Plus: Waymo Is A Trillion-Dollar Opportunity. Google Just Needs To Seize It. |
Good morning,
President Donald Trump isn’t the only member of the family getting wealthy off of crypto: His son Eric Trump became a billionaire Wednesday thanks to the debut of his crypto mining company.Shares of American Bitcoin popped Wednesday morning, bringing Eric’s stake to an estimated $950 million at its peak before settling around $590 million at market close. That’s still worth more than any one of the family’s real estate holdings. Eric’s brother Don Jr. also played a role in the business, but it’s not clear what his holdings are. The brothers helped lead their father into crypto deals, including World Liberty Financial.
Let’s get into the headlines, |
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The Trump Administration asked the Supreme Court on Wednesday night to consider the legality of his wide-ranging “Liberation Day” tariffs, after an appeals court ruled Friday that he did not have the authority to impose the levies. The appeal petition argues that America’s trade deficit with other nations amounts to an “economic emergency” and that Trump’s trade negotiations “are pulling America back from the precipice of disaster.” The current tariffs will remain in effect until the Supreme Court makes a decision on the case. President Trump plans to ask the Supreme Court to weigh in on the previous court ruling that found him liable for defaming and sexually assaulting writer E. Jean Carroll. Trump now owes Carroll approximately $95 million between the two cases she’s brought against him, first accusing Trump of sexually assaulting her in the 1990s, and then accusing the president of defamation after he attacked her for going public with the allegations. |
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 | Illustration by Samantha Lee; Images by Smith Collection/Gado/Contributor/Getty Images; klyaksun/Getty Images; Skarie20/Getty Images |
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In the summer of 2015, when veteran auto executive John Krafcik was recruited to turn Google’s Self-Driving Car Project into a new business unit for Alphabet, cofounders Sergey Brin and Larry Page gave him an aspirational target. “They asked me to build a great company, and then make it bigger than Google,” Krafcik, former CEO of Waymo, the project’s successor, told Forbes. At the time the idea was preposterous, since it wasn’t clear when or if autonomous driving would be safe enough for real-world deployment, let alone at scale. A decade later, things have changed. Waymo robotaxis log about 300,000 paid rides worth at least $6 million every week in the five cities where they operate. That figure will rise exponentially in the next few years as its fleet grows and the service expands to 15 markets or more, including Miami, New York, Washington, D.C., Boston, Nashville and possibly Tokyo, which would be Waymo’s first international foray. Yesterday the company said it has begun testing in Denver and Seattle, following a blog post last Friday emphasizing plans to scale as quickly as possible. “We’re entering a new chapter and accelerating our commercial expansion,” Waymo said. “If you see us driving in your city, it’s because we are working hard to serve you in the future.” |
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Waymo’s benchmark self-driving car program is at an inflection point. In the robotaxi space, it has no meaningful U.S. competition at the moment, though Amazon’s Zoox hopes to change that with the looming launch of its service in Las Vegas. And ride revenue could hit $300 million this year, or triple what Forbes estimated the unit saw in 2024, based on current ride figures and an estimated average fare of about $20 by Obi, an app that aggregates real-time ride-hail prices. “Things are getting into very serious revenue territory,” Saswat Panigrahi, Waymo’s chief product officer, told Forbes, without confirming the annual estimate. |
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The number of job openings declined in July, even as labor demand remained steady, federal data released Wednesday shows. But some industries fared better than others: Construction firms added about 64,000 jobs from June to July, the most of any industry, while private education and health services had the largest decline in job openings. |
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Small British startup Fluidstack is perhaps an unlikely partner for the French government to tap for an AI supercomputer that’s plugged into France’s nuclear power network. But in recent years, the company’s revenues have soared, more than doubling in 2024 to $66.2 million by selling GPU access to Meta and AI startups like Mistral, Black Forest Labs and Cognition. |
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A U.S. district judge ruled Wednesday that the Trump Administration’s temporary freezing of $2.2 billion in federal funding for Harvard University was unconstitutional. Judge Allison Burroughs said that although Harvard tolerated hateful behavior during pro-Palestinian protests on campus last year, the federal government “used antisemitism as a smokescreen for a targeted, ideologically-motivated assault on this country’s premier universities” that violated the First Amendment. Burroughs has ordered the administration to restore the funding. |
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Florida’s Surgeon General Joseph Ladapo said the state would end all vaccine mandates, a move that would make Florida the first state in the U.S. to do so, if approved by state legislators. Ladapo said each vaccine mandate “is wrong and drips with disdain and slavery.” His announcement comes after the U.S. experienced its largest measles outbreak in 30 years. |
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Celebrities like Taylor Swift, Naomi Osaka and Rihanna have recently sported trendy accessories made by small businesses. Such high-profile endorsements can bring viral success for businesses online: |
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110% | The increase in follower count for Artifex Fine Jewelry, the female-owned business that designed Taylor Swift’s engagement ring | |
| $7,950 | The price tag of the 18 karat gold initial pendant by Renato Cipullo, a fourth-generation jeweler, that Rihanna has worn repeatedly over the last month | |
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Football season is here, and that means millions of Americans are drafting their teams to compete in fantasy football—but did you know that those cash prizes are taxable? Winners must pay taxes based on their income from gambling, though losses can be used to lower the taxable income. In most leagues, you’ll have to self-report the income since it’s likely to fall short of the required reporting threshold, so be sure to keep clear paper records. |
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GAMES | QUIZ | A model who looks strikingly similar to Luigi Mangione, the man accused in last year’s murder of UnitedHealth CEO Brian Thompson, appeared on a popular online retailer’s website before it was taken down. Many online have speculated the model’s image was generated by AI. Which retailer is it? | |
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