Latest news with #CharlesKoch
Forbes
5 days ago
- Business
- Forbes
Forbes Daily: Earnings Optimism Drives S&P 500 To New Heights
Moving out of poverty and achieving financial success is a core tenet of the American Dream—but has become increasingly difficult to achieve. A group of billionaires wants to reverse that trend. The charitable foundations of Bill Gates, Charles Koch, Steve Ballmer, Intuit founder Scott Cook and hedge fund investor John Overdeck pledged more than $1 billion Thursday to a new philanthropic entity that, in partnership with AI giant Anthropic, will support organizations focused on using AI and other emerging technologies to help low-income Americans. The organization, NextLadder Ventures, hasn't made any funding commitments yet, but there are a number of organizations that fit the mission—from a nonprofit that has developed a platform to connect people in need with groups that provide a variety of resources, to a startup that can expunge criminal records at a much lower cost. President Donald Trump and Attorney General Pam Bondi Getty Images President Donald Trump said he directed Attorney General Pam Bondi to release grand jury testimony in the Jeffrey Epstein case on Thursday night, shortly after threatening to sue the Wall Street Journal and its owner, Rupert Murdoch, over what he claimed was a 'FAKE' report. The Journal report alleged that a sexually suggestive letter gifted to Epstein for his 50th birthday in 2003—with a drawing of a naked woman—bore the president's name and signature. Strong earnings and economic data catapulted the S&P 500 to an all-time high Thursday, with companies like PepsiCo, United Airlines, Nvidia and Microsoft fueling the gains. As of Thursday afternoon, about 50 companies listed under the S&P had reported earnings for the second-quarter, and 88% of them surpassed projections, data show. Paid users can now use ChatGPT for more complicated tasks like creating slide decks or purchasing ingredients, thanks to OpenAI's just-launched 'ChatGPT Agent,' which marks the company's biggest entrance into increasingly popular AI task management applications. The AI behemoth said the new capabilities come with risks, because while it has added safeguards, malicious prompts on webpages could trick the agent into sharing private data. The $8 billion Facebook privacy trial ended Thursday, as Meta CEO Mark Zuckerberg and other executives reached a settlement with a group of the company's shareholders. The shareholders had alleged Zuckerberg, former COO Sheryl Sandberg and other billionaires tied to the company violated a Federal Trade Commission agreement by sharing user data with third-party apps without their consent. WEALTH + ENTREPRENEURSHIP Nasir Qadree, founder and managing partner at Zeal Capital Partners Photo courtesy of Damien Carter Investor Nasir Qadree is on a mission to disrupt the venture capital world: In June, his firm Zeal Capital Partners closed on an $82 million raise for its third fund, which it will use to invest in 25 early-stage companies building enterprise AI software in education, finance, and healthcare. Out of more than 1,000 women- or minority-owned private equity and venture capital firms in the U.S., just 168 are Black-owned. 'Diversity will always be part of our DNA,' Qadree says. TECH + INNOVATION As investors pour money into AI code-writing startups, two-year-old firm Lovable has raised $200 million in Sweden's largest-ever Series A round, earning it a $1.8 billion valuation as it joins the ranks of the country's unicorns, which include Klarna and Spotify. Lovable and its American competitors Replit and StackBlitz have seen huge growth over the last year, using large language models to turn simple written instructions into websites and apps in minutes. MONEY + POLITICS The House approved several crypto bills Thursday, including a regulatory framework for stablecoins, a cryptocurrency often tied to the value of the U.S. dollar or another asset, after a revolt from some conservatives blocked the package during what the GOP is calling 'crypto week.' The act establishes guidelines for banks and other entities that issue stablecoins and protections for stablecoin holders, as well as bans the Federal Reserve from issuing a central bank digital currency. The House voted to approve the White House's request to scrap $9 billion in previously approved funding for foreign aid and public broadcasting Friday, sending the matter to President Donald Trump's desk, after a delay caused by a clash in the narrowly divided chamber over the Epstein files. The rescissions package will allow the Trump administration to claw back $1.1 billion in funding from the Corporation for Public Broadcasting, which helps fund public broadcasters like PBS and NPR, and approximately $8 billion from foreign aid programs, including allocations to USAID. SPORTS + ENTERTAINMENT Stephen Colbert during Thursday's show CBS via Getty Images Executives at CBS and its parent company, Paramount, announced the cancellation of 'The Late Show with Stephen Colbert,' saying it was a 'purely a financial decision.' Several Congressional Democrats questioned the timing of the move, which came just days after the comedian criticized the media giant over its decision to pay $16 million to settle a lawsuit brought by President Donald Trump. DAILY COVER STORY Inside America's Top Small Business Bank Live Oak CEO James "Chip" Mahan Shawn Hubbard for Forbes If small business is the beating heart of America's $30 trillion economy, then it might be surprising to find out that the loans that help sustain it come not from Wall Street, but