode revenues and profits in the 2010s.

2011

In November 2011, Best Buy purchased The Carphone Warehouse’s share of Best Buy Mobile for $1.3 billion.

2012

In March of 2012 Best Buy announced a quarterly loss of 1.7 billion dollars which leads them to announce the move from the big box strategy of the past.

The company eventually opened 11 Best Buy stores in the United Kingdom, all of which were closed in early 2012.

2013

In April 2013, Best Buy exited the European consumer electronics market when it sold its 50% stake in The Carphone Warehouse back to the UK-based mobile phone retailer.

As of 2013 the company has 1,150 stores and sales revenue of $50 billion.

2014

A 4% dip in sales for the June 30, 2014, quarter, marked the 10th quarter in a row where Best Buy’s sales had declined.

2015

On March 28, 2015, Best Buy announced the shutdown of the Future Shop chain in Canada; 65 of its 131 former locations were converted into Best Buy locations, while the rest (primarily those in close proximity to an existing Best Buy) were closed permanently.

The shop sold the best quality of fishing, camping, and hunting gear (“History and background of Abercrombie & Fitch,” 2015). As you see today, Abercrombie

2018

On March 1, 2018, the company announced that it would shut down its 250 standalone Best Buy Mobile stores in the United States by the end of May, due to low revenue and high costs.

On May 9, 2018, the company unveiled a new logo for the first time in nearly three decades.

On July 2, 2018, Best Buy announced it was cutting the amount of store space devoted to selling physical music, citing the popularity of streaming services as having reduced sales.

2019

Hubert Joly is executive chairman of Best Buy, having been succeeded as CEO by Corie Barry in June 2019.

2020

During the lockdown and increased frequency of working from home, caused by the COVID-19 pandemic, Best Buy announced that its US online sales (increased purchase of computers, printers, tablets, fitness tech and other gear) for the Q2 of 2020 had tripled.

2021

Despite an increase in sales of computer equipment due to an increase in remote work during the COVID-19 pandemic, Best Buy laid off over 5,000 employees in early 2021 and forced many others into part-time positions.

Despite these revenues, Best Buy has laid off over 5,000 employees in early 2021, along with forcing many others into part-time positions.

2022

“Best Buy Co., Inc. .” International Directory of Company Histories. . Encyclopedia.com. (June 22, 2022). https://www.encyclopedia.com/books/politics-and-business-magazines/best-buy-co-inc-0

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Founded

1966

Headquarters

Richfield, MN

Founders

Richard M. Schulze,James Wheeler,Whit Alexander

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Best Buy Similar Companies

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Sears Holdings 2005 $16.7B 85,000 136
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Lowe’s Companies 1946 $97.1B 300,000 4,989
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Best Buy History FAQs

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Best Buy is 57 years old.

Who Is the Founder Of Best Buy?

Richard Schulze and James Wheeler founded Best Buy.

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Updated September 9, 2022

Zippia gives an in-depth look into the details of Best Buy, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Best Buy. The employee data is based on information from people who have self-reported their past or current employments at Best Buy. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, h2B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Best Buy. The data presented on this page does not represent the view of Best Buy and its employees or that of Zippia.

Best Buy may also be known as or be related to Best Buy, Best Buy Co Inc, Best Buy Co., Inc., Sound of Music (1966–1983) Best Buy Co. Superstores (1983–1984) Best Buy Superstores (1984–1989) and best buy geek squad.

Best Buy

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 Best Buy Co., Inc. is a multinational retailer, which provides consumer electronics, home office products, entertainment products, appliances and related services. The company operates through two business segments: Domestic and International. The Domestic segment is comprised of the operations in all states, districts and territories of the U.S., operating under various brand names, including but not limited to, Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster and Pacific Sales. The International segment is comprised of all operations outside the U.S. and its territories, which includes Canada, Europe, China, Mexico and Turkey. The company also markets its products under the brand names: Best Buy, Audiovisions, Best Buy Mobile, The Carphone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Napster, Pacific Sales and The Phone House. The company changed its name from Sound of Music, Inc. to Best Buy Co., Inc. in 1983. Best Buy was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, MN.“

Early history

In 1966, Richard M. Schulze and a business partner opened Sound of Music, an electronics store specializing in high fidelity stereos in Saint Paul, Minnesota. Schulze financed the opening of his first store with his personal savings and a second mortgage he took out on his family’s home. In 1967, Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company. Sound of Music pulled in $1 million in revenue and made about $58,000 in profits in its first year. By 1969, Schulze had bought out his business partner, Sound of Music had three stores and the company became a publicly held company listed on the NASDAQexchange.

