Plus: Why One-Time Cannabis Darling Tilray Is Now High On Beer |
Good morning,
In the race to develop new AI technology, some startups are embracing the grind.At startups like Arrowster, which helps students apply to study abroad programs, employees are working seven days a week, while others—like biotech company Latchbio, AI data tools startup Autotab and recruitment unicorn Mercor—have just one day off per week. “There’s really no such thing as a rocket ship that doesn’t have a certain level of intensity to fuel itself,” said Jesse Zhang, cofounder of Decagon, a San Francisco startup building AI agents to answer customer calls. Working long hours can offer a competitive edge, but the risk of employee burnout could come back to hurt companies, too.
Let’s get into the headlines, |
|
| Warren Buffett announced he will step down as CEO of Berkshire Hathaway by the end of the year, and his parting message was one of optimism and patriotism for the country that made his career possible. The 94-year-old billionaire, who hand-picked Berkshire Hathaway Energy CEO Greg Abel as his successor, also made his opposition to the Trump administration’s tariff approach clear, saying “trade should not be used as a weapon.” President Donald Trump said he would impose a 100% tariff on all films produced abroad, leading shares of several major Hollywood giants to slump in premarket trading early Monday. Trump alleged Hollywood studios were moving productions out of the U.S. to benefit from financial incentives offered by some countries. Such a move could impact nearly all major tentpole features of the year. |
|
|  | | ILLUSTRATION BY EMILY SCHERER FOR FORBES; PHOTOS BY JONATHAN KNOWLES, SHOWCAKE, CHRIS STEIN / GETTY IMAGES |
| | |
|
|
|
Canadian-based cannabis company Tilray, one of the biggest cannabis producers in the world, went public on the Nasdaq in July 2018, becoming one of the first weed firms to list on a big U.S. exchange. On its first day of trading, shares jumped 35%, and Tilray became the first beloved pot stock. A few months later, Tilray hit $214 per share, valuing the startup—which had $27.5 million in revenue at the time—at $17 billion, an all-time high. But shares have been in a painful decline ever since. After seven years of no meaningful movement at the federal level to legalize marijuana in the U.S. and brutal competition in Canada’s small cannabis market, Tilray’s stock price has now dropped below $1, recently trading at 49 cents. Last month, the Nasdaq warned the company that it could be delisted. Irwin Simon, who became CEO of Tilray in 2021 after the company merged with another Canadian cannabis company Aphria, which he was CEO of at the time, is well aware that his company’s stock price is in the toilet—and he believes he has a plan to fix it. Thanks to Simon’s string of acquisitions, a strategy he says is due to his fear of being a “one-trick pony,” Tilray is no longer just a cannabis company. After acquiring 12 craft beer companies over the last few years, it is also now the fourth largest craft brewer in the U.S., with regional brands, including New York’s Montauk Brewing, Georgia’s SweetWater and Colorado’s Breckenridge Brewery.
|
|
|
|
“The days of Tilray and other cannabis stocks flying high have long since passed,” says Forbes staff writer Will Yakowicz. “With no federal reform in the U.S., Canadian cannabis companies need to diversify and consolidate to stay afloat. Tilray’s CEO Irwin Simon believes beer and hemp beverages can reverse the company’s fortunes. But first, it needs to bring its stock price above $1 again to prevent itself from being delisted.”
|
|
|
|
The labor market appeared steadier in April, as the unemployment rate remained at 4.2%, and the U.S. added more jobs than expected. There are not yet signs of “tariff stress” in the labor market, wrote Jamie Cox, managing partner for Harris Financial Group, though a handful of companies have announced layoffs tied to the levies. Driven by stronger-than-expected job growth and reports of a potential path to a trade deal with China, the S&P 500 surged to its longest winning streak since 2004 last week. The benchmark index closed at its highest price since March 28 on Friday, and despite taking a nosedive after President Donald Trump’s “Liberation Day” tariffs, stocks have steadily recovered as Trump paused his most hawkish trade policies. |
|
Forbes got an exclusive look at the multimillion dollar Arizona factory where Waymo, a unit of Google parent Alphabet Inc., plans to build thousands of robotaxis a year. While its production goal of tens of thousands of vehicles annually is small compared to traditional auto plants, by the time the facility gets 10,000 Waymos on the road, its fleet could be booking 250,000 rides a day. At that scale, Waymo’s annual revenue could reach $2 billion, Forbes estimates.
Social engineering defense startup Doppel, which is pitting AI against AI to help businesses fight fraud, announced $35 million in new funding Friday to bring its valuation to $205 million. The company’s AI agents scour the internet, the dark web and social media for potentially fraudulent activity, flagging everything from copycat websites and fake user accounts to malicious advertisements on Google, Instagram and YouTube. |
|
|
President Donald Trump suggested he won’t seek a third term in an interview with NBC News that aired Sunday, saying “I’ll be an eight-year president.” Though the Constitution clearly outlines term limits for presidents, Trump has entertained speculation over whether he’ll seek a third term for months. |
|
|
Canadian travelers now view the U.S. as a “flyover country,” as they increasingly avoid stays in America in favor of destinations like Mexico and the Caribbean, industry executives said. Multinational travel companies are still capturing their business, but travel experts have been raising alarm over the dropoff in Canadian tourism to the U.S., which drove $20.5 billion in spending in 2024. |
|
|
As lawmakers across the country take aim at credit card swipe fees, a new Washington, D.C. bill would prevent banks and credit card companies from collecting processing fees on sales tax and gratuities. Americans are increasingly paying with credit cards, but swipe fees are one of the highest expenses for retailers: Such fees hit a record $172 billion in 2023, according to a leader at the National Retail Federation. |
|
|
President Donald Trump released a budget proposal Friday that includes major cuts to the National Institutes of Health, IRS, Environmental Protection Agency, subsidy programs for lower-income citizens and more: |
|
|
$163 billion
|
|
The total value of the non-defense spending cuts in the Trump Administration’s budget, representing a 23% decrease from current spending levels
|
|
|
|
|
13%
|
|
How much defense spending would increase under the budget proposal, with expenditures at the Department of Homeland Security set to increase 65%, according to the Office of Management and Budget
|
|
|
|
|
‘Wasteful spending, misleading information … and the promotion of dangerous ideologies’
|
|
What the White House says the National Institutes of Health has been responsible for in the proposal to cut $17.9 billion from the agency
|
|
|
In a world where virtual meetings, artificial intelligence and video content reign supreme, our communication skills must evolve, too. When communicating in online meetings, be deliberate about your presence, use visuals to enhance your presentations, and make sure to keep participants involved. And as attention spans shrink, be mindful that less is more, and make sure to lead your meetings with the key points. |
|
|