from a tiny branchless bank in Wilmington, North Carolina. Founded in 2008, Live Oak Bancshares has 1,053 employees, $14 billion in assets, and a $1.5 billion market capitalization. Since 2017, it has issued $15.4 billion in government-backed 7(a) loans, more than any other bank in the country. The 7(a) program is the Small Business Administration's flagship offering, designed to help small businesses that might not qualify for conventional credit. Live Oak's average loan is just $1 million, chump change for bigger, brand-name competitors, but the lender does around $2 billion a year in SBA loans, plus another $3 billion in conventional small business loans. And while most people think of small business lending as a handshake deal at the local bank down the street, Live Oak has flipped that on its head. It leans on tech instead of geography, with a fintech venture arm and a track record that includes spinning out the $3.4 billion market capitalization cloud-based banking software firm nCino. That edge in technology helps it approve loans faster. The lender does other mission critical tasks differently as well. Loan officers don't earn commissions, a move designed to avoid conflicts between sales and credit. The bank sticks to industries where it has subject matter expertise. It started by lending to veterinarians because its CEO Chip Mahan's stepfather is a well-known equine vet. Today, Live Oak focuses on 35 industry verticals, including home health care, funeral homes and auto repair. WHY IT MATTERS 'It's hard for regular investors to get exposure to small business,' says Forbes reporter Brandon Kochkodin. 'Live Oak is a rare exception. It's a public company built entirely around lending to small businesses, with a track record of using technology to grow and adapt. It's also launching new efforts in high-cost lending, with an eye toward bringing structure and transparency to a messy corner of the market. For anyone who wants to bet on Main Street, this is one of the few ways in.' MORE SBA Loan Limit May Double To $10 Million, But Not For Every Small Business FACTS + COMMENTS The FDA authorized Juul's e-cigarettes Thursday, a major win for the company after it faced a marketing ban from the agency and shelled out millions to settle a class action lawsuit. It comes as Health and Human Services Secretary Robert F. Kennedy Jr. continues to shake up the department: 2022: The year the FDA moved to ban Juul products, but an appeals court allowed the company to continue selling pending an appeal, and the FDA later temporarily suspended the order $438.5 million: The settlement amount stemming from a lawsuit filed by dozens of states over claims that Juul marketed its products to teenagers $300 million: The amount the company paid out to previous users in a class action settlement regarding the product's addictiveness STRATEGY + SUCCESS If your work life is getting stale or you're feeling stuck, it's worth remembering that many professionals reach a point where they've outgrown their current team. Some of the signs might include: Progressing much faster than your team members, feeling like the unofficial leader or getting disconnected from the mission. Still, sometimes it can be strategic to stay a little longer, whether to finish a project or explore internal opportunities—but use that time deliberately to plan your next move. VIDEO TSA has made a number of policy changes for travelers under the Trump Administration. Which regulation did Homeland Security Secretary Kristi Noem suggest could be updated next? A. Removing large electronics from bags B. The limit on liquids in carry-on bags C. Taking off your shoes D. Having to show your boarding pass Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
News18
6 days ago
- Business
- News18
Funders commit USD 1B toward developing AI tools for frontline workers
New York, Jul 17 (AP) A coalition of funders, including the Gates Foundation and Ballmer Group, will spend USD 1 billion over 15 years to help develop artificial intelligence tools for public defenders, parole officers, social workers and others who help Americans in precarious situations. The funders announced Thursday that they will create a new entity, NextLadder Ventures, to offer grants and investments to nonprofits and for-profits to develop tools for those who often manage huge caseloads with few resources. 'The solutions that we're investing in, the hundreds of entrepreneurs that are going to bring forward solutions that incorporate leading edge technologies, are going to do it by coming alongside people who are living through some of the struggles in the economy," said Brian Hooks, CEO of Stand Together, a nonprofit started by Kansas-based billionaire Charles Koch. The other funders include hedge fund founder John Overdeck and Valhalla Foundation, which was started by Inuit cofounder Steve Cook and his wife Signe Ostby. Ballmer Group is the philanthropy of former Microsoft CEO Steve Ballmer and his wife Connie. The funders declined to reveal the exact financial commitments made by each of the contributors. The point of investing in these AI tools is to spur economic mobility, a focus all the funders share, they said. The funders believe there are many ideas for how AI technologies could help match people with resources after a disaster or an eviction, for example, or help a parole officer close out more cases for people who have met all of the criteria but are waiting for the paperwork to be processed. 