Forbes Daily: Shake Shack's Founder Secures A Fast Food Fortune
Cybersecurity startup Fable aims to change that by using AI to identify which employees need help with security practices and offer customized advice. For instance, if an employee isn't using multi-factor authentication, they may receive information about tools they can use to protect their accounts, and IT can keep an eye on whether workers take corrective steps.
The firm is emerging from stealth today with $31 million in funding, valuing the business at $120 million.
The New York Police Department responds to reports of an active shooter at 51st Street and Park Avenue on Monday. Barry Williams/New York Daily News/Tribune News Service via Getty Images
At least four people were killed in Manhattan on Monday evening, including a New York City police officer, after a gunman carrying an M4 rifle opened fire inside a Midtown skyscraper before taking his own life. New York Police Commissioner Jessica Tisch identified the gunman as Shane Tamura from Las Vegas and said he had a 'documented mental health history.' The 27-year-old had a suicide note claiming he suffered from CTE, CNN reports, and the building where the shooting took place is home high-profile tenants including the NFL and investment firm Blackstone Group.
Legislation introduced Monday by Senator Josh Hawley (R-Mo.) would provide tariff rebate checks of at least $600 to American families, after President Donald Trump signaled last week that his administration was 'thinking about a little rebate' that would impact 'people of a certain income level.' However, it's possible that such rebate checks could lead to higher inflation. The Covid-19 stimulus checks approved in 2020 and 2021 injected about $814 billion into the economy, contributing to inflation reaching a 41-year high by June 2022. This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.
Photo bySpirit Airlines' woes continued, as the budget carrier announced its third round of pilot furloughs and demotions since last September. The airline industry is taking a hit from lagging consumer confidence, but on top of that, Spirit hasn't been profitable for six years, and declared Chapter 11 bankruptcy last November. WEALTH + ENTREPRENEURSHIP
Shake Shack founder Danny Meyer. Photo byDanny Meyer got his start with upscale restaurants in New York City, but he's now a burger billionaire thanks to hamburger and frozen custard chain Shake Shack. Meyer, who founded the chain that has 585 locations and $1.3 billion in revenue, is part of a growing list of fast food billionaires, including Jersey Mike's Peter Cancro, Panda Express' Andrew and Peggy Cherng, and, recently, Chipotle founder Steve Ells. TECH + INNOVATION
An electric Waymo vehicle testing in Boston. Photo by Craig F. Walker/The Boston Globe via Getty Images
Waymo plans to launch its autonomous ride service in Dallas next year, its second market in Texas, where it's partnering with Avis to keep its growing fleet of electric vehicles in service. The news comes a week after Alphabet CEO Sundar Pichai said Waymo could soon triple the number of cities it's operating in, and the steady expansion draws a sharp contrast with Tesla, which remains in test mode despite CEO Elon Musk claiming his company is leading in the technology. MONEY + POLITICS
Photo by ROBERTO SCHMIDT/AFP via Getty Images
President Donald Trump has insisted that the jet he was controversially given from Qatar was 'free,' but a new report from the New York Times found the Pentagon appears to be using an over-budget missile project to pay for its renovations. The Pentagon classified the cost of the renovations, according to the Times , but a recent $934 million transfer from the budget for a notoriously costly nuclear missile program to an unnamed classified project has raised eyebrows.
Trump asked a judge to order News Corp founder Rupert Murdoch to testify immediately in his defamation lawsuit over the Wall Street Journal' s reporting on Trump and Jeffrey Epstein, with the president citing the 94-year-old media mogul's age to justify the request. Trump and Murdoch, both billionaires, have had a complicated relationship over the years, and it remains to be seen if the case will go to trial, as legal experts have been broadly skeptical of the president's defamation arguments. TRENDS + EXPLAINERS
The One Big Beautiful Bill Act has created uncertainty for students beyond just loan forgiveness: New work requirements could impact the millions of undergraduate and graduate students relying on Medicaid for health coverage. While students who attend school more than half-time should meet the mandate, it's not clear what constitutes half-time enrollment, which will need to be clarified through federal regulations or guidance before the work requirement takes effect in 2027. DAILY COVER STORY Inside Robinhood's Crypto-Fueled Plan For World Domination
Robinhood cofounder and CEO Vlad Tenev Guerin Blask for Forbes
First Robinhood cofounder and CEO Vlad Tenev blew up the brokerage industry's fee model. Now, thanks in part to his full-on crypto embrace, he is embarking on a global financial services takeover.
