George Fraser and Taylor Brown, cofounders of $5.6 billion cloud company Fivetran.
JAMEL TOPPIN FOR FORBESThis year’s Cloud 100 list is bigger than ever before, with the combined market cap of the world's top cloud companies surging $100 billion higher than last year, yet some valuations are starting to crumble. Updated sub-variant-battling Covid-19 vaccines are in the works, while Jynneos monkeypox vaccines get distributed across the United States. Plus, the cost of chicken could soon jump higher than the 13% it already has in the last year due to consolidation in the industry.
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In The News Today
- FBI agents conducted what former President Donald Trump dubbed an “unannounced raid” at his Mar-a-Lago estate on Monday night amid a Department of Justice investigation into why 15 boxes of sensitive Trump-era government records were taken to the Palm Beach club.
- The federal government has shipped upward of 602,000 doses of Jynneos monkeypox vaccines since May, following the White House’s public health emergency declaration last week. The largest shipments have gone to the hardest-hit locales including New York City and California, though many major cities say they are strapped for supplies.
Top Take-Aways
Companies stretching from Sydney, Australia to San Francisco, California, make up the world’s top companies on the seventh annual Forbes Cloud 100 list. A bigger cohort with fewer newcomers to the list signals a maturing sector but many VC-backed players are bracing for a potentially long ‘funding winter’ after exuberant deal-making over the last 18 months. The leadership of these unicorns remains male-dominated but a growing number of female CEOs and founders hold the reins.
Twitter subpoenaed Oracle cofounder Larry Ellison, who Forbes pegs as the sixth-wealthiest person in the world, as part of the social media giant’s lawsuit to force Elon Musk to carry out his $44 billion acquisition of the platform. Ellison, a long-time Musk ally, pledged $1 billion toward Musk’s bid through his Lawrence J. Ellison Revocable Trust.
Bed Bath & Beyond stock skyrocketed roughly 35% on Monday as retail investors, many hailing from Reddit’s WallStreetBets discussion forum, bought up shares in a coordinated effort. Other meme stocks including AMC and GameStop also rallied.
Pfizer and BioNTech will begin trials later this month of an updated Covid-19 vaccine targeted at squashing the newer BA.4 and BA.5 Omicron sub-variants. If the formula receives regulatory approval, the company claims it could roll out the shots in October in time for fall boosters.
Fewer Americans are relocating out of state this year with Maryland and New York facing the biggest decline in newcomers at 14%. Economists point to rising interest rates and rental costs, which have jumped more than 26% since pre-pandemic, for causing the dip.
The $430 billion Inflation Reduction Act freshly passed by the Senate may prompt companies to focus more on dividends next year rather than corporate stock buybacks. That’s thanks to a 1% tax on corporate buybacks included in the measure for most publicly-listed companies.
Today's Must-Read
How $5.6 Billion Cloud Company Fivetran Acquired Its Way To Survival
Cofounders George Fraser and Taylor Brown pulled off a “rabbit out of a hat” deal to make their data company viable.
In Case You Missed It
Expect price hikes on chicken as a newly created company is poised to control 15% of the market, bumping the market share of the industry’s top four competitors over 60%. The company stems from grain trader Cargill and Wayne Farms owner Continental Grain’s joint $4.5 billion acquisition of publicly-traded Sanderson Farms.
Tips You Can Trust
- We know the job interview jitters are real, but don’t stress too much. Forbes has the inside scoop on everything you need to say to stand out from other applicants.
- “Hustle culture” encourages workers to stretch themselves thin and can lead quickly to burnout. Before answering that late night text from your colleague or firing off another 11 p.m. client email, consider how consistently burning the midnight oil could actually hurt your career.
Must-Watch Video
Returning To Offices Is Foolish Says Staffing Platform CEO
Companies pushing a return to office mandate is “economically foolish,” says Taso Du Val, CEO at Toptal, a remote freelancer hiring platform. Institutions clinging to office space may do so at the expense of forfeiting some of their top talent, he warns.
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