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A SUPERWOMAN. TOUGH PROBLEMS INSPIRE ME.”



Rise of China KATE WANG One of the mainland’s 205 new billionaires “IT’S NOT LIKE I’M A SUPERWOMAN. TOUGH PROBLEMS INSPIRE ME.”



World’s Biggest Fintech Banker DAVID VÉLEZ “NOBODY THOUGHT IT WAS POSSIBLE.”



Self-Driving Car Savant AUSTIN RUSSELL THE WORLD’S YOUNGEST SELF-MADE BILLIONAIRE



Medical Record Mogul JUDY FAULKNER LEADING AN EPIC TRANSFORMATION OF HEALTH CARE. “YOU JUST KEEP CLIMBING.”







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April/May 2021 Volume 204 | Number 2 12 INSIDE CONTENTS80 | A Billionaire a Day STEFEN CHOW FOR FORBESThis year Forbes tracked down a record 493 new billionaires— roughly one every 17 hours. APRIL/MAY 2021 Just over 40% hail from China; 20% are from the U.S. Promi- nent routes to new riches: IPOs, SPACs, cryptocurrencies and Covid-related health care. Edited by Kerry A. Dolan with Chase Peterson-Withorn and Jennifer Wang FORBES.COM



14 CONTENTS 106 GABRIEL RINALDI FOR FORBESApril/May 2021 70 88 96 106 COVER CREDITS Operation One-Woman COVER STORY The Friendly PHOTOGRAPHERS: Wealth Speed Show Assassin Revenge of CAMERON AND TYLER Covid-19 brought Judy Faulkner, the The Winklevii David Vélez set out to WINKLEVOSS: terrible suffering, eco- billionaire founder kill off the fat fees and nomic pain, geopolitical of Epic Systems, After losing an epic lousy service of Brazil’s Michael Prince for Forbes tension—and the pioneered—then battle with Mark Zuck- big banks. The opera- greatest acceleration dominated—electronic erberg over ownership tion succeeded beyond KATE WANG: of wealth in human medical records. She of Facebook and being his wildest dreams: Stefen Chow for Forbes history. Why this has been the industry’s shunned in Silicon Val- Today, his no-fee pandemic paradox leading actor for ley, Cameron and Tyler Nubank is the most DAVID VÉLEZ: could become cause decades, but now the Winklevoss are back— valuable digital bank Gabriel Rinaldi for Forbes for celebration, not pandemic is fueling a as budding Bitcoin bil- in the world, with 35 concern. digital health-care race lionaires at the center million customers—and AUSTIN RUSSELL: that may finally cost of not only the future of he’s gunning for more. Michael Prince for Forbes By Randall Lane her the spotlight. money but the creative economy, and quite pos- By Jeff Kauflin, JUDY FAULKNER: By Katie Jennings sibly a new operating Maria Abreu and Jamel Toppin for Forbes model for Big Tech itself. Antoine Gara By Michael del Castillo, Susan Adams and Antoine Gara FORBES.COM APRIL/MAY 2021

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16 FRONTRUNNER 32 25 | The Sky’s No Limit Jeff Bezos and Elon Musk’s battle to be the wealthiest in the galaxy. Plus: The world’s 50 richest people. 30 | Left Their Mark Twenty-three billionaires died last year. Sixty-one others dropped out of the ranks entirely, including Kylie Jenner. 32 | Goldfingers Our 20th annual Midas List of the world’s most successful venture capitalists. 36 | 30 Under 30: Indoor Outfitters Work-from-home apparel, in 30 words or less. 38 | World of Forbes Around the globe with our 35 international editions. 40 | Buy, Hold, Sell Snap up that Manhattan pied-à-terre; sell the Chevy. 42 | Trump’s Bad Bet Refusing to divest cost the former president some $1.6 billion. Plus: President Biden’s growing net worth. 44 | Conversation Readers debate the brusque management style of software billionaire Frank Slootman, Snowflake’s CEO. CONTENTS CONTRARIAN 47 CHRISTIE HEMM KLOK FOR FORBES; JAMEL TOPPIN FOR FORBES; MICHAEL HOEWELER FOR FORBES INNOVATION 47 | Scene Stealer Vimeo wasted its youth trying to be an oddball combo of Netflix and YouTube. Refocusing on business users, CEO Anjali Sud has transformed it into a $6 billion blockbuster. By Steven Bertoni and Antoine Gara STRATEGIES 50 | American Sun Dean Solon built a multibillion-dollar fortune in solar energy by manufacturing gear that can be made more cheaply in China. How? Higher quality. By Chris Helman CIO NETWORK 56 | The Road Less Traveled Most tech unicorns are the product of Silicon Valley VCs. Not Cloudinary. The marketing-software maker has gone its own route since day one. By Martin Giles MONEY & INVESTING 60 | The Teflon Trader Wall Street legend Carl Icahn is on a seven-year losing streak, but the market still loves his stock. By Nathan Vardi SPECIAL SECTION 21 | Fact & Comment States that have lifted lockdowns 65 | America’s Top demonstrate that the nation would be better off if all Women Wealth Advisors followed their lead. By Steve Forbes By Jason Bisnoff and SHOOK Research 116 | Thoughts on Ownership FORBES.COM APRIL/MAY 2021