The upstart brokerage that blossomed from the ashes of the global financial crisis and Occupy Wall Street movement has grown up, and now aims to be a one-stop financial firm for tech-native generations who prefer transacting digitally. Within the next 20 years, according to Cerulli Associates, they are expected to receive some $124 trillion in assets, mostly from their Boomer parents.
Tenev plans to dominate next-generation investors in three phases he calls 'arcs.' First, win the active trader market, where the ROI is immediate, as evidenced by Robinhood's current strong results. Medium-term, around five years, he wants to serve the entirety of his customers' wallets, from credit cards to crypto, mortgages and IRAs. Third arc: Build the number one global financial ecosystem, presumably with Robinhood's blockchain as its backbone.
Already, Robinhood's stock is trading at $111 a share, an all-time high and 384% above last year's levels, vaulting the brokerage firm's market cap to nearly $98 billion and into the ranks of the world's 250 most valuable companies. In 2024, it generated $1.4 billion in profit on nearly $3 billion in revenue and now holds $255 billion in assets. Tenev's personal fortune has jumped sixfold in a year to $6.1 billion.
WHY IT MATTERS 'When it comes to retail financial services, inertia is second in power only to compound interest,' says Forbes deputy editor Nina Bambysheva. 'Customers are inherently sticky, but Tenev knows that the old giants of the financial world, including Fidelity, Schwab and Merrill Lynch, are vulnerable as trillions in Boomer assets are bequeathed to their digital-native off-spring. In fact, he thinks his biggest competition will come not from firms like Fidelity, or even the crypto-native Coinbase, but from the Anthropics and OpenAIs of the world: 'They're the ones moving the fastest and doing the most interesting stuff.''
MORE Crypto Goes Corporate As A New Wave Of Public Companies Buy Bitcoin FACTS + COMMENTS
Travelers faced thousands of flight delays Monday amid extreme heat blanketing the U.S. High temperatures, especially when combined with humidity, not only increase the likelihood and severity of thunderstorms, the heat also forces airlines to reduce the weight carried on planes:
Over 7,000: The number of flights within the U.S. that were delayed as of Monday evening
About 16%: The percentage the delays represent among the total number of flights managed by the FAA on an average day
1,165: The number of delays on Southwest Airlines, the airline with the most delays among the 'big four' carriers STRATEGY + SUCCESS
When you receive a full-time job offer, even if you're early in your career, don't forget that you still have the power to negotiate—it can set a precedent for your long-term growth and show employers you understand your value. First, treat the negotiation as a collaboration, and don't apologize for discussing salary. Even if you can't nudge your compensation higher, the practice of asking will likely help throughout your career. VIDEO QUIZ
An Arizona woman was sentenced to more than eight years in prison for her role in a scheme involving IT workers who infiltrated and defrauded hundreds of U.S. businesses. Which country did the scheme generate illicit revenue for?
