Forbes Daily Briefing

On September 19 last year, the husband-and-wife cofounders of e-commerce company Pattern, David Wright and Melanie Alder, walked up together to the NASDAQ podium in Times Square—both dressed in black button-up shirts and custom blue and purple Nike Air Forces. Wright, CEO of the Lehi, Utah-based company, took the microphone to thank the room full of employees. “Mel and I get asked, ‘How did you do it?’ We didn’t…it’s a team sport,” Wright exclaimed as he took off his shoe, eagerly holding it up to the crowd.It was a surreal moment for Wright and Alder: Ringing the NASDAQ bell was something they’d never imagined when they first began reselling fridge magnets on Amazon out of Alder’s living room in 2013. “We were just trying to bring in a little extra money on the side,” Wright explains from a conference room overlooking Utah’s sprawling mountainscape from Pattern’s headquarters in the tech hub known as Silicon Slopes. “Yeah, in the beginning, it was just us trying to support our families,” Alder chimes in from the seat next to his. At the time, both were married to other people: Alder was raising four children with her now ex-husband, while Wright had six of his own with his now ex-wife.

By Alicia Park,

Reporter
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OnEaster Sunday in 2014, Christian Angermayer, the German investor, was on the beach on the Caribbean island of Canouan with three friends, contemplating whether he should take magic mushrooms.

Before he made his decision, he called a professor he knew who studies psychopharmacology. He explained to Angermayer that he was in the perfect set and setting, was of healthy mind, and he should try it.

So Angermayer, who says he feared he would end up freaking out and living as “a farmer in Argentina,” sprinkled some mushrooms in yogurt, ate it, and let the drugs take hold.

“I always say that I need to build a huge mushroom statue there,” says Angermayer, now 48 and worth $1.2 billion. “It was the most important positive experience of my life. When I came out [of the trip], although it took me years to get the thesis right, I had the first inclination that if it helped me this much as a happy healthy person, I can see the validation for how it can help people with mental health issues and beyond.”

Angermayer spent the next three years working on that thesis. On December 29, 2017, he took another trip, this time he came away with message from the divine: Go forward. There is no downside.

By Will Yakowicz,

Forbes Staff
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When U.S. sales teams from Silicon Valley’s big data-labeling startups visited this year’s International Conference on Machine Learning in Seoul, Korea, they arrived prepped to court the industry’s big spenders. The data companies—collectively worth tens of billions of dollars and generating billions in annual revenue supplying training data to customers like OpenAI and Anthropic—are used to chasing AI labs that are notoriously demanding, fickle and difficult to satisfy.

They found another eager customer waiting for them: China’s AI industry.

Some Chinese companies have shopping lists. Tencent—which has previously been designated by the U.S. government as associated with the Chinese military, a characterization the company disputes— circulated with prospective vendors a detailed request for training data spanning finance, cybersecurity and one of AI’s most coveted research goals: AI systems capable of improving themselves.

By Anna Tong,

Forbes Staff
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Back in 2015, talent manager Ian Schwartzman emailed Spotify with a request—his client, rapper Joe Budden, wanted to add episodes of his newly launched podcast to his artist profile on the music streaming platform. “And the response I got was comical,” Schwartzman tells Forbes, “It was, ‘What is podcasting?’”

A decade later, podcasting has become a cornerstone of media, and Spotify is competing with companies such as Amazon, iHeartMedia, SiriusXM and now even Netflix in a market that has grown from less than $100 million in annual revenue a decade ago into a $9 billion industry. Budden and Schwartzman have spent the intervening years doing everything they can to earn a slice of that ever-growing pie, bootstrapping The Joe Budden Network to an estimated $20 million in earnings over the past 12 months, enough to be ranked among the highest-paid podcasters in the world for 2026. And unlike nearly every other performer on that list, they did it without a broad distribution and ad sales deal from a major media company, or a private equity investor.

By Matt Craig
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Howard University, one of the nation’s top Historically Black Colleges and Universities (HBCUs), burst into the national news in July when it abruptly canceled enrollment for 500 freshmen, a fifth of the incoming class. The students had ostensibly missed the deadline for establishing they could cover the Washington, D.C. school’s $66,182 total annual cost of attendance.

Isabella Williams, who graduated from Russell County High School in Alabama last May with a 4.3 grade point average and a raft of honors and scholarships, received one of those jarring notices. Howard was more than her dream school; it was a chance to reclaim her family’s legacy, she told Forbes. Her own mother had been forced to drop out of Howard for financial reasons, but an uncle later served as the university’s vice-provost. "I wasn't able to experience much of my family's culture as a child," she said, "so being able to be closer to them and kind of get the same education that they've had was really important to me.” She eventually got her enrollment reinstated (as did more than 200 other students) after her scholarship money was confirmed. Williams insists that she and some of the others who were disenrolled had documented their payment plans on time and were simply waiting for money from loans, scholarships and veterans benefits to be disbursed.

By Asia Alexander,

Fellow
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