Forbes Daily Briefing

Silicon Valley brought sushi, Starlink and luxury camps to Burning Man. Now it’s importing something potentially even more divisive: AI slop. Read the full story on Forbes: https://www.forbes.com/sites/annatong/2026/08/30/prompts-on-the-playa-ai-invades-burning-man/ Learn more about your ad choices. Visit megaphone.fm/adchoices

TikTok—the Chinese-owned social network—has been flooded with advertisements pushing street drugs and prescription pills like codeine, benzos and Adderall. Read the full story on Forbes:https://www.forbes.com/sites/iainmartin/2026/08/21/tiktok-profits-off-drug-dealer-ads-for-cocaine-opioids-and-xanax/ Learn more about your ad choices. Visit megaphone.fm/adchoices

With $200-million-plus villas and apartments selling for a record $12,900 per square feet, this man-made luxury development overlooking the Mediterranean is home to several billionaires, professional race car drivers and other ultra-wealthy investors who enjoy living tax-free. Read the full story on Forbes: https://www.forbes.com/sites/giacomotognini/2026/08/30/inside-the-worlds-most-expensive-neighborhood-550-million-apartments-f1-stars-and-billionaires/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Three Stanford friends-turned-OpenAI-colleagues left the AI behemoth to start an enterprise company that relies on open source models. Fifteen months later, the twenty-something founders are raising $350 million at a $3.25 billion valuation. Read the full story on Forbes:https://www.forbes.com/sites/richardnieva/2026/09/01/applied-compute-openai-the-ex-openai-guys-building-cheaper-open-source-alternative/ Learn more about your ad choices. Visit megaphone.fm/adchoices

The digital maps platform MapQuest has soared to the top of Apple’s App Store rankings after refusing to adhere to President Donald Trump’s order to change Lake Ontario’s name to Lake America, even as its larger rivals Google Maps and Apple Maps have chosen to do so. Read the full story on Forbes: https://www.forbes.com/sites/siladityaray/2026/09/02/mapquest-tops-app-store-download-charts-after-defying-trump-on-lake-ontario/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Elon Musk’s fortune jumped more than $200 billion while two other former No. 1 world’s richest both dropped out of the top 10. Learn more about your ad choices. Visit megaphone.fm/adchoices

21-year-old Filipino sensation Alex Eala is already one of the most famous figures in her home country. But the U.S. Open provides a stage where a national hero can become an international superstar—and be served supersized paydays. Read the full story on Forbes: https://www.forbes.com/sites/mattcraig/2026/08/28/the-inside-story-of-tennis-phenom-alex-ealas-rise-and-rise/ Learn more about your ad choices. Visit megaphone.fm/adchoices

After more than a decade away from the spotlight, former world No. 1 Andy Roddick now appears on podcasts, on live TV broadcasts and in movies—on his own terms. Roddick abruptly announced his retirement in 2013, on his 30th birthday. But at that time, podcasting was not yet a viable media category, and Roddick was adamant that he wasn’t going to follow the ATP Tour around as a TV personality, having burnt out on the global travel schedule. Roddick retreated from public view. He invested in commercial real estate, ran a foundation and focused on his young children, moving the family to Charlotte, North Carolina, to be closer to his wife’s family. When he was approached for a profile in GQ around the 20th anniversary of his Grand Slam win, it was his wife—the model and actress Brooklyn Decker—who had to talk him into it. “What’s your deal?” he remembers her saying. “It’s OK to remind people you’re alive.” Read the full story on Forbes: https://www.forbes.com/sites/mattcraig/2026/08/28/how-andy-roddick-returned-to-the-center-of-the-tennis-universe/ Learn more about your ad choices. Visit megaphone.fm/adchoices

From the price of courtside seats to the size of the winner’s checks, here are some interesting numbers to know about this year’s final Grand Slam tennis tournament. Read the full story on Forbes: https://www.forbes.com/sites/brettknight/2026/08/28/2026-us-open-tennis-by-the-numbers/ Learn more about your ad choices. Visit megaphone.fm/adchoices

For four generations, Rome’s Angelini family has built a $2.5 billion operation with drugs for depression and epilepsy in Europe. Now it’s bought its way into the U.S. market. Learn more about your ad choices. Visit megaphone.fm/adchoices

Thanks in part to the return of Serena Williams, for the first time ever there are more women than men among the sport’s top ten earners, who hauled in a combined $333 million over the past year. Read the full list on Forbes: https://www.forbes.com/sites/brettknight/2026/08/28/the-worlds-highest-paid-tennis-players-2026/ Learn more about your ad choices. Visit megaphone.fm/adchoices

The very notion of “Innovative” is, of course, inherently subjective. But with this new list, Forbes relies solely on hard data that capture dozens of different indicators of sector-leading innovation no matter their industry or age. The ranking is driven by Forbes’ new Innovation Index™, which measures innovation based on volume of patents and intellectual property, research focus, investor confidence, return on equity, media and social media sentiment from data partner SignalAI, and evaluation of company news and statements by synthetic audiences (more on that later). The Index analyzes every company in the Standard & Poor’s 500 list, with the top 100 making the Forbes list. Led by pharma giant Eli Lilly (No. 1) and tech titan Apple (No. 2), the top 10 includes sectors as diverse as manufacturing (Boeing, No. 8) and financial services (Mastercard). But whether it's through R&D investments, market and consumer confidence, and/or the creation of new IP, they all outpace their peers in driving America's business engines forward. Read the full story on Forbes: https://www.forbes.com/sites/hnewman/2026/08/25/big-bold-breaking-ground-why-lilly-amazon-and-mastercard-headline-our-new-most-innovative-companies-list/ Learn more about your ad choices. Visit megaphone.fm/adchoices

