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<keyword id="4413029" type="General" weightage="20" keywordseo="Austin-Russell" source="Orion">Austin Russell</keyword>, 28-year-old Chairman and CEO of automotive technology company <keyword id="4413151" type="General" weightage="20" keywordseo="Luminar-Technologies" source="Orion">Luminar Technologies</keyword>, has acquired 82 per cent stake in Forbes Global Media Holdings, that published the Forbes magazine, in a deal that values the media house at nearly $800 million. According to a report in Wall Street Journal, Russell's stake includes the remaining portion of the company owned by its namesake family, which sold 95 per cent of the company to Hong Kong-based investor group Integrated Whale Media Investments in 2014. Integrated Whale Media will retain a minority stake, according to the report late on Friday. Russell plans to serve as a visionary for Forbes brand and won't be involved in day-to-day operations, according to the statement. Forbes plans to appoint a new board consisting of American media, technology and artificial intelligence experts. Integrated Whale will keep one board seat. Russell will not be involved in day-to-day operations at Forbes, founded in 1917 by BC Forbes, and the publication plans to appoint a new board with US media, technology and artificial intelligence (AI) experts. Luminar Technologies currently has a $2.1 billion market cap. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars and Mercedes-Benz for consumer vehicles and Daimler Trucks for commercial trucks, to tech partners NVIDIA and Intel's Mobileye, Luminar is poised to be the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. In Q1 2023, Luminar said it exceeded its revenue guidance and maintains a strong balance sheet for accelerating business growth and reaching positive cash flow. It posted revenue of $14.5 million, up 112 per cent year-over-year. Luminar expects at least 100 per cent revenue growth in 2023. "Luminar is firing on all cylinders and successfully proving our ability to execute, industrialise and capitalise on our business. Over the past quarter, leading automakers have continued to expand our technology across their vehicle lineups, betting on the future of their ADAS and autonomous roadmaps in partnership with Luminar," said Russell. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-sc-hints-at-granting-sebi-extension-on-probe-report-to-decide-on-may-15/articleshow/100185994.cms">Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15</a>

28-year-old billionaire Austin Russell acquires 82% stake in Forbes

<ul class="summary-list"><li>Trump is angry that Forbes kicked him off of its list of wealthiest Americans.</li><li>Forbes says Trump just isn't worth enough money, especially because his social media play fizzled.</li></ul><a href="https://www.businessinsider.com/trump-fraud-trial-what-is-gaap-comedian-cpa-accountants-explain-2023-10">Donald Trump</a> on Monday lashed out at Forbes after the financial publication recently dropped the former president from its list of the 400 wealthiest Americans that includes the likes of Elon Musk, Jeff Bezos, and Warren Buffett.Trump said the publication "lost most of its relevance long ago" and "knows less about me than Stormy Daniels (who doesn't know me at all!) or Rosie O'Donnell," a reference to the adult film star who claimed she had an affair with him and the actress and TV host that Trump with which a long-running feud. The former president also repeatedly claimed Forbes was "China-owned" and referenced China's sovereign wealth fund that was involved in an abandoned deal to take the publication public."For years Forbes has attacked me with really dumb writers assigned to hit me hard, and I am now up 60 Points on the Republicans, and beating Crooked Joe by a lot. So much for Forbes!" Trump wrote on his social media platform, Truth.Forbes said that the former president failed to make the influential list for the second time in three years, because some of his portfolio has failed to live up to the hype. <a href="https://www.forbes.com/sites/danalexander/2023/10/03/donald-trump-drops-off-the-forbes-400-for-second-time-in-3-years/?sh=4405613c729d">One of the main reasons</a> was that Truth Social, the very social media platform where Trump lashed out at Forbes, has lost significant value."Trump once envisioned a significant percentage of the country logging onto the platform. But that never happened," Forbes' Dan Alexander wrote of the decision. "Roughly 6.5 million have signed up so far, about 1% of the total on X (né Twitter). Trump's 90% stake in Truth Social's parent company has plummeted in value from an estimated $730 million to less than $100 million."As Forbes alluded to in explaining its decision, Trump's net worth is in the news for far more than vanity. New York Attorney General Letitia James has argued <a href="https://www.businessinsider.com/trump-fraud-trial-what-is-gaap-comedian-cpa-accountants-explain-2023-10">Trump exaggerated his net worth by billions</a>. New York Supreme Court Justice issued a surprise order that was effectively viewed <a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9?IR=C">as a "corporate death penalty</a>" after finding that Trump committed fraud for years. The former president's legal team quickly appealed the decision, which another judge put on hold for the time being. Trump's claims about Forbes' China ties are outdated and extremely misleading. Despite his claims, China's sovereign wealth fund does not own Forbes. In May, Forbes announced that Austin Russell, an automotive tech tycoon, had acquired an 82% stake in the parent company of the magazine. The Hong-Kong based Integrated Whale Media Investments now holds only a minority stake in the company. Trump's lengthy rant did not refer to Whale Media Investments, but he mentioned the China Investment Corp, the nation's sovereign wealth fund. The fund, per the South China Morning Post, <a href="https://www.yahoo.com/video/hong-kong-spac-agrees-acquire-093000609.html" target="_blank" rel="noopener">owned just over a $11 million stake</a> in a company that was going to take Forbes public. As The New York Times later <a href="https://www.nytimes.com/2022/05/31/business/media/forbes-public-spac-deal.html">reported</a>, the agreement to take Forbes public through a special-purpose acquisition company (SPAC) was abandoned.This is not to say that there have not been concerns about Forbes' ownership. A Washington Post contributor pointed out in 2017 examples of <a href="https://www.washingtonpost.com/news/democracy-post/wp/2017/12/14/chinese-ownership-is-raising-questions-about-the-editorial-independence-of-a-major-u-s-magazine/" target="_blank" rel="noopener">potential "editorial meddling</a>," including the publication cutting ties with a long-time Communist Party critic. A spokesperson for Forbes pointed Insider <a href="https://www.forbes.com/sites/dereksaul/2023/10/09/trump-falsely-claims-forbes-attacked-him-after-he-falls-off-400-list/?sh=3340012c7968">to the publication's own story</a>, which included a statement that defended Forbes' view of Trump's net worth."Twice a year, we publish a detailed breakdown of our work, offering a far more accurate portrayal of Trump's personal balance sheet than the fictitious documents the Trump Organization has created over the years," the publication said.

Trump is furious at Forbes after the publication dropped him from its 400 wealthiest Americans list