Sound of Music operated nine stores throughout Minnesota by 1978. In 1981, the Roseville, Minnesota Sound of Music location, at the time the largest and most profitable Sound of Music store, was hit by a tornado.  The store’s roof was sheared off and showroom destroyed, but the storeroom was left intact. In response, Schulze decided to have a “Tornado Sale” of damaged and excess stock in the damaged store’s parking lot. He poured the remainder of his marketing budget into advertising the sale, promising “best buys” on everything. Sound of Music made more money during the four-day sale than it did in a typical month.

In 1983, with seven stores and $10 million in annual sales, Sound of Music was renamed Best Buy Company, Inc. The company also expanded its product offerings to include home appliances and VCRs, in an attempt to expand beyond its then-core customer base of 15-to-18-year-old males. Later that year Best Buy opened its first superstore in Burnsville, Minnesota. The Burnsville location featured a high-volume, low price business model, which was borrowed partially from Schulze’s successful Tornado Sale in 1981. In its first year, the Burnsville store out-preformed all other Best Buy stores combined.

Best Buy debuted on the New York Stock Exchange in 1987. In 1989, the company introduced a new store concept dubbed “Concept II.” Concept II replaced dimly lit industrial-style stores with brighter and more fashionably fixtured stores. Stores also began placing all stock on the sales floor rather than in a stock room, had fewer salespersons and provided more self-help product information for its customers. Best Buy also did away with commissioned salespeople. The commission-free sales environment “created a more relaxed shopping environment free of the high-pressure sales tactics used in other stores,” but was unpopular with salespersons and suppliers. Some suppliers, such as Maytag, Whirlpool and Sony, were upset that salespeople would no longer be pushing their products and stopped selling their wares in Best Buy stores. The suppliers returned after Best Buy’s sales and revenue grew following the roll-out of Concept II.

In 1992, it hit the $1 billion mark in annual revenues.  In 1995, Best Buy debuted “Concept III” stores, which were larger than its previous stores. The Concept III stores included expanded product offerings; interactive touchscreen kiosks that displayed product information for both customers and employees; and demonstration areas for products such as surround sound stereo systems and videogames.

Best Buy launched its “Concept IV” stores with its expansion into New England in 1998.[ Concept IV stores included an open layout with products organized by category, cash registers located throughout the store, and slightly smaller stores than Concept III stores. The stores also had large areas for demonstrating home theater systems and computer software.

In 1999, Best Buy was added to Standard & Poor’s S&P 500.

2000s

In 2000, Best Buy formed Redline Entertainment, an independent music label and action-sports video distributor. The company acquired Magnolia Hi-Fi, Inc. , an audio-video retailer located in California, Washington and Oregon, in December 2000.

In January 2001, Best Buy acquired Musicland Stores Corporation, a Minnetonka, Minnesota-based retailer that sold home entertainment products under the Sam Goody, Suncoast Motion Picture Company, Media Play and OnCue brands. Best Buy purchased the company for $425 million in cash and the assumption of $271 million of Musicland debt. Later that year, Best Buy acquired the British Columbia, Canada-based electronics-chain Future Shop Ltd., marking its entrance to the international marketplace. Under the deal, Future Shop was purchased for approximately $377 million and continued to operate as subsidiary independent from Best Buy Canada.

Brad Anderson succeeded Richard Schulze as Best Buy CEO in July 2002. Anderson had begun working at Best Buy in 1973 while attending seminary school. He was promoted to vice president in 1981 and executive vice president in 1986. Anderson had most recently served as president and COO of Best Buy, a position he had held since 1991.  In September of that year, Best Buy opened the first Canadian Best Buy-branded store in Mississauga, Ontario. In October, Best Buy acquired Minneapolis, Minnesota-based Geek Squad, then a 24-hour residential computer repair business with offices in Minneapolis, Chicago, Illinois, Los Angeles, California and San Francisco, California.

Best Buy stores in the U.S. surpassed the 600-store mark and the company opened its first global-sourcing office in Shanghai, China in 2003. In June, Best Buy divested itself of Musicland in a deal with Sun Capital Partners under which Sun Capital received all of Musicland’s stock and debt. Best Buy launched its “Reward Zone” loyalty program in July following an 8-month test of the program inSan Diego, California. Also in 2003, Best Buy’s corporate offices were consolidated into a single campus in Richfield, Minnesota.

In January 2004, Best Buy hired Virtucom Group to revamp Best Buy’s website and handle all of the company’s online content.  In May, the company launched its “customer centricty” program, which segmented its stores according to customer profiles. The program also called for employees to focus on specific customer groups rather than product categories. In October, Best Buy completed rolling out Geek Squad “precincts” in every American Best Buy store.

In April 2005, Best Buy began eliminating mail-in rebates.