When the Boston Red Sox were in the midst of an early-season swoon, the principal owner of the holding company that controls the team was moved to make rare public comments. “When I arrived to live and work in Boston 25 years ago, I was told if you win the World Series in Boston, you’ll never have to buy another drink in this town,” Fenway Sports Group’s John Henry recalled in May. Unfortunately, “it doesn’t actually work that way,” lamented the 76-year-old billionaire, who has become a lightning rod for criticism—including some “sell the team” chants from Boston’s notoriously passionate fans—even after snapping an 86-year drought with a storybook championship in 2004 and adding three more World Series rings in the ensuing 14 years. Perhaps that is why Mike Gordon, Fenway Sports Group’s president, prefers to stay anonymous. Unlike Henry, whose face is recognizable to most Red Sox fans and who can often be spotted in the owners’ box at home games, and Tom Werner, the group’s billionaire chairman, who likewise has spoken publicly about the team over their quarter-century of ownership, few fans would recognize Gordon well enough to buy him a drink even if they wanted to. Still, the 61-year-old partner owns a stake of around 10% in FSG, which Forbes values at around $1.4 billion, making him a billionaire. By Hank Tucker Learn more about your ad choices. Visit megaphone.fm/adchoices

Josh Kushner—The Kushner scion and younger brother of Jared—rode the AI wave to an eleven-digit fortune, as his VC firm Thrive Capital nearly tripled its assets thanks to smart bets on OpenAI and SpaceX. Now he’s looking to spend some cash on the NBA’s Lakers. Read the full story on Forbes: https://www.forbes.com/sites/giacomotognini/2026/08/23/josh-kushners-fortune-tripled-this-year-thanks-to-stakes-in-openai-spacex-and-more/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Elon Musk’s DOGE gutted staffing and budgets at NOAA and the National Weather Service early last year. It left America’s fishing fleets, farmers and insurers exposed to the fallout. Read the full story on Forbes: https://www.forbes.com/sites/alanohnsman/2026/08/17/the-cost-of-doge-americas-environmental-intelligence-is-going-stale/ Learn more about your ad choices. Visit megaphone.fm/adchoices

In 2017, James Dacombe dropped out of high school to found brain monitoring startup CoMind. Four years later, he took a Thiel Fellowship to skip college and build his first startup. Now the 25-year-old is Europe’s youngest self-made billionaire thanks to his two-year-old chipmaking company Olix, as well as an undisclosed stake in CoMind—which he still runs separately.  Founded in 2024, Dacombe’s London-based Olix tripled its valuation in six months to $3.3 billion in early August, after raising $312 million from investors including NYC-based investment firm Fundomo, Nasdaq-listed chip designer Arm, American quant fund Hudson River Trading and Netflix cofounder Reed Hastings. The UK government’s Sovereign AI fund also backed Olix in the round. The new round pushes Dacombe, who owns an estimated 30% of the company, into the three comma club. He also has a 12% stake in CoMind, which raised $102.5 million in August 2025 but did not disclose its valuation. Olix and CoMind did not respond to Forbes’ request for comment. Dacombe is one of eleven self-made billionaires in the world who have yet to turn 30 and one of just four from outside the U.S. By Alicia Park, Reporter and Iain Martin, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

The homeowners association of Four Seasons Resorts Nevis filed a lawsuit against Nevis Peak Holdings on Tuesday, August 11 in Delaware Chancery Court. Nevis Peak owns the luxury resort and surrounding property, which sits at the base of a volcanic mountain in Pinney’s Beach, a roughly three-mile stretch of beach on the Caribbean island—just north of Charlestown, Alexander Hamilton’s birthplace. Nevis Peak is owned by Cascade, the family office of Bill Gates, which bought the resort a decade ago. As of January 2022, Cascade also owns 71.25% of the Four Seasons, according to the suit. While Four Seasons manages the property, it wasn’t named as a defendant in the suit. He’s owned the Four Seasons with Prince Alwaleed Bin Talal Alsaud of Saudi Arabia, whose Kingdom Holding has a 23.75% stake, since 2007. According to the suit, each homeowner paid $100,000 to get in the door at Four Seasons Resort Nevis, the luxury Caribbean island resort long reported as a quiet retreat for such celebrities as Oprah Winfrey, Meryl Streep and Justin Trudeau. They then pay upwards of $13,000 a year to keep using the place, plus a management fee of 25% on any bills for work the resort does for them and another 15% for major construction. By Alicia Park, Reporter Learn more about your ad choices. Visit megaphone.fm/adchoices

Bob Parsons is navigating his golf cart through the twisting dry dirt road of the golf course he built in the Sonoran Desert in Scottsdale, Arizona, avoiding lizards, rabbits and giant saguaros. He stops near the ninth hole, named Catfish, which overlooks a manmade lake and surrounded by three million acres of preserved land. It cost Parsons hundreds of millions of dollars to develop and renovate Scottsdale National, which has two 18-hole courses and the “Bad Little Nine,” a punishingly difficult nine-hole par-three course. He points to the center of the lake where a small black hut sits with the words “Suggestion Box” painted in white.  “This is a marvelous spot to put a suggestion box,” the 75-year-old Parsons tells Forbes. “The vent is painted on. I guess you could try.” After all, Parsons did not become a billionaire by taking other people’s suggestions. He built his fortune thanks to his nonstop hustle, often working 60-plus hours straight. He sold his first company, Parsons Technology, which made personal finance and tax software, to Intuit for $64 million in 1994 (or about $165 million today). In 1997, he started domain name registrar GoDaddy and sold a 71% stake for $2.3 billion in 2011 (or $3.4 billion today). By Will Yakowicz, Forbes Staff. Learn more about your ad choices. Visit megaphone.fm/adchoices

