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State Farm on Thursday announced a historic $5 billion dividend for its car insurance members, the largest in the mutual insurance company’s 103-year history. “This dividend is possible due to State Farm Mutual’s financial strength and a stronger than expected underwriting performance, which has been reported industry wide,” the company said in a statement. Customers can expect to receive $100 refund on average, though State Farm says it will vary by state and by the amount of premium paid. State Farm reports it has also lowered premiums by about 10% across 40 states, totaling $4.6 billion in lower costs for…

A version of this article first appeared in the CNBC Sport newsletter with Alex Sherman, which brings you the biggest news and exclusive interviews from the worlds of sports business and media. Sign up to receive future editions, straight to your inbox. NBA Commissioner Adam Silver has a new pet project with grand ambitions — to reorganize European professional basketball with an NBA league at the top of the funnel. The NBA is full steam ahead with plans to create NBA Europe, a league with 10 to 12 permanent teams and four to six open spots, available to any FIBA-affiliated…

The Internal Revenue Service introduced a new web page Thursday where taxpayers can confidentially report suspected tax fraud schemes, scams, evasion or other tax-related illegal activities.Processing ContentThe IRS said it’s also made improvements to enhance how referrals are used to stop illegal activity. “Improvements to the IRS fraud reporting system make reporting suspected wrongdoing easier and simpler and will address historic challenges that had prevented the IRS from making maximum use of the referrals it receives,” said IRS CEO Frank Bisignano in a statement Thursday. “By reporting suspected tax fraud or scams, taxpayers play an important role in uncovering fraud and…

Gambling is big business in the US. While Las Vegas might be the poster child, it is no longer the only hot spot, and the country is much more open to the gambling industry than in the past. According to the American Gambling Association, the industry’s total economic impact is $328.6 billion, and 2024’s total gross gambling revenue was $115 billion. The industry supports 1.8 billion jobs and is legal across forty-seven states.The most widespread form of legalized gambling takes place in land-based casinos run by either commercial or tribal operators. Sports betting is now available in just under 40…

The job market may be at risk from AI, but it won’t be an apocalyptic white-collar recession that some have predicted. Claudia Sahm, the top economist best known for her recession indicator, the Sahm Rule, told Business Insider she’s skeptical of the doomsday scenario sketched out in a viral report by Citrini Research this week.The report, which illustrated one scenario where AI job losses sent the unemployment rate soaring to over 10%, collided with broader investor anxiety over the artificial trade this week, causing the Dow to plunge more than 800 points on Monday. But Sahm says she’s more worried…

Nvidia has put itself in a “risky position” to meet expected demand for its microchips, and could suffer a “catastrophic” blow to its finances if the AI boom wanes, Michael Burry says.The investor of “The Big Short” fame wrote in a Substack post titled “Nvidia Ratchets Up the Risk” on Thursday that he’d spotted a “troubling” item in the company’s annual report: a 12-month surge in its purchase obligations from around $16 billion to $95 billion.Burry said that was driven by key supplier TSMC insisting on lengthier contracts and cash in exchange for building out the capacity needed to build…

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. In a world where it’s difficult to develop new commercial real estate — from the costs of capital and materials to jurisdictional requirements, among other hurdles — one major developer is making a big bet that older is better. Bozzuto Group is partnering with Invesco in…

Leon Cooperman.Scott Mlyn | CNBCA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Private investment firms of the ultra-wealthy capped off 2025 with equity bets ranging from airline stocks to bitcoin ETFs, according to fourth-quarter securities filings analyzed by CNBC. Some of the investments made headlines. Leon Cooperman’s family office, Omega Advisors, for example, attracted attention last week for disclosing that it had upped its stake in Manchester United last quarter. Omega Advisors’ shares of the publicly traded…

Ridvan_celik | Istock | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.With donor-advised funds gaining popularity as a vehicle for the wealthy to give back, risks and potential conflicts of interests are emerging — and being put on display in a lawsuit over a family’s $21 million charitable fund.Philip Peterson, a 63-year-old Kansas resident, filed suit in January alleging that the nonprofit that administers his family’s donor-advised fund has refused to communicate with him and…

One industry hasn’t chilled just yet in the job market’s “Great Freeze,” and it will likely continue to persevere.In the ongoing low-hire, low-fire job market, job seekers can still find opportunities in the private healthcare and social assistance sector, Bureau of Labor Statistics data showed. Employment in this sector has grown 18% from January 2019, compared to 4% for all other nonfarm payrolls.That divide has gotten even more stark in the last year. The latest jobs report showed that the US added only 181,000 jobs in 2025; healthcare and social assistance added 693,200 jobs over the year. That means the…