In May 2006, Best Buy acquired a majority interest in Chinese appliance retailer Jiangsu Five Star Appliance for $180 million. At the time of the deal, Jiangsu was the fourth-largest appliance chain in China with 193 stores across eight Chinese provinces. In June, the company opened Geek Squad precincts at Office Depot in Orlando, Florida. The market test was later expanded to Denver Colorado.

In January 2007, the first Best Buy-branded store in China officially opened in Shanghai, China. In March 2007, Best Buy acquired Speakeasy, a Seattle, Washington-based broadband VOIP, data and IT services provider.  The acquisition was worth $80 million and, under terms of the deal, Speakeasy began operating as a wholly owned subsidiary of Best Buy. The company’s products also became part of Best Buy’s For Business program. Best Buy also expanded its Geek Squad market tests in March, opening Geek Squad precincts in FedEx Kinkos stores located in Indianapolis, Indiana and Charlotte, North Carolina. In October 2007, Best Buy became the first consumer-electronics retailer to exit the analog television market, carrying only digital products that became mandatory in June 2009 by the FCC.

In February 2008, Best Buy opened its first store in Puerto Rico. Best Buy’s Geek Squad market tests in Office Depot and FedEx Kinkos stores ended by March. Also in March, the company began promoting the Blu-ray optical-disc format over the HD DVD format, a move which ultimately contributed to Toshiba’s decision to drop HD DVD. In May, the company agreed to buy 50% of the retail division of The Carphone Warehouse, a London, England-based mobile phone retailer.  The deal was worth $2.1 billion.

In July 2008, Best Buy announced that it would start selling musical instruments and related gear in over 80 of its retail stores, making the company the second-largest musical-instrument distributor in the US. Best Buy became the first third-party retail seller of Apple’s iPhone in September. Later that month, the company agreed to acquire Napster for $121 million. In December, Best Buy opened its first store in Mexico.

In February 2009, Best Buy leveraged its partnership with The Carphone Warehouse to launch Best Buy Mobile, a Best Buy-branded mobile retailer. Best Buy Mobile standalone stores were opened in shopping malls and urban downtowns. Best Buy Mobile were also added in all Best Buy-branded stores.

In June 2009, Brian Dunn became Best Buy CEO. Dunn replaced Brad Anderson, who was retiring. Dunn had joined Best Buy in 1985 as a sales associate. In 2000, Dunn became senior vice president of East Coast operations and president of North American retail operations in 2004.  He had most recently served as president of Best Buy, a position he had held since 2006.

Best Buy partnered with Roxio’s CinemaNow to launch an on-demand movie download service that would allow customers to stream content to any device sold by Best Buy that connected to the Internet in November 2009. In December, the first Turkish Best Buy opened in İzmir.

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2010s

In April 2010, Best Buy opened its first United Kingdom-based Best Buy-branded store in Thurrock. The company eventually opened 11 Best Buy stores in the United Kingdom. The company closed all UK-based Best Buy stores in November 2011. That same month Best Buy purchased The Carphone Warehouse’s share of Best Buy Mobile for $1.3 billion. Best Buy and The Carphone Warehouse maintained their Best Buy Europe joint venture, which at the time operated 2,500 mobile phone stores throughout Europe.

The company closed all of its Best Buy-branded stores in China by February 2011, when it merged Best Buy China’s operations with Jiangsu Five Star, which had become a wholly owned subsidiary of Best Buy in 2009. In December 2011, Best Buy purchased mindSHIFT Technologies, a company that provided IT support for small and medium-sized businesses, for $167 million.

In 2012, in response to overall revenue decline, Best Buy announced plans to undergo a “transformation strategy”. Stores began to adopt a redesigned “Connected Store” format, providing the Geek Squad with a centralized service desk and implementing a “store-within-a-store” concept for Pacific Kitchen & Bath and Magnolia Design Center.

In April 2012, Brian Dunn resigned as Best Buy’s CEO during an internal company investigation into allegations of personal misconduct stemming from an inappropriate relationship with a female Best Buy employee. Best Buy named Director G. Mike Mikan interim CEO following Dunn’s resignation. The internal investigation was released in May 2012 and alleged that Best Buy founder and chairman Richard Schulze knew of Dunn’s inappropriate relationship and failed to notify the Best Buy board. Schulze subsequently resigned his chairmanship of the company. Best Buy Director Hatim Tyabji replaced Schulze as Best Buy chairman.

Hubert Joly replaced G. Mike Mikan as Best Buy CEO in September 2012. Joly had previously served as CEO of Carlson, a hospitality conglomerate, since 2008.

In April 2013, Best Buy exited the European consumer electronics market when it sold its 50% stake in Carphone Warehouse back to the UK-based mobile phone retailer. The sale was worth approximately $775 million.”