SIDELINES Today’s Opportunities, April/May 2021 • Volume 204 | Number 2 18 Tomorrow’s Leaders CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES; CEO AND PRESIDENT: MICHAEL FEDERLE This year’s Billionaires list, which over the course of EDITORIAL RANDALL LANE, Chief Content Officer FORBES the pandemic year added a net 493 new members Executive Editors: Caroline Howard, Luisa Kroll, Kerry Lauerman, Michael Noer; Managing Editor: Joyce and more than $5 trillion in wealth, will surely make Bautista Ferrari worldwide headlines for all the obvious reasons. Assistant Managing Editors: Jessica Bohrer (Editorial Counsel), Kerry A. Dolan, Alice Jackson-Jolley, Brett Knight, Rob LaFranco, Rashaad Lambert (Culture & Community), Janet Novack, Michael Ozanian, Jennifer Rooney, But as I note in our cover essay (page 70), we’re in Matt Schifrin, Michael Solomon, Jeff Taylor a moment of profound change, with so many good Senior Editors: Susan Adams, Maneet Ahuja, Dan Alexander, Steven Bertoni, Jeremy Bogaisky, Abram Brown, Dawn Chmielewski, John Dobosz, Amy Feldman, Antoine Gara, Martin Giles, Christopher Helman, Alex Knapp, Alex Konrad, things portending a future of broad prosperity. Alan Ohnsman, Susan Radlauer (Research), Tina Russo McCarthy, Halah Touryalai, Nathan Vardi, Merrill Vaughn Part of that change revolves around Deputy Editors: Colleen Curry, Steven Ehrlich, Iain Martin, Andrea Murphy, Chase Peterson-Withorn, Helen A.S. Popkin, Glenda Toma, Vicky Valet, Jennifer Wang, Taesik Yoon; Associate Editors: Thomas Brewster, Michael companies recognizing their role as a del Castillo, Julius Juenemann, Jeffrey Kauflin, Maggie McGrath, Marty Swant, Isabel Togoh, Alexandra Wilson positive influence, including a commit- Staff Writers: Angel Au-Yeung, David Axe, Madeline Berg, Jason Bisnoff, Lauren Debter, Kevin Dowd, David Jeans, Katie Jennings, Suzanne Rowan Kelleher, Noah Kirsch, Scott Mendelson, Dwight Silverman, Chloe Sorvino, Kristin ment to look more like the world around Stoller, Rebecca Szkutak, Michela Tindera, William Yakowicz them. That’s particularly true for places Reporters: Justin Conklin, Katherine Love (Managers, Editorial Operations); Thomas Beer, Jack Brewster, Kenrick Cai, Deniz Çam, Elizabeth Daffin, David Dawkins, Alison Durkee, Brianne Garrett, Sarah Hansen, Sergei Klebnikov, like Forbes, which help shape ideas and Tanya Klich, Jemima McEvoy, Jonathan Ponciano, Carlie Porterfield, Nicholas Reimann, Leah Rosenbaum, Rachel Sandler, Christina Settimi, Ariel Shapiro, Andrew Solender, Alexandra Sternlicht, Giacomo Tognini, Hank Tucker, terms of debate for millions. Lisette Voytko, Joe Walsh IV In that spirit, we’re trying to do some- Assistant Editors: Maria Abreu, Nina Bambysheva (Digital Assets Analyst), Margherita Beale, Justin Birnbaum, Elisabeth Brier, Abigail Freeman, Eliza Haverstock, Christian Kreznar, Sofia Lotto Persio, Aayushi Pratap, Kristin thing that not only makes our newsroom Tablang, Samantha Todd, Nina Wolpow better but helps repair the pipeline for busi- Art and Production: Alicia Hallett-Chan (Design Director); Merrilee Barton, Charles Brucaliere, Fernando Capeto, Nick DeSantis, Suzanne O’Neill, Robyn Selman, Philip Smith, Gail Toivanen ness journalism overall. Please meet the Audience Development: Social Media: Cliff Benston (Director); Lindsey Burns, Caroline Dilone, Dario Foroutan, Evan first class of Forbes Fellows, in partnership Spadaccini. Newsletters: Nick Shippers, Rachel Thomas with Morehouse College and other His- Video: Tim Pierson (Director); Greg Andersson, Leah Bottone, Meghan Christensen, Ivan Clow, Travis Collins, Julia Ferrier, Marc Gomes, Nick Graham, Riley Hallaway, Matthew Kang, Kieran Krug-Meadows, Chad McClymonds, torically Black Colleges and Universities. Juliet Muir, Bernard Osei, Jonathan Palmer, Brian Petchers, Morgan Sun, Kirsten Taggart These talented HBCU students and recent SALES AND MARKETING JESSICA SIBLEY, Chief Revenue Officer graduates will report and write stories, Ad Sales: Manni Arango, Maria Aiza Contro, Aaron Andrews, Julia Aziz, Jake Bell, Jessica Blitzer, Leann Bonanno, take classes with Forbes staffers and receive Marissa Brown, Jeremy Campbell, Shae Carroll, Seema Chaudhari, Julie Chisar, Ruth Chute-Manning, Alexandra Cohn, Jennifer Cooke, Jennifer Crowe, Sarah Curry, Hannah Davidson, Leigh Day, Jessica Desmond, Sean Downey, direct mentoring. This idea stemmed from Emilie Errante, Taylor Felgenhauer, Olivia Gelade, Louisa Goujon, Janett Haas, Shauna Haras, Megan Hennessey, Matthew Herrmann, William Hosinski, Catherine Hughes, Victoria Kreher, Martina Landeka, Jordan Loredo, Brian a breakfast I had just before the pandemic McLeod, Ayisha Mendez, Tara Michaels, Leah Monroe, Bianca Olivas, Akshay Patel, Ryan Queler, Paul Reiss, Melanie Ruderman, Jesse Silberfein, Abbey Smith, Rebecca Taroon, William Thompson (SVP), Laura Villaraut, Kyle with Robert F. Smith, the richest Black Vinansky, Elliot Vinzon, Adam Wallitt, Alex Wood, Casey Zonfrilli American and a big HBCU supporter. It Brand Strategy/Marketing/Partnerships: Lynn Schlesinger (Chief Marketing Officer); Gaston Alegre, Rachel Aquino, Kate Bishop, Erika Burho, Nicholas Clunn, James Colistra, Danielle Collins, Connor Davis, Krystle Davis, came to life during the pandemic, courtesy William Delehanty, Meghan Donovan, Martine Ehrhart, Samantha Evans, Erica Ferraro, Moira Forbes (EVP, Forbes- Women), Kristine Francisco, Ross Gagnon, Cara Gilmartin, Sahara Gipson, Ashley Grado, Adelaide Hill, Olivia Hine, of Assistant Managing Editor Ali Jackson- Merryl Holland, Amani Hussain, Kari Jones, Nicolette Jones, Nicole Lamastra, Jessica Lantz, Juliana Longo, Brian Lee, Douglas Lopenzina, Erika Maguire, Julie McGovern, Scott McGrath, James Mentzinger, Sophia Minassian, Jolley. And it will pay dividends long after Antonio Morales, Sade Muhammad, Alexis Murillo, Morgan O’Hare, Romy Oltuski, Jahcelyne Patton, Jennifer Ramos, Allison Rickert, Claire Robinson, Joshua Robinson, Danielle Rubino, Claire Ryan, Peter Sarnoff, Andrey Slivka, Allyson the pandemic. By tapping star HBCU Souza, Kara Stiles, Ashka Thaker, Rashaad Denzel Toney, Meenal Vamburkar, Jason Webster, Janet Yin (From top) journalists who didn’t have a clear path to Digital Revenue Operations: Rebeca Solorzano (SVP), Alyson Williams (SVP); Ashley Alexander, James Barry, Sergiu Jair Hilburn, places like Forbes, we’re expanding the pool Bucur, Lisa Chiobi, Rachel Goroff, Lauren Gurnee, Jayson Ildefonso, Victor Lee, Emily Lewis, Nicole Lewitinn, Kelly Eric Johnson, for ourselves and our industry, referring Mui, Melis Ocal, Casey Riordan, Steven Song, Jacqueline Subramaniam other Fellow finalists to our competitors. Whitney ForbesLive: Sherry Phillips (SVP); Andrew Appelbaum, Jessica Charles, Chardia Christophe, Brett Cohen, Bronson, With vaccines creating a true reopen- Alex Engel, Madie Federle, Delisha Fields, Julieanna Gray, Kayla Jennings-Rivera, Nicole Kerno, Susan Kessler, Joshua Burrell, ing of the country, and with the economy Michael Martin, Sydney Melin, Menaka Menon, Jimmy Okuszka, Mary Margaret Soderquist, Erika Speed, Nathaniel poised to roar, now is the time for all of Elizabeth Pitonyak, Shelby Tompkins, Blair Walther Easington, Kira Grant DIGITAL NINA GOULD, Chief Product Officer; VADIM SUPITSKIY, Chief Technology Officer us to think big, both in terms of what we can do im- Product: Ebony Shears; Terrence Agbi, Jennifer Bruno, Youssef Drihmi, David Feldman, Nina Foroutan, Kelly Hanshaw, mediately and how we can build for the long term. Erica Ho, Mike Medric, Carlee Murray, Martin Navarrete, Alex Noonan, Ivan Parra-Orlandoni, Javier Paz, Dayne Richards, Grant Tunkel, Christina Wang, Katie Ward, Mila Wentrys After a year of challenges for all, and breakthroughs Corporate Tech: Peter Hahm; Jiten Bhojwani, Christopher Frank, Justin Harris, Joshua Hartzog, Adaze Idehen- for some, I’ve rarely felt so optimistic. Amadasun, Julia Kim Design: Dan Revitte; Sara Amato, Andres Jauregui, Joy Hwang, Adrienne Michalski E-Commerce: Emily Jackson; Samia Balbaky, Cory Baldwin, Kara Cuzzone, Jennifer Ford, Madeline Kaufman, Sarah Lee, Kimberly Peiffer Engineering: William Anderson; Adrian Ali, Patrick Andre, Ken Barney, Stephanie Brown, Don Cao, Katie Delgado, Igor Carrasco, Brian Chamberlain, Kay Chan, Chris DeLeon, Mudit Dhawan, Philip Diaz, Stephen Dotz, Gustavo Faria, Alec Gilchrist, Jae Kyung Ha, Benjamin Harrigan, Isabelle Ingato, Daryl Kang, Yanella Lopez, Charles Mor- rissey, Marissa Orea, Drew Overcash, Sungmin Park, Sameer Patwardhan, Mads Pedersen, Joseph Pietruch, Tota- ram Ramrattan, Ronak Ray, Charles Rea, Rodney Rodriguez, Kyle Rogers, Aaron Romel, Alexander Shnayderman, Zachery Shuffield, Dmitri Slavinsky, Scott Warner, JD Weiner, Forrest Whiting, Raymond Wong, Heath Woodson, Boris Yakubchik Business Intelligence: David Johnson; Ankit Dhall, Matthew Haensly, Evelyn Kanu, Alexi Potter, Robert Salgado, Rosa Seo, Kelsey Simmons, Gregory Spitz, Sukanya Tiwatne, Vivek Veerapandian CORPORATE Finance/Operations: Michael York (Chief Financial Officer); Cristina Baluyut, Noemi Baraket, Oneil Brodie, Adele Cassano, Rosa Colon, Chelsea Deluca, Mike Deochand, Cindy Eng, Nancy Garcia, Iris Garcia, Christie Hansen, Maryann King, Giedre Kristahn, Christopher Labianca, Nina LaFrance (SVP, Consumer Marketing), Stephanie Lewis, Jaclyn Liu, Christopher Lopiano, Andrea Maniscalco, Natalie Maquiling, Christine Martinez, Paul Motta, Nelson Osegueda, Willie Osegueda, Amanda Pasquarello, Barbara Passarella, Jeanine Pecoraro, Gary Prasto, Ivette Reyes, Angel Sauri, Diane Schmid, Lisa Serapiglia, William Simmons, Vera Sit, Courtney Stanton, Parag Tolia, Buddy Trocchia, Donald Walsh Corporate Partnerships: Peter Hung (Senior Liaison, Investment Group); Taha Ahmed, Rich Karlgaard, Matt Muszala, Katya Soldak Communications: Matthew Hutchison (Chief Communications Officer); Laura Brusca, Susan Masula, Jocelyn Swift, Christina Vega Magrini Human Resources: Ali Intres (SVP); Ashley Abendschoen, Brooke Dunmore, Amanda Osit, Rachel Shapiro Legal: MariaRosa Cartolano (General Counsel); Paul Anderson, Lindsey Datte, Susy Garcia, Nikki Koval, Josephine Love-Loftin Forbes Asia: William Adamopoulos (CEO), Justin Doebele (Editor); FORBES CHINA: Sherman Lee (CEO), Russell Flannery (Editor) Print Magazine Consultants: Priest + Grace (design); Brian Dawson (editorial); Sarkis Delimelkon (production) —RANDALL LANE, CHIEF CONTENT OFFICER Founded in 1917 B.C. Forbes, Editor-in-Chief (1917–54) Malcolm S. Forbes, Editor-in-Chief (1954–90) James W. Michaels, Editor (1961–99) William Baldwin, Editor (1999–2010) FORBES.COM APRIL/MAY 2021

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“With all thy getting, get understanding” FACT & COMMENT By Steve Forbes, Editor-in-Chief End the Lockdowns Now 21 The sweeping lockdowns imposed a little are doing better in terms of health and over a year ago, during the world’s worst economic performance than those that are pandemic since the Spanish flu of 1918-20, more restrictive. were supposed to be a short-term solu- tion to avoid overwhelming our hospitals. All of which makes perverse President Yet here we are, over a year later, with re- Biden’s comment during his nationwide ad- strictions of varying degrees still with us. dress in March, when he said that maybe on They’re being lifted, but at a pace that’s the Fourth of July—months from now—small far too slow, which is doing unnecessary family gatherings might be safe. C’mon, Mr. damage to schoolkids in particular and the President: They’re safe—today! economy in general. The president should urge state gov- Soon, almost anyone who wants a vac- ernors to immediately cease these unnec- cine will be able to get one. Moreover, essary restrictions and fully reopen their for months we’ve had highly effective therapeutics with schools and economies. The general health which to fight the disease when someone who contracts a of the nation would be immensely better off for it. severe case of Covid-19 is hospitalized. What’s the Matter With Germany? This is why the lockdowns should be ended right away. It was clear by late spring of last year that the best ap- Germany, the world’s fourth-largest economy and the most proach was to focus efforts on the most vulnerable parts powerful nation in Europe, seems to be pulling away from its of our population—that is, the elderly and those with se- close alliance with the U.S., a partnership that was critical in rious preexisting conditions. However, instead of follow- winning the Cold War against the once formidable Soviet Union. ing the science, too many politicians and health officials imposed—and continue to impose—sweeping restrictions This is good news for China and Vladimir Putin’s Russia. that have been useless, capricious or counterproductive. Under its long-serving chancellor, Angela Merkel, Ger- The country has paid and—this is outrageous—contin- many is going all-out to ensure the completion of the Nord ues to pay a fearsome price. Low-income households have Stream 2 pipeline, which will enormously increase Europe’s been disproportionately harmed, as parents haven’t been dependence on Russian natural gas, even though Putin has able to work because they’ve had to stay home to take care never hesitated to use the fuel as a political weapon. of kids who couldn’t go to school. A far sounder, more sensible alternative for Berlin would be The biggest scandal has been the way that teachers’ to import more U.S. natural gas, which we have in abundance. unions have kept public schools closed or on a hybrid sys- Germany should also beef up its mangy military as a means tem long past the time when facts showed that kids were of countering Moscow’s ambitions to pry Europe from Wash- the least vulnerable to Covid-19 and the least likely to trans- ington. Unlike Sweden, which is dramatically increasing the mit the disease. Private schools, with proper precautions, strength of its military because of Russia’s aggressive moves, have been open for months, with virtually no ill effects. Germany has been more hesitant. Intense pressure from the The numbers for various forms of depression and ad- Trump administration got Berlin to boost military outlays. But diction are way up, as are those for suicides and deaths German reluctance remains significant, and efforts may flag if from overdoses. President Biden doesn’t continue Trump-like goading. Compare the statistics in states that took an enlight- Another recent move that bodes ill is Germany’s pushing ened, scientific approach, such as Florida, with those that through a China-EU investment deal that Beijing sees as a didn’t, such as New York. Florida, completely open today, way to loosen U.S.-European ties. has always been less restrictive after the initial lockdowns Germany, so far, has refused to work closely with Wash- than New York. The Sunshine State has a lower death rate ington to keep strategic technologies from getting into the than the Empire State, even with its larger population of hands of Beijing, a contrast to its approach regarding the So- older people. Florida’s economy is booming, while New viet Union during the Cold War. Germany takes this tack even York’s is still struggling. as China engages in major human-rights abuses and contin- This is the blunt truth: The states that are more open APRIL/MAY 2021 FORBES.COM