'As we traded notes on where we were making investments and where we saw broader gaps in the sector, it was readily apparent that there was a real opportunity to come together as a group of cofunders and cofounders to establish a new kind of investment organization," said Kevin Bromer, who leads the technology and data strategy at Ballmer Group. He will also serve as a member on NextLadder's board, which will include three independent board members and representatives from the other funders. NextLadder will be led by Ryan Rippel, who previously directed the Gates Foundation's economic mobility portfolio. The funder group has not yet determined if NextLadder will incorporate as a nonprofit or a for profit organization but said any returns they make from investments will go back into funding new initiatives. NextLadder will partner with AI company Anthropic, which will offer technical expertise and access to its technologies to the nonprofits and companies it invests in. Anthropic has committed around USD1.5 million annually to the partnership, said Elizabeth Kelly, its head of beneficial deployments, which is a team that focuses on giving back to society. 'We want to hand-hold grantees through their use of Claude with the same care and commitment we provide to our largest enterprise customers," Kelly said, referencing Anthropic's large language model. Hooks, of Stand Together, said philanthropy can reduce the riskiness of these types of investments and offer organizations more time to prove out their ideas. 'If we're successful, this will be the first capital to demonstrate what's possible," Hooks said. Researchers like those at the Active Learning Network for Accountability and Performance in humanitarian action have studied some of the risks associated with using AI tools when interacting with sensitive populations or handling high-stakes interactions, for example, in humanitarian contexts. They recommend assessing whether AI is the best tool to solve the problem and, crucially, if it works reliably and accurately enough in high-risk settings. They also recommend assessing tools for bias, considering privacy protections and weighing the cost of potential dependence on a specific provider. The National Institute of Standards and Technology also emphasizes that trustworthy AI systems should be accountable to users and that it should be possible to explain or trace how a tool arrived at a certain conclusion or decision. Hooks emphasized that any AI tools NextLadder invests in will be shaped by the needs and feedback of these frontline workers. Tools that don't work for them, won't succeed, he said. Even with the potential risks of AI tools, he said it's imperative that groups that are struggling to move up the economic ladder have access to new technologies. 'The idea that we would deprive those who are struggling in our country from the benefits of the leading edge solutions is unacceptable," Hooks said. (AP) RD RD view comments First Published: July 17, 2025, 18:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
6 days ago
- Business
- Business Standard
Funders pledge $1 billion to develop AI tools for frontline workers
A coalition of funders, including the Gates Foundation and Ballmer Group, will spend $1 billion over 15 years to help develop artificial intelligence tools for public defenders, parole officers, social workers and others who help Americans in precarious situations. The funders announced Thursday that they will create a new entity, NextLadder Ventures, to offer grants and investments to nonprofits and for-profits to develop tools for those who often manage huge caseloads with few resources. The solutions that we're investing in, the hundreds of entrepreneurs that are going to bring forward solutions that incorporate leading edge technologies, are going to do it by coming alongside people who are living through some of the struggles in the economy, said Brian Hooks, CEO of Stand Together, a nonprofit started by Kansas-based billionaire Charles Koch. The other funders include hedge fund founder John Overdeck and Valhalla Foundation, which was started by Inuit cofounder Steve Cook and his wife Signe Ostby. Ballmer Group is the philanthropy of former Microsoft CEO Steve Ballmer and his wife Connie. The funders declined to reveal the exact financial commitments made by each of the contributors. The point of investing in these AI tools is to spur economic mobility, a focus all the funders share, they said. The funders believe there are many ideas for how AI technologies could help match people with resources after a disaster or an eviction, for example, or help a parole officer close out more cases for people who have met all of the criteria but are waiting for the paperwork to be processed. As we traded notes on where we were making investments and where we saw broader gaps in the sector, it was readily apparent that there was a real opportunity to come together as a group of cofunders and cofounders to establish a new kind of investment organization, said Kevin Bromer, who leads the technology and data strategy at Ballmer Group. He will also serve as a member on NextLadder's board, which will include three independent board members and representatives from the other funders. NextLadder will be led by Ryan Rippel, who previously directed the Gates Foundation's economic mobility portfolio. The funder group has not yet determined if NextLadder will incorporate as a nonprofit or a for profit organization but said any returns they make from investments will go back into funding new initiatives. NextLadder will partner with AI company Anthropic, which will offer technical expertise and access to its technologies to the nonprofits and companies it invests in. Anthropic