A. Russia
B. North Korea
C. Iran
D. China
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
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NBC News
10 minutes ago
- NBC News
CEOs globally brace for tariff turmoil with a new game plan
Trade tensions are rising, forcing top executives to rewrite the rulebook on how their companies operate, where they invest and what customers buy. In interviews with CNBC this earnings season, CEOs across industries — from aluminum and aerospace to chocolate, banking, telecoms, and energy — sent a clear message: tariffs are no longer just a political tactic. As trade rules grow more uncertain and tariffs resurface in policy discussions, business leaders say they're rethinking everything from where factories are located to how products are priced. The old 'just in time' model is giving way to something more cautious: make goods closer to the buyer, ask for exemptions where possible, and stay alert to shifting consumer habits. This earnings season has been marked by currency swings, inflation, and political uncertainty. And in that environment, tariffs are no longer background noise. They're front and center in how companies are managing risk. For many in the C-suite, the threat isn't just about short-term costs — it's about staying competitive for the long haul. Build local, think political 'We are concerned about the competitiveness of aluminum compared to other materials,' Hydro Chief Financial Officer Trond Olaf Christophersen told CNBC earlier this week. The company is already passing U.S. tariff costs onto customers. But the deeper worry is how, 'some customers in packaging are already testing steel and plastic alternatives. That's the long game we're watching.' For Christophersen, it's not just a quarterly issue — it's a warning sign. And Hydro's concern reflects a broader shift: tariffs are speeding up lasting changes in how companies do business. One of the most common responses is moving production closer to customers. Ericsson CEO Börje Ekholm told CNBC the company's North American factory, opened in 2020, was a forward-looking move. 'We've had that 'Made in America' stamp for some time,' he said. The facility now helps protect the company from shifting global politics. Volvo Cars CEO Håkan Samuelsson is also focused on the U.S. 'We want to fill our factory in South Carolina,' he told CNBC, noting that the company is breaking operations into more independent regions so local teams can respond quickly to new trade policies. Pharma giant AstraZeneca is also pivoting its footprint, rapidly shifting manufacturing to the U.S. and planning a $50 billion investment in local operations. 'We have lots of reasons to be here,' CEO Pascal Soriot said on the company's earnings call. For others, localization is as much about sovereignty as it is about logistics. 'We are building data centers for American hyperscalers in Europe, but also for Europeans in the U.S. It's a conscious decoupling,' Skanska CEO Anders Danielsson told CNBC. 'Sovereign tech is a real priority.' Not every company can shift where things are made. Some are relying on diplomacy. Rolls-Royce CFO Helen McCabe told CNBC the aerospace firm worked with U.K. and U.S. governments to win exemptions for key parts. 'It's not just about tariffs,' she said. 'It's about aligning our industrial footprint to minimize any friction.' That kind of behind-the-scenes outreach points to a bigger change: trade policy has become a key part of business planning. More companies are factoring in government relations and political risk when making decisions. Price hikes, policy risk and volatility Even the most proactive companies can't prepare for everything. Some are eating the higher costs. Others are raising prices — carefully. Lindt & Sprüngli, the premium chocolate maker, raised prices by 15.8% this year to offset soaring cocoa costs, driven partly by export restrictions in West Africa. 'We saw only a 4.6% decline in volume mix,' CEO Adalbert Lechner told CNBC. But he admitted that U.S. consumers are becoming more price-sensitive. Givaudan CEO Gilles Andrier shared a similar view. 'Some of our natural ingredients come from Africa and Latin America,' he told CNBC. 'So we're exposed to some tariffs there.' Even companies with local factories can't avoid all trade impacts when raw materials come from abroad. For companies tied to commodities, the trade duties are just one piece of a bigger puzzle: unpredictability. 'The tricky thing was, it was non-fundamentals-based volatility,' Shell CEO Wael Sawan told CNBC, describing recent swings in the oil market. 'This wasn't a change to physical commodity flows. This was really sort of paper-induced volatility.' That, he said, makes it harder to plan investments or manage price risk. Even in banking, where the direct impact of tariffs might seem small, the consequences are showing up. 'When you price risk now, you can't just look at credit or liquidity. You have to model policy unpredictability,' UniCredit CEO Andrea Orcel told CNBC. That includes trade tensions, regulatory surprises, and election-related gridlock. This quarter makes one thing clear: policy is now a core business risk, not background noise. With elections ahead and industrial policy shifting, companies are localizing, diversifying, lobbying, and repricing faster than ever. Tariffs aren't just a cost — they're reshaping industries. When customers trade aluminum for steel or chocolate for cheaper treats, the threat isn't just margins. It's market share. So yes, leaders are building closer to home, pricing smarter, negotiating harder as they scramble to stay ahead of the next curveball.