Steve Forbes Cont. ues its highly aggressive foreign policy, core—held fast. A critical example was agreed to our stationing missiles on its such as moving to dominate the South how closely the two countries worked soil. The Russian move failed, a crucial China Sea, a critical international wa- together to counter Moscow’s attempts factor in the West’s winning the Cold War. terway. Instead, Chancellor Merkel at blackmailing Germany into loosen- The Biden administration has a big seems intent on keeping Germany at ing its transatlantic ties by threatening it job in getting Germany to realize that some distance between Washington with intermediate-range nuclear missiles close cooperation between our two 22 and Beijing. in the late 1970s. Despite fierce pressure countries in all areas remains absolutely During the Cold War, despite oc- from Moscow—including whipping up crucial to preserving democracy and the FACT & COMMENT casional differences, the NATO alli- domestic opposition—Germany, under free world’s security in the face of grow- ance—with Germany and the U.S. at its the redoubtable Chancellor Helmut Kohl, ing pressures from China and Russia. A Compelling Duo of Whodunits This pair of mystery/thrillers by a true but his investigative instincts are ir- the trunk of his car, and forensics finds master of the genre, Michael Connelly, repressibly aroused. Some ingenious the man had been killed there. Worse, will keep you glued from beginning to sleuthing leads McEvoy to realize he’s Haller knew the victim well—a scam- end. He has a marvelous way of spin- looking for a serial killer who calls him- mer he represented several times before ning a gripping tale with impressively self “the Shrike,” after a bird that kills dropping him as a client. Alleged motive precise details and excellent for murder: The guy owed Haller money. character development. its prey by breaking its neck. Before this tale is over, Compounding things further, a vin- If you haven’t yet gone dictive judge sets bail at $5 million. to one of the DNA websites McEvoy, the central character Haller decides to defend himself, know- to trace your ancestry, you’ll of two previous Connelly nov- ing well the truism that a person who think twice about doing so els, reconnects with an old does that has a fool for a client. But after reading Fair Warning flame, ex-FBI agent Rachel given the stakes—life in prison—he (Little, Brown & Co., $29). De- Walling, who had been fired trusts no one else with the task. Haller spite promises of confidenti- for leaking confidential infor- also recognizes that a not-guilty verdict ality, how truly secure is your mation to him during a pre- wouldn’t suffice to save his legal reputa- information? Your chosen vious case and who now runs tion. He must uncover who set him up vendor may make extra bucks by selling an agency that does back- and why. As he puts it, “To prove true in- your data to research labs or other par- ground checks on potential hires for nocence, the guilty man must be found ties. Safeguards are supposed to prevent clients. Connelly fans will eagerly await and exposed to the world.” those buyers from knowing who you are, future books involving this duo! but how good are those measures? And The Law of Innocence (Little, Brown More daunting, Haller has to direct it may be that those buyers resell the & Co., $29) brings back a character Con- things from the slammer, where prison- data to others whose security is lax. nelly hasn’t featured in years: aggressive, ers might kill him. Given his reputation as smart-alecky defense lawyer Our protagonist, Jack McEvoy, is a Mickey Haller, who was made a hard-driving defense lawyer, former investigative reporter and one- famous in the 2011 movie The Haller knows the guards and time novelist who now works for a site Lincoln Lawyer, starring Mat- the sheriff’s office wouldn’t that focuses on consumer fraud. thew McConaughey. Haller mind seeing him done in. His does much of his work in the fears are well-placed; especial- One day two detectives from the L.A. back seat of his Lincoln. ly dangerous are the bus trips Police Department pay McEvoy a visit. An establishment figure to the courthouse. He’s a “person of interest” in the murder Haller is not. He runs ads for of a woman with whom he’d had a one- clients on benches. Until the Haller, who needs all the night stand after they met at a bar. California Bar stopped it, Haller’s slogan help he can get, mobilizes was “Reasonable doubt for a reason- characters familiar to fans of McEvoy’s DNA ultimately clears him, able fee.” Nonetheless, Connelly makes previous Lincoln novels, including his Haller sympathetic. half-brother Harry Bosch, memorable Introducing On his way home from a party cel- star of Connelly’s first legendary series. ebrating a big courtroom victory, Haller (By the way, Harry Bosch is the subject What’s Ahead is stopped by a police officer. He soon of a riveting television series—called finds himself under arrest for first- Bosch, naturally—on Amazon Prime. The podcast hosted degree murder: There’s a dead body in Leave aside plenty of time, because once by Steve Forbes. you tune in, you won’t want to stop Subscribe now on iTunes viewing, episode after episode.) or GooglePlay Store. FORBES.COM APRIL/MAY 2021

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W H AT ’ S WHO’S NEW NEXT 25 FRONTRUNNER $200 B Jeff Bezos | Elon Musk 3/5/2021 $150 B $100 B $50 B $0 B 3/18/2020 WESLEY BEDROSIAN FOR FORBES Billionaires THE SKY’S NO LIMIT JEFF BEZOS and ELON MUSK saw their fortunes reach the stratosphere in the past year—with each rocket man amassing more than $150 billion as they battled to be the wealthiest person in the galaxy. APRIL/MAY 2021 FORBES.COM





I28 10. Mukesh Ambani 16. Carlos Slim Helú It’s been a year like no other, and & family we aren’t talking about the pandemic. $84.5 BIL © • DIVERSIFIED There were rapid-fire public offerings, AGE: 63 • INDIA $62.8 BIL © • TELECOM surging cryptocurrencies and sky- AGE: 81 • MEXICO rocketing stock prices. The number Ambani reclaims his spot as Asia’s of billionaires simply exploded. Forbes richest person, adding nearly The telecom mogul was briefly found an unprecedented 2,755 around $48 billion to his fortune over the hospitalized with Covid-19 in January. the world—660 more than a year ago. past year as shares of his conglom- His pan–Latin American wireless firm, A staggering 86% are richer than they erate, Reliance Industries, have América Móvil, ended 2020 with 287 were then. Altogether they’re worth increased significantly. million subscribers, up 3% in a year. $13.1 trillion, up from $8 trillion in 2020; their average FRONTRUNNER 11. Amancio Ortega 17. Alice Walton IMAGINE CHINA/NEWSCOM$77 BIL © • ZARA$61.8 BIL © • WALMART AGE: 85 • SPAIN AGE: 71 • U.S. The founder of clothing giant 18. Jim Walton Inditex—best known for its Zara retail chain—weathered the storm: $60.2 BIL © • WALMART Sales fell by nearly 30% in 2020 but AGE: 72 • U.S. its stock is up 34% over the year. 19. Rob Walton 12. Françoise Bettencourt Meyers & family $59.5 BIL © • WALMART AGE: 76 • U.S. $73.6 BIL © • L’ORÉAL AGE: 67 • FRANCE The children of Walmart founder Sam Walton own, with other family members, about half of the world’s net worth is $4.7 billion, $900 million more than last The granddaughter of cosmetics largest retailer. Walmart introduced year. The U.S. still has the most billionaires, with 724, giant L’Oréal’s founder benefited free delivery as part of an Amazon from a 38% jump in the company’s Prime–like membership program, followed by Greater China with 698. We used stock prices stock despite the fact that profits helping boost online sales 69% fell 6% in 2020. in the year through January. and exchange rates from March 5, 2021, to calculate net worths. For the full list of the world’s billionaires and our 20. Michael Bloomberg methodology, please visit forbes.com/billionaires. $59 BIL © • BLOOMBERG LP AGE: 79 • U.S. 1. Jeff Bezos has yet to dent Zuckerberg’s 13. Zhong Shanshan He smashed political spending fortune. Facebook shares are records last year, pouring more $177 BIL © • SOURCE: AMAZON near record highs. $68.9 BIL © • BEVERAGES than $1 billion into his own presi- AGE: 57 • CITIZENSHIP: U.S. AGE: 66 • CHINA dential campaign and $150 million Bezos’ $64 billion jump keeps the 6. Warren Buffett to support other Democrats. Amazon founder, who is stepping The September 2020 IPO of his down as CEO later in 2021, in the top $96 BIL © • BERKSHIRE HATHAWAY bottled-water firm, Nongfu Spring, 21. Colin Zheng Huang spot for a fourth consecutive year. AGE: 90 • U.S. drove up his fortune by 3,345%, making him the year’s biggest $55.3 BIL © • E-COMMERCE 2. Elon Musk Berkshire Hathaway bought percentage gainer and China’s AGE: 41 • CHINA Dominion Energy’s natural-gas new richest person. The founder of online discounter $151 BIL © • TESLA, SPACEX pipelines for $8 billion in July, Pinduoduo stepped down as its AGE: 49 • U.S. but the Oracle of Omaha has 14. Steve Ballmer chairman in March to pursue Musk’s fortune rocketed $126 billion otherwise been relatively quiet research in food and life sciences; since March 2020 as Tesla shares during the pandemic. $68.7 BIL © • MICROSOFT he gave up his CEO role in July. soared; he briefly overtook Bezos AGE: 65 • U.S. as the world’s wealthiest in January. 7. Larry Ellison 22. MacKenzie Scott The former Microsoft CEO, who is 3. Bernard Arnault & family $93 BIL © • SOFTWARE worth $16 billion more since last $53 BIL © • AMAZON AGE: 76 • U.S. year amid a 67% surge in the AGE: 50 • U.S. $150 BIL © • LVMH software firm’s stock price, donated Jeff Bezos’ ex-wife (above right) AGE: 72 • FRANCE The Silicon Valley titan reportedly $54 million in 2020 to Covid-related rocked the philanthropy world in 2020 The richest person in Europe closed moved to Hawaii during the causes such as vaccine testing and with nearly $6 billion in grants to 500 several major deals, most notably pandemic. Oracle, meanwhile, child care for essential workers. nonprofits across the U.S., including LVMH’s long-delayed acquisition of which he cofounded in 1977, has Puerto Rico. She recently remarried. iconic jeweler Tiffany for a reduced relocated its headquarters from 15. Ma Huateng price of $16 billion in January. the Bay Area to Texas. 23. Daniel Gilbert $65.8 BIL © • INTERNET MEDIA 4. Bill Gates 8. Larry Page AGE: 49 • CHINA $51.9 BIL © • QUICKEN LOANS AGE: 59 • U.S. $124 BIL © • MICROSOFT $91.5 BIL © • GOOGLE His web-media giant, Tencent, His Rocket Companies—America’s AGE: 65 • U.S. AGE: 48 • U.S. which owns stakes in Tesla and largest mortgage lender—went The Microsoft cofounder, who left Snap, notched another win with public in August, boosting Gilbert’s its board last year, is wealthier than 9. Sergey Brin the February public offering of net worth by $38 billion in one day. he’s ever been, buoyed in part by video-sharing app Kuaishou. the software firm’s surging stock. $89 BIL © • GOOGLE Tencent owns 18% of the firm. 24. Gautam Adani & family AGE: 47 • U.S. 5. Mark Zuckerberg $50.5 BIL © • INFRASTRUCTURE, The Google cofounders still serve COMMODITIES • AGE: 58 • INDIA $97 BIL © • FACEBOOK on the board of Alphabet but The infrastructure tycoon is nearly AGE: 36 • U.S. otherwise maintain low profiles. $42 billion richer than a year ago Continued congressional scrutiny Google has been under fire in as shares of five publicly traded Australia recently for what critics companies in his Adani Group hit say is the search engine’s role in their all-time highs. weakening the media there. FORBES.COM APRIL/MAY 2021

