Plus: Meet The 30 Under 30 Software Wunderkind Taking On Airbnb |
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Let’s get into the headlines, |
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| President Donald Trump is considering a massive aid program for U.S. farmers, floating the potentially tariff-funded idea as the agriculture industry navigates low commodity prices and high operating costs amid Trump’s trade war. The aid package could provide $10 billion or more, according to The Wall Street Journal, though Congress will likely need to vote to authorize the use of tariff funds for the bailout. Tesla reported a record number of vehicle deliveries in the third quarter, sending Elon Musk’s net worth surging back above $500 billion Thursday. The uptick comes as buyers rushed to take advantage of a $7,500 federal tax credit for Americans purchasing electric vehicles that expired Wednesday—which could shrink future demand. And Tesla’s spike appears to be short-lived, as the company remains on track for another annual decline. |
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| John Andrew Entwistle, who was a coding entrepreneur in his teens, is capitalizing on the boom in luxury travel with his startup Wander. The short-term luxury rental company aimed at guaranteeing perfect vacation experiences using automation is projected to bring in some $70 million in gross sales this year. As with all rental companies, clients can find homes on Wander, ranging from a $370-per-night mountain-view condo in Winter Park, Colorado, to a decadent mansion in South Lake Tahoe, California for $3,600 a night. Wander has impressed investors with its AI-powered software that grants the company complete control over every facet of home rental, from security to pest control. Unlike on Airbnb, Wander has a store where hosts can procure items like smart locks to make the property compatible with the company’s software. Wander charges an 8 to 12% host fee—by comparison, Airbnb has a 15.5% host fee—and its gross margins are between 70 to 80%. The firm closed on a $50 million Series B round last May. Spending in the category has increased globally from $4.2 billion in 2019 to $5.2 billion in 2024, according to Boston Consulting Group. The industry has always been supported by a reliable base of rich folks willing to spend on leisure travel. But Mike Gallinari, a travel analyst for London-based research firm Mintel, says more middle-class travelers are now choosing to spend on higher-end stays. Wander will also expand globally this year and is targeting 10,000 locations by the end of 2026. Entwistle, who is the largest individual shareholder, with 20% of the company, says he’s ready for the challenge of translating his business into new cultures. |
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| “Mintel data shows that even as threats of a recession continue to loom large, the general population is increasingly making room for luxury travel experiences,” says Forbes lifestyle reporter Simone Melvin. “People want to spend their limited spending money wisely right now—and what's wiser than a couple perfect nights in a seaside villa?” |
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| Warren Buffett’s Berkshire Hathaway announced its largest deal in three years as it is set to acquire Occidental Petroleum’s petrochemical unit, OxyChem. The firm will pay $9.7 billion in an all-cash transaction for OxyChem, which produces basic chemicals like chlorine, sodium hydroxide and others used for water treatment and healthcare. London-based GSR, one of crypto’s largest market makers, will pay “low six figures” to acquire Equilibrium Capital Services, a FINRA-registered broker-dealer shell company. When GSR first explored a stateside broker-dealer license in 2021, crypto firms had no viable path into U.S. securities markets—but that’s shifting as digital assets have become a policy focus under President Donald Trump, and legislation moving through Congress is beginning to outline clearer rules of the road. |
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| WEALTH + ENTREPRENEURSHIP |
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| Fermi America, a Texas-based real estate investment trust cofounded by former Energy Secretary and Texas Governor Rick Perry, debuted on the Nasdaq Wednesday, minting three new billionaires. The firm hasn’t made a dime yet and doesn’t have any known customers, but it’s betting on the real estate underneath AI data centers and the electrical infrastructure that powers them. |
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| Apple removed the ICEBlock app from its App Store on Thursday after the Trump administration urged the iPhone maker to take action against the crowd-sourced platform, which allowed users to monitor or report sightings of Immigration and Customs Enforcement officers at their locations. In late June, CNN reported that the app had over 20,000 users, and the app maker noted it intends to fight the takedown. |
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| As the government shutdown continues with no end in sight, the country is ill-prepared to fight against a spate of cyber attacks. Insiders at the already-understaffed Cybersecurity and Infrastructure Security Agency told Forbes the department is scrambling to deal with two big attacks this week, even as 65% of its workforce is furloughed. “It’s just a matter of time before something major happens,” one current staffer said. |
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| An extended government shutdown could mean longer waits for air travelers, TSA noted, as air traffic controllers and TSA screeners are exempted from furloughs—but they are also working without pay. Longer government shutdowns have historically resulted in low morale and led to increased absenteeism. |
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| Netflix stock fell again Thursday as Elon Musk urged users to cancel their subscriptions after the director of a canceled animated series from the streaming platform seemed to blast the late conservative activist Charlie Kirk: |
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3.57% | The drop in Netflix shares over the last five days | |
| 2% | The gain in the Nasdaq over that time | |
| $11 billion | Netflix’s revenue for the second quarter of 2025 |
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| Taylor Swift’s new album, The Life of a Showgirl, is officially out now—and leaders can take a few lessons from the successes of the billionaire pop star. Be open to different paths in life (early in life, Swift was looking to pursue theater), and use conflict (like Swift’s controversy with Kanye West and Kim Kardashian) as an opportunity for growth. And be sure to reward client and employee loyalty, just like Swift does with fans and her staff. |
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| GAMES | | QUIZ | | A champion was officially crowned in Fat Bear Week, which celebrates the bears of Alaska’s Katmai National Park and Preserve packing on the pounds to get through hibernation. What is the name of the victorious bear? | | A. | 128 Grazer | | B. | 32 Chunk | | C. | Chonk | | D. | 747 |
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