Los Angeles Times
39 minutes ago
- Los Angeles Times
Trump's tariffs leave a lot of losers, from Laos to Brazil. And there were no real winners
WASHINGTON — President Trump's tariff onslaught this week left a lot of losers — from small, poor countries such as Laos and Algeria to wealthy U.S. trading partners such as Canada and Switzerland. They're now facing especially hefty export taxes — tariffs — on the products they export to the U.S. starting Thursday. The closest thing to winners may be the countries that succumbed to Trump's demands — and avoided even more pain. But it's unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump's protectionist policies. 'In many respects, everybody's a loser here,'' said Barry Appleton, co-director of the Center for International Law at the New York Law School. Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules. In its place is a system in which Trump himself sets the rules, using America's enormous economic power to punish countries that won't agree to one-sided trade deals and extracting huge concessions from the ones that do. 'The biggest winner is Trump,' said Alan Wolff, a former U.S. trade official and deputy director-general at the World Trade Organization. 'He bet that he could get other countries to the table on the basis of threats, and he succeeded — dramatically.'' Everything goes back to what Trump calls 'Liberation Day'' — April 2 — when the president announced 'reciprocal'' taxes of up to 50% on imports from countries with which the United States ran trade deficits and 10% 'baseline'' taxes on almost everyone else. He invoked a 1977 law to declare the trade deficit a national emergency that justified his sweeping import taxes. That allowed him to bypass Congress, which traditionally has had authority over taxes, including tariffs — all of which is now being challenged in court. Trump retreated temporarily after April announcement triggered a rout in financial markets and suspended the reciprocal tariffs for 90 days to give countries a chance to negotiate. Eventually some of them did, acceding to Trump's demands to pay what four months ago would have seemed unthinkably high tariffs to maintain their ability to sell to the vast American market. The United Kingdom agreed to 10% tariffs on its exports to the United States — up from 1.3% before Trump amped up his trade war with the world. The U.S. demanded concessions even though it had run a trade surplus, not a deficit, with the U.K. for 19 straight years. The European Union and Japan accepted U.S. tariffs of 15%. Those are much higher than the low-single-digit rates they paid last year, but lower than the tariffs he was threatening — 30% on the EU and 25% on Japan. Also cutting deals with Trump and agreeing to hefty tariffs were Pakistan, South Korea, Vietnam, Indonesia and the Philippines. Even countries that saw their tariffs lowered from April without reaching a deal are still paying much higher tariffs than before Trump took office. Angola's tariff, for instance, dropped to 15% from 32% in April, but in 2022 it was less than 1.5%. And while the Trump administration cut Taiwan's tariff to 20% from 32% in April, the pain will still be felt by a U.S. ally that China claims as its territory. 'Twenty percent from the beginning has not been our goal. We hope that in further negotiations we will get a more beneficial and more reasonable tax rate,' Taiwan's President Lai Ching-te told reporters in Taipei on Friday. Trump also agreed to reduce the tariff on the tiny southern African kingdom of Lesotho to 15% from the 50% he'd announced in April, but the damage may already have been done there. Countries that didn't knuckle under — and those that found other ways to incur Trump's wrath — got hit harder. Even some of the poor were not spared. Laos' annual economic output comes to $2,100 per person and Algeria's $5,600 — versus America's $75,000. Nonetheless, Laos got rocked with a 40% tariff and Algeria with a 30% levy. Trump slammed Brazil with a 50% import tax largely because he didn't like the way it was treating former Brazilian President Jair Bolsonaro, a close Trump ally who is facing trial for trying to overturn his electoral loss and inspiring a riot in the capital in 2023 — recalling Trump's role in the Jan. 6. insurrection two years earlier at the U.S. Capitol. Never mind that the U.S. has exported more to Brazil than it's imported every year since 2007. Trump's decision to plaster a 35% tariff on long-standing U.S. ally Canada was partly designed to threaten Ottawa for saying it would recognize a Palestinian state in light of the humanitarian crisis in the Gaza Strip. Trump is a staunch supporter of Israeli Prime Minister Benjamin Netanyahu. Switzerland was clobbered with a 39% import tax — even higher than the 31% Trump announced on April 2. 