(d. January 2021) now controls videoconference firm Zoom and 29 56% of casino operator Las Vegas energy-drink maker Celsius. Sands, which is cashing out of FRONTRUNNER Vegas to focus on Asia. 44. Qin Yinglin & family JAVIER ROJAS/NEWSCOM; VGC/GETTY IMAGES; GREGG DEGUIRE/GETTY IMAGES 25. Phil Knight & family 31. Tadashi Yanai & family 37. He Xiangjian $33.5 BIL © • PIG BREEDING $49.9 BIL © • NIKE $44.1 BIL © • FASHION RETAIL AGE: 55 • CHINA AGE: 83 • U.S. AGE: 72 • JAPAN $37.7 BIL © • HOME APPLIANCES Qin founded China’s top hog The net worth of the Japanese AGE: 78 • CHINA producer in 1992 with wife Qian The latest philanthropic effort from apparel billionaire more than The cofounder of electric- Ying and just 22 pigs. He’s still the Nike’s retired founder is a luxe, newly doubled as demand for Uniqlo’s appliance maker Midea Group chairman; she sits on the board. renovated track stadium at his alma comfortable everyday clothes reportedly escaped a kidnapping mater, the University of Oregon. and its triple-layer masks surged attempt last June, when several 45. William Lei Ding during the pandemic. men tried to break into his home 26. Jack Ma using explosives. $33 BIL © • ONLINE GAMES 32. François Pinault & AGE: 49 • CHINA $48.4 BIL © • E-COMMERCE family 38. Dieter Schwarz Revenue at his Nasdaq-listed AGE: 56 • CHINA NetEase rose 24% in 2020 as $42.3 BIL © • LUXURY GOODS $36.9 BIL © • RETAIL pandemic lockdowns drove The Alibaba cofounder has been AGE: 84 • FRANCE AGE: 81 • GERMANY demand for its online-gaming lying low since the dual listing of his The founder of luxury conglomer- Sales of the Schwarz Group, owner and remote-learning products. fintech giant, Ant Group, was halted ate Kering is finally opening his of Kaufland and Lidl discount by Chinese regulators in November. long-awaited art museum in the supermarkets, are expected to 46. Len Blavatnik 19th-century Bourse de Commerce have risen 23%, to $170 billion, in 27. Charles Koch building in Paris this year. the year through February 2021. $32 BIL © • MUSIC, CHEMICALS AGE: 63 • U.S. $46.4 BIL © • KOCH INDUSTRIES 33. David Thomson & family 39. Zhang Yiming Blavatnik’s Warner Music is worth AGE: 85 • U.S. nearly $18 billion after going public $41.8 BIL © • MEDIA $35.6 BIL © • TIKTOK in June 2020, more than five times 27. Julia Koch & family AGE: 63 • CANADA AGE: 37 • CHINA what the mogul paid for it in 2011. Canada’s richest person is the Zhang founded ByteDance, creator $46.4 BIL © • KOCH INDUSTRIES chairman of publicly traded media of popular short-video app TikTok, 47. Lee Shau Kee AGE: 58 • U.S. giant Thomson Reuters, whose in a four-bedroom apartment in shares are up 16% in the past year. 2012. Its December funding round $31.7 BIL © • REAL ESTATE Koch Industries, which Charles valued the unicorn at $180 billion. AGE: 93 • HONG KONG chairs, topped Cargill to become 34. Beate Heister & Shares of his Henderson Land America’s largest private company Karl Albrecht Jr. 40. Giovanni Ferrero seesawed during the pandemic (as measured by revenue); the but ended up for the year, though conglomerate hauled in $115 billion $39.2 BIL © • SUPERMARKETS $35.1 BIL © • NUTELLA, still well off their all-time high. in sales in 2019. He and the family GERMANY CHOCOLATES • AGE: 56 • ITALY of Julia, the widow of his younger The siblings inherited the discount The chairman of the Ferrero Group, 48. Jacqueline Mars brother David (d. 2019), each have retailer Aldi Sued. During the known for its Nutella, Tic Tac and a 42% stake in the business. pandemic, its stores began using Kinder brands, added a stake in $31.3 BIL © • CANDY, PET FOOD 3D sensors to measure customer Britain’s Fox’s Biscuits to his choco- AGE: 81 • U.S. 29. Masayoshi Son traffic and regulate access. late and confectionery empire. 48. John Mars $45.4 BIL © • INTERNET, TELECOM 35. Wang Wei 41. Alain Wertheimer AGE: 63 • JAPAN $31.3 BIL © • CANDY, PET FOOD $39 BIL © • PACKAGE DELIVERY $34.5 BIL © • CHANEL AGE: 85 • U.S. After his SoftBank Vision Fund AGE: 50 • CHINA AGE: 72 • FRANCE Each of the Mars siblings owns suffered a very public blow from Revenue of his S.F. Express—the an estimated one-third of the its fraught WeWork investment, “FedEx of China”—rose 37% in 2020 41. Gerard Wertheimer $40 billion (sales) candy, pet care Son came roaring back with wins as e-commerce boomed during and food company. Best known including IPOs for food-delivery China’s Covid-19 lockdowns. $34.5 BIL © • CHANEL for M&M’s and Skittles, Mars Inc. app DoorDash and Korean AGE: 70 • FRANCE acquired snack bar maker Kind in e-commerce company Coupang. 36. Miriam Adelson The brothers—grandsons of Chanel November 2020, three years after cofounder Pierre Wertheimer—are it took a minority stake. 30. Michael Dell $38.2 BIL Ø • CASINOS each $17 billion richer than last year AGE: 75 • U.S. amid a rebound in the luxury sector. 50. Yang Huiyan & family $45.1 BIL © • COMPUTERS The widow of Sheldon Adelson AGE: 56 • U.S. 43. Li Ka-shing $29.6 BIL © • REAL ESTATE AGE: 39 • CHINA His fortune nearly doubled as $33.7 BIL © • DIVERSIFIED The heiress is the largest sharehol- shares of Dell Technologies hit AGE: 92 • HONG KONG der of real estate developer Coun- an all-time high, thanks in part Hong Kong’s richest person gained try Garden Holdings; she also chairs to record sales of $94.2 billion. $12 billion, thanks to his holdings U.S.-listed education firm Bright overseas, including stakes in Scholar Education Holdings. APRIL/MAY 2021 FORBES.COM CHANGE IN WEALTH KEY: ©UP ªDOWN §¨UNCHANGED RETURNEE ØNEW

Deceased LEFT THEIR MARK IN MEMORIAM Listicle Marcel Adams THE AI 50 30 Twenty-three billionaires from 15 countries died AGE: 100 • Real estate Which artificial in the past year, including the list’s two centenarians, intelligence Edmund Ansin Chang Yun Chung and Marcel Adams. 84 • Television companies are for real? Forbes Jeronimo Arango partnered with 94 • Retail venture firms Sequoia Capital FRONTRUNNER David Barclay and Meritech DECEASED/DROP-OFFS BY HANK TUCKER86 • Media, retail Capital to create MARTIN SCHOELLER FOR FORBES; LEE JIN-MAN/AP; NEWSCOM; GARI GARAIALDE/GETTY IMAGES; JAMEL TOPPIN FOR FORBESour third annual Stephen Bechtel Jr. list of today’s most 95 • Construction promising private businesses using Dmitry Bosov AI. The full list is 52 • Coal mining available at forbes .com/ai50. Here Sheldon Adelson Lee Kun-hee Chang Yun Chung are five standouts, 102 • Shipping along with AGE: 87 AGE: 78 Eduardo Cojuangco recent PitchBook The casino magnate and GOP mega- Lee inherited Samsung Group in 85 • Food, drinks valuations: donor built Las Vegas Sands into 1987 from his father, founder Lee an empire, amassing a $35 billion Byung-chull, and built it into South Olivier Dassault FARMWISE ($45 MIL) fortune, and made bold gambles to Korea’s biggest conglomerate. Twice 69 • Diversified Makes AI-powered pardoned for bribery and tax charges, farm equipment that rescue the company from near-failure he had been in a coma since 2014. Aloysio de can eradicate weeds during the Great Recession. Andrade Faria from fields without 99 • Banking the use of herbicides. Manuel Jove 78 • Real estate GATIK ($58 MIL) Walmart is testing its autonomous-driving trucks as a new Suna Kirac means of delivery. 79 • Diversified SENTROPY ($50 MIL) Manuel Moroun Aids online platforms 93 • Transportation in moderating online abuse, increasing Park Yeon-cha engagement and 74 • Sneakers decreasing churn. Joseph Safra Benjamin de Rothschild Sumner Redstone VERGE GENOMICS 97 • Media ($60 MIL) AGE: 82 AGE 57 Randall Rollins AI to help discover The world’s richest banker, worth The heir to Edmond de Rothschild, 88 • Pest control new drugs for $23 billion, he owned three banks on the European bank founded in three continents, London’s Gherkin 1953 by his father, he died of a Sheldon Solow brain diseases like 92 • Real estate Parkinson’s and skyscraper and 50% of banana heart attack in January. His widow, producer Chiquita. Ariane de Rothschild, has been Heinz Hermann Thiele Alzheimer’s. The field’s chair of the bank since 2015. 79 • Brakes first candidate, for Arne Wilhelmsen ALS, will enter human 90 • Cruise ships trials next year. WHISPER ($198 MIL) Its hearing aids offer better sound quality thanks to AI. Drop-offs Number of billionaire drop-offs (excluding deceased) KYLIE’S FANTASTICAL FORTUNE 250 2018 2019 2020 2021 200 Just 61 of last year’s billionaires fell out of the ranks due to 150 fortunes that dropped below $1 billion. That’s one-fourth as 100 many as in 2020 and the lowest number in a decade. One noteworthy departure: Kylie Jenner, gone after Coty’s filings 50 revealed that revenues for Kylie Cosmetics were less than 0 half of what her team trumpeted to inflate her net worth. 2017 FORBES.COM APRIL/MAY 2021