Form Energy, which makes iron-based batteries to hold electricity for days, said it raised $750 million to expand production. That follows a $550 million raise by rival Antora Energy to accelerate production of its thermal batteries made from carbon blocks that also hold power for at least 100 hours. Unsurprisingly, data center power demand underpins the investment spike. Form, which began shipping its iron-air batteries this year built at its Weirton, West Virginia, plant, said the latest round, led by T. Rowe Price, boosts its total funding to $2 billion. The company didn’t immediately provide a valuation figure with the latest funds, though Pitchbook estimates the deal values the Somerville, Massachusetts-based company at $4.3 billion. Sunnyvale, California-based Antora has raised $1 billion as of July 31 and is seeking a second plant beyond its current factory in Silicon Valley.  Both companies are focused on making batteries out of cheap, domestically available materials that can store power at much lower cost than shorter-term lithium-based battery chemistries, and that also have little to no risk of catching on fire. The technology is also ideal when paired with large-scale solar or wind farms, ensuring a steady supply of cheap, carbon-free energy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Last week Wells Fargo, the country’s fourth-largest bank with about $2.3 trillion in assets, said it would offer tokenized deposits to corporate and commercial clients this fall. Not long ago, the announcement would have been written off as yet another blockchain trial balloon. Today, it looks more like keeping up with the competition. JPMorgan and Citigroup already operate similar services. JPMorgan’s Kinexys network processes more than $7 billion a day and has handled over $4 trillion since launch. Both banks along with Wells Fargo, Bank of America and more than a dozen other large lenders are also participating in an initiative operated by The Clearing House, a bank-owned payments company, like Zelle, that is developing a shared system for moving tokenized deposits between institutions. The market’s plumbing is moving in the same direction. The Depository Trust & Clearing Corporation, which clears and settles some $15 trillion in U.S. securities trades per day, processed its first live transactions using tokenized securities in July and plans to launch the service in October. The world’s largest asset manager, BlackRock, introduced two tokenized money market products this month. By Nina Bambysheva, Deputy Editor Learn more about your ad choices. Visit megaphone.fm/adchoices

Leonard Tannenbaum’s newest venture was supposed to be a sure thing. In 2020, after selling his previous company, Fifth Street, under a cloud of investor litigation and an SEC settlement, the veteran financier recast himself as a pioneering lender to underbanked cannabis firms. Weed was booming as Americans sat out the pandemic stressed and bored. But marijuana was illegal at the federal level, leaving most pot operations shut out of traditional banking.  Tannenbaum had the perfect Wall Street pitch: Become the dominant institutional lender to the fast-growing $19 billion industry by offering high yields to stock investors.  In early 2021, Tannenbaum and his third wife, Robyn, took their West Palm Beach, Florida–based AFC Gamma (later renamed Advanced Flower Capital) public as a mortgage REIT on the Nasdaq, raising $124 million. Within two years, thanks to successive stock offerings, AFC’s equity value rose to nearly $400 million, as did its loan book.  “What amazed me was there was no institutional lender in the space, no reputable lender,” said Tannenbaum on the From Pot to Popular podcast in 2022, part of a media blitz coordinated with his entrance into the sector. “This was a chance to be number one in the industry.” By John Hyatt, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

The news that billionaire venture capitalist Josh Kushner and former Disney CEO Bob Iger are buying a controlling stake in the Los Angeles Lakers at a record-breaking $12.5 billion valuation, first reported by ESPN on Wednesday morning, came as a shock in more ways than one. The deal breaks Walter’s own record for the purchase price of a professional sports team, less than a year after his $10 billion deal to take a control interest in the Lakers from the Buss family—who sold the team after 46 years—closed in October, and it once again resets the rest of the market for the rest of the NBA. This year has also included record-breaking team sale agreements in the NFL and MLB. Venture capitalist Vinod Khosla led an investor group that agreed to buy the Seattle Seahawks for $9.6 billion in August, and private equity manager José E. Feliciano’s family reached a deal in May to buy the San Diego Padres for $3.9 billion. By Hank Tucker, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Bouzari isn’t one for the tech-founder uniform of khakis and a hoodie. Instead, he largely designs his own clothes. Think Willy Wonka on a bender: Regency-inspired suits, huge popped collars and crocodile-skin shoes.  The interior of his Paris pied-à-terre, a grand 19th-century apartment on a leafy avenue radiating off the Arc de Triomphe, is just as maximalist. Everything from the marbled carpets to the lime-green sofas and even the chinaware is the product of the 65-year-old French-Iranian émigré’s imagination. “I just love to design,” says Bouzari, the cofounder and CEO of data storage company DDN. “Over the years, I’ve developed this network of people who can translate my scribbles into things that can be made.” By Iain Martin, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

Earlier this year, an unsettling survey finding bounced around the internet: 70% of women say they feel increasingly invisible as they age. However, the sixth annual Forbes 50 Over 50 tells a very different story. Women across the country are doing some of their most ambitious, influential and powerful work after age 50. Learn more about your ad choices. Visit megaphone.fm/adchoices