<ul class="summary-list"><li>Five people died in a heli-skiing accident near <keyword id="20636" type="ENTERTAINMENT" weightage="60" keywordseo="Alaska">Alaska</keyword>'s Knik Glacier on Saturday.</li><li>Petr Kellner, a finance billionaire and the <keyword id="36415" type="COUNTRY" weightage="60" keywordseo="Czech-Republic">Czech Republic</keyword>'s richest person, was among the deceased.</li><li>Only one person survived the <keyword id="46492" type="PERSON" weightage="60" keywordseo="helicopter">helicopter</keyword> crash. The National <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">Transportation</keyword> Safety Board is investigating.</li></ul><a href="https://www.businessinsider.com/forbes-billionaire-list-2019-for-finance-2019-3#13-petr-kellner-3">Petr Kellner</a>, the Czech Republic's richest person, was among the five people who died in a heli-skiing accident in the Alaskan mountains near Knik Glacier on Saturday.Only one person survived the helicopter crash, and is in a serious condition, <a href="https://dailydispatch.dps.alaska.gov/Home/DisplayIncident?incidentNumber=AK21031918">Alaska State Troopers said</a> in a press release Sunday afternoon.Kellner founded investment firm <a href="https://www.businessinsider.com/forbes-billionaire-list-2019-for-finance-2019-3">PPF Group</a>, which on <a href="https://www.ppf.eu/en/press-releases/announcement">Sunday morning</a> confirmed his passing at the age of 56.Kellner was the Czech Republic's richest person and one of the wealthiest people in Europe, according to estimates from both Forbes and Bloomberg. Forbes puts his wealth at $17.5 billion, while <a href="https://www.bloomberg.com/billionaires/profiles/petr-kellner/?sref=lAVQtUwz">Bloomberg</a> puts it at $15.7 billion.Kellner is a self-made billionaire who began his career by selling office supplies, before embarking on an investment fund by borrowing $1 million against an office-supplies business, <a href="https://www.businessinsider.com/forbes-billionaire-list-2019-for-finance-2019-3">Insider's Debanjali Bose reported</a>. Through the fund, he acquired a controlling stake in an insurer during its privatization.<div type="image" title="Petr Kellner, majority shareholder of PPF Group, died in a helicopter crash alongside four others." height="1340" width="1422" msid="81745952" hostid="261"></div><a href="https://www.adn.com/alaska-news/2021/03/28/helicopter-crash-near-knik-glacier-kills-5-people-leaving-sole-survivor-in-serious-condition/">The Anchorage Daily News</a> reported that the helicopter had been chartered by Tordrillo Mountain Lodge for a heli-ski trip, where helicopters take passengers up remote mountains to ski rather than using ski lifts.A spokesperson for the luxury lodge told the publication that the helicopter had carried three guests, two ski guides, and a pilot.Read more: <a href="https://www.businessinsider.com/blade-ceo-helicopters-air-taxi-evol-flying-cars-industry-2021-1">Air taxi service Blade wants to become a household name by entering the game early and perfecting it later</a>Alaska State Troopers were notified on Saturday night that the helicopter had failed to return and were given a location of possible crash debris, the group's press release said.A rescue team sent by the troopers found just one survivor, who as of Sunday afternoon was in a serious but stable condition, it said.The five other occupants - Kellner, Colorado resident Gregory Harms, Czech Republic resident Benjamin Larochaix, Alaska resident Sean McManamy, and Alaska resident Zachary Russell, who was the helicopter's pilot - were all dead upon the rescue team's arrival, troopers said."This <keyword id="6355005" type="UNKNOWN" weightage="100" keywordseo="news">news</keyword> is devastating to our staff, the community in which we operate and the families of the deceased," the lodge told The Anchorage Daily News. "In 17 years of operations this is the first time we've had to face an event of this measure."The lodge, located at Judd Lake, charges <a href="https://www.tordrillomountainlodge.com/reservations/">$15,000 per person</a> for a week-long stay, which includes both accommodation and heli-skiing trips.Alaska State Troopers said that the helicopter was an Airbus AS 350-B3 owned by Soloy Helicopters of Wasilla, Alaska.A representative for the lodge told <a href="https://www.nytimes.com/2021/03/29/us/helicopter-crash-alaska.html">The New York Times</a> that she did not know what caused the crash. The National Transportation Safety Board <a href="https://dailydispatch.dps.alaska.gov/Home/DisplayIncident?incidentNumber=AK21031918">is investigating</a> the incident.Both Tordrillo Mountain Lodge and Soloy Helicopters did not immediately respond to Insider's request for comment.

The Czech Republic's richest person was among 5 people killed in a heli-skiing crash in Alaska

<ul><li><keyword id="203941" type="COMPANY" weightage="60" keywordseo="NetJets">NetJets</keyword> and <keyword id="7594573" type="UNKNOWN" weightage="60" keywordseo="Brooks-Running">Brooks Running</keyword>, both owned by <keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword>, are among the few companies benefiting from the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>.</li><li>NetJets, which sells fractional ownership of <keyword id="121140" type="PERSON" weightage="60" keywordseo="private-jets">private jets</keyword>, has tripled its number of new customers this year, and plans to add at least 40 planes to its fleet annually for the next few years.</li><li>Brooks attracted 1.6 million new runners in the first 10 months of this year, and expects to grow its sales by 27% this year after a record third-quarter performance.</li><li>"We've got so much support from Warren and Greg Abel and everyone at Berkshire to build this brand," Brooks CEO Jim Weber said in a <a href="https://cheddar.com/media/warren-buffett-s-brooks-running-sees-sales-spike-thanks-to-running-boom">Cheddar interview</a>.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=TIR=T">Visit Business Insider's homepage for more stories</a>.</li></ul>Warren Buffett's Berkshire Hathaway has been hit hard by the pandemic, but at least two of its businesses are flying down the track.The famed investor's company owns NetJets, which sells fractional ownership in private jets, and Brooks Running, a sportswear retailer. NetJets has seen a spike in demand from wealthy people who want to travel but prefer to avoid busy airports and crowded airplanes during the pandemic.Meanwhile, Brooks has benefited from surging interest in running while gyms remain closed and outdoor activities restricted during lockdowns.Read More: <a href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-jpmorgan-wells-fargo-investor-adam-schwartz-2020-12" target="_blank" rel="noopener noreferrer">Value investor Adam Schwartz explains why Warren Buffett's Berkshire Hathaway slashed its JPMorgan and Wells Fargo stakes, cheers its record buybacks, and praises its patience</a>NetJets expects to bolster its fleet with 30 new aircraft this year, and plans to add at least 40 planes annually over the next few years, Patrick Gallagher, president of Berkshire's business aviation unit, said at a virtual conference last month, <a href="https://www.forbes.com/sites/douggollan/2020/11/22/netjets-wheels-up-sentient-bosses-offer-bullish-forecast-for-private-flights/?sh=78cab951612d">according to Forbes</a>."We think we have a nice long runway of an increase in new business," he added. Indeed, NetJets has signed up about three times as many new customers this year as it did in 2019, <a href="https://in.reuters.com/article/netjets-deliveries/buffetts-netjets-sees-boost-in-2021-from-nervous-wealthy-fliers-idINL4N2I33EE">he told Reuters</a>.Meanwhile, Brooks' revenues soared 39% year-on-year to a record high <a href="https://www.businesswire.com/news/home/20201118005982/en/Brooks-Running-Gains-New-Runners-with-49-Global-Growth-in-Q3">last quarter</a>, spurring the running-shoe seller to forecast 27% sales growth this year. The brand attracted 1.6 million new runners in the first 10 months of this year, gained more market share than its rivals, and boosted its digital sales to 42% of total sales, up from 35% in 2019.Read More: <a href="https://www.businessinsider.com/zoom-stock-outlook-top-analysts-forecast-price-after-covid-vaccine-2020-12" target="_blank" rel="noopener noreferrer">Zoom has soared 497% this year. 3 analysts — including one of the most accurate in tech — break down whether you should buy, hold, or sell the stock as a vaccine becomes widely available.</a>CEO Jim Weber said the gains might mark the "beginning of a new running boom" in a <a href="https://cheddar.com/media/warren-buffett-s-brooks-running-sees-sales-spike-thanks-to-running-boom">Cheddar interview this week</a>. He suggested the potential return of events such as the Olympics, marathons, and group runs next year could be a "turbocharger to the growth that we're seeing now."Weber also emphasized the value of Buffett's backing to his company."It's probably a significant competitive advantage for us because we've got so much support from Warren and Greg Abel and everyone at Berkshire to build this brand," he said. Abel is one of Buffett's top lieutenants and the head of Berkshire's non-insurance operations."We're playing for the long haul here and it's great to have Berkshire Hathaway's support," Weber added.Read More: <a href="https://www.businessinsider.com/options-trading-how-investors-can-protect-tech-heavy-portfolios-nasdaq-2020-12" target="_blank" rel="noopener noreferrer">The creator of a new volatility index for the Nasdaq 100 shares how investors can protect portfolios loaded with tech names — and explains why he thinks it's superior to the VIX</a>Berkshire acquired NetJets for $725 million in cash and stock in 1998. Buffett and his family had enjoyed its planes for years, so the investor invited Rich Santulli, the boss of NetJets' parent company, Executive Jet Aviation, to call him if he ever wanted to sell the business. Santulli took him up on the offer.Fruit of the Loom, a Berkshire-owned apparel retailer, bought Brooks' former parent company, Russell Athletics, <a href="https://www.businesswire.com/news/home/20060802005087/en/Acquisition-of-Russell-Corporation-Complete">in 2006</a>. Buffett and his team spun off Brooks into an independent subsidiary in 2012. Brooks has taken part in Berkshire's annual meetings for the better part of a decade, selling commemorative shoes and organizing charity runs for attendees.