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The Midas List GOLDFINGERS 32 Our annual ranking of the world’s top 100 venture capitalists. FRONTRUNNERAnew era of tech giants such as Coinbase, GUTTER CREDITKuaishou and Stripe means a changing of the guard among the world’s leading VCs. Now in its 20th year, Forbes’ Midas List welcomes 24 newcomers, including its first South American investors. Here are highlights from this year’s ranks, including the biggest deals, the Top 20 and a new No. 1. For the rest of the Midas 100, bios, analysis and more, please visit forbes.com/midas. COOL IN A CRISIS Alfred Lin In just two days last year, Alfred Lin enjoyed two of the 10 biggest-ever exits among U.S. tech firms. On December 9, food-delivery service DoorDash went public on the New York Stock Exchange; it ended the day with a market capitalization of $60 billion. The next day, home-rental leader Airbnb listed on the Nasdaq, scoring a $79 billion market cap. Those two outcomes alone generated profits—on paper, at least—of more than $21 billion for Lin and his VC firm, Sequoia. They’re also a big part of the reason why the Bay Area resident, who also backs wholesale marketplace Faire and social media platform Reddit, has vaulted to No. 1, from No. 32, on our annual Midas List. Lin’s specialty: helping build organizations the way he did at Zappos, where he was chairman and COO for a time. He and his Harvard classmate, the late Tony Hsieh, sold their first startup for $265 million and plowed some of the proceeds into an incubator that bet early on Zappos; FORBES.COM APRIL/MAY 2021

they sold the shoe retailer to Amazon THE TOP GROWTH EQUITY 33 in 2009. A year later Lin joined TWENTY Sequoia, which had recently written From deal values to the sheer number of funds, the global several early-stage checks to Brian 1. Alfred Lin VC industry has ballooned in recent years. Below, Chesky’s fledgling Airbedandbreakfast Firm: Sequoia a comparison of 2002, the earliest data available, .com. Reportedly offered a job there, Notable Deal: Airbnb and 2020, adjusted for inflation. Lin joined its board in 2012 and soon spent one day a week in its office. 2. Neil Shen 2020 When the pandemic hit and Airbnb’s Sequoia China business faced the “abyss” in March Xpeng 2002 FUND VALUE: FRONTRUNNER 2020, Lin dived in, working closely with Chesky and the rest of Airbnb’s 3. Hans Tung FUND VALUE: $119.5 bil board to slash costs, lay off employees, GGV Capital take out debt to cover refunds and Wish $30.4 bil pivot the business to focus on work- EDITOR: ALEX KONRAD; REPORTING BY BECCA SZKUTAK AND NINA WOLPOW from-anywhere travel. Likewise, Lin 4. Richard Liu DEAL VALUE: DEAL VALUE: $328.5 bil LIN AND HERSHENSON: CHRISTIE HEMM KLOK FOR FORBES; DOERR: ERIK MILLETTE; MORITZ: SIMON DAWSON/BLOOMBERG; LEONE: ERIC MILLETTE; KHOSLA: DAVID PAUL MORRIS/BLOOMBERG helped DoorDash’s Tony Xu, whom he’d 5Y Capital DEAL COUNT: 27,798 backed in a Series A round in 2014, Xiaomi $34.4 bil secure safety equipment for its delivery DEAL COUNT: 2,888 # OF FUNDS: 712 contractors, cut commissions and set 5. Michael Speiser up free meals for first responders. Sutter Hill Ventures # OF FUNDS: 261 Snowflake “It’s helpful to have a supporting S O U R C E : PitchBook partner when things are that stressful,” 6. Satish Dharmaraj Xu says. “Then, when things are less Redpoint Ventures HOME RUN HITTERS stressful, they’re someone who will Snowflake challenge you. . . . Alfred knows when These internet standouts have helped consumers to balance those two sides of him.” 7. Chris Dixon around the world work from home anywhere, Andreessen Horowitz Adds Lin: “I think these trying Coinbase listen to music, shop online and stay connected as times are fun. Not because I’m a our lives moved virtual. They also helped put the masochist, but I do think you don’t 8. Zhen Zhang know if you’ve built something of Gaorong Capital most investors on this year’s Midas List. enduring value until you’re tested.” Pinduoduo Airbnb 14 NOTABLE NEWCOMER 9. Roelof Botha Meituan Sequoia 11 After founding three startups and teaching Unity Spotify 11 engineering at Stanford, Spain-born Stripe 10 10. Lee Fixel 9 Mar Hershenson started Pear VC with for- Addition Xiaomi mer rug dealer Pejman Nozad (No. 15). Their Roblox early bet on DoorDash propelled them onto 0 3 6 9 12 15 the Midas 100. Ranked No. 29, Hershenson 11. Navin Chaddha Mayfield THE MIDAS LEGENDS is one of 12 women on this year’s list. Poshmark Just one venture capitalist has appeared on all 12. Sameer Gandhi 20 iterations of the Midas List: billionaire John Doerr, Accel a partner at Kleiner Perkins who was an early investor CrowdStrike in Amazon, Compaq and Google, as well as DoorDash, Slack and many more. Sequoia partner and former 13. Jeff Jordan journalist Michael Moritz—an inaugural member who Andreessen Horowitz Airbnb dropped off for one year in 2018—comes close. 14. Jan Hammer Most appearances by active Midas List members: Index Ventures Robinhood John Michael Doug Scott Vinod Doerr Moritz Leone Sandell Khosla 15. Pejman Nozad Pear Ventures 20 19 16 15 14 DoorDash 16. Peter Thiel Founders Fund Airbnb 17. Scott Shleifer Tiger Global Management Postmates 18. Joe Lonsdale 8VC Wish 19. Jeremy Liew Lightspeed Venture Partners Affirm 20. Bill Gurley Benchmark Uber APRIL/MAY 2021 FORBES.COM

CUSTOM ADVERTISING SECTION TR ANSPORTATION 2025 Achieving Resilience Amid Profound Change By Poornima Apte example, RyderShare™, a collaborative cost. A narrow focus on only one of these digital platform, helps users visualize pillars can potentially derail the best- The transportation industry is complex relay operations that truck laid plans. Balance all three priorities for bracing for significant changes. fleets routinely execute. Since every optimal results, Martin advised. node of transit operations is laid bare, While e-commerce is projected to expand, glitches become easier to pinpoint 4. Embrace Change. The pandemic has a shortage of truckers who haul freight and fix. been an abrupt disruptor, but it’s by no across the country is expected to linger. means going to be the only one in the Add in rising freight rates, escalating The platform enables store managers years to come. By accepting that change consumer demands for quicker deliveries to know when shipments will arrive and is inevitable, it encourages innovation and penalties for missing delivery windows, manage exceptions in case of delays, within organizations, Martin said. “Build and companies have a steep hill to climb such as those caused by traffic. This partnerships, experiment and run pilots when it comes to transporting goods. allows companies to schedule personnel so that you learn what’s happening,” to receive the deliveries, improving he said. Given that nearly 73% of goods in the productivity and lowering costs. United States moved by truck in 2019, Managers used RyderShare™ this way When Outsourcing Makes Sense according to the American Trucking early in the pandemic, when demand Associations, there’s a lot at stake. for certain goods outpaced availability. Considering the changes ahead and the importance of having the right It’s why Steve Martin, senior vice president 2. Prioritize Flexibility. Having digital strategy, businesses might benefit of transportation logistics at Ryder, platforms that can facilitate collaboration from outsourcing their transportation recommends that business leaders focus among stakeholders and readily accept and logistics needs. on developing a clear transportation new technology solutions will enable strategy that prioritizes optimization a company to pivot more easily. Transportation and logistics providers and resilience while positioning “Technology is changing very rapidly,” that are investing in new technology their business to take advantage of Martin said. “Having your platforms and staying ahead of the changes new opportunities. designed to continue to adapt and modify that are reshaping the industry are with changes is really important.” most likely to succeed, Martin said. More specifically, to improve their transportation networks and gain a Predictive analytics and autonomous “If the partner is not paying attention competitive advantage, Martin said vehicles are among the innovative forces to the disruptors and what’s happening companies should take the following that will disrupt the transportation industry on an innovation standpoint, I think four steps: and require businesses to build flexibility you’re going to find yourself being into their plans, Martin said. left behind by others that have that 1. Improve Visibility. Martin encourages type of capability,” he said. businesses to use data to improve visibility 3. Stay Balanced. Transportation managers into their supply chain networks. For need to factor in safety, service and

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36 30 Under 30 INDOOR OUTFITTERS Work-from-home apparel with the Forbes 30 Under 30, in 30 words or less. FRONTRUNNER Mia Park 29 Lior Ohayon 28 Sophia Danner-Okotie 29 Leah O’Malley 26 30 UNDER 30 BY ALEXANDRA STERNLICHT. DIEGO PATIÑO FOR FORBES (TOP)Dae Lim 28Aaron Spivak 26Tori Robinson 26 FOUNDER COFOUNDERS COFOUNDERS BESIDA COFOUNDERS SUNDAE SCHOOL HUSH BLANKETS BOYS LIE Besida’s brilliantly hued, Cannabis connoisseurs Ohayon learned about sustainably made $140 robes These Philly-raised friends gotta be comfy, and this “weighted therapy” to mitigate are handcrafted in Nigeria. uprooted to L.A. and poured duo’s “smokewear”—$350 anxiety while counseling The pandemic crushed her heartbreak into the best revenge: bomber jackets, $140 track special-needs campers. retail, but Atlanta-based a $5 million (revenue) business pants—sparked $2 million He and Spivak crowdfunded Danner-Okotie still sold 3,400 whose sweatsuits boast cheeky in funding. Fans include $1.2 million to make soothing pieces last year, mostly masks. slogans like “1-800-BOYS-LIE.” Aussie actor Jacob Elordi 15-pound blankies; 2020 And girls profit. and model Kaia Gerber. revenue hit $15 million. FORBES.COM ForbesLife THE FASTER TRACK Would you pay $80,000 for a car that doesn’t move— but can still go 200 mph? That’s the idea behind the new racing simulator collaboration between Aston Martin and Curv. The AMR-C01, partly inspired by Aston Martin’s Valkyrie hypercar, features a carbon- fiber monocoque, a customizable seat and an F1-style wheel (with high torque) and dual clutch paddles. Straight ahead is a 47-inch curved QHD monitor that can take you around several famous tracks, including almighty Nürburgring. The simulators are limited to 150 models and, fittingly, they’re selling fast. APRIL/MAY 2021