has committed around $1.5 million annually to the partnership, said Elizabeth Kelly, its head of beneficial deployments, which is a team that focuses on giving back to society. We want to hand-hold grantees through their use of Claude with the same care and commitment we provide to our largest enterprise customers, Kelly said, referencing Anthropic's large language model. Hooks, of Stand Together, said philanthropy can reduce the riskiness of these types of investments and offer organizations more time to prove out their ideas. If we're successful, this will be the first capital to demonstrate what's possible, Hooks said. Researchers like those at the Active Learning Network for Accountability and Performance in humanitarian action have studied some of the risks associated with using AI tools when interacting with sensitive populations or handling high-stakes interactions, for example, in humanitarian contexts. They recommend assessing whether AI is the best tool to solve the problem and, crucially, if it works reliably and accurately enough in high-risk settings. They also recommend assessing tools for bias, considering privacy protections and weighing the cost of potential dependence on a specific provider. The National Institute of Standards and Technology also emphasizes that trustworthy AI systems should be accountable to users and that it should be possible to explain or trace how a tool arrived at a certain conclusion or decision. Hooks emphasized that any AI tools NextLadder invests in will be shaped by the needs and feedback of these frontline workers. Tools that don't work for them, won't succeed, he said. Even with the potential risks of AI tools, he said it's imperative that groups that are struggling to move up the economic ladder have access to new technologies. The idea that we would deprive those who are struggling in our country from the benefits of the leading edge solutions is unacceptable, Hooks said.
6 days ago
- Business
Funders commit $1B toward developing AI tools for frontline workers
A coalition of funders, including the Gates Foundation and Ballmer Group, will spend $1 billion over 15 years to help develop artificial intelligence tools for public defenders, parole officers, social workers and others who help Americans in precarious situations. The funders announced Thursday that they will create a new entity, NextLadder Ventures, to offer grants and investments to nonprofits and for-profits to develop tools for those who often manage huge caseloads with few resources. 'The solutions that we're investing in, the hundreds of entrepreneurs that are going to bring forward solutions that incorporate leading edge technologies, are going to do it by coming alongside people who are living through some of the struggles in the economy,' said Brian Hooks, CEO of Stand Together, a nonprofit started by Kansas-based billionaire Charles Koch. The other funders include hedge fund founder John Overdeck and Valhalla Foundation, which was started by Inuit cofounder Steve Cook and his wife Signe Ostby. Ballmer Group is the philanthropy of former Microsoft CEO Steve Ballmer and his wife Connie. The funders declined to reveal the exact financial commitments made by each of the contributors. The point of investing in these AI tools is to spur economic mobility, a focus all the funders share, they said. The funders believe there are many ideas for how AI technologies could help match people with resources after a disaster or an eviction, for example, or help a parole officer close out more cases for people who have met all of the criteria but are waiting for the paperwork to be processed. 'As we traded notes on where we were making investments and where we saw broader gaps in the sector, it was readily apparent that there was a real opportunity to come together as a group of cofunders and cofounders to establish a new kind of investment organization,' said Kevin Bromer, who leads the technology and data strategy at Ballmer Group. He will also serve as a member on NextLadder's board, which will include three independent board members and representatives from the other funders. NextLadder will be led by Ryan Rippel, who previously directed the Gates Foundation's economic mobility portfolio. The funder group has not yet determined if NextLadder will incorporate as a nonprofit or a for profit organization but said any returns they make from investments will go back into funding new initiatives. NextLadder will partner with AI company Anthropic, which will offer technical expertise and access to its technologies to the nonprofits and companies it invests in. Anthropic has committed around $1.5 million annually to the partnership, said Elizabeth Kelly, its head of beneficial deployments, which is a team that focuses on giving back to society. 'We want to hand-hold grantees through their use of Claude with the same care and commitment we provide to our largest enterprise customers,' Kelly said, referencing Anthropic's large language model. Hooks, of Stand Together, said philanthropy can reduce the riskiness of these types of investments and offer organizations more time to prove out their ideas. 