Warren Buffett's NetJets and Brooks Running cash in on pandemic-fueled demand for private jets and running shoes

Hello!It's been a dark few weeks, but there's been some light in the past few days, as the <a href="https://www.businessinsider.com/coronavirus-icu-patients-new-york-fell-first-time-cuomo-says-2020-4">number of patients in New York ICUs dropped for the first time since the coronavirus pandemic began</a>, and there was <a href="https://www.businessinsider.com/gilead-remdesivir-clinical-data-in-covid-19-patients-2020-4">some promising data on a potential treatment</a>. As Andrew Dunn reports, more than <a href="https://www.businessinsider.com/gilead-remdesivir-clinical-data-in-covid-19-patients-2020-4">two-thirds of hospitalized COVID-19 patients improved in condition after receiving remdesivir</a>, an experimental antiviral treatment from Gilead Sciences. More tests are needed, as the study had no control group, but the lead author called the observations "hopeful." You can read Andrew's story on remdesivir and 14 other leading treatments that are now being tested against COVID-19 here. <h3><a href="https://www.businessinsider.com/list-coronavirus-treatments-tested-in-clinical-trials-2020-4">Here are the 15 leading coronavirus treatments already being tested in COVID-19 patients, and the major trials now underway to see if they work</a></h3>The pandemic is upending medical research across the board, as big pharma mobilizes to find a treatment. GSK for example is betting <a href="https://www.businessinsider.com/glaxosmithkline-vir-collaboration-coronavirus-research-vaccines-2020-4">$250 million on buzzy biotech Vir as the two team up to hunt for coronavirus treatments and vaccines.</a> In related news, Blake Dodge reported this week that Alphabet's life-sciences firm Verily <a href="https://www.businessinsider.com/verily-connect-patients-to-coronavirus-trials-project-baseline-2020-4">may use its giant patient registry to help sign people up to test coronavirus treatments.</a>And Blake separately reported that tests that can tell if you're immune to the coronavirus are on the way. She breaks down <a href="https://www.businessinsider.com/companies-making-coronavirus-immunity-tests-serology-blood-2020-4">the companies racing to bring them to the US healthcare system here</a>. The flipside here, as Andrew and Blake report, is that dozens of biotechs are putting clinical trials on hold as the search for a coronavirus vaccine <a href="https://www.businessinsider.com/coronavirus-is-upending-clinical-trials-for-other-diseases-2020-3">makes it harder to find cures for cancer, heart disease, and neurological disorders</a>. (For more on how Andrew is covering the high-stakes race for a coronavirus vaccine, <a href="https://www.businessinsider.com/qa-with-andrew-dunn-on-coronavirus-2020-4">he talked to deputy executive editor Olivia Oran about his reporting.</a>)Meanwhile, Apple and Google on Friday announced they are building a system to track COVID-19 cases and alert people if they've been in contact with someone with the virus. But as Rob Price reported, the <a href="https://www.businessinsider.com/apple-google-contact-tracing-system-let-down-us-failure-testing-2020-4">plan is let down by America's testing failures</a>.<h2>Startups to watch</h2>From Melia Russell and Paayal Zaveri:The coronavirus outbreak has changed not only where people work from, but how they work and what tools they use.Already, apps like Zoom and Slack have seen huge increases in usage in the past few weeks, as users grab onto ways to stay connected in their work and personal lives while social distancing.The urgent need for better work tools could catapult some enterprise startups into the pantheon of unicorn startups, as their users multiply and venture capital investors jump to fund them.They asked VCs to tell them about one startup in their portfolio, and one where they have no financial interest, and came up with a list of 30 startups to watch. You can read more here. <h3><a href="https://www.businessinsider.com/future-of-work-startups-success-year-venture-capital-2020-4">30 startups creating the future of work that will prosper in 2020, according to VCs</a></h3>Elsewhere in startup news:<ul><li><a href="https://www.businessinsider.com/rigup-oil-andreessen-horowitz-data-breach-layoffs-2020-4">Austin unicorn startup RigUp went from hiring "at a rapid pace" to cutting 25% of staff in a matter of weeks. Now a data breach is adding to its woes.</a></li><li><a href="https://www.businessinsider.com/5-billion-restaurant-software-startup-toast-cuts-hundreds-2020-4">$5 billion software startup Toast just slashed its workforce by 50% despite a recent $400 million funding round, as coronavirus has wiped out its main source of customers.</a></li><li><a href="https://www.businessinsider.com/software-startup-lever-employees-layoffs-2020-4">Employees from Lever, the hot recruiting-software startup run by an ex-Googler, say the company just cut about 40% of its workforce as hiring dries up amid the sharp economic downturn.</a></li><li><a href="https://www.businessinsider.com/these-vc-firms-portfolio-companies-layoffs-nea-founders-fund-andreessen-2020-4">Silicon Valley startups are being forced to cut costs or die in the worst financial crisis in a generation. Here are the investors whose companies are feeling it the worst.</a></li><li><a href="https://www.businessinsider.com/consultants-who-focus-on-distressed-startups-say-theyre-in-demand-2020-4">Consultants who try to help VCs salvage struggling startups say the coronavirus crisis has them 'on more conference calls than we probably ever have been."</a> </li><li><a href="https://www.businessinsider.com/sba-made-easier-for-startups-to-qualify-for-coronavirus-loans-2020-4">Silicon Valley startups may get to tap into the $350 billion coronavirus small-business loan program after all, thanks to late rule changes by regulators.</a> </li></ul><h2>A real estate meltdown</h2>The week started with the news that <a href="https://www.businessinsider.com/wework-group-sues-softbank-for-failing-to-complete-stock-purchase-2020-4">WeWork board members are suing SoftBank for backing out of its plan to buy $3 billion of shares.</a> Meghan Morris reported that former CEO <a href="https://www.businessinsider.com/wework-group-sues-softbank-for-failing-to-complete-stock-purchase-2020-4">Adam Neumann is still weighing legal options</a>.Meghan and Dan Geiger then revealed that WeWork rival Knotel is <a href="https://www.businessinsider.com/knotel-stops-paying-rent-landlords-commission-fees-to-cushman-cbre-2020-4">scrambling to pay millions in bills</a> that started stacking up before the coronavirus hit, <a href="https://www.businessinsider.com/knotel-stops-paying-rent-landlords-commission-fees-to-cushman-cbre-2020-4">and hasn't paid April rent at some locations</a>. They also got leaked Knotel financials, <a href="https://www.businessinsider.com/knotel-leaked-financials-2019-show-missed-targets-2020-4">which show it struggled to hit sales targets.</a>Elsewhere:<ul><li>Dan reported that <a href="https://www.businessinsider.com/aby-rosen-drops-deals-totaling-600-million-amid-coronavirus-2020-4">real-estate tycoon Aby Rosen is abandoning $600 million worth of acquisitions as the coronavirus puts New York City's multibillion-dollar sales market on ice</a>.</li><li>Melia Russell reported that SoftBank-backed Oyo quietly fired 110 people based on their performance. Some fired workers say it was basically impossible to close sales, and the <a href="https://www.businessinsider.com/oyo-fires-us-employees-for-performance-workers-say-sales-struggle-2020-4">company is only offering severance if they agree to not speak out</a>.</li><li>Alex Nicoll reported that real-estate brokerage Redfin <a href="https://www.businessinsider.com/redfin-furloughs-almost-half-agents-lays-off-7-of-employees-2020-4">is furloughing 41% of agents until September</a>, painting a dire picture for how long the US housing market will take to bounce back.</li><li>Real estate mogul Barbara Corcoran talked to Libertina Brant about about navigating real estate uncertainty. "For somebody like me, <a href="https://www.businessinsider.com/barbara-corcoran-weighs-in-on-when-to-invest-in-the-housing-market-2020-4">it's the perfect time to buy</a>," she said. </li><li>Meghan reported that private-equity giant Blackstone bet big on four huge Las Vegas casinos. Then the coronavirus brought Sin City to a halt, <a href="https://www.businessinsider.com/inside-private-equity-giant-blackstones-las-vegas-casino-investments-2020-4">right as the PE giant was trying to unload one of its multi-billion-dollar jewels</a>.</li><li>Troy Wolverton reported that Airbnb could run out of cash in one year, even with the $1 billion it just raised, <a href="https://www.businessinsider.com/airbnb-could-out-of-cash-in-year-due-to-coronavirus-2020-4">because of how devastating the coronavirus is on its business</a>.</li><li>Alex reported that short-term rental managers are ramping up their amenities to<a href="https://www.businessinsider.com/short-term-rentals-lengthen-stays-for-customers-who-want-isolation-2020-4"> include masks, hand sanitizer, and large cases of wine as city dwellers look for their "destination isolation."</a></li></ul>Below are headlines on some of the stories you might have missed from the past week. Stay safe, everyone.-- Matt<ul><li><a href="https://www.businessinsider.com/wall-streets-top-restructuring-bankers-when-recessions-defaults-hit-2020-3">POWER PLAYERS: Meet 20 Wall Street restructuring bankers who will navigate the defaults and bankruptcies of the coronavirus crisis</a></li><li><a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-prices-coronavirus-investing-morgan-stanley-2020-4">Morgan Stanley handpicks the 18 best US stocks to buy now while they're cheap to enjoy profits for years to come</a></li><li><a href="https://www.businessinsider.com/buy-now-pay-later-affirm-afterpay-klarna-splitit-merchants-spending-2020-4">Buy now, pay later startups are "having a moment" - here's why retailers like Walmart and Target are betting on installment payments to keep consumers spending</a></li><li><a href="https://www.businessinsider.com/gv-backed-orbital-insights-images-from-space-track-oil-storage-2020-4">A startup backed by Goldman Sachs is measuring shadows from space to track the world's oil supply - and it's yielding numbers that no one else has</a></li><li><a href="https://www.businessinsider.com/companies-oracle-could-buy-acquisition-targets-20-billion-2020-4">Oracle is known for making bold M&amp;A moves in a recession and it's sitting on a fresh $20 billion. Here are the 7 companies experts think it could acquire as the coronavirus crisis drives down valuations</a></li><li><a href="https://www.businessinsider.com/teach-yourself-to-code-best-online-coding-boot-camps-programming-2020-4">The 10 best online coding boot camps that you can sign up for right now to land a job at a tech company like Facebook or Intel</a></li><li><a href="https://www.businessinsider.com/the-23-people-shaping-the-tv-advertising-industry-in-2020-2020-4">TV advertising is a mess - meet 23 industry insiders working to fix it</a></li><li><a href="https://www.businessinsider.com/mahattan-ceo-reveals-daily-routine-she-follows-working-from-home-2020-4">How a CEO is running a Manhattan-based brokerage from an apartment she shares with her 2 teenage kids - she swears by this daily routine from 6:30 a.m. to 6 p.m.</a><a href="https://www.businessinsider.com/mahattan-ceo-reveals-daily-routine-she-follows-working-from-home-2020-4"></a></li><li><a href="https://www.businessinsider.com/mckinsey-client-note-coronavirus-pandemic-response-2020-4">McKinsey created a 67-page briefing for executives with tips for responding to the coronavirus pandemic. Here are the 9 most important slides you need to read on managing the crisis.</a></li></ul>

