Must Read Money Stories For Friday, June 12

by June 12, 2015

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Uber Strong. The international transportation network provides one million daily rides in China, according to Quartz. That’s as many as the rest of its markets across the world. The company says that its trip volume in China is growing at a faster rate than in New York City, despite only being in 11 cities across the country.

Stepping Down. Media mogul and CEO of 21st Century Fox Rupert Murdoch is stepping down and passing on the position to his son, James, the Washington Post reports. The Murdoch family owns 30 percent of the stock at Fox and controls about 40 percent of its voting rights. The company owns 20th Century Fox film studio, the Fox TV network and Fox News Channel, as well as the pan-Asian TV channel Star TV. It also holds a major stake in the European satellite TV company Sky TV.

Another departure. Twitter CEO Dick Costolo will be leaving his position as well, though on a less positive note. After leading the company for five years, Costolo became unhappy in the position and told friends in January that he did not need the aggravation anymore, according to the New York Times. He will step down July 1. Twitter shares rose more than seven percent after the announcement.

A new record in wealth. Americans’ combined wealth set a new record this quarter, rising approximately $1.6 trillion between January and March to $84.9 trillion, the Wall Street Journal reports. The value of stocks and mutual funds owned by households rose $487 billion during the quarter and the value of residential real estate increased $503 billion. The trend could prop up economic growth.