CUSTOM ADVERTISING SECTION Soft leadership: Enel’s new way to be 2020 was a life-changing year for all of us. The pandemic led Corporate culture will be increasingly based on a concept of to profound changes in our understanding of life. This period “soft leadership”, which aims to empower people using soft has presented us with new questions and challenges, which are VNLOOVWREHFRXSOHGZLWKWKHKDUGVNLOOVWKDWFRPSDQLHVDOUHDG\\ LQH[RUDEO\\UHÀHFWHGLQWKHZD\\WKDWZHWKLQNDERXWZRUN possess. 0DQ\\FRPSDQLHVDURXQGWKHZRUOGKDYHEHJXQWRUHWKLQNWKHLU operating models. We will move from “me” to “we”. ,Q WLPHV OLNH WKHVH LW LV HVVHQWLDO WR PDNH WKH PRVW RI WKH RSSRUWXQLWLHVIRUUHÀHFWLRQSUHVHQWHGE\\WKHFULVLVZHDUHOLYLQJ The concept of leadership is moving away from “command through. 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However, the extremely dramatic experience that we are all In this context, all the things that can be done from a distance, living through has also given us new insights. The issue of DYRLGLQJ WKH VWUHVV RI WUDYHOOLQJ WR WKH ṘFH DQG UHGXFLQJ FRPELQLQJZRUNDQGSDVVLRQVLVUHODWHGWRWKHDELOLW\\WRPRYH SROOXWLRQ ZLOO FRQWLQXH WR EH GRQH IURP KRPH FRZRUNLQJ WRZDUGVWKLVJRDORYHUWLPHLIDSHUVRQNQRZVZKHUHWKH\\QHHG VSDFHVQHZDUHDVDQG³+XE4XDUWHU´ṘFHVZLWKQRLQGLYLGXDO to go, then it paves the way for them to foster relationships and ṘFHVEXWZLWKDPSOHVSDFHIRUFROODERUDWLRQDQGVKDULQJ contacts within organizations that can lead them towards their passions. There will also be periods of high relational quality, where SURMHFWV FDQ EH ODXQFKHG EUDLQVWRUPLQJ FDQ WDNH SODFH DQG 1RZDGD\\VSHRSOHOLYHLQLQFUHDVLQJO\\ÀH[LEOHZRUOGVZLWKOHVV departmental meetings can be held, once a month or more, KLHUDUFK\\7KHWDUJHWHQYLURQPHQWLVWKHIUDPHZRUNLQZKLFK in order to build team spirit and a sense of community and they can tap into their talent and an organization that provides LQFOXVLRQ3HRSOHZLOOKDYHDFFHVVWRWKHṘFHDVDQGZKHQWKH\\ the conditions to do so. QHHG LW ERRNLQJ LQ DGYDQFH DQG VKRZLQJ WKH VDPH VHQVH RI responsibility that they have shown during this period. The future of organizations will be this digital-analogue (digi- ORJLF PL[IDFLOLWDWHGE\\WKHVLPSOL¿FDWLRQRIEXVLQHVVSURFHVVHV 7KH ZD\\ FRPSDQLHV ZRUN ZLOO EH UHZULWWHQ DV LV FXUUHQWO\\ and procedures, and made up of trust, responsibility, listening, happening in the Group where I am Head of People and passion and new leadership methods. 2UJDQL]DWLRQ ZH ZLOO EH IRFXVLQJ HYHQ PRUH RQ WKH VSHFL¿F needs of our internal and external customers, with the aim to This is Enel’s vision of the new way to be. VLPSOLI\\ WKH ³PDFKLQH´ :H ZLOO DOVR EH ORRNLQJ WR HVWDEOLVK relationships with all start-ups, new developments and innovations, in order to be at the forefront of change, which today is essential. In order to move forward in this new scenario, it is crucial to determine how to redesign the relationship between leadership and collaboration, between people’s talents and business areas.

ANGOLA ARGENTINA Finance Minister Vera The pandemic—and the resulting Daves, 37, says she won’t increase in home cooking—helped rest until she launches the Ignacio Noel turn around century- Angolan stock market—this old Buenos Aires flour maker year, she hopes. The Luan- Morixe Hermanos. Its stock is da native expects telecom up fourfold since early 2020. Multitel and construction company Mota-Engil to be 38 W O R L D among the first IPOs. BAHRAIN Forbes Middle East features Najla Al Shirawi on its list of Power Busi- FRONTRUNNER OF nesswomen. The CEO of BY KATHERINE LOVE. ANGOLA: WALTER FERNANDES; BAHRAIN: SICO; BOLIVIA: PEPSICO; BULGARIA: IVAN KOLOVOS; COLOMBIA: CLEVER LEAVES; CYPRUS: DIMITRIS VATTIS; CZECH REPUBLIC: DAVID TURECKY; GREECE: KONSTANTINOS LYMPEROPOULOSFORBESSICO, a Manama-based investment bank with $2.3 billion in assets, is leading its expansion into Saudi Arabia. Across the planet, our 35 licensed BOLIVIA BRAZIL editions span five continents, PepsiCo, which is beginning Santos native Djamila 24 languages and 13 time zones. to make Cheetos at a Bolivian Ribeiro’s three books— They all share the same mission: manufacturing plant, has com- comprising essays on such celebrating entrepreneurial capitalism mitted to buy an estimated topics as Black female 30 tons of locally grown corn empowerment and race- in all its forms. each month and is hiring about quota policies—have sold 300 people for production, dis- more than 500,000 copies tribution and marketing jobs. and been translated into French, Spanish and Italian. BULGARIA CHINA COLOMBIA CYPRUS CZECH REPUBLIC Named one of China’s most “Telecommunications successful businesswomen became the unexpected Forbes Czech 30 Under 30 by Forbes China, Wang Feng hero of the battle against honoree Veronika Kamen- Ying is the first female presi- social isolation and the ská, 21, created a mental- dent of Great Wall Motor, threat of financial paraly- health app after surviving China’s largest manufacturer sis,” says Andreas Neocle- a suicide attempt. Avail- of SUVs and pickup trucks. ous, CEO of the country’s international voice and able in nine languages, data-services leader, Cyta. Nepanikař (“Don’t Panic”) Sara Kyurkchieva launched Offering medical has been downloaded Orpheus, a cosmetics line cannabis—what Colom- nearly 200,000 times. that claims to harness the bians call “the new green restorative powers of the HUNGARY gold”—Bogotá-based Orpheus flower, in 2018 Clever Leaves debuted After making a million- to help her sensitive skin. on the Nasdaq via a SPAC dollar fortune in roofing The flower grows along Bul- in December. Recent mar- and façades across Eastern garia’s border with Greece. ket cap: $330 million. Europe, József Kreinbacher is pouring his time into his DOMINICAN REPUBLIC FRANCE GEORGIA mountainside winery, which produces 200,000 bottles Lucile Houellemont Having designed Heineken Skeptics questioned the of award-winning Hungar- de Gamundi took over bottles, trams and a superyacht, future of Guram Gvasalia’s ian champagne each year. Dominican Watchman after her father’s death in 2016. multidisciplinary artist Ora ïto’s streetwear brand, Vete- The 50-year-old security next project is transforming a ments, after his brother, a company is now preparing fashion designer, departed to begin exporting its Marseille fortress into a seaside the company in 2019. Yet products—such as elec- attraction promoting environ- tronic entry cards and mentalism. “Entrepreneurial sales grew during the surveillance cameras—to pandemic, he says. “If your other Caribbean islands. success today is no longer [about] house is built well . . . it will turnover, but what the business will generate,” he says. sustain any strong wind.” GREECE Boosting Greece’s export GDP, which lags behind that of most EU countries, is key to climbing out of its decade-long financial tur- moil, says academic Kon- stantinos Lymperopoulos. He believes the country’s problems have been exac- erbated by the pandemic and reduced consumption. FORBES.COM APRIL/MAY 2021