The race to find a coronavirus vaccine, startups to watch, and a real estate meltdown

<ul class="summary-list"><li>After a short offseason, the <keyword id="6361805" type="UNKNOWN" weightage="60" keywordseo="NBA">NBA</keyword> is back, with training camps underway and preseason tipping off on Friday.</li><li>A flurry of activity has shaken up the standings.</li><li>The Lakers still top our power rankings as we head into the season.</li></ul>The longest season in NBA history led to the shortest offseason in history.The NBA is back, just two months removed from the bubble. The compressed offseason led to a flurry of activity, with the draft and free agency being held over about one week.The pecking order hasn't drastically changed, though some big names moved, and there are some teams on the rise and some on moving in the other direction.With training camps underway and preseason tipping off on Friday, here's a look at our <keyword id="10412181" type="UNKNOWN" weightage="60" keywordseo="nba-power-rankings">NBA power rankings</keyword>.* = lottery-pick rookie<h2>30. Detroit Pistons</h2>2019-20 record: 20-46, 13th in EastBiggest additions: Jerami Grant (F), Delon Wright (G), Mason Plumlee (C), Killian Hayes (G*)Biggest losses: Luke Kennard (G/F), Christian Wood (C)2020-21 outlook: The Pistons were active this offseason in re-shaping their roster, but it looks like just the beginning of a rebuild for a team with many questions at a lot of positions.<h2>29. Cleveland Cavaliers</h2>2019-20 record: 19-46, 15th in EastBiggest additions: Damyean Dotson (G/F), JaVale McGee (C), Isaac Okoro (G/F*)Biggest losses: Tristan Thompson (F/C)2020-21 outlook: The Cavs are in the midst of turning things over to the young core of Collin Sexton, Darius Garland, Kevin Porter Jr., and Isaac Okoro. Will a Kevin Love trade finally happen this season?<h2>28. New York Knicks</h2>2019-20 record: 21-45, 12th in EastBiggest additions: Austin Rivers (G), Nerlens Noel (C), Alec Burks (G/F), Obi Toppin (F*), Tom Thibodeau (coach)Biggest losses: Bobby Portis (F/C), Taj Gibson (C), Damyean Dotson (G/F)2020-21 outlook: The Knicks were patient and conservative this offseason, adding only cheap veterans to their young core. It's wise to continue a slow rebuild, but don't expect many more wins at MSG this season.<h2>27. Oklahoma City Thunder</h2>2019-20 record: 44-28, 5th in WestBiggest additions: Al Horford (F/C), George Hill (G), Trevor Ariza (F)Biggest losses: Chris Paul (G), Steven Adams (C), Dennis Schröder (G)2020-21 outlook: After wheeling-and-dealing through the offseason, the Thunder ultimately stripped away last year's surprising playoff roster for veterans and even more draft picks. OKC likely won't be an easy out, but it's hard to see them winning so many games again.<h2>26. Sacramento Kings</h2>2019-20 record: 31-41, 11th in WestBiggest additions: Hassan Whiteside (C), Frank Kaminsky (F/C), Tyrese Haliburton (G*)Biggest losses: Bogdan Bogdanovic (G/F)2020-21 outlook: The 2019-20 season was a letdown after the Kings narrowly missed the playoffs the year before. Sacramento wants to get back in the mix, and they'll need big seasons from De'Aaron Fox (who just signed a $163 million extension) and Marvin Bagley. <h2>25. Chicago Bulls</h2>2019-20 record: 22-43, 11th in EastBiggest additions: Patrick Williams (F*), Billy Donovan (coach)Biggest losses: Kris Dunn (G), Jim Boylen (coach)2020-21 outlook: The Bulls should improve with their coaching change. Though they have some nice talent at the top of their roster, their team's depth and core pieces are still in flux.<h2>24. Charlotte Hornets</h2>2019-20 record: 23-42, 9th in EastBiggest additions: Gordon Hayward (G/F), LaMelo Ball (G*)Biggest losses: Nic Batum (G/F)<div type="image" title="gordon hayward" height="968" width="1290" msid="79667317" hostid="261"></div>2020-21 outlook: Drafting LaMelo Ball and signing Gordon Hayward to a $120 million deal gave the Hornets one of the more notable offseasons in the league. But Ball is a rookie PG joining a young, growing core, and Hayward isn't enough to lift the Hornets to another tier by himself.<h2>23. San Antonio Spurs</h2>2019-20 record: 32-39, 10th in WestBiggest additions: Devin Vassell (G/F*)Biggest losses: Bryn Forbes (G)2020-21 outlook: The Spurs are going through a slow rebuild, though they nearly made the playoffs last year, so it's not as if they're tanking. Development from young guards like Lonnie Walker or Dejounte Murray could push the Spurs up the standings.<h2>22. Orlando Magic</h2>2019-20 record: 33-40, 8th in EastBiggest additions: noneBiggest losses: D.J. Augustin (G)2020-21 outlook The Magic have made the playoffs the last two years, but Augustin is quietly a big departure, versatile forward Jonathan Isaac will miss the season with a torn ACL, and the East has gotten better.<h2>21. Washington Wizards</h2><div type="image" title="Houston Rockets Russell Westbrook Rokit phones" height="1182" width="1576" msid="79667322" hostid="261"></div>2019-20 record: 25-47, 10th in EastBiggest additions: Russell Westbrook (G), Robin Lopez (C), Deni Avdija (F*)Biggest losses: John Wall (G)2020-21 outlook: The Wizards swapped Westbrook and Wall, giving Bradley Beal another back-court scoring partner (one not coming off a major injury). The Wizards should benefit from an infusion of talent, especially on the wing, with second-year forward Rui Hachimura and Deni Avdija, perhaps the steal of the draft.<h2>20. Memphis Grizzlies</h2>2019-20 record: 34-39, 9th in WestBiggest additions: Mario Hezonja (F)Biggest losses: Josh Jackson (G/F)2020-21 outlook: The surprise team of the 2019-20 season, the Grizzlies were on track to make the playoffs, though they benefited from an easy schedule before the league shut down. Perhaps we shouldn't write off Memphis again, but a step back from a young roster wouldn't be surprising, especially with Jaren Jackson Jr. recovering from a torn meniscus.<h2>19. Minnesota Timberwolves</h2>2019-20 record: 19-45, 14th in WestBiggest additions: Ricky Rubio (G), Ed Davis (F/C), Anthony Edwards (G/F*)Biggest losses: none2020-21 outlook: It's unclear how the trio of Rubio, No. 1 pick Edwards, and D'Angelo Russell will fit together, but the Wolves have gone all-in on chasing a playoff spot around Karl-Anthony Towns. This could be a fun, dynamic offensive team, but they may also be awful defensively and a bit choppy on offense with so many mouths to feed.<h2>18. Golden State Warriors</h2>2019-20 record: 15-50, 15th in WestBiggest additions: Kelly Oubre Jr. (G/F), Kent Bazemore (G/F), James Wiseman (C*)Biggest losses: none2020-21 outlook: Klay Thompson's torn Achilles is a devastating blow for a franchise looking to compete for a top-four seed once again. Stephen Curry is back and ready to re-reestablish himself as an elite player, but who else on this roster can be relied upon, from night to night?<h2>17. New Orleans Pelicans</h2><div type="image" title="Zion Williamson" height="1750" width="2334" msid="79667327" hostid="261"></div>2019-20 record: 30-42, 13th in WestBiggest additions: Steven Adams (C), Eric Bledsoe (G), Kira Lewis (G*)Biggest losses: Jrue Holiday (G), Derrick Favors (C), E'Twaun Moore (G)2020-21 outlook: The Pelicans were a winning team, by a healthy margin, in the 668 pre-bubble minutes Zion Williamson played last year. That's what they'll be counting on entering this season, as they surround the young core of Williamson, Brandon Ingram, and Lonzo Ball with capable veterans.<h2>16. Houston Rockets</h2>2019-20 record: 44-28, 4th in WestBiggest additions: John Wall (G), Christian Wood (C), Stephen Silas (coach)Biggest losses: Russell Westbrook (G), Robert Covington Jr. (F), Austin Rivers (G), Jeff Green (F), Mike D'Antoni (coach)2020-21 outlook: James Harden is a walking playoff appearance, and enough pieces are remaining in Houston to build a solid postseason contender. But will Harden's trade request erode team chemistry? Will the Rockets succumb and deal him to another team?<h2>15. Indiana Pacers</h2>2019-20 record: 45-28, 4th in EastBiggest additions: Nate Bjorkgren (coach)Biggest losses: Nate McMillan (coach)2020-21 outlook: The Pacers seem to be in flux. They've been a solid playoff team, albeit with a limited ceiling, but the futures of Victor Oladipo and Myles Turner seem to be in question.