On September 19 last year, the husband-and-wife cofounders of e-commerce company Pattern, David Wright and Melanie Alder, walked up together to the NASDAQ podium in Times Square—both dressed in black button-up shirts and custom blue and purple Nike Air Forces. Wright, CEO of the Lehi, Utah-based company, took the microphone to thank the room full of employees. “Mel and I get asked, ‘How did you do it?’ We didn’t…it’s a team sport,” Wright exclaimed as he took off his shoe, eagerly holding it up to the crowd.It was a surreal moment for Wright and Alder: Ringing the NASDAQ bell was something they’d never imagined when they first began reselling fridge magnets on Amazon out of Alder’s living room in 2013. “We were just trying to bring in a little extra money on the side,” Wright explains from a conference room overlooking Utah’s sprawling mountainscape from Pattern’s headquarters in the tech hub known as Silicon Slopes. “Yeah, in the beginning, it was just us trying to support our families,” Alder chimes in from the seat next to his. At the time, both were married to other people: Alder was raising four children with her now ex-husband, while Wright had six of his own with his now ex-wife. By Alicia Park, Reporter Learn more about your ad choices. Visit megaphone.fm/adchoices

OnEaster Sunday in 2014, Christian Angermayer, the German investor, was on the beach on the Caribbean island of Canouan with three friends, contemplating whether he should take magic mushrooms.  Before he made his decision, he called a professor he knew who studies psychopharmacology. He explained to Angermayer that he was in the perfect set and setting, was of healthy mind, and he should try it.  So Angermayer, who says he feared he would end up freaking out and living as “a farmer in Argentina,” sprinkled some mushrooms in yogurt, ate it, and let the drugs take hold.  “I always say that I need to build a huge mushroom statue there,” says Angermayer, now 48 and worth $1.2 billion. “It was the most important positive experience of my life. When I came out [of the trip], although it took me years to get the thesis right, I had the first inclination that if it helped me this much as a happy healthy person, I can see the validation for how it can help people with mental health issues and beyond.”  Angermayer spent the next three years working on that thesis. On December 29, 2017, he took another trip, this time he came away with message from the divine: Go forward. There is no downside. By Will Yakowicz, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

When U.S. sales teams from Silicon Valley’s big data-labeling startups visited this year’s International Conference on Machine Learning in Seoul, Korea, they arrived prepped to court the industry’s big spenders. The data companies—collectively worth tens of billions of dollars and generating billions in annual revenue supplying training data to customers like OpenAI and Anthropic—are used to chasing AI labs that are notoriously demanding, fickle and difficult to satisfy. They found another eager customer waiting for them: China’s AI industry. Some Chinese companies have shopping lists. Tencent—which has previously been designated by the U.S. government as associated with the Chinese military, a characterization the company disputes— circulated with prospective vendors a detailed request for training data spanning finance, cybersecurity and one of AI’s most coveted research goals: AI systems capable of improving themselves. By Anna Tong, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

Back in 2015, talent manager Ian Schwartzman emailed Spotify with a request—his client, rapper Joe Budden, wanted to add episodes of his newly launched podcast to his artist profile on the music streaming platform. “And the response I got was comical,” Schwartzman tells Forbes, “It was, ‘What is podcasting?’” A decade later, podcasting has become a cornerstone of media, and Spotify is competing with companies such as Amazon, iHeartMedia, SiriusXM and now even Netflix in a market that has grown from less than $100 million in annual revenue a decade ago into a $9 billion industry. Budden and Schwartzman have spent the intervening years doing everything they can to earn a slice of that ever-growing pie, bootstrapping The Joe Budden Network to an estimated $20 million in earnings over the past 12 months, enough to be ranked among the highest-paid podcasters in the world for 2026. And unlike nearly every other performer on that list, they did it without a broad distribution and ad sales deal from a major media company, or a private equity investor. By Matt Craig Learn more about your ad choices. Visit megaphone.fm/adchoices

Howard University, one of the nation’s top Historically Black Colleges and Universities (HBCUs), burst into the national news in July when it abruptly canceled enrollment for 500 freshmen, a fifth of the incoming class. The students had ostensibly missed the deadline for establishing they could cover the Washington, D.C. school’s $66,182 total annual cost of attendance.  Isabella Williams, who graduated from Russell County High School in Alabama last May with a 4.3 grade point average and a raft of honors and scholarships, received one of those jarring notices. Howard was more than her dream school; it was a chance to reclaim her family’s legacy, she told Forbes. Her own mother had been forced to drop out of Howard for financial reasons, but an uncle later served as the university’s vice-provost. "I wasn't able to experience much of my family's culture as a child," she said, "so being able to be closer to them and kind of get the same education that they've had was really important to me.” She eventually got her enrollment reinstated (as did more than 200 other students) after her scholarship money was confirmed. Williams insists that she and some of the others who were disenrolled had documented their payment plans on time and were simply waiting for money from loans, scholarships and veterans benefits to be disbursed. By Asia Alexander, Fellow Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s two days before the Monaco Grand Prix in early June, and Abbas Sajwani emerges from a golden elevator onto the main deck of his 348-foot superyacht, Amadea, in a white linen shirt and gray pants. He’s anchored the vessel—which he bought from the U.S. government at a secret auction last September, after it was seized from alleged Russian oligarch Suleiman Kerimov three years earlier—just off the coast of the postcard-sized principality, as many billionaires do during the summer. Walking past the intricately inlaid teak walls, a bar carved out of marble from the Greek island of Thassos and a hand-painted baby grand piano—custom-made for the yacht by centuries-old, Paris-based piano maker Pleyel—he sits on a cream-colored couch, framed by the Mediterranean and the Monaco skyline. But the 27-year-old Dubai real estate scion is eager to talk about his real estate firm AHS Properties’ latest acquisition. “We bought the Shangri-La [Dubai] at the end of May for $300 million,” he says, adjusting his rimless glasses. “That shows you my personal conviction and faith in the Dubai market.” By Giacomo Tognini Deputy Editor Learn more about your ad choices. Visit megaphone.fm/adchoices