INDIA INDONESIA ISRAEL Southeast Asia’s most-followed Omri Schanin, 31, is the cofounder YouTuber with 26.5 million of MeaTech, a Tel Aviv–listed company that debuted on the subscribers, Atta Halilintar fronts Nasdaq in March. The startup, Forbes Indonesia’s inaugural list of founded in 2018, sustainably 3D-prints meat from the stem top digital-content creators. The cells of chickens and cattle. 26-year-old has made his name in acting, rap and prank videos. Philanthropist Azim ITALY JAPAN KAZAKHSTAN 39 Premji’s foundation and Wipro, the Indian IT giant Forbes Italy adds a social Hiromasa Tsuchiya chairs Last year Alim Khamitov, 34 (far FRONTRUNNER he scaled, committed media category to its 30 CAINZ, a $4 billion (sales) left), and Mirat Akhmetsadykov, $155 million toward fighting Under 30 list, honoring viral discount home-goods cen- 33, launched a $10 million venture the pandemic. Wipro also stars such as Norma Cer- ter testing innovative ways fund to support Kazakh and Central converted one of its facili- letti, a 29-year-old English to improve the retail experi- Asian startups as part of MOST, an ties to a 450-bed hospital teacher who has more than ence, including a robot or entrepreneurship community that 800,000 followers across app that guides customers has emerged over the past decade. for Covid-19 patients. Instagram and TikTok. to specific items. LATVIA MEXICO MONGOLIA Guadalajara native Sergio Tatsuya Hamada heads Mo- “Checo” Pérez, 31, will rep- bicom, the nation’s leading resent Red Bull Racing in telecom and web provider, which has expanded into Formula 1 this year. He digital payments. More than clocked his first big win in 1.6 million users have made December at the Sakhir secure purchases via its Grand Prix in Bahrain. Monpay smartphone app. INDONESIA: WS PRAMONO; ISRAEL: NIR SLAKMAN; ITALY: SILVIA PASQUETTO; MEXICO: BRYN LENNON / GETTY IMAGES FOR RED BULL RACING; MONGOLIA: In order to promote POLAND PORTUGAL S.BATSAIKHAN FOR FORBES MONGOLIA; POLAND: PIOTR WANIOREK; PORTUGAL: VICTOR MACHADO; ROMANIA: SHUTTERSTOCK; SLOVAKIA: ONDŘEJ PÝCHA; farming and production, and SPAIN: XAVIER TORRES-BACCHETTA; SOUTH KOREA: LEE WON-KEUN FOR FORBES KOREA; UKRAINE: ALEXANDER CHEKMENEV; ZIMBABWE: SASHA MUSA Gabriel Chojak’s Dekorglass RUSSIA support increased interest molds 200 tons of glass in buying property, Latvia in each day into decorative Early Facebook investor Yuri Milner February increased the loan says he donates nearly $100 million limit to purchase agricultural bottles for products such as Hugo Boss fragrances and to science and space exploration land to €1 million. each year. “There should be people Johnnie Walker whiskey. ROMANIA Annual revenue was roughly or institutions that will finance $50 million pre-pandemic. projects with little chance of suc- cess but with great potential signifi- Twenty years of stagnant economic growth is a cance,” he tells Forbes Russia. “The residential market SLOVAKIA “national shame,” says oil SOUTH KOREA SPAIN recorded exceptional executive António Costa e results in 2020,” says Ionuţ Slovak Olympic medalist Silva, who has been tasked Baek Joon-ho heads The Spanish-language You- Nicolescu, president of SVN and Hall of Fame profes- Seoul-based Furiosa AI, a Tube yoga classes of Xuan Romania’s property port- sional basketball coach by the government with maker of AI-enabled semi- Lan—a Vietnam native liv- folio. The number of real Natália Hejková has led drafting a decade-long conductor coprocessors. ing in Barcelona—have at- estate transactions nation- teams to five EuroLeague recovery plan. “We have to Competing against Nvidia tracted 1.4 million followers. ally rose 11.6% in 2020. Women titles. She names create conditions for the and Intel types, the chips’ She fronts Forbes Spain’s 11-time NBA championship country to create wealth.” decision-making capabili- issue titled “Who’s Who in THAILAND ties are used in everything coach Phil Jackson as SWITZERLAND from autonomous driving the Business of Yoga.” When Amorn Thongthew, her role model. to language translation. 37, takes the reins of Viriyah Insurance from his mother, he plans to expand the 74-year-old Bangkok company’s non- automotive categories, such as health care. UKRAINE Lukas Langenegger’s ZIMBABWE startup, Hemotune, which Near-billionaire Yuriy Kosiuk and his grew out of public research Chef Nicola Kagoro, 32, is company, MHP, Ukraine’s largest university ETH Zurich, seeks building a business promoting poultry producer, are rolling out an effective antidote for veganism across Africa as an initiatives to promote healthy, af- sepsis. The body’s extreme affordable, nutritious diet. She fordable cooking. MHP is opening partners with the International meat markets, planning a restau- response to infection— Anti-Poaching Foundation to rant concept and posting chef- as seen in many Covid-19 provide dozens of rangers with guided recipes on social media. three plant-based meals a day. patients—kills 11 million people each year. APRIL/MAY 2021 FORBES.COM

BUY, HOLD, SELL Book Value Trucks Leaders from the worlds of business, academia, 40 Ken Gross entertainment and Author, curator, former politics share what’s on director of the Petersen Automotive Museum their bedside table. FRONTRUNNER 1962-69 1946-68 1947-55 Niraj Shah BUY, HOLD, SELL BY CHRISTIAN KREZNAR. CHRIS LYONS (3) FOR FORBES, LEFT; SHAH: SAM KERR FOR FORBESJeep Gladiator J3000Dodge Power WagonChevrolet AdvancedBillionaire cofounder and CEO of online furniture Rugged and straight- An Army truck toned down Design Thriftmaster and home-goods retailer edged, early 4x4 Gladiators for the road, the civilian were Spartan rock crushers. model still has the torque Despite their timeless Wayfair styling, these trucks are Forget the second- to pull tree stumps all day. short on upside potential generation J-Series Good examples go for (unless it was given the (1970-87) and hunt down $50,000 to $70,000 but an old-school Thriftside are in high demand. rare and expensive “longbox”—a truck with an NAPCO 4x4 conversion). ultralong bed and sharply If yours isn’t rusted out, angled sides—for $20,000. it’s possible to get $30,000 to $40,000 for it. Sparkling Wine A. Margaine Spécial Club Nyetimber’s 1086 Peter Lauer’s 1992 Réserve The Black Widow Riesling Sekt Nature Victoria James Blanc de Blancs Prestige Cuvée By Daniel Silva Pure sommelier catnip. Author, sommelier, This “club” of Champagne Grown in soil similar If you have a bottle of this The Black Widow beverage director growers make some of to that of Champagne, (Harper, 2017) is the 16th and partner at Cote France’s best bubbly. At this English wine is chal- German gem squirreled of Daniel Silva’s Gabriel $105, this wine from the lenging its French counter- away, you have a tough Allon thrillers. The series in Manhattan small village of Villers- parts. Northern climes are warming; admission decision: Drink it in its begins with Allon, an Real Estate Marmery will merit its own to this up-and-coming prime or sell for a neat $90. Israeli ex–intelligence celebration in 20 years. bottle starts at $250 and operative, living a quiet Bradley Nelson will go up from there. life as an art restorer. He’s soon called back Chief marketing officer, into the game to hunt Sotheby’s International down terrorists. I’ve always been interested Realty in espionage, but before the pandemic, I had New York or London Portuguese Hotspots Family Vacation Condos little time to read. In this installment, Allon Pieds-à-Terre Lisbon and Porto are the Remote work has made is about to become the Nashville and Austin of seasonal homes viable chief of Israel’s secret Pandemic-driven urban Europe: Google has already year-round. Say farewell flight caused prices to drop set up shop in Lisbon; to the vacation pad you intelligence service in 2020, but as the economy expect more companies haven’t used in a while. but ends up back in reopens, the market is heat- to follow. Affluent tech If you’re lucky, you might the arena when an ISIS ing back up. Apartments in buyers will do wonders for have something akin to operative detonates new developments, like this this 2002 Naples condo, a bomb in Paris. As $2 million loft in Brooklyn’s property values. Allon tracks down the waterside Dumbo neighbor- asking $9.5 million. man responsible, The hood, are prime investments. Black Widow shows, in methodical, step-by- step detail, how he does it. Each book in the series is self-contained, though Silva’s character development is so intoxicating that you want to start the next one as soon as you finish. It’s great escapism, a different kind of entertainment. There’s only so much TV you can watch. FORBES.COM APRIL/MAY 2021

© 2021 FGP, LLC. All Rights Reserved. Forbes Global Properties® is a pending trademark registration used under license. Showcasing the world's finest homes... and the stories behind them ForbesGlobalProperties.com Neal Norman • [email protected] Hawai'i Life Real Estate Brokers +1 808.651.1777 • RB-18048

F rom the time he entered the White House in January 2017 to his departure a few months ago, Donald Trump’s fortune fell by nearly a third, from $3.5 billion to $2.4 billion. The S&P 500, meanwhile, increased 70%. 42 Every investor at some point has kicked himself for hold- Politics ing an asset too long. Perhaps none, however, has made such a monumental miscalculation. By refusing to divest his port- folio upon taking office, Trump bogged down his presidency with ethics issues for years, while also missing a chance to FRONTRUNNER TRUMP’S BAD BET cash in on a market boom he helped propel. TRUMP BY DAN ALEXANDER; BIDEN BY MICHELA TINDERAIf he had sold everything on Day 1, paid the maximum TRUMP: CHIP SOMODEVILLE/GETTY IMAGES; BIDEN: ERIN SCOTT/GETTY IMAGE;CRAIG WARTGA/BLOOMBERG; EPICS/GETTY IMAGES; The former president refused to MATTHIAS LERVOLG/GETTY IMAGES; JULIE THURSTON/GETTY IMAGES;MICHELE EVE SANDBERG/GETTY IMAGES; JOSE MORE/ALAMYcapital-gains taxes on the sales, then put the proceeds into a divest his assets when he took office in 2017. conflict-free fund tracking the S&P 500, Trump would have ended his presidency an estimated $1.6 billion richer than he It cost him some $1.6 billion. is today. Below are his four biggest losers and top two gainers. ABOVE-AVERAGE JOE President Biden’s net worth has soared in recent years. 6 East 57th Street • New York 40 Wall Street • New York 555 California St • San Francisco THROUGHOUT HIS career, Joe Biden was fond of saying he NET VALUE: $148 million WHAT HE OWNS: Leasehold WHAT HE OWNS: 30% stake in was the “poorest,” or one of the three-building complex poorest, officials in Congress. CHANGE DURING PRESIDENCY: TOTAL VALUE: $304 million That’s no longer the case. Dur- TOTAL VALUE: $1.9 billion ing a campaign stop last year $217 million DEBT: $137 million in South Carolina, he said he DEBT: $538 million was “stunned” by his post- Online shopping has wreaked NET VALUE: $168 million vice-presidential earnings, havoc on buildings like this, a glitzy NET VALUE: $422 million citing the success of Promise 65,000-square-foot space just off CHANGE DURING PRESIDENCY: Me, Dad, his book about his Fifth Avenue in the middle of what CHANGE DURING PRESIDENCY: son Beau, who died of cancer was once one of the busiest retail $195 million in 2015: “I didn’t realize it, but locations in the world. It hasn’t $102 million I made a lot of money.” helped that Nike abandoned its Profits at Trump’s Financial District five-story flagship in 2018. Tiffany, tower, home to dozens of small Two of Trump’s major tenants Thanks to his book deal and which has been subleasing Nike’s firms, plummeted 32% during the here, Goldman Sachs and Bank of the speaking circuit, Biden and old space while its own Fifth Avenue first three quarters of 2020, the America, made a show of distanc- his wife, Jill, raked in about hub is being renovated, is slated to most recent period on record. ing themselves from Trump after $11 million in 2017 and another vacate in 2022. the Capitol riot. Behind the scenes, almost $6 million in 2018 and however, both re-upped their leases 2019. He used some of that to in Trump’s most valuable property. buy a 4,800-square-foot seaside escape in Rehoboth Beach, Hotel Management & Licensing Trump National Doral, Miami Mar-a-Lago • Palm Beach, Florida Delaware, for $2.7 million in 2017. His most valuable asset, it’s now NET VALUE: $57 million TOTAL VALUE: $135 million NET VALUE: $250 million worth an estimated $3.4 million, up some 25% in four years— CHANGE DURING PRESIDENCY: DEBT: $125 million CHANGE DURING PRESIDENCY: lifted in part by surging home values during the pandemic. $163 million NET VALUE: $10 million $75 million Forbes pegs Biden’s net Trump’s branding business didn’t CHANGE DURING PRESIDENCY: When the coronavirus hit, northeast- worth, after taxes and spend- benefit from four years of polariza- erners flocked south and Floridians ing, at an estimated $9 million, tion and the January 6 Capitol riot. $160 million stayed put. Huge demand and lim- including the beach house, a Several licensees have dropped the ited supply were welcome news for home in Wilmington, Delaware, Trump name from their properties, Business at this golf resort was the state’s homeowners, including a federal pension worth more and no one seems eager to step already bad before the pandemic. Trump. He bought the Palm Beach than $1 million, plus cash and in and replace them. “He has done Then revenue plunged more than club, where he decamped after investments. That’s to say noth- permanent damage to the Trump 40%. With $125 million of Deutsche leaving D.C., in 1985 for about $10 ing of his recent raise: Biden name and image, at least for two Bank debt coming due in 2023, million: $5 million for the oversized earns $400,000 a year as presi- or three decades,” concludes real rumors are circling that the Trump home, a reported $3 million for fancy dent, up from $230,700 as VP. estate analyst Kevin Brown. Organization may consider turning furnishings, plus another $2 million the property into a casino. for beachfront land across the road. APRIL/MAY 2021 FORBES.COM

