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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8 minutes ago
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Robotaxis are becoming a reality. Who's poised to win in China and beyond
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WASHINGTON — For all of President Trump's promises of an economic 'golden age,' a spate of weak indicators last week told a potentially worrisome story as the effects of his policies are coming into focus. Job gains are dwindling. Inflation is ticking upward. Growth has slowed compared with last year. More than six months into his term, Trump's blitz of tariff hikes and his new tax-and-spending bill have remodeled America's trading, manufacturing, energy and tax systems to his liking. He's eager to take credit for any perceived wins and is hunting for someone else to blame if the financial situation starts to totter. But as of now, this is not the boom the Republican president promised, and his ability to blame his Democratic predecessor, Joe Biden, for any economic challenges has faded as the world economy hangs on his every word and social media post. When Friday's monthly jobs report turned out to be decidedly bleak, Trump ignored the warnings in the data and fired the head of the agency that produces the report. 'Important numbers like this must be fair and accurate, they can't be manipulated for political purposes,' Trump said on his social media platform, without offering evidence for his claim. 'The Economy is BOOMING.' It's possible that the disappointing numbers are growing pains from the rapid transformation caused by Trump and that stronger growth will return — or they may be a preview of even more disruption to come. Trump's aggressive use of tariffs, executive actions, spending cuts and tax code changes carry significant political risk if he is unable to deliver middle-class prosperity. The effects of his new tariffs are still several months away from rippling through the economy, right as many Trump allies in Congress will be campaigning in the midterm elections. 'Considering how early we are in his term, Trump's had an unusually big impact on the economy already,' said Alex Conant, a Republican strategist at Firehouse Strategies. 'The full inflationary impact of the tariffs won't be felt until 2026. Unfortunately for Republicans, that's also an election year.' The White House portrayed the blitz of trade frameworks leading up to Trump's tariff announcement Thursday as proof of his negotiating prowess. The European Union, Japan, South Korea, the Philippines, Indonesia and other nations that the White House declined to name agreed that the U.S. could increase its tariffs on their goods without doing the same to American products. Trump simply set rates on other countries that lacked settlements. The costs of those tariffs — taxes paid on imports to the U.S. — will be most felt by American consumers in the form of higher prices, but to what extent remains uncertain. 'For the White House and their allies, a key part of managing the expectations and politics of the Trump economy is maintaining vigilance when it comes to public perceptions,' said Kevin Madden, a Republican strategist. Just 38% of adults approve of Trump's handling of the economy, according to a July poll by the Associated Press-NORC Center for Public Affairs. That's down from the end of Trump's first term when half of adults approved of his economic leadership. The White House paints a rosier image, casting the economy as emerging from a period of uncertainty after Trump's restructuring and repeating the economic gains seen in his first term before the pandemic struck. 'President Trump is implementing the very same policy mix of deregulation, fairer trade, and pro-growth tax cuts at an even bigger scale — as these policies take effect, the best is yet to come,' White House spokesman Kush Desai said. The economic numbers over the last week show the difficulties that Trump might face if the numbers continue on their current path: — Friday's jobs report showed that U.S. employers have shed 37,000 manufacturing jobs since Trump's tariff launch in April, undermining prior White House claims of a factory revival. — Net hiring has plummeted over the last three months with job gains of just 73,000 in July, 14,000 in June and 19,000 in May — a combined 258,000 jobs lower than previously indicated. On average last year, the economy added 168,000 jobs a month. — A Thursday inflation report showed that prices have risen 2.6% over the year that ended in June, an increase in the personal consumption expenditures price index from 2.2% in April. Prices of heavily imported items, such as appliances, furniture and toys and games, jumped from May to June. — On Wednesday, a report on gross domestic product — the broadest measure of the U.S. economy — showed that it grew at an annual rate of less than 1.3% during the first half of the year, down sharply from 2.8% growth last year. 'The economy's just kind of slogging forward,' said Guy Berger, senior fellow at the Burning Glass Institute, which studies employment trends. 'Yes, the unemployment rate's not going up, but we're adding very few jobs. The economy's been growing very slowly. It just looks like a 'meh' economy is continuing.' Trump has sought to pin the blame for any economic troubles on Federal Reserve Chair Jerome Powell, saying the Fed should cut its benchmark interest rates — even though doing so could generate more inflation. Trump has publicly backed two Fed governors, Christopher Waller and Michelle Bowman, for voting for rate cuts at Wednesday's meeting. But their logic is not what the president wants to hear: They were worried, in part, about a slowing job market. But this is a major economic gamble being undertaken by Trump and those pushing for lower rates under the belief that mortgages will also become more affordable as a result and boost homebuying activity. His tariff policy has changed repeatedly over the last six months, with the latest import tax numbers serving as a substitute for what the president announced in April, which provoked a stock market sell-off. It might not be a simple one-time adjustment as some Fed board members and Trump administration officials argue. Of course, Trump can't say no one warned him about the possible consequences of his economic policies. Biden, then the outgoing president, did just that in a speech in December at the Brookings Institution, saying the cost of the tariffs would eventually hit American workers and businesses. 'He seems determined to impose steep, universal tariffs on all imported goods brought into this country on the mistaken belief that foreign countries will bear the cost of those tariffs rather than the American consumer,' Biden said. 'I believe this approach is a major mistake.' Boak and Rugber write for the Associated Press.
