Forbes Daily: A Stunning Upset In the New York City's Mayor's Race

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4 days ago

Yur next eye surgeon might just be a robot.
Startup ForSight Robotics said Tuesday it raised $125 million to expand its robotics platform that it says is the first in the world for cataracts and other eye diseases. Cataract surgery is one of the most common procedures, with more than 4 million done in the U.S. annually, but there aren't enough doctors to meet the demand.
The company, now valued at an estimated $500 million, is testing its technology on pig eyes, but plans to complete its first full robotic surgery on a person later this year. Long term, cofounder Dr. Joseph Nathan told Forbes the technology could also be used for other surgeries, such as retina repairs and glaucoma treatments.
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Progressive 33-year-old state assemblyman Zohran Mamdani claimed victory in the Democratic Party's New York mayoral primary shortly after former New York Gov. Andrew Cuomo conceded the race on Tuesday night, though it remains to be seen whether Cuomo will run on a separate party's ticket in the general election. But because of the city's ranked-choice voting system, the final tally is likely to take several days. Mamdani, a democratic socialist, campaigned on policies like freezing the rent and free buses.
MORE: Despite their different political approaches, Mamdani and Cuomo's life stories share more parallels than one might think, with both having privileged upbringings. But where they diverge is their net worth: Forbes estimates Mamdani to be worth around $200,000, fifty times less than Cuomo, who we peg at $10 million.
Stocks proved to be resilient Tuesday, jumping to near record highs despite economic uncertainty and heightened geopolitical tensions. Fueling the rise was optimism that Iran would not close a crucial oil passageway, as the S&P 500 closed up 1.1%, reaching its highest level since late February. TECH + INNOVATION
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In the wake of the U.S. striking Iranian nuclear sites, social media apps like TikTok, YouTube and Instagram have been flooded with AI-generated pro-Iran propaganda. None of the platforms explicitly prohibit propaganda, but the presence of fake war imagery across social media could inflame tensions between nations and their populations.
Autonomous driving leader Waymo launched in Atlanta this week, its fifth major city, just days after competitor Tesla started piloting paid robotaxi rides in Austin. A unit of Google parent Alphabet Inc., Waymo is partnering with Uber for ride booking and vehicle service, and will eventually expand its fleet of cars in the city from dozens to hundreds. MONEY + POLITICS
Recent polls suggest that a majority of Americans disapprove of the U.S. bombing of Iranian nuclear facilities, though reactions are split along party lines. The military action has also divided prominent Trump loyalists, though some who initially spoke out against it have since fallen in line. SPORTS + ENTERTAINMENT
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The NBA approved a $1.5 billion deal for former MLB star Alex Rodriguez and e-commerce mogul Marc Lore to purchase the Minnesota Timberwolves Tuesday, following a yearslong dispute with former owner and billionaire Glen Taylor. The transaction, which includes the sale of the controlling interests in the Timberwolves and the WNBA's Minnesota Lynx from Taylor to Lore and Rodriguez, is expected to close later this week. WORLD
President Donald Trump dismissed reports that the U.S. attack on Iranian nuclear facilities only set back the country's nuclear program by a few months, and continued to suggest that the sites had been effectively wiped out. A classified report, according to the New York Times , says the U.S. bombing closed off the entrances to two enrichment facilities but 'did not collapse their underground buildings.' TRENDS + EXPLAINERS
As the Senate works to pass its version of the One Big Beautiful Bill Act, it must first go through Parliamentarian Elizabeth MacDonough, who has already flagged several portions that would be prohibited under the Byrd Rule, which places limits on what can be included in budget reconciliation. Some of the provisions found to be in violation include attempts to eliminate funding for the Consumer Financial Protection Bureau and an effort to limit the power of the courts, but surprisingly, a proposed 10-year ban on state-level AI regulations was allowed to move forward. While the Senate could vote to waive the Byrd Rule, it would require 60 votes—which Republicans don't have. DAILY COVER STORY The 36 Colleges Most At Risk From Pell Grant Cuts
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As part of the huge tax and budget cutting package Republicans are rushing through Congress, legislators are aiming to reduce Uncle Sam's spending on college aid by more than $300 billion over the next decade.
Both the House-passed 2025 budget reconciliation bill and the Trump Administration's 2026 budget proposal would also take a chunk out of Pell Grants for low and moderate income students. These half-century-old awards, which don't need to be repaid, make a big difference in whether students from families of modest means enroll and stay in college, their supporters say.
Under current policy, Pell Grants of up to $7,395 will be awarded to 7.4 million students during the 2025–26 school year, at a cost of $38.1 billion, the Congressional Budget Office projects. The Trump Administration calls for chopping the maximum award for the 2026–27 school year to just $5,710, arguing that this 23% cut (even bigger if inflation is taken into account) is needed to combat a projected funding shortfall.
Although Pell grants play a big role in the budgets of two-year community colleges, they're also crucial to a surprising collection of small four-year institutions. We identified 36 four-year schools where Pell aid made up at least 25% percent of total revenue in 2022–23, the last year for which federal data is available.
The list is dominated by colleges in Puerto Rico and religious-affiliated schools, primarily Orthodox Jewish schools in New York. Surprisingly, none is an Historical Black College or University, even though more than 70% of HBCU students are eligible for at least some Pell Grant money.
WHY IT MATTERS 'Potential GOP cuts to Pell Grants for lower income students have received comparatively little attention, particularly when compared with student loan changes,' says Forbes intern Fiona Riley. 'But it's not just individual students who will be hurt. Some surprising colleges are dependent on this money.'
MORE Trump's Foreign Student Crackdown Puts These 16 Struggling Colleges At Risk FACTS + COMMENTS
Millionaires are on the move, as a new report reveals the largest voluntary transfer of private capital in modern history is underway. The United Arab Emirates and the U.S. are gaining new wealthy residents, while China and the U.K. are some of the biggest losers:
142,000: The record number of high net worth individuals (HNWIs), defined as having liquid investable wealth of $1 million or more, who will acquire residency or citizenship status in another country this year
About 30%: The share of HNWIs who 'opt for investment migration programs' to secure residency or citizenship
'At stake is a profound shift in economic influence,' according to the Henley Private Wealth Migration Report 2025 STRATEGY + SUCCESS
If your new role doesn't match the job description you discussed during interviews, try talking to your manager about expectations. Figure out what's behind the misunderstanding, and come up with your own job description that tries to balance what you want with the company's priorities. But ultimately, if the role doesn't include the responsibilities you expected, it's reasonable to consider cutting your losses and moving elsewhere. VIDEO
If you're looking for fast-growing wages, consider the South. Which state is home to four out of the top 10 cities for wage growth?
A. North Carolina
B. South Carolina
C. Florida
D. Georgia
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.