Chinese automakers are now the de facto global standard for electric vehicles. BYD is outselling Tesla with highly affordable models. Consumer electronics giant Xiaomi is rolling out stylish sedans and SUVs outfitted with dizzying in-cabin infotainment tech. But staggeringly high tariffs, hovering at 127.5% for Chinese-built EVs, have kept those cars largely out of American driveways. But they have not kept them out of Waymo’s fast-growing U.S. robotaxi fleet. In late May, Alphabet’s self-driving vehicle company began deploying small electric vans, built by China’s Zeekr brand–which it calls the Waymo Ojai–in cities including Los Angeles and San Francisco. At the time, Waymo would only say it had “more than 100” of the friendly-faced, periwinkle-colored minivans on the road. Most industry watchers assumed the Mountain View, California-based company would ultimately operate fewer than 1,000 owing to the excessive import fees. That’s not the case. By Alan Ohnsman, Senior Editor Learn more about your ad choices. Visit megaphone.fm/adchoices

The enemy gets a vote, too. That military aphorism took on a chilling immediacy for Brandon Tseng when he was training for an Afghanistan deployment as a Navy SEAL in 2012. His team was simulating clearing a house of enemy fighters when the Naval Academy graduate was suddenly shot in the face. Fortunately it was just a paintball, not a real bullet. “I’d followed my training exactly as taught,” he remembers—but it didn’t matter. One point of the exercise was that preparation isn’t always enough, because adversaries are smart and unpredictable. “If that was real-life combat, I would’ve been killed.” Clearing hostile buildings was part of the daily grind for the United States military post-9/11. It is extraordinarily dangerous work and killed or injured several people Tseng knew. When he left the military in 2015 after seven years, he couldn’t stop thinking of ways that AI and autonomy tech could reduce risks to troops, like by letting them scan inside structures before they barged in. Tseng convinced his older brother, Ryan, already a successful entrepreneur who had sold his wireless charging company to Qualcomm, and Andrew Reiter, an engineer with a master’s in robotics from Harvard, to join him in starting a drone company they called Shield AI. (Tseng got his Harvard MBA concurrently.) Its first product was a small “Nova” quadcopter specialized for scouting and mapping buildings while sending live video back to frontline soldiers. Today Shield AI is one of the most valuable defense tech unicorns in the nation, worth $12.7 billion after its most recent fundraising in March. Israelis used the more than $400 million (revenue) company’s Novas to survey Hamas tunnels in Gaza and rescue hostages after the attacks of October 7, 2023; Ukrainians are using Shield AI’s bigger V-BAT drone to identify targets deep inside Russian-held territory. Forbes estimates that the Tsengs, who are co-presidents, each have a stake worth around $400 million. By Monica Hunter-Hart, Reporter Learn more about your ad choices. Visit megaphone.fm/adchoices

IN LATE APRIL, Donald Trump boarded Air Force One for his 26th trip to Palm Beach of his second term. War was stirring in the Middle East. Gas prices and grocery costs were rising across America. But the president had more important business to attend to. He was headed to Mar-a-Lago, where nearly 300 holders of his memecoin were gathering for a private event. Launched three days before Trump’s inauguration, the coin had provided him with about $635 million during his first year in office. The event added appeal to an asset devoid of intrinsic value, treating top buyers to a lineup of prominent guests, including billionaire Tim Draper, investor Cathie Wood and boxer Mike Tyson. The main attraction, however, was the president himself. Guests filed into a ballroom bedizened with the trappings of the Trump brand: crystal chandeliers, walls spattered with gold ornaments, merchandise bearing the president’s name. On seats throughout the room sat goodie bags featuring trading cards with Trump’s picture, gold statuettes in his image and MAGA-red watches imprinted with his signature.  Bill Zanker, the guy behind this bazaar, took to the stage to warm up the crowd with some personal stories. “At around midnight two months ago, I get a call from the president,” he said. “I’m in bed. Kind of drowsy, sleepy a little bit. He calls up. He says, ‘What are you doing?’ I go, ‘I’m in bed, sleeping.’ He goes, ‘Hey, listen, I’ve looked at our Trump watch logo. I don’t think it’s great.’ Now, this is the president of the United States. Busy. He says, ‘I think we’ve got to change the logo to make it more modern.’ By Dan Alexander, Senior Editor Learn more about your ad choices. Visit megaphone.fm/adchoices

Elon Musk became the world’s first trillionaire when SpaceX went public on June 12. But his four-comma-fortune didn’t last long, as his rocketmaker’s once soaring stock came crashing back to earth and Musk lost a record $363 billion in July. That’s more than the entire net worth of each of the world’s next nine richest people, including No. 2 Larry Page, whose fortune inched upward by $1 billion, to an estimated $292 billion, as of August 1 at 12 a.m. Eastern time. Musk, meanwhile, is the poorest he’s been since December, worth an estimated $690 billion.  Shares of SpaceX, which had soared by as much as 67% above their IPO price in June, sank by 37% in July. That shaved $320 billion off the fortune of Musk, whose 38% stake in SpaceX is now valued at $552 billion. His 11% stake in Tesla, meanwhile, is worth $43 billion less than last month ($123 billion in all), after the electric vehicle maker reported Q2 earnings that fell short of analysts’ expectations on July 22 and Tesla’s stock slid by 26% during the month.  The biggest winner of July was Jeff Bezos, whose fortune grew by $29 billion, to an estimated $278 billion, as shares of Amazon climbed by 14%. That helped Bezos end the month as the world’s third richest person for the first time since March. He overtook Page’s cofounder Sergey Brin, who fell to No. 4, despite also being worth $1 billion more than last month, or an estimated $269 billion. Learn more about your ad choices. Visit megaphone.fm/adchoices

