Plus: This Haiti-Born Doctor Built A $6 Billion Business Developing Drugs For Depression And Alzheimer’s |
Good morning,
The legendary zoologist and animal rights activist Jane Goodall passed away Wednesday, according to her institute. She was 91.Goodall made ground-breaking discoveries about chimpanzees, including their ability to make and use tools and their capacity for empathy. As one of the most well-known scientists of the 20th century, her career paved the way for more women to enter what had been largely male-dominated spaces. At the Forbes Sustainability Summit last week, Goodall spoke about the need for corporate leaders to have courage when it comes to climate work. “Just think that today, and tomorrow and the next day, each day you’re going to be making some kind of impact,” she said. “Think and choose wisely what sort of impact you make.”
Let’s get into the headlines, |
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| Elon Musk reached a new milestone in his dominance as the world’s richest person, becoming the first person to ever be worth $500 billion. And if he keeps it up, he could be the world’s first trillionaire in 2033, when the first of two vesting dates for his $1 trillion Tesla pay package hits. |
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 | | JAMEL TOPPIN FOR FORBES Getty Images |
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| Herriot Tabuteau started his drug development company Axsome Therapeutics in 2012 to focus on brain disorders, treatments for which are notoriously difficult to develop. It’s come a long way since. Today, it has three drugs on the market and five in the pipeline, with the potential to help the estimated 150 million Americans suffering from conditions like depression, ADHD or Alzheimer’s disease. Revenue for the 12 months ended in June reached $495 million, up 70% from the same period in 2024. Axsome is not yet profitable, booking a net loss of $247 million in that time. The company trades on the Nasdaq with a market cap of $6.1 billion; Tabuteau is a billionaire thanks to his 15% stake in it, plus options. He figures Axsome could hit $16.5 billion in peak sales from its current drug portfolio, which would put it among the top 25 drug companies by revenue today. That’s assuming all goes to plan, most particularly getting five new drugs through the FDA between now and 2028. It’s a big ask: Only about 25% of drugs do well enough in Phase III trials to move forward in the FDA process. The next treatment to watch: a drug to treat the agitation that often accompanies Alzheimer’s disease. Antipsychotic medications, currently the only treatment available, have serious risks, including death. Axsome’s drug avoids these side effects but has reported mixed results in Phase III clinical trials. Axsome plans to file for approval before the end of September. |
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| It’s possible the FDA may not greenlight it, but analysts expect the need for an alternative to antipsychotics makes approval likely. It’s core to Tabuteau’s plans to get to $16.5 billion: He projects $1 billion to $3 billion in sales for its first big drug Auvelity and $1.5 billion to $3 billion from the Alzheimer’s agitation drug annually at their peak. “We might be a small company in terms of size, but we’re not a small company in terms of fundamentals or in terms of ambition,” he says. |
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| As the U.S. government shut down for the first time in nearly seven years, bitcoin and gold prices rallied as investors likely went looking for a safe haven. Still, while shutdowns bring a “new layer of uncertainty” for markets, they tend to be short-lived and result in limited economic impact, Adam Turnquist, chief technical strategist for LPL Financial, wrote in a note. In yet another sign the job market is decelerating, U.S. private sector employment fell at a quicker rate than anticipated in August, according to payroll processing firm ADP. If the government shutdown continues until Friday, this could be the last jobs data the Federal Reserve sees before its next policymaking meeting on October 28. |
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| Autonomous speedboat startup Saronic wants to help revive America’s withered shipbuilding industry, where China now dominates. Having raised $600 million at a $4 billion valuation in February, the firm is the best-funded among a growing number of defense startups pitching the Pentagon on a different approach: mass-producing small, cheap, autonomous vessels that can operate in swarms. |
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| The Supreme Court blocked President Donald Trump from firing Federal Reserve Governor Lisa Cook until after it hears oral arguments in her case. While the nation’s highest court has allowed Trump to fire members of agencies like the Federal Trade Commission, it has suggested that it sees the central bank as more independent. |
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| The deal between President Donald Trump and Pfizer is so far a clear win for the pharma juggernaut, whose shares have risen about 16% since it was announced. Under the agreement, Pfizer agreed to significantly cut the prices on many of its primary care drugs, but it’s expected to have little impact on the firm’s bottom line. Meanwhile, it gained regulatory stability, as the deal grants Pfizer an exemption from tariffs. |
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| As a result of the government shutdown, approvals for the Small Business Administration’s bread-and-butter loan programs are suspended—meaning small businesses can’t get government-backed financing to buy property, purchase equipment, or expand operations. Most banks can handle a temporary disruption, but a 30-day freeze could lead to more serious impacts, such as capital constraints. |
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Around $18 billion | The amount withheld from the city, according to Russell Vought, the director of the Office of Management and Budget | |
| $3 trillion | The amount the government said it spent on assistance in the 2024 fiscal year | |
| ‘Get lost’ | House Minority Leader Hakeem Jeffries (D-N.Y.) said to Vought on social media in response to the announcement |
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| Millions of federal workers have been furloughed, and the private sector isn’t immune either. If you’ve been furloughed or laid off, looking for a new job just became your full-time gig—updating your application materials, your LinkedIn profile and reconnecting with your network are great places to start. Pick up part-time or consulting work to earn some extra income, and ruthlessly cut expenses. |
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| GAMES | | QUIZ | | A major retailer, facing pressure from the Trump Administration, said it would eliminate synthetic dyes from its store-brand products. Which company is it? | | A. | Target | | B. | Costco | | C. | Walmart | | D. | Kroger |
| | | FRASE BY FORBES |  | Unscramble today’s anagram to solve this hidden phrase!
Stumped? Scroll to the bottom of toda |
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