<h2>14. Atlanta Hawks</h2><div type="image" title="trae young" height="999" width="1332" msid="79667331" hostid="261"></div>2019-20 record: 20-47, 14th in EastBiggest additions: Bogdan Bogdanovic (G/F), Danilo Gallinari (F), Rajon Rondo (G), Kris Dunn (G), Onyeka Okungwu (C*)Biggest losses: Jeff Teague (G)2020-21 outlook: The Hawks were the big spenders of the offseason. Some of the moves were questionable fits with their existing roster, but they are undoubtedly improved, and their offense should carry them to a playoff seed.<h2>13. Toronto Raptors</h2>2019-20 record: 53-19, 2nd in EastBiggest additions: Aron Baynes (C), Alex Len (C)Biggest losses: Marc Gasol (C), Serge Ibaka (F/C)2020-21 outlook: The Raptors retained Fred VanVleet to keep together the successful, talented core that includes Kyle Lowry, Pascal Siakam, and OG Anunoby. The bad <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> is they lost Ibaka and Gasol, two fulcrums on both ends, in free agency, hurting the Raptors' seamless chemistry. Toronto is in the midst of a tricky re-tooling.<h2>12. Phoenix Suns</h2>2019-20 record:34-39, 10th in WestBiggest additions: Chris Paul (G), Jae Crowder (F), Jalen Smith (F*)Biggest losses: Ricky Rubio (G), Kelly Oubre (G/F), Frank Kaminsky (F)2020-21 outlook: After going 8-0 in the bubble and narrowly missing the playoffs, the Suns swung a trade for Chris Paul to boost their back-court. With Devin Booker entering his prime as an elite offensive player and development from two-way stud Mikal Bridges and center Deandre Ayton, the Suns should reach the playoffs.<h2>11. Dallas Mavericks</h2>2019-20 record: 43-32, 7th in WestBiggest additions: Josh Richardson (G/F), James Johnson (F)Biggest losses: Seth Curry (G)2020-21 outlook: Richardson is an excellent two-way addition to a team historically good on offense and poor on offense last season. Now the Mavs need their front-court of Kristaps Porzingis and Dwight Powell to get and stay healthy. In the meantime, Doncic is an early MVP favorite.<div type="image" title="luka doncic.JPG" height="660" width="1321" msid="79667338" hostid="261"></div><h2>10. Philadelphia 76ers</h2>2019-20 record: 43-40, 6th in EastBiggest additions: Danny Green (G/F), Seth Curry (G), Dwight Howard (C), Doc Rivers (coach)Biggest losses: Josh Richardson (G/F), Al Horford (F/C), Alec Burks (G/F)2020-21 outlook: New GM Daryl Morey immediately changed the Sixers' awkward construction and shipped out size for shooting. This roster makes more sense, and while Ben Simmons and Joel Embiid may continue to be an awkward fit, the pieces around them may make it a little less burdensome on offense.<h2>9. Utah Jazz</h2>2019-20 record: 44-28, 6th in WestBiggest additions: Derrick Favors (F/C)Biggest losses: Ed Davis (F/C)2020-21 outlook: The Jazz were one <a href="https://www.insider.com/video-jamal-murray-consoles-donovan-mitchell-nuggets-jazz-game-7-2020-9">in-and-out, last-second three-pointer in a Game 7</a> from advancing past the first round of the playoffs. They'll welcome back second-leading scorer Bojan Bogdanovic (who missed the bubble), and with a leap from Donovan Mitchell, they'll be right back in the playoff mix this year.<h2>8. Boston Celtics</h2>2019-20 record: 48-24, 3rd in WestBiggest additions: Tristan Thompson (F/C), Jeff Teague (G), Aaron Nesmith (G*)Biggest losses: Gordon Hayward (G/F), Enes Kanter (C), Brad Wanamaker (G)2020-21 outlook: The Celtics will miss Hayward, but his absence will open up more opportunities for Jayson Tatum and Jaylen Brown. Thompson adds some size and defense to one of the league's smallest teams. The big question is if Kemba Walker's knee will be healthy enough to be the second or third scorer the Celtics need to contend.<h2>7. Portland Trail Blazers</h2><div type="image" title="damian lillard .JPG" height="870" width="1160" msid="79667344" hostid="261"></div>2019-20 record: 35-39, 9th in WestBiggest additions: Robert Covington Jr. (F), Derrick Jones Jr. (F), Harry Giles (F/C), Enes Kanter (C)Biggest losses: Trevor Ariza (F)2020-21 outlook: Arguably, no team had a better, cleaner offseason than the Blazers, who strengthened their wing and bigs rotations around Damian Lillard and C.J. McCollum at a minimal cost. They made the Western Conference Finals in 2019; can they re-emerge as pseudo-contenders again?<h2>6. Brooklyn Nets</h2>2019-20 record: 35-37, 7th in EastBiggest additions: Landry Shamet (G), Jeff Green (F/C), Steve Nash (coach)Biggest losses: Garrett Temple (G), Wilson Chandler (F)2020-21 outlook: On paper, the Nets might boast the best roster in the league. Of course, they're relying on one star (Kevin Durant) coming back from an Achilles tear and another (Kyrie Irving) with a checkered injury history. We'll need to see they're healthy, but if they are, look out. Under first-time head coach Steve Nash, the Nets will be must-watch TV.<h2>5. Denver Nuggets</h2>2019-20 record: 46-27, 3rd in WestBiggest additions: JaMychal Green (F/C)Biggest losses: Jerami Grant (F), Mason Plumlee (C)2020-21 outlook: Denver's chemistry and grit wowed the NBA world as they fought to the Western Conference Finals last year. If Jamal Murray's star turn in the bubble and Michael Porter Jr.'s rapid development are real, Denver will be a contender this year.<h2>4. Miami Heat</h2><div type="image" title="jimmy butler" height="843" width="1125" msid="79667350" hostid="261"></div>2019-20 record: 44-29, 5th in EastBiggest additions: Avery Bradley (G), Maurice Harkless (F)Biggest losses: Jae Crowder (F), Derrick Jones Jr. (F)2020-21 outlook: Miami's impressive Finals run overshadowed a solid but unspectacular regular season. Not much has changed on the roster, though Bam Adebayo and Tyler Herro could make leaps this season. The Heat deserve respect as conference champions but don't expect them to run over the East as they did in the bubble.<h2>3. LA Clippers</h2>2019-20 record: 49-23, 2nd in WestBiggest additions: Serge Ibaka (F/C), Luke Kennard (F)Biggest losses: Montrezl Harrell (F/C), JaMychal Green (F/C), Landry Shamet (G), Doc Rivers (coach)2020-21 outlook: The Clippers' meltdown in the second round of the playoffs and reported <a href="https://www.insider.com/kawhi-leonard-paul-george-star-treatment-bothered-clippers-teammates-2020-12">chemistry issues</a> have overshadowed what looked like the scariest team in the league for much of the regular season. They still have Kawhi Leonard and Paul George and a deep, talented roster. If the locker-room issues sort themselves out, they can easily contend for a championship.<h2>2. <keyword id="578134" type="ORGANIZATION" weightage="60" keywordseo="Milwaukee-Bucks">Milwaukee Bucks</keyword></h2>2019-20 record: 56-17, 1st in EastBiggest additions: Jrue Holiday (G), Bobby Portis (F/C), D.J. Augustin (G)Biggest losses: Eric Bledsoe (G), George Hill (G), Welsey Matthews (F), Robin Lopez (C)2020-21 outlook: Sure, the Bucks flamed out of the second round of the playoffs, botched a trade for Bogdan Bogdanovic, and still don't have Giannis Antetokounmpo's signature on the supermax contract extension. But they still have the reigning MVP and Defensive Player of the Year, a talented roster that upgraded by acquiring Holiday, and a proven effective system in the regular season. But this season is all about what happens in the playoffs.<div type="image" title="anthony davis lebron james" height="739" width="1479" msid="79667352" hostid="261"></div><h2>1. <keyword id="100883" type="ORGANIZATION" weightage="60" keywordseo="Los-Angeles-Lakers">Los Angeles Lakers</keyword></h2>2019-20 record: 52-19, 1st in WestBiggest additions: Montrezl Harrel (F/C), Marc Gasol (C), Dennis Schroeder (G), Wesley Matthews (F)Biggest losses: Danny Green (G/F), Dwight Howard (C), Avery Bradley (G), JaVale McGee (C)2020-21 outlook: The Lakers were the best team from start to finish last season, and they look poised to repeat this year. They upgraded the talent on their roster and got younger, crucial with a shortened offseason. LeBron James and Anthony Davis are locked in for the long-term, too. No other team has the same balance of talent and chemistry as the Lakers.