In Lafayette, Indiana, a small city with a population of just over 70,000, the local police force decided to try out a new AI tool sold by law enforcement tech giant Axon, the company with a $35 billion market cap best known for making the Taser. Called Form One, it promised to save officers time by listening to the audio from their body cameras, then filling out the administrative details of a police report: officers and citizens’ names, ID documentation, license plates and other vehicle information. For Lafayette’s captains who’d worked closely with Axon on previous AI projects, it seemed like a no-brainer. But after seven months of testing the technology, many of Lafayette’s officers found the tool was wasting time, not saving it. “I know it doesn't save me time and I know it has inaccuracies that I will have to edit,” wrote one officer in a cache of emails obtained by Forbes via public records request. Form One struggled to record the right names or car plates, even when they were clearly stated in the camera footage, according to other emails. One cop said a simple form that used to take 30 seconds to fill out manually now takes three minutes with Form One because there are so many errors. “Form One dramatically increases the time it takes to finish reports,” he wrote to a colleague. By Thomas Brewster Learn more about your ad choices. Visit megaphone.fm/adchoices

In early 2023, Keith Peiris’s AI-powered presentation startup Tome was growing quickly. It had become the fastest productivity tool to reach 1 million users, Forbes reported at the time, a number that eventually climbed to 25 million. He raised $80 million from top Silicon Valley investors like Lightspeed Venture Partners, Coatue, Greylock and billionaire Reid Hoffman. But by late 2024, Peiris realized he was building the wrong company.  It turned out that most people didn’t want to pay for its tools, which generated beautiful slides within minutes. Tome’s users, mainly students and small business owners, were largely on free plans or paying $10 monthly subscriptions—not nearly enough to sustain the business. And the startup couldn’t quite crack the market for professionals like marketers and salespeople because it wasn’t connected to their data and did not have the context needed to make good presentations. Users were still growing, but the company’s annual revenue plateaued at around just $3 million.  “Being frank about Tome, our technology thesis and our cultural thesis was very immature,” Peiris admits now. By Rashi Shrivastava, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

Back in October 2024, Poolside was an early AI star. Cofounded by former Github CTO Jason Warner, the startup had raised $500 million on a $3 billion valuation to build coding agents for governments and large companies. But over the next 18 months, Poolside largely disappeared from view, while OpenAI and Anthropic ballooned to nearly trillion-dollar valuations with a crop of Chinese labs building open source models nipping at their heels.  Now Poolside is back with a new model called Laguna that on public benchmarks beats its American and Chinese open source competition — with the very notable exception of Chinese lab Moonshot’s latest AI model, Kimi K3.  "As an American company building for the West, we'll be the most capable open model in the West,” Warner, Poolside’s co-CEO and cofounder, tells Forbes. “Globally, in this weight class of the 118 billion parameter model, we are the leader.” Warner claims that the startup spent those 18 months where it went quiet building the infrastructure for a “model building factory” that could pump out Laguna and continue with new and more powerful iterations every five weeks. "The classic notion of model building is an artisanal process…We've built an industrial model-building process,” he says. By Iain Martin, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

As the final minutes ticked away in a disappointing 4-1 loss to Belgium on July 6 that knocked the U.S. men’s national team out of the World Cup, Fox play-by-play announcer John Strong made a direct plea to his television audience of 30 million Americans. “If you’ve enjoyed what you’re seeing, well, support your local team,” Strong said from Seattle’s Lumen Field, packed with a sellout crowd of 66,925—more than double the average attendance of 31,000 across the Seattle Sounders’ first six Major League Soccer games this season at the same stadium. “This doesn’t have to be the last soccer you watch for the last four years. It’s a beautiful sport.” Often an afterthought both among top-tier global soccer leagues and in the U.S. professional sports scene, MLS has long viewed this summer’s World Cup on U.S. soil as an inflection point for a new phase of growth, with help from Lionel Messi, the biggest star in the league’s history. On Sunday, the 39-year-old superstar will lead Argentina into the World Cup final against Spain while seeking to lock up the Golden Boot as the tournament’s top scorer. On Wednesday, Messi’s Inter Miami will restart its season after MLS’s seven-week World Cup break. By Hank Tucker, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

With the FDA panel that’s considering whether to recommend legal production of seven peptides meeting on Thursday and Friday, Shaun Noorian had planned to be at its Maryland campus in person. Ahead of the panel, Noorian, the founder and CEO of Houston-based Empower Pharmacy, one of the nation’s largest compounding pharmacies, told Forbes, “I wouldn’t miss it for the world. The who’s who of the peptide space will be there.” Hundreds of others had been expected to jam into the room as well, including compounders, telehealth founders and longevity influencers. While these peptides are currently not legal to produce for anything other than “research purposes,” that hasn’t stopped a booming gray market from exploiting that loophole. There’s little scientific data on their safety and efficacy, and the many sketchy sellers who distribute them operate with no oversight. Still, the illicit peptide market could be worth an estimated $3 billion. Silicon Valley bros, longevity medics and MAHA believers take them, while wellness influencers promote their “peptide stacks” online to speed recovery or improve sleep. Health and Human Services Secretary Robert F. Kennedy Jr. is a self-described “big fan of peptides,” as he told podcaster Joe Rogan in February. By Amy Feldman Learn more about your ad choices. Visit megaphone.fm/adchoices

