Adam Neuman, the former WeWork CEO, is starting a residential real estate company that sounds a lot like one he previously invested in.
ILLUSTRATION BY STEPHANIE JONES FOR FORBES; PHOTO BY JAMEL TOPPIN FOR FORBESWednesday marks six months since Vladimir Putin ordered the invasion of Ukraine, and officials anticipate Russian attacks to escalate this week while the Biden Administration also reportedly plans to announce $3 billion in aid for Ukraine. Forbes takes you inside the wide-ranging holdings of Chinese tech titan ByteDance, which owns TikTok. Traveling over Labor Day weekend will likely be a headache for many, but it will be the worst at these ten airports.
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In The News Today
- President Joe Biden will reportedly announce his plan for federal student debt relief on Wednesday, bringing a long-awaited answer to tens of millions of borrowers. There is wide speculation that Biden could erase $10,000 in federal student loan debt per borrower—a key plank of the platform he campaigned on—for Americans making less than $125,000 annually. That would cumulatively eradicate $300 billion in student loan debt.
- Peiter Zatko, the ex-head of cybersecurity at Twitter, accused his former employer of committing fraud and numerous “egregious” security violations in an explosive whistleblower complaint revealed on Tuesday, which sent the social media giant’s stock down 4.5% in morning trading amid a broader market rise. Big picture: Zatko also alleged that Twitter intentionally undercounted fake accounts, referencing Elon Musk’s ongoing attempt to walk away from his $44 billion acquisition of the platform over his insistence that more than 5% of Twitter accounts were spam.
Top Take-Aways
The U.S. embassy in Kyiv urged Americans still in Ukraine to leave immediately ahead of Wednesday, when Ukraine commemorates its 31st anniversary of declaring independence from Soviet rule. The day also marks six months since Russia invaded. Russia is expected to ramp up attacks on civilian infrastructure and government facilities this week, the U.S. State Department warned.
The White House looks to commemorate that six-month war milestone by reportedly unveiling a $3 billion military aid package for Ukraine this week. Since the war began, the Biden Administration has committed $10.6 billion in military aid via 19 packages, not including the one expected to be announced in the coming days.
Chinese tech giant ByteDance, the parent of TikTok, owns a diverse set of companies across sectors including news, video gaming and education, in addition to its short-form video apps. Its dealings include a recent $1.5 billion acquisition of one of China’s biggest private hospital chains and an investment in Shanghai-based cafe chain Manner Coffee.
A spare $100,000 will get you a seat at a candlelight dinner that former President Donald Trump’s super PAC is hosting next month at one of the billionaire’s New Jersey golf courses. The event will raise funds for Make America Great Again, Again!, which will likely then pay Trump National Golf Club Bedminster—owned entirely by Trump himself—for hosting.
Keep extra patience—and ample time—on hand if you’re planning to travel over Labor Day weekend, and particularly if you’re passing through one of these ten airports. From Chicago Midway to Reagan International, these travel hubs are anticipated to be among the worst for facilitating your end-of-summer getaways.
Forbes takes you inside this year’s prestigious Monterey Car Week with a photo series of highlights from the 71st edition of the Pebble Beach Concours d’Elegance and The Quail: A Motorsports Gathering in Carmel. Plus, check out the 1955 Ferrari 410 Sport Spider that fetched $22 million in the event’s most expensive auction. Also up: new rides from Bugatti, Lincoln and DeLorean.
Today's Must-Read
In 2020, Adam Neumann’s family office became a lead investor in real estate tech company Alfred. Less than two years later, the ex-WeWork CEO announced a new venture, Flow, with $350 million in funding. Its similarities to Alfred’s business raise questions about Neumann’s motives—and concerns about possible conflicts of interest.
In Case You Missed It
Bahamas-based crypto exchange FTX, which a leaked presentation indicates has $2 billion in cash, appears to be preparing for acquisitions despite the cryptocurrency market continuing to reel. FTX is helmed by billionaire Sam Bankman-Fried, who has prioritized expanding in the United States by attracting more retail customers.
Tips You Can Trust
- Your concerns about the job market are justified as 36% of workers say their companies are restricting hiring to critical roles or otherwise tightening their belts for a potential recession. While that’s beyond your control, here are five ways to manage your career ahead of a could-be economic downturn.
- Many companies pride themselves on running lean, but hiring enough staff to free up time for managers and senior leadership to effectively make high-level decisions is crucial. Here’s why it’s important to keep mundane, in-the-weeds tasks off of those workers’ plates in order to ensure your organization runs smoothly.
Must-Watch Video
GoDaddy's CEO On The Company's Small Business Ecosystem And Finding Career Success
Aman Bhutani, CEO at GoDaddy, which serves 21 million customers globally, describes to Forbes the formulas he used to enter the C-Suite. Those include mantras like “better everyday,” centered around the idea that you don’t need to compete with anyone other than yourself from yesterday. Bhutani also uses GoDaddy data to look ahead at how small businesses can prepare for a potential recession.
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