NBA POWER RANKINGS: Where every team stands heading into the season

The company founded by Peter Thiel, Elon Musk, and Max Levchin has spawned three billionaires, many, many millionaires, and generation-defining companies. Here, we break down the key players from the most notorious group in Silicon Valley.
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>
The picture above features some of the most poorly dressed men of the 2000s. Behold the outsized sportswear, the leather blazers, the silky shirts. But these men can afford to both laugh off our criticism and buy several new wardrobes. For they are the 'PayPal Mafia' and between them, these 13 men are worth billions and billions of dollars. And to be fair to them, they were styled as faux gangsters for the 2007 Fortune magazine shoot that birthed their infamous moniker. <a href="http://www.telegraph.co.uk/technology/11098971/Peter-Thiel-the-billionaire-tech-entrepreneur-on-a-mission-to-cheat-death.html">Mick Brown recently met PayPal co-founder Peter Thiel for an extraordinary Telegraph Magazine feature</a> . The vast success enjoyed by Thiel and his former colleagues got us thinking: how did one company breed such a remarkable crop of entrepreneurs and capitalists? Click on the famous Fortune photograph below and discover exactly who the PayPal Mafia are.
1. Jawed Karim
Role in PayPal: Designed and implemented PayPal's incendiary real-time anti-fraud system, among other key components of the business.
After PayPal: Karim, Chad Hurley (designer of PayPal's first logo) and Steve Chen (another PayPal colleague and early Facebook employee) founded a video sharing site in 2005. They named it YouTube. Soon after developing the fledgling site, Karim enrolled at Stanford University where, despite having already displayed a certain acumen in this area, he chose to study computer science. He continued to act as an advisor to YouTube before cashing in 137,443 shares of stock (worth a cool $64 million) when Google purchased YouTube for $1.65 billion in November 2006. Now 35, Karim launched a business called Youniversity Ventures in 2008 aimed at helping students and graduates develop business ideas with early PayPal investors Kevin Hartz and Keith Rabols.
Estimated net worth: $140 million
2. Jeremy Stoppelman (below)
Role in PayPal: Joined PayPal as an engineer whilst it was known as X.com, eventually becoming the Vice President of Engineering.
Post-PayPal: Resigned soon after PayPal was picked up by eBay for $1.5 billion in 2003, taking a year to attend Harvard Business School. Inspired whilst poorly with flu and finding it tricky to find decent doctor recommendations, he and a former colleague Russel Simmons dreamed up the idea for online reviews site Yelp in 2004 and convinced former PayPal Chief Technology Officer Max Levchin to put up $1 million in initial funding. Steve Jobs convinced him to reject Google's acquisition offer in 2010 and in 2012, Yelp became a public limited company. But it's not been a smooth recent few years: Yelp reviewers leaving negative reviews have faced legal action from affronted businesses and the site's faced accusations of handing positive reviews to advertisers.
Estimated net worth: $111-$222 million
3. Andrew McCormack
Role in PayPal: Joined in 2001, working closely as an assistant to Peter Thiel as the company prepared for its initial public offering (IPO)
After PayPal: Helped set-up another Thiel venture, hedge fund company Clarium Capital before founding a restaurant group in San Francisco. Currently a partner at venture capital firm Valar Ventures, he found his way back to Thiel in 2008 to join Thiel Capital via corporate development roles at eCount (now part of US banking conglomerate Citigroup) and Yahoo!.
Estimated net worth: Unknown
4. Premal Shah
Role in PayPal: Spent six years at the company as a product manager.
After PayPal: Became President of non-profit organisation Kiva, which allows people to lend money to struggling entrepreneurs and students in over 70 countries via the internet. Founded by former programmer Matt Flannery and his businesswoman ex-wife Jessica Jackeley, the site was raising around $1 million every three days by November 2013.
Estimated net worth: Unknown
<a href="http://www.telegraph.co.uk/a/11098971">Peter Thiel: the billionaire tech entrepreneur on a mission to cheat death</a>
5. Luke Nosek
Role in PayPal: One of the co-founders, alongside Thiel, Elon Musk and Ken Howery and his friend from the University of Illinois, Max Levchin and Vice President of Marketing and Strategy.
After PayPal: Departed after the eBay takeover and traveled the world, before founding San Francisco venture capital firm Founders Firm (slogan: 'We wanted flying cars, we got 140 characters') with Thiel and Howery in 2005. Has spoken extensively about the benefits of brain training through meditation.
Estimated net worth: $1.2 billion
6. Ken Howery
Role in PayPal: A co-founder and Chief Financial Officer between 1998-2002.
After PayPal: Hung around as eBay's Director of Corporate Development for just under a year after the takeover, before rejoining Thiel as vice president of private equity at Clarium Capital in 2004. Started Founders Fund less than 12 months later with Thiel and Nosek. In 2012, he co-founded Popexpert, an online learning platform that allows users to connect face-to-face with experts across a broad range of fields. Howery's available for consulting sessions if you have a spare few $100,000.
Estimated net worth: $1.5 billion
7. David Sacks (above)
Role in PayPal: Joining from management consultancy firm McKinsey &amp; Company, Sacks became PayPal's chief operating officer.
After PayPal: Sacks boasts one of the Mafia's more diverse post-PayPal CVs. After eBay assumed control, he left for Hollywood and produced and financed the Golden Globe nominated 2005 movie Thank You for Smoking. The next year, he founded genealogy website Geni.com. Frustrations with inter-office communication led him to develop a productivity tool to help employees share information. This was to become the social network Yammer. Mircosoft acquired the company for $1.2 billion in July 2012. Sacks was named corporate vice president in Microsoft's Office Division. He hit the headlines in 2012 after throwing himself history's most gauche 40th birthday party. The theme? 'Let them eat cake' French revolution. The entertainment? Snoop Dogg. The cost? A reported $1.4 million.
Estimated net worth: Unknown
8. Peter Thiel
Role in Paypal: Co-founder and CEO.
After PayPal: After earning $55 million from his 3.7 per cent stake in the eBay deal, Thiel immediately founded hedge fund Clarium Capital, a global macro hedge fund and made the ludicrously savvy decision to angel invest $500,000 in fledgling social network Facebook. Thiel was the first outside investor in the company and sold almost has made over $1 billion selling his shares. You can read Mick Brown's in-depth profile on Thiel right <a href="http://www.telegraph.co.uk/technology/11098971/Peter-Thiel-the-billionaire-tech-entrepreneur-on-a-mission-to-cheat-death.html">here</a> .
Estimated net worth: $2.2 billion
<a href="http://www.telegraph.co.uk/a/11104690">The Thiel Fellowship: meet the college dropouts ready to change the world</a>
9. Keith Rabois
Role in PayPal: Held the nicely extravagant title of Executive Vice President, Business Development, Public Affairs and Policy between November 2000 and November 2002.
After PayPal: Regarded as a very useful person to have around at a start-up, Rabois went onto hold senior positions at LinkedIn (more on that in a minute), Max Levchin's Slide (a company responsible for slideshows and animations in social networks) and electronic payment firm Square (founded by Twitter's Jack Dorsey). Controversy accompanied his exit from Square, with a threat of a lawsuit over sexual harassment claims by a male employee who allegedly obtained a job at the company after beginning a relationship with Rabois. Which makes Gawker's accusations of Rabois' undergraduate homophobia all the more disturbing. Rabois is now a partner at venture capital outfit Khosla Ventures and serves on the board of directors at Yelp and Xoom.
Estimated net worth: $1 billion
10. Reid Hoffman
Role in PayPal: Joined from the world's first (failed) social network SocialNet to become a member of the board of directors, then went full-time to become PayPal's COO. By the time of the 2002 eBay takeover, he was executive vice president.
After PayPal: 'The most connected man in Silicon Valley' co-founded inbox bothering business social network LinkedIn in December 2002, owning a stake now worth an estimated $2.39 billion with its IPO in May 2011. The eldest of the Mafia is also lauded for his clever/lucky angel investing. He's made upwards of 80 angel investments (including Facebook, Zynga, Flickr, Digg and Last.fm) and in 2010 joined Greylock Partners, running their $20 million Discovery Fund; designed to seed fundings of worthy start-ups.
Estimated net worth: $3.9 billion
11. Max Levchin
Role in PayPal: A co-founder and the firm's chief technology officer, well regarded for his contributions to PayPal's anti-fraud efforts.
After PayPal: Took his $34 million from the PayPal sale and founded Slide. Google picked it up for $182 million in August 2010, with Levchin becoming Google's Vice President of Engineering on 25 August. A year and a day later, Google closed Slide and Levchin departed. Between Slide's rise and fall, he helped start Yelp in 2004 (and is the company's largest shareholder), was appointed to the board of directors of Evernote and and co-founded financial services company Affirm. In recent years, he's started a company called HVF (standing for, enjoyably, 'Hard, Valuable, and Fun'), a firm designed to fund projects looking to leverage data and joined Yahoo!'s Board of Directors. He's keeping himself busy.
Estimated net worth: $300 million
12. Roelof Botha
Role in PayPal: A qualified actuary, South African Botha negotiated PayPal's sale as its Chief Financial Officer. He had joined the company prior to his graduation from the Stanford School of Business, becoming director of corporate development.
After PayPal: A regular on the Forbes Midas List of top tech investors, Both joined venture capital giant Sequoia Capital in January 2003 as a partner, where's he's stayed ever since. His extra curricular business pursuits include sitting on the boards of 13 companies, including Jawbone, Evernote, Tumblr and Xoom. He was also on YouTube's board before the company was acquired by Google.
Estimated net worth: Unknown.
13 Russel Simmons
Role at PayPal: The firm's Lead Software Architect.
After PayPal: Co-founded Yelp with Jeremy Stoppelman and served as its CTO until he 'transitioned' into an advisory role in June 2010 to take some 'much needed time off to travel'. Fresh from his high end gap year, Simmons launched Learnirvana in 2012, a web tutor program that helps users learn languages.
Estimated net worth: Very difficult to discover. It's very easy to tell you that near-namesake and hip-hop mogul Russell Simmons is worth around $340, however.
Not in the picture, but absolutely worth profiling:
Elon Musk (above)
Role at PayPal: PayPal had merged with Musk's financial services and email payment firm X.com in 1999 and Musk became the new company's largest shareholder by the time of its sale to eBay. He earned $165 million from the deal.
After PayPal: Strap yourselves in. Musk launched Space Exploration Technologies (SpaceX) in June 2002, where he serves as the CEO and CTO. In May 2012, their Dragon spacecraft ensured SpaceX became the first commercial vehicle to launch and dock a vehicle to the International Space Station. He assumed leadership of electric car firm Tesla Motors in 2008 and in 2013 unveiled a proposal for a new form of transportation between the Greater Los Angeles area and the Bay Area in San Francisco. His 'Hyperloop' is a subsonic air travel machine completely reliant on solar energy.
Estimated net worth: $9.7 billion

