Forbes Daily: Amazon’s Post-Earnings Surge Boosts Jeff Bezos’ Fortune

Billionaires are up in arms over New York City’s new tax on second homes. But it won’t make much of a dent in their fortunes.

Forbes looked at the impact of the pied-à-terre tax, which targets homes that aren’t primary residences, on 10 billionaires. Hedge fund billionaire Ken Griffin, who has sparred with Mayor Zohran Mamdani over the tax, would have to pay an estimated $12.9 million through 2031—that’s the equivalent of a person worth $100,000 paying $25 in extra taxes.

“It’s almost like Mamdani’s not even really taxing the rich like he promised,” says Nathan Goldman, a professor of accounting at North Carolina State University who has written about the tax for Forbes.

This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.

First Up

• Amazon’s better-than-expected earnings report propelled its stock to its largest gain in a decade, boosting Jeff Bezos’ fortune as he once again became the world’s third-richest person.
• Bitcoin plunged to its lowest level in weeks on Friday as Strategy, the world’s largest institutional holder of the cryptocurrency, said it would sell up to $5 billion of bitcoin.
• Thousands of people in eastern Washington are under evacuation orders after a series of wildfires broke out on Saturday, as forecasters predict “very dry conditions” and breezy winds that could potentially exacerbate ongoing blazes.

Business + Finance

Novo Nordisk’s stock lost nearly 9% on Friday after the drugmaker said its late-stage experimental heart drug failed in a large study. Jeffries analysts wrote that the trial results effectively wiped out an opportunity for Novo Nordisk to grow its business beyond its popular weight loss drugs Ozempic and Wegovy, and that it could have been worth more than $10 billion annually.

Tech + Innovation

Research-focused startup Flapping Airplanes is tackling one of the more daunting technical challenges in AI: how to train models with less data. The company is in talks to raise hundreds of millions of capital at a $5 billion valuation, sources told Forbes.

Biotech firm Apnimed began trading on the Nasdaq on Friday, raising $192 million in an upsized IPO—even before its pill for sleep apnea has been approved by the FDA. If even a small percentage of the as many as 80 million people affected by the condition in the U.S. were to take the drug, it would likely be a blockbuster.

Trends + Explainers

As demand grows for Historically Black Colleges and Universities, Forbes compiled its first-ever ranking of America’s Top HBCUs, with Howard University topping the private school list and North Carolina A&T State University leading the public schools. But the institutions and their students are facing new challenges, amid cuts to federal student loan programs.

Daily Cover Story

Americans Can’t Buy Chinese EVs. Waymo Is Importing Thousands

Chinese automakers are now the de facto global standard for electric vehicles. Staggeringly high tariffs have kept those cars largely out of American driveways—but they have not kept them out of Waymo’s fast-growing U.S. robotaxi fleet.

In late May, Alphabet’s self-driving vehicle company began deploying small electric vans, built by China’s Zeekr brand—which it calls the Waymo Ojai—in cities including Los Angeles and San Francisco. At the time, Waymo would only say it had “more than 100” of the friendly-faced, periwinkle-colored minivans on the road. Most industry watchers assumed the Mountain View, California-based company would ultimately operate fewer than 1,000 owing to the excessive import fees. That’s not the case.

Since 2024, Zeekr has shipped more than 3,200 units of its CM1e, its Chinese market name, through the Port of Los Angeles, including over 2,600 so far this year, based on Bills of Lading data compiled by research firm ImportGenius. While Waymo isn’t identified as the recipient, Zeekr doesn’t have any other U.S. partner. If they were imported at the CM1e’s Chinese market price of $39,000, tariffs would drive the cost up to nearly $89,000, excluding the cost of Waymo’s autonomous driving hardware that likely exceeds $10,000.

Certainly the company, which has raised far more than $20 billion since it began as the Google Self-Driving Car Project in 2009, can afford the inflated price of the Ojai, though it complicates the company’s push to lower costs to help achieve profitability. The industry’s leading robotaxi company already operates its commercial service in 11 U.S. cities and is preparing to launch in four more.

WHY IT MATTERS

“U.S. consumers aren’t buying as many EVs as they were before a federal incentive went away last year, but Waymo and other robotaxi companies are building their fleets with them,” says Forbes senior editor Alan Ohnsman. “Chinese companies dominate as the world’s top producers, and Waymo seems to be convinced that a China-built model is ideal to help it provide 1 million paid rides a week in cities across the U.S.”

MORE Tesla’s Founders Are Backing The Anti-Cybertruck

Facts + Comments

The embattled LIV Golf is on the cusp of a deal to save the league from what looked like an inevitable collapse after losing monetary backing from Saudi Arabia’s Public Investment Fund. The deal would fund the creation of a scaled-down version of the league:

Between $250 million and $350 million: How much the deal is worth

At least 2027: How long the deal would support the league through

More than $3 billion: The amount LIV has paid its players in tournament winnings, salaries and bonuses since its first tournament in 2022

Strategy + Success

More employees are opting to take a “workation” that mixes remote work and travel. But before you book a flight, make sure to review your company’s remote work policy on locations, and figure out whether you need approval from your manager or HR. Keep in mind any potential time differences and ensure there is reliable Wi-Fi in the location you choose.

Video

Quiz

A review of scientific research found eating too much protein could actually harm Americans who are sedentary. Around much protein does the average American man eat daily?

A. 50 grams

B. 75 grams

C. 100 grams

D. 150 grams

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.