As the final minutes ticked away in a disappointing 4-1 loss to Belgium on July 6 that knocked the U.S. men’s national team out of the World Cup, Fox play-by-play announcer John Strong made a direct plea to his television audience of 30 million Americans. “If you’ve enjoyed what you’re seeing, well, support your local team,” Strong said from Seattle’s Lumen Field, packed with a sellout crowd of 66,925—more than double the average attendance of 31,000 across the Seattle Sounders’ first six Major League Soccer games this season at the same stadium. “This doesn’t have to be the last soccer you watch for the last four years. It’s a beautiful sport.” Often an afterthought both among top-tier global soccer leagues and in the U.S. professional sports scene, MLS has long viewed this summer’s World Cup on U.S. soil as an inflection point for a new phase of growth, with help from Lionel Messi, the biggest star in the league’s history. On Sunday, the 39-year-old superstar will lead Argentina into the World Cup final against Spain while seeking to lock up the Golden Boot as the tournament’s top scorer. On Wednesday, Messi’s Inter Miami will restart its season after MLS’s seven-week World Cup break. By Hank Tucker, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

For the past decade, Greg Flynn has been America’s largest franchisee, and now he is the largest in the world. But he has a voracious appetite for more.  “The dream here is to create a global business with operating capabilities and success beyond what the world has seen,” says Flynn, the 62-year-old CEO and founder of Flynn Group and Flynn Properties. “Operating businesses, especially consumer-facing ones, are really hard. If you can do it well consistently, over multiple brands and multiple geographies and multiple industries, that is a valuable and defensible thing to do.” Over the past three decades, he has doubled down on fast food franchises again and again. With $5 billion in annual revenue from more than 3,000 franchises of Applebee’s, Taco Bell, Panera, Arby's, Pizza Hut, Wendy’s and now Planet Fitness in 44 states as well as Australia and New Zealand, Flynn’s portfolio is more than double the size of the next biggest franchisee.  Forbes estimates Flynn has about 25% ownership with some $2.5 billion in loans and over $100 million in cash on hand. At a valuation Forbes estimates of $5 billion, that means Flynn is worth an estimated $650 million. (Flynn declined to comment.) By Chloe Sorvino, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

For the last two years, Will Freeman has been advocating against Flock Safety, an $8.3 billion surveillance company that tracks vehicles with a network of over 80,000 cameras. His organization, DeFlock, crowdsourced a map that shows where the company’s cameras are located, and helps local grassroots movements organize against Flock deployments. In an interview with Forbes last year, Flock CEO Garrett Langley described DeFlock as a “terroristic organization.” But now, as Flock faces an increasingly vitriolic public backlash, Langley says he regrets that label. “My comments were a mistake and I apologize,” he says. “There are groups today that have real valid criticisms of the business, and I think what's changed for us is, as we've listened to them and heard them out, what we're trying to do is find this balance. We believe in a world where we can have safety and privacy.” By Thomas Brewster, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. sales of electric vehicles have plunged since the Trump administration killed a $7,500 federal credit last year, but a group of startups hopes to change that. They’re preparing to launch a new wave of quirky, affordable battery-powered models over the next year that are distinctly different from anything Tesla or other big automakers offer.  The newest is a small, inexpensive “life utility vehicle” from Miami-based Chip, which starts taking reservations today. It only has a top speed of 25 miles per hour, and is intended as a secondary vehicle designed to handle daily shopping trips, school runs and short commutes. It’s available in four- and six-seat versions, with a $15,000 base price. Though essentially a beefed-up golf cart resembling a small jeep it has far more safety features, including higher ground clearance, a roll bar and flat LFP battery pack along the floor to protect occupants. It also has multiple cameras and radar to monitor traffic conditions. Learn more about your ad choices. Visit megaphone.fm/adchoices

When OpenAI wants to sell the country’s biggest health systems on its healthcare ambitions, it often brings in one person a hospital CEO won’t ignore: Sam Altman. Altman, 41, is OpenAI’s billionaire cofounder, CEO and chief converter of skepticism into purchase orders. He has sold investors, boards of directors and governments on the idea that OpenAI is the engine of the next computing era. Now he is personally making that case to hospitals.  Altman's involvement in these sales calls underscores just how central healthcare is to OpenAI’s ambitions. In January, the AI behemoth announced eight major health systems, including Cedars-Sinai Medical Center and HCA Healthcare, are now customers of its enterprise-grade healthcare tools. Learn more about your ad choices. Visit megaphone.fm/adchoices

Choosing a college major has always felt like a big life decision, influenced by not only personal inclinations and talents, but also by starting salaries—new engineering and computer science grads earn more than those with English degrees. But in today’s labor market, where hiring has slowed, artificial intelligence is reshaping some industries faster than others, and many once-booming job categories have cooled off, young people should be asking themselves an additional question: How many career paths can I take with my degree? Learn more about your ad choices. Visit megaphone.fm/adchoices