Meet The PayPal Mafia, The Richest Group Of Men In Silicon Valley

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Seph Lawless</div></div></div>Peruse the headlines, and you'll find hundreds of articles predicting the "next Silicon Valley." Pundits claim that the growing cost of living in the Bay Area is driving businesses away to more affordable regions that are rich in tech talent such as Austin, Phoenix, Boulder, and Miami.But try as they might, these "hubs" won't ever beat Northern California at its own game - the area will continue to dominate information technology because of its unique arbitrage of thought, culture and research.But that's okay, because striving to replicate the success of the Bay Area limits us by imposing an arbitrary constraint on our imagination. After all, does Silicon Valley represent the pinnacle of success in human innovation, or are there regions that have the potential to evolve into something even greater? <h2>"Tech" is Dead</h2>There's a strong argument to be made that the rate of innovation in the traditional "high-tech" space (e.g. ecommerce, social media, computer hardware, and telecommunications) is slowing. Much of this is due to the fact that we are arguably reaching a point of saturation in the consumer internet. According to <a href="https://techcrunch.com/2015/06/22/consumers-spend-85-of-time-on-smartphones-in-apps-but-only-5-apps-see-heavy-use/">TechCrunch</a>, smartphone users spend 84% of their time on just five apps. Moreover, almost two-thirds of consumers fail to download any apps in a given month. <div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Tiller PartnersSmartphone User's Number of App Downloads Per Month.</div></div></div>This problem has been confounded by a disturbing trend that Tim Wu pointed out almost five years ago in his book The Master Switch. In essence, Mr. Wu analyzed long-term trends in information technology and found that disruptive technologies tend to become closed and consolidated over time. Indeed, it's helpful to remember that AT&amp;T was once considered a scrappy startup challenging the entrenched Western Union telegraph monopoly. So while Google, Amazon, Apple and Facebook may have once been agitators to the ancien régime, they're now incumbents with the capability to crush or control potential threats to their business models. With the exception of the blockchain, companies touting even seemingly transformative technologies such as mixed reality or chat bots may find it hard to achieve escape velocity from an orbit made ever tighter by the increasing influence that incumbents have over digital distribution. That's not to say that many great companies won't continue to come out of Silicon Valley, but we may need to look elsewhere if we're expecting to see the same level of disruption that accompanied the late 90s and early aughts. <h2>Long Live Tech</h2>In his book The Third Wave, Steve Case argued that we're reaching an inflection point where "the term 'tech-enabled' will start to sound as ludicrous as the term 'electricity-enabled.'"Indeed, the next big thing in "tech" probably isn't "tech," but rather the application of intelligence to the broader marketplace.A handful of developments seem on pace to create the framework for our connected future; areas such as artificial intelligence, big data and IoT are likely to be a cornerstone in every industry. To the chagrin of George Orwell, in fifty years much of our work may be done by robots that can think and learn, and are connected to each other. As such, disruption is no longer limited to ecommerce, software, the consumer internet, or social media, and looking for the next "Unicorn" may be myopic. Instead, we might want to ponder the next TRILLION dollar company. After all, if Amazon disrupted retail, and Facebook disrupted media, who is going to disrupt energy, manufacturing, agriculture, healthcare and finance? In other words, why look for the next Uber when we should be looking for the next Apple?<h2>How Detroit Could Beat Silicon Valley at Its Own Game (Seriously)</h2>In one frontier technology, Detroit may hold several competitive advantages over Silicon Valley.Although predictions range significantly, many research organizations forecast that autonomous cars will be the first place that the public sees true Artificial Intelligence, with widespread adoption by 2030. This has led to a burgeoning war between Silicon Valley and Detroit, with many assuming the city that personifies urban blight can't compete with the likes of Elon Musk and Larry Page.But critics may be missing several distinct advantages that the motor city holds over Silicon Valley. In particular: it's becoming a highly-attractive location for STEM talent, it has a rapidly expanding (and hungry) tech scene and it has a localized industry cluster that may be difficult for Silicon Valley to replicate.<h2>Paris of the Midwest<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Rob Ludacer</div></div></div></h2>Silicon Valley owed much of its initial success to three factors: a highly-educated population, relatively low cost of living and large pool of talent in STEM fields. Like the Bay Area in the 70s, contemporary Detroit shares many of the same advantages.First, the Detroit-Ann Arbor area boasts a highly-educated population. According to <a href="https://wallethub.com/edu/most-and-least-educated-cities/6656/">WalletHub</a>, nearby Ann Arbor is ranked #1 on the list of most educated cities, ahead of both San Jose (#3) and San Francisco (#7). Second, the cost of living in the area is below the national average and significantly below Silicon Valley.Finally, Detroit is becoming much more attractive for STEM talent. Not only has STEM job growth <a href="http://www.mistempartnership.com/cm/dpl/downloads/content/491/STEM_Talent_in_Michigan.pdf">outpaced traditional by 6x</a>, the city is midst of the kind of cultural revival that serves as catnip for millennial technologists. Once known as the "Paris of the Midwest" - Detroit is intent on regaining its former glory with a hip new culinary scene bolstered by a combination of cheap housing and an influx of restaurateurs and chefs, and a revitalization of the local fashion industry led by entrepreneurs such as Tom Kartsotis (founder of the uber-chic Shinola). As one resident noted in the <a href="http://www.nytimes.com/2011/07/03/fashion/the-young-and-entrepreneurial-move-to-downtown-detroit-pushing-its-economic-recovery.html">New York Times </a> "it feels like TriBeCa back in the early days, before double strollers, sidewalk cafes and Whole Foods…there is a buzz here that is real, and the kids drip with talent and commitment, and aren't spoiled." Indeed, although Detroit's population declined over the last 10 years, the city also saw a <a href="http://www.nytimes.com/2011/07/03/fashion/the-young-and-entrepreneurial-move-to-downtown-detroit-pushing-its-economic-recovery.html">59% increase</a> in the number of young, college-educated residents in the same time period. In addition, the startup scene is Michigan is much more diverse than the nation as a whole. According to <a href="http://www.forbes.com/sites/eilenezimmerman/2016/05/19/58-million-in-funding-for-detroits-venture-backed-startups/#763644c21dc9">Forbes</a>, 28% of the VCs in Michigan are women, people of color or LGBT. <h2>"Detroit Hustles Harder"</h2>In 2008, fashion entrepreneurs Joseph "J.P." O'Grady and Brendan Blumentritt of Aptemal Clothing LLC released a