'If we're successful, this will be the first capital to demonstrate what's possible,' Hooks said. Researchers like those at the Active Learning Network for Accountability and Performance in humanitarian action have studied some of the risks associated with using AI tools when interacting with sensitive populations or handling high-stakes interactions, for example, in humanitarian contexts. They recommend assessing whether AI is the best tool to solve the problem and, crucially, if it works reliably and accurately enough in high-risk settings. They also recommend assessing tools for bias, considering privacy protections and weighing the cost of potential dependence on a specific provider. The National Institute of Standards and Technology also emphasizes that trustworthy AI systems should be accountable to users and that it should be possible to explain or trace how a tool arrived at a certain conclusion or decision. Hooks emphasized that any AI tools NextLadder invests in will be shaped by the needs and feedback of these frontline workers. Tools that don't work for them, won't succeed, he said. Even with the potential risks of AI tools, he said it's imperative that groups that are struggling to move up the economic ladder have access to new technologies. 'The idea that we would deprive those who are struggling in our country from the benefits of the leading edge solutions is unacceptable,' Hooks said. ___
The Hill
6 days ago
- Business
- The Hill
Funders commit $1B toward developing AI tools for frontline workers
A coalition of funders, including the Gates Foundation and Ballmer Group, will spend $1 billion over 15 years to help develop artificial intelligence tools for public defenders, parole officers, social workers and others who help Americans in precarious situations. The funders announced Thursday that they will create a new entity, NextLadder Ventures, to offer grants and investments to nonprofits and for-profits to develop tools for those who often manage huge caseloads with few resources. 'The solutions that we're investing in, the hundreds of entrepreneurs that are going to bring forward solutions that incorporate leading edge technologies, are going to do it by coming alongside people who are living through some of the struggles in the economy,' said Brian Hooks, CEO of Stand Together, a nonprofit started by Kansas-based billionaire Charles Koch. The other funders include hedge fund founder John Overdeck and Valhalla Foundation, which was started by Inuit cofounder Steve Cook and his wife Signe Ostby. Ballmer Group is the philanthropy of former Microsoft CEO Steve Ballmer and his wife Connie. The funders declined to reveal the exact financial commitments made by each of the contributors. The point of investing in these AI tools is to spur economic mobility, a focus all the funders share, they said. The funders believe there are many ideas for how AI technologies could help match people with resources after a disaster or an eviction, for example, or help a parole officer close out more cases for people who have met all of the criteria but are waiting for the paperwork to be processed. 'As we traded notes on where we were making investments and where we saw broader gaps in the sector, it was readily apparent that there was a real opportunity to come together as a group of cofunders and cofounders to establish a new kind of investment organization,' said Kevin Bromer, who leads the technology and data strategy at Ballmer Group. He will also serve as a member on NextLadder's board, which will include three independent board members and representatives from the other funders. NextLadder will be led by Ryan Rippel, who previously directed the Gates Foundation's economic mobility portfolio. The funder group has not yet determined if NextLadder will incorporate as a nonprofit or a for profit organization but said any returns they make from investments will go back into funding new initiatives. NextLadder will partner with AI company Anthropic, which will offer technical expertise and access to its technologies to the nonprofits and companies it invests in. Anthropic has committed around $1.5 million annually to the partnership, said Elizabeth Kelly, its head of beneficial deployments, which is a team that focuses on giving back to society. 'We want to hand-hold grantees through their use of Claude with the same care and commitment we provide to our largest enterprise customers,' Kelly said, referencing Anthropic's large language model. Hooks, of Stand Together, said philanthropy can reduce the riskiness of these types of investments and offer organizations more time to prove out their ideas. 'If we're successful, this will be the first capital to demonstrate what's possible,' Hooks said. Researchers like those at the Active Learning Network for Accountability and Performance in humanitarian action have studied some of the risks associated with using AI tools when interacting with sensitive populations or handling high-stakes interactions, for example, in humanitarian contexts. They recommend assessing whether AI is the best tool to solve the problem and, crucially, if it works reliably and accurately enough in high-risk settings. They also recommend assessing tools for bias, considering privacy protections and weighing the cost of potential dependence on a specific provider. The National Institute of Standards and Technology also emphasizes that trustworthy AI systems should be accountable to users and that it should be possible to explain or trace how a tool arrived at a certain conclusion or decision. Hooks emphasized that any AI tools NextLadder invests in will be shaped by the needs and feedback of these frontline workers. Tools that don't work for them, won't succeed, he said. Even with the potential risks of AI tools, he said it's imperative that groups that are struggling to move up the economic ladder have access to new technologies. 'The idea that we would deprive those who are struggling in our country from the benefits of the leading edge solutions is unacceptable,' Hooks said.