AtThe Odyssey premiere in Mumbai on Saturday, director Christopher Nolan joked about its prospects as an international summer blockbuster. “It's wonderful how [the movie] kind of brings us together, and for us to go on the road and travel and come here,” the British-born director told the audience, before taking a Spider-Man jab at one of his movie’s stars. “but if you see only one Tom Holland film this summer…”  Because, of course, The Odyssey isn’t a Tom Holland movie. Even with a cast that includes Matt Damon, Anne Hathaway, Lupita Nyong’o, Charlize Theron and other A-list actors, the only name listed on the poster is the one listed above the title:“A film by Christopher Nolan.” The 55-year-old director has achieved name-brand status among the most casual moviegoers and developed an army of cinephile devotees for his spectacle-driven films like Inception, Interstellar and a Batman trilogy, culminating in 2023 when he turned Oppenheimer—a three-hour historical drama about the father of the atomic bomb—into a nearly billion-dollar blockbuster and a winner of seven Oscars. This time around he’ll put that drawing power to the test with an even riskier project, a $250 million sword-and-sandal epic shot entirely in IMAX 70mm that rivals the most ambitious movies of all time. By Matt Craig, Reporter Learn more about your ad choices. Visit megaphone.fm/adchoices

Texas state police’s purchase of four brand new Chevrolet Tahoes this March was unusual. Not just because of the staggering $4.5 million price tag, but because the vehicles were kitted out with technology that could monitor the locations of nearby cell phones.  Made by Israeli surveillance company Cognyte, the tech simulates a mobile phone tower, which forces nearby phones to connect to it. That enables cops to keep tabs on any phones in the vicinity — whether they’re owned by a suspect in a case or not. Cognyte’s contract with the state of Texas reveals that the simulator, called FalcoNet, can be concealed within the vehicles, hidden in a backpack for on-foot missions or attached to a helicopter. It’s the same technology as the infamous Stingray, one of the original cell-site simulators made by defense giant L3Harris. Texas state police is one of a growing number of local law enforcement agencies signing deals with Cognyte, an Herzliya, Israel-based company listed on the Nasdaq with a $560 million market cap. The six-year-old company, which was spun out of Israeli surveillance giant Verint in 2021, sells a range of surveillance tech. That includes software that claims to find leads in big police datasets and predict where crime is likely to occur in the future. The firm, which touts itself as the “leading alternative” to $315 billion market cap Palantir, made most of its $400 million in 2025 revenue in Israel and Europe. But it’s slowly making inroads in the U.S, with American revenue gradually rising from $10 million in 2023 to $15 million in 2025, per filings with the SEC. By Thomas Brewster, Forbes Staff Learn more about your ad choices. Visit megaphone.fm/adchoices

Would you pay $15 to go on a date? It’s just the price of a cocktail, argue Stanford dropouts Celeste Amadon and Asher Allen. They started dating app company Known based on their belief that frustrated Gen Z singles, tired of endless swiping, are willing to pay up. Those signing up for Known start by talking with an AI, an onboarding experience similar to a phone call designed to encourage users to talk more naturally rather than type out answers into a form. Then the San Francisco-based startup introduces daters to one potential match at a time. If both people say yes, the app uses AI agents to book the first date for them and charges each person. Fifteen dollars might sound like a lot for a single date, but Hinge subscriptions can cost between $30 and $50 monthly and Bumble’s monthly cost can range from $40 to almost $100. Amadon and Allen believe the incentives are skewed. They think dating apps should only make money when they actually help people meet IRL. By Sofia Chierchio, Fellow Edited by Katharine Schwab, Learn more about your ad choices. Visit megaphone.fm/adchoices

In the not-too-distant future everyone will be using so-called AI agents.  Connected to the cloud, they will live inside your mobile phone ready to assist in whatever tasks you need accomplished, from replying to emails and booking flights to tax-loss harvesting in your portfolio.  Robinhood’s customers now use AI agents to analyze stock market gyrations and make autonomous trades based on custom instructions. SAP’s Joule helps its enterprise customers analyze inventory, source the best suppliers and procure goods. Shopping agents operating at machine speed like Amazon’s Buy for Me will scan the web for the best deals, negotiate terms with agents representing the seller, establish delivery windows and make purchases. Well-known AI and crypto companies, from Anthropic and OpenAI to Coinbase and Circle, are already racing to make this bot-driven future a reality for all. But what happens when the couch your agent ordered arrives in the wrong color? Or gets delivered two weeks late, or damaged in a way the seller insists happened after delivery? By Nina Bambysheva, Deputy Editor Learn more about your ad choices. Visit megaphone.fm/adchoices

When Andrew Kurzrok’s wife, Michelle, became pregnant with their first son in 2023, he decided it was time for his life spending over 200 days a year on the road as a mid-level executive of Amphenol Sensors to end. He wanted a career that would keep him closer to their suburban Washington, D.C. home, while utilizing his manufacturing experience. And with a background in mergers and acquisitions, he thought about buying. So the Kurzroks evaluated hundreds of local companies for sale. Finally, last September, he closed on the purchase of 45-year-old family-owned Hopewell Sheet Metal Manufacturing, which operates out of a 30,000 square foot facility in Hagerstown, Maryland. “It is a classic baby boomer-run business that was time for transition,” with no third generation member of the family ready to run it, observes Kurzrok, who holds Yale MBA and bachelor degrees. But it suited his goals just fine. “I am home with my family every single night. I am proud to say that I no longer have any frequent flyer status with the airlines,” he laughs. “It’s great. I’m 30 pounds lighter because I’m not eating food in airports all day long. Blood pressure is lower. That doesn’t mean business ownership is easy; it’s got its own stress, but I’m really happy with the tradeoff I’ve made.” By John Schroyer, Staff Writer Learn more about your ad choices. Visit megaphone.fm/adchoices