t-shirt line with the phrase "Detroit Hustles Harder" proudly emblazoned across the front. The slogan caught on like wildfire because it captured an underlying entrepreneurial spirit - one pioneered by original Detroit-based disruptors such as Henry Ford.Indeed, Detroit is hustling. <div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Tiller Partners</div></div></div>It's startup scene has seen remarkable growth over the last 10 years: According to the <a href="http://michiganvca.org/wp-content/uploads/2016/04/2016-MVCA-Research-Report.pdf">Michigan Venture Capital Association Annual Report</a> , there were 36 VC firms in the Detroit area in 2015 with $5.3 billion in AUM, an increase of over 100% in the last five years. In addition, the amount of investment and the number of startups receiving investment has been steadily climbing. On top of the local VC scene, Detroit also has a thriving tech startup scene. According to a <a href="http://www.recode.net/2015/2/9/11558748/whats-driving-the-next-detroit">ReCode</a> series written last February, there are 100 tech startups in Detroit alone, and 248 tech companies were started in Michigan in 2014. In fact, 2014 represented the first time that startup activity in Detroit outpaced that in nearby Ann Arbor.These developments have been bolstered by billionaire and Detroit native Dan Gilbert, founder of Quicken Loans, who has invested heavily in the local startup scene in an effort to rebuild Detroit's blight into a trendy, bustling movement.Finally, Motor City has seen significant interest from the Silicon Valley elite. For example, Amazon, Alphabet and Facebook all have offices in Detroit. In an article in <a href="http://www.cio.com/article/3001690/startups/could-detroit-become-the-next-silicon-valley.html">CIO magazine</a>, Peter Faricy of Amazon explained that "Michigan is a rapidly growing technology corridor and we're eager to bring the incredible local Detroit talent to Amazon." <h2>Revenge of the Big Three?</h2>Much of Silicon Valley's success can be traced to its industry cluster in information technology. Research and funding from Stanford and Berkeley combined with local giants such as HP, AMD, Intel, Xerox, Cisco and Apple to form a synergistic "melting pot" for information technology. As many experts predict that autonomous cars may be the first instance of widespread adoption of Artificial Intelligence, an argument can be made that Detroit has a similar advantage with both the University of Michigan and the "Big Three" automakers.The Wolverines, in particular, are taking a strong interest in artificial intelligence. The school boasts the second highest R&amp;D expenditure in the nation, and its research is boasted by the Artificial Intelligent Lab, which houses ten distinct research groups. In addition, Toyota recently <a href="http://www.engin.umich.edu/college/about/news/stories/2016/august/accelerate-artificial-intelligence-research">launched</a> a multi-million dollar partnership with the University of Michigan to develop AI. Perhaps more important, however, is the influence of Ford, GM and Chrysler on the development of the field.Often misjudged as anachronistic, the leadership in today's Detroit is anything but - all three CEOs are relatively young and two have held the post for fewer than three years. As GM CEO Mary Barra recently declared to <a href="http://www.businessinsider.com/now-its-detroits-turn-to-rescue-silicon-valley-2016-8">Business Insider</a>, "We are trying to disrupt ourselves; we're not trying to preserve a model of yesterday." <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Bill Pugliano/GettyGM CEO Mary Barra</div></div></div>This zeitgeist has manifested in an infatuation with being the first to develop autonomous vehicles. General Motors recently paid over $1 billion to acquire Cruise Automation, a startup dedicated to creating the sensors and technology necessary to build an autonomous vehicle. The company also invested $500 million for a 9% stake in Lyft, perhaps due to Lyft's (and Uber's) vision of eventually replacing their independent contract-based workforce with autonomous transport. Ford, meanwhile, recently announced a $75 million investment in Velodyne, whose LiDAR technology is helpful for the 3D mapping, sensing, and security that autonomous vehicles will require. The company has also acquired SAIPS, an Israeli machine learning firm, and in July Ford announced that would provide $6.6 million in seed funding for Civil Maps.Meanwhile, Alphabet and Fiat Chrysler have announced a partnership to jointly test autonomous technology in minivans, and Alphabet is <a href="http://www.forbes.com/sites/lianeyvkoff/2016/05/25/google-expands-detroit-presence-with-self-driving-tech-center/#2a304dab697f">opening a 53,000 square foot self-driving car development</a> center near Detroit in Novi, MI. Finally, it seems like the "Big Three" have the backing of "Big Government" - in Michigan at least. In December, Governor Rick Snyder signed <a href="http://www.recode.net/2016/12/9/13890080/michigan-dot-self-driving-cars-laws-automakers">four bills</a> to regulate the development and sales of autonomous vehicles, making it the first state to do so. Ironically, this news was announced days before San Francisco shut down Uber's self-driving service. <h2>Predicting the Future</h2>Due to the limited scope of this article, we chose to focus only on Detroit as an emerging hub of innovation. That said, our research has identified several additional geographies with the potential for exponential growth including Baltimore, Pittsburgh and the former "Rust Belt".Furthermore, while we've tried to use data to identify cities that have the potential for progress, it's helpful to remember that these are, at best, guesstimates plagued by numerous uncertainties. As such, we'd love to hear your thoughts as well: Are we completely missing some additional element -a 'secret sauce' held by Silicon Valley - that will continue its dominance in all things well into the future? How will the media, finance and energy clusters in Los Angeles, New York and Houston play into all of this? Can they overcome their high relatively cost of living? Can the relationship between IoT and industry revitalize the former "rust belt"?Are there other "hidden gems" that we've missed? For example: could the research triangle dominate healthcare? Who will win the agricultural race, Silicon Prairie or Stockton? Could Madison, WI solve the water problem? Would love to hear your thoughts!<a href="https://www.linkedin.com/in/torygreen">Tory Green</a> is a Principal at Tiller Partners, a Los Angeles-based VC (<a href="http://www.tillerpartnersllc.com">www.tillerpartnersllc.com</a>). Special thanks to <a href="https://www.linkedin.com/in/csabakonkoly">Csaba Konkoly</a> for advice, input and guidance and <a href="https://www.linkedin.com/in/trevar-kolodny-6268552b">Trevar Kolodny</a> for in-depth research and analysis. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/nobel-prize-winning-elizabeth-blackburn-telomere-effect-how-to-slow-down-aging-effects-2017-1">A Nobel Prize-winning biologist reveals how to slow down the effects of aging</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lqcjJ1ODE6jPisgjwbEOKdNb2FnMvJ8C" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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28-year-old billionaire Austin Russell acquires 82% stake in Forbes

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