'The Swiss probably wish that they had camped in Washington'' to make a deal, said Wolff, now a senior fellow at the Peterson Institute for International Economics. 'They're clearly not at all happy.'' Fortunes may change if Trump's tariffs are upended in court. Five American businesses and 12 states are suing the president, arguing that his April 2 tariffs exceeded his authority under the 1977 law. In May, the U.S. Court of International Trade, a specialized court in New York, agreed and blocked the tariffs, although the government was allowed to continue collecting them while its appeal wends its way through the legal system, and may end up at the Supreme Court. In a hearing Thursday, the judges on the U.S. Court of Appeals for the Federal Circuit sounded skeptical about Trump's justifications for the tariffs. 'If [the tariffs] get struck down, then maybe Brazil's a winner and not a loser,'' Appleton said. Trump portrays his tariffs as a tax on foreign countries. But they are actually paid by import companies in the U.S. who typically pass along the cost to their customers via higher prices. True, tariffs can hurt other countries by forcing their exporters to cut prices and sacrifice profits — or risk losing market share in the United States. But economists at Goldman Sachs estimate that overseas exporters have absorbed just one-fifth of the rising costs from tariffs, while Americans and U.S. businesses have picked up the most of the tab. Walmart, Procter & Gamble, Ford, Best Buy, Adidas, Nike, Mattel and Stanley Black & Decker have all raised prices due to U.S. tariffs. 'This is a consumption tax, so it disproportionately affects those who have lower incomes,' Appleton said. 'Sneakers, knapsacks ... your appliances are going to go up. Your TV and electronics are going to go up. Your video game devices, consoles are going to up because none of those are made in America.'' Trump's trade war has pushed the average U.S. tariff from 2.5% at the start of 2025 to 18.3% now, the highest since 1934, according to the Budget Lab at Yale University. And that will impose a $2,400 cost on the average household, the lab estimates. 'The U.S. consumer's a big loser,″ Wolff said. Wiseman writes for the Associated Press. AP writer Christopher Rugaber contributed to this report.
Associated Press
2 hours ago
- Associated Press
NFL on the verge of selling media assets to ESPN for an equity stake in the network, AP sources say
The NFL and ESPN are expected to announce an agreement next week under which most of the league's significant media holdings would go to the sports network. People familiar with the transaction said the multibillion-dollar deal would give the NFL an equity stake in ESPN. The people spoke to The Associated Press on condition of anonymity because the deal has not been finalized. It was first reported by The Athletic. The NFL and ESPN had no comment. The NFL has been trying to sell its media properties for nearly five years. ESPN and the league have been involved in on-again, off-again talks for the past three years. The proposed move comes as ESPN is expected to soon launch its direct-to-consumer service, possibly before the end of August. The service would give cord cutters access to all of ESPN's programs and networks for $29.99 per month. Most cable, satellite and viewers who have streaming services will receive the service for free as part of their subscription. ESPN would get access to the popular RedZone channel, as well as NFL Network and an additional seven regular-season games (six international and a Saturday afternoon late-season contest). A couple of weeks ago, ESPN announced that NFL Network host Rich Eisen's three-hour program would air on ESPN Radio as well as stream on Disney+ and ESPN+. 'The Rich Eisen Show' is not affiliated with NFL Network. ESPN has carried NFL games since 1987 and 'Monday Night Football' since 2006. Under the current TV contract, it will have the 2027 and 2031 Super Bowls for the first time. NFL Network started in November 2003 and was the second major pro league to have its own network. NBA TV started in 1999, MLB Network in 2009 and NHL Network in the United States in 2007.