30 Beverly Park Terrace Beverly Hills, California 3.47 Acres $110,000,000 Rick Hilton • [email protected] Jeff Hyland • jeff@hiltonhyland.com Barron N.Hilton • [email protected] Tessa Hilton [email protected] +1 310.278.3311 DRE: 01160681 Architectural Rendering Kahala Beachfront Development Opportunity • Oahu, Hawaii $25,000,000 4607 Kahala Avenue, Honolulu Erik Hinshaw • [email protected] +1 808.800.6278 Matt Beall • [email protected] +1 808.346.7413 Providing unrivaled access to the © 2021 FGP, LLC. All Rights Reserved. Forbes Global Properties® world's finest homes is a pending trademark registration used under license. ForbesGlobalProperties.com

CHEAT WAVE For homebound students, dishonest schoolwork during the pandemic has gotten much easier. One big reason is Chegg, a company minting money by 44 answering test (er, homework . . . cough, cough) questions on demand. A market need being filled, or sign of academic apocalypse? Readers raised their FRONTRUNNER hands to weigh in. BY LEAH ROSENBAUM COLIN EDWARDS: “Gotta love technology that contributes to the degradation of society for the gain of profit.” Conversation @OLIVIER_AMAR: “This is total BS. MR. CONGENIALITY Soon they’re going to F rank Slootman is a bare-knuckled serial CEO who runs ev- call out Google for kids ery company he helms like a one-man fief. (“I exercise execu- tive prerogative,” he told Forbes for our February/March cover looking up answers there, too.” @CUPIDEANSO: “It isn’t that serious. Anything truly comprehensive still [requires that you] do the work.” story. “I don’t have to justify it.”) The latest stop in his peripa- tetic career has paid off handsomely: Last September, Sloot- DREW BATES: “Colleges cheat man guided cloud-tech firm Snowflake to a $3.9 billion IPO, the largest ever students every day. They’re still getting for a software maker, turning himself into a billionaire in the process. But that tuition while his aggressive nature has filled corporate coffers (Snowflake was his money, right?” third IPO), readers were split on the merits of his brusque management style. LARRY CHAO: “You can cheat on a test, “For every one Slootman,” tweeted @moseskagan, “there are 1,000 overcon- but you can’t cheat your way through life without fident dipshits who don’t listen, don’t appreciate their employees/partners getting caught.” and make stupid decisions.” In others, though, Slootman’s no-nonsense mien sparked admiration—and a comparison to Harvey Keitel’s famed tuxedo-clad celluloid fixer. Tweeted @TrungTPhan: “[Slootman] is basically the corpo- @VETCAPITALGROUP: “The problem isn’t Chegg. rate world’s version of Mr. Wolf from Pulp Fiction.” The problem is that people want to cheat to get ahead.” THE INTEREST GRAPH 758,794 Meet Jared and Ivanka’s New Neighbors—Including Tom and Gisele—on Miami’s Billionaire’s Bunker 96,054 Inside the Billion-Dollar Plan to Kill Credit Cards 87,933 The Manipulative, Little-Known Billionaire Who Nearly Ruined the Country’s Richest Black Person 84,915 This $12 Billion Company Is Getting Rich Off Students Cheating Their Way Through Covid 83,837 The Blockchain 50 2021 65,410 The Outsider: How CEO-for-Hire Frank Slootman Turned Snowflake Into Software’s Biggest-Ever IPO 36,294 Instacart Survived Covid Chaos—but Can It Keep Delivering After the Pandemic? 17,890 THE BOMB: Gold in Your Closet: The Startup Helping Patagonia and Levi’s Cash In on the Resale Boom FORBES.COM APRIL/MAY 2021

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DARE TO DO DIFFERENTLY 47 I N N O VAT I O N By Steven Bertoni and Antoine Gara Photograph by Jamel Toppin for Forbes Scene Stealer VIMEO wasted its youth striving to be an oddball combo of Netflix and a commercial-free YouTube. After a hard refocus on business users, CEO ANJALI SUD has transformed the near-forgotten brand into a $6 billion blockbuster business that lets both mom-and-pop shops and giant corporations shoot, edit and post millions of videos across the internet’s most influential sites. APRIL/MAY 2021 FORBES.COM

S and made Sud the CEO. In November 2020, Vimeo raised $150 million at a $2.8 billion valuation from Thrive Capital and GIC, Singapore’s sovereign wealth fund. Just two months later, it got $300 million more at a 48 nearly $6 billion valuation from T. Rowe Price HOW TO PLAY IT and San Francisco–based Oberndorf Enterprises. This spring, IAC plans to spin off Vimeo tax- According to Dennis Hong free to shareholders. It will be Diller’s eighth spin- CONTRARIAN • INNOVATION Vimeo has been off. Over the last 25 years, IAC has incubated, re- HOW TO PLAY IT BY ANTOINE GARA. PATRICK WELSH FOR FORBESa big hit for Barryhabbed, flipped and spun misfit web assets worth Seven years ago, Vimeo Diller’s IAC, but $100 billion, including household names like Dennis Hong, of Match.com, Expedia and Angie’s List. The strategy $1.3 billion (as- has worked: A buck invested in IAC at its dawn in sets) ShawSpring had Hollywood dreams. The internet video out- Partners, thinks 1995 is now worth about $40, a compound annual fit—owned by Barry Diller’s IAC—had found a the stock, which is return of 16% versus the S&P 500 Index’s 10% re- up 94% in the last niche hosting flicks for artsy filmmakers who six months, has turn over the same stretch. “In digital life and its didn’t want their works to be tossed into You- more room to run. possibilities, Vimeo’s not even in the first round,” Tube’s unruly, ad-driven stew. But it was a tiny, Hong thinks Diller’s Diller says. “It has extraordinary potential.” August 2020 money-losing business with annual revenue un- purchase of 12% of Vimeo should be another star spin-off. In the gaming operator der $40 million. Vimeo was pinning its hopes on MGM for $1 billion current frothy cloud software market, Bank of the booming streaming business, betting it could lays the ground- America predicts Vimeo (which IAC tried to un- leverage its relationship with creatives to build work for a major load to Kodak for around $10 million more than a subscription service to rival Netflix, Amazon online-gaming a decade ago) could hit a valuation of $10 bil- play. He also be- Prime and HBO. It hired studio execs from Para- lieves Diller’s asset lion—about 50% of IAC’s current market cap. mount and Hulu and signed distribution deals trove contains For customers, Vimeo is a digital crop duster with Lionsgate, CBS Interactive and Spike Lee businesses that whose software enables them to spread videos will thrive post- for content to stock the new service. Covid, including across social media, email marketing campaigns, But Anjali Sud, then Vimeo’s 31-year-old di- online child-care websites, digital marketplaces and streaming network Care rector of marketing, had a hunch the company’s .com and ANGI channels. Subscriptions start at $7 a month for future was not in Hollywood hits but Silicon Val- Homeservices. a basic package and climb to more than $20,000 ley plumbing. Her plan: shift its focus from en- Homebuyers who a month for big enterprise deployments at places have fled to the tertainment to entrepreneurs. “Vimeo had long suburbs will need like Amazon and Starbucks. been a software company for filmmakers, but the ANGI’s handymen. Because Vimeo is commercial-free, its videos market was too small,” says Sud, now 37. “There Hong estimates are allowed on ad-supported outlets like Facebook, that ANGI (worth was another, much bigger market—businesses. $7 billion today) LinkedIn, YouTube, Pinterest and Twitter. Ad-free What Squarespace and GoDaddy did for web- could reach a $50 is also vital for distribution on online retailers like sites, we could do with video.” billion valuation. Amazon, Etsy and Shopify. And Vimeo’s corporate With $2.9 billion She pitched the idea to Joey Levin, Diller’s in cash, IAC trades clients don’t have to fret about random advertise- handpicked IAC CEO. “Anjali said, ‘This is a real at a discount ments—or, worse, ones from competitors—appear- despite decades business that’s relevant to a much larger audi- of spinning straw ing in the middle of their branded content. ence than anyone thinks,’ ” Levin says. He gave into gold. Companies like Deloitte, Pottery Barn, Rite Aid Sud a small team to test the idea. “We like to find and Forbes use Vimeo to deliver training and on- smart, talented, ambitious people, throw them boarding videos in addition to livestreaming cor- into the deep end and see if they can swim.” porate events to employees now spread worldwide. Sud was soon doing the backstroke, transform- Meanwhile, a million-plus smaller businesses use ing Vimeo from a dusty web relic into the show- Vimeo to distribute advertising, product demos stopper of IAC’s tech portfolio. A one-stop shop to and how-to videos. Vimeo may have failed to launch shoot, edit, store and distribute video, Vimeo post- its own streaming channel, but thousands of oth- ed sales of $84 million during the fourth quarter of ers—from indie filmmakers to Pilates instructors— 2020, a 54% jump from the same period the previ- use it to create subscription channels on streaming ous year. Last quarter, net subscribers increased by services such as Apple TV, Roku, Fire TV and Xbox. 300,000, to a total of 1.5 million—a gain of nearly Says Sud, “We’re both a 16-year-old video platform 25%. Annual revenue is on track to top $300 mil- and a three-year-old software startup.” lion. IAC shut down the streaming division in 2017 Vimeo came aboard IAC in 2006 as a stowaway FORBES.COM APRIL/MAY 2021