*Information from Forbes.com, Wikipedia.org, and www.bestbuy.com

**Video published on YouTube by “David Preece“

The founder of Twitter commented on Musk’s purchase of the social network with the words “Everything went wrong”

Twitter founder commented on Musk’s purchase of the social network with the words “Everything went wrong” – Gazeta. Ru | News

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Twitter founder and former CEO Jack Dorsey criticized businessman Elon Musk’s decision to acquire the social network of the same name. About it reports Bloomberg , citing Dorsey.

“No. I also don’t think he [Musk] acted right after realizing he hadn’t picked the best time [to buy]. I also don’t think [the company’s] board should have forced the deal,” Dorsey said, when asked if he thought Musk was the best owner of Social Network.

Bloomberg notes that Dorsey is an old friend of Musk, and that he has repeatedly suggested to the head of Tesla and SpaceX to take over Twitter. Also, according to the publication, Dorsey supported Musk for a long time shortly after he announced his intention to buy Twitter. Last year, Dorsey called Musk “the only person he can trust with the social network.

“It all went wrong,” Dorsey said.

He later added that he was sorry that everything happened the way it did. At the same time, he said, Twitter could not “survive as a public company.”

“Would you rather have Twitter owned by hedge funds and Wall Street activists? This [selling to Musk] was the only alternative,” Dorsey concluded.

Previously, Gazeta.Ru wrote that Twitter blocked the pages of the Indian NDTV channel and the ANI news agency.

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The best investment is real estate

Billionaire Andrew Carnegie believes that 90% of millionaires have made their fortune by investing in real estate. Is it true? And is this decision still relevant? Should you invest in real estate today?

According to The Oracles top advisors who have made millions investing in real estate, the answer is a resounding “YES”!

“Buying real estate made me rich. But it all started not with a plan, but with a need.”

I bought my first tiny studio after scraping together a certain amount of dollars because I just needed a solution – I needed somewhere to live.

A few years later, the cost of the studio doubled, and I received enough money to spend half the proceeds on a one-bedroom apartment. Soon this housing turned into a two-room, then into a three-room apartment. And today my place is a 10-room penthouse on Fifth Avenue in New York.

Buying a tiny studio at the initial stage was the most important decision I made because it involved me in the development process.

Barbara Corcoran, founder of The Corcoran Group, host of Business Unusual podcast, judge on Shark Tank.

“Residential real estate can generate income all year round.”

“Investing in real estate is a great idea if you’re serious about making a profit.

It’s best to invest in residential property that generates rental income all year round. Just make sure you understand all the costs involved, and prepare to invest.”

Bethenny Frankel, entrepreneur, philanthropist, founder of Skinnygirl and BStrong.

“The right investment always pays off.”

“Real estate is real and it’s always good to invest in real assets. However, to be clear, this doesn’t mean that all real estate is a good idea.

I only buy certain types of real estate. These are usually apartment buildings in prestigious locations that provide stable cash flow and great potential for future value appreciation.0003

I stay away from low income areas and private homes. But even these assets are probably the best way to store your money. Much more effective than letting cash depreciate while it’s in the bank!”

Grant Cardone, sales expert, New York Times best-selling columnist.

Real estate creates unlimited opportunities

great investment because you have more options than other types of investments.

Whether you invest in stocks, bonds or private placements, your success depends entirely on factors outside of your control. At best, you have options: hold or sell. With real estate, you have unlimited possibilities.

You can buy a house to furnish it and then rent it out when the market warms up. Properties can be refinanced, rebuilt and redesigned. You can develop it, divide it, or add neighboring ones to one site.

These are just some of the options. Flexibility is one of the reasons the real estate market has created more millionaires than any other type of asset.”

Daniel Lesniak, founder of Orange Line Living, broker in the Keri Shull Team, co-founder of HyperFast Agent real estate coaching, book author “HyperLocal, HyperFast Real Estate Agent”

“People will always need a place to live”

“Property returns can be larger and more stable than other investments. When real estate is built, it is because a certain group of people sees a large enough potential to justify the cost of construction.

The sheer number of new properties each year is a testament to the growing real estate market. Supply follows demand, and demand continues to grow. People need comfort, so the need for housing is increasing every year.

In particular, the market for apartment buildings is growing. As apartments become more attractive, people are less likely to buy houses. With apartment buildings, you continue to earn a growing income over time.

Real estate is an opportunity to make a profit from investments. It’s in demand all year round!”

Robert Martinez, founder and CEO of Rockstar Capital, a real estate investment firm with over $330 million in assets, host of The Apartment Rockstar podcast.

90% in the last century of the world’s most successful families have become millionaires by investing in real estate

“For the average investor real estate is the best way to significantly increase your capital. As with any other form of investment, it is best to start real estate transactions in the early stages.