Outrage in US at Equinox and Soul Cycle investor for hosting a Trump fundraiser

Stephen Ross, billionaire owner of luxury gym Equinox and its affiliated business Soul Cycle, came under fire on Wednesday for planning to host a donor fundraiser for Donald Trump in the Hamptons.

The event first reported by Out Magazine is being hosted by Mr Ross and promises a photo with the US President in return for $100,000 tickets, and $250,000 for a roundtable discussion.

The news sparked outrage among members of Equinox and Soul Cycle, who often attract a more liberal and progressive clientele.

Comedian Billy Eichner tweeted: “Hey @equinox what’s your policy for cancelling memberships once a member finds out your owner is enabling racism and mass murder?"

Both companies tried to distance themselves from Mr Ross.

A spokesman said that “neither Equinox nor SoulCycle have anything to do with the event later this week and do not support it.

"As is consistent with our policies, no company profits are used to fund politicians," he said. "We are committed to all our members and the communities we live in.”

But by Wednesday afternoon, the hashtags #BoycottEquinox and #BoycottSoulCycle were trending on US social media.

US model Christine Teigen joined the chorus, asking people to meet her at the library:

Soul Cycle issued a statement committing to the values of inclusiveness and equality.

"Soul cycle has nothing to do with the event and does not support it," chief executive Melanie Whelan said.

Mr Ross, the developer at the centre of the controversy, said he had known Mr Trump for 40 years.

“While we agree on some issues, we strongly disagree on many others,” he said.

But Shannon Coulter, a consumer advocate who runs a protest group that lists companies supporting the Trump presidency, added Equinox and Soul Cycle to her boycott list:

Their demand is to "cancel the Hamptons fundraiser. After that, it will only be possible to be removed if Stephen Ross is no longer with related companies."

Former first lady Michelle Obama was a fan of Soul Cycle during her time at the White House.

In 2016, CNN reported, the “Clinton campaign held a fundraiser at Soul Cycle's Tribeca location,” when former Secretary of State Hillary Clinton was running against Mr Trump.

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Polarised public

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

THREE POSSIBLE REPLACEMENTS

Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.

Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.

Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.