A SUPERWOMAN.

TOUGH PROBLEMS
INSPIRE ME.”
 PRAETOR 600: CERTIFIED
OUTPERFORMANCE.
The Praetor 600 — the world’s most disruptive and technologically
advanced super-midsize aircraft that leads the way in
performance, comfort and technology.

Unveiled at NBAA in October 2018 and now certified by ANAC,

FAA and EASA, the Praetor 600 did not just meet initial
expectations, it exceeded them. Named for the Latin root that
means “lead the way,” the Praetor 600 is a jet of firsts. It is the
first super-midsize jet to fly beyond 3,700 nm at M0.80. The first
with over 4,000 nm range at LRC. The first with full fly-by-wire.
The first with turbulence reduction capability. The first with a
cabin altitude as low as 5,800 feet. The first with high-capacity,
ultra-high-speed connectivity from Viasat’s Ka-band. And all of
this, backed by a top-ranked Customer Support network.

Learn more at executive.embraer.com/praetor600

L E A D I N G T H E WAY
 April/May 2021 Volume 204 | Number 2

12
INSIDE
CONTENTS

80 | A Billionaire a Day
This year Forbes tracked down
a record 493 new billionaires—
roughly one every 17 hours.
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

STEFEN CHOW FOR FORBES

FORBES.COM A P R I L / M AY 2 0 2 1
14
CONTENTS

106

April/May 2021

70 88 96 106
COVER CREDITS
COVER STORY
Operation One-Woman The Friendly PHOTOGRAPHERS:

Wealth Speed Show Revenge of Assassin

CAMERON AND TYLER
WINKLEVOSS:
Michael Prince for Forbes

Covid-19 brought Judy Faulkner, the The Winklevii David Vélez set out to KATE WANG:
Stefen Chow for Forbes
terrible suffering, eco- billionaire founder After losing an epic kill off the fat fees and
DAVID VÉLEZ:
nomic pain, geopolitical of Epic Systems, battle with Mark Zuck- lousy service of Brazil’s Gabriel Rinaldi for Forbes
tension—and the pioneered—then erberg over ownership big banks. The opera- AUSTIN RUSSELL:
greatest acceleration dominated—electronic of Facebook and being tion succeeded beyond Michael Prince for Forbes
of wealth in human medical records. She shunned in Silicon Val- his wildest dreams: JUDY FAULKNER:
Jamel Toppin for Forbes
history. Why this has been the industry’s ley, Cameron and Tyler Today, his no-fee
pandemic paradox leading actor for Winklevoss are back— Nubank is the most
could become cause decades, but now the as budding Bitcoin bil- valuable digital bank
for celebration, not pandemic is fueling a lionaires at the center in the world, with 35
concern. digital health-care race of not only the future of million customers—and
that may finally cost money but the creative he’s gunning for more.
GABRIEL RINALDI FOR FORBES

By Randall Lane
her the spotlight. economy, and quite pos-
By Jeff Kauflin,
sibly a new operating Maria Abreu and
By Katie Jennings
model for Big Tech itself. Antoine Gara
By Michael del Castillo,
Susan Adams and
Antoine Gara

FORBES.COM A P R I L / M AY 2 0 2 1
 ETFs MAY BE GOOD FOR
THE PLANET.
YOUR BOTTOM LINE.
ETFs MAY BE GOOD FOR

Invest in something bigger.

Visit www.iShares.com to view a prospectus, which includes investment

objectives risks, fees, expenses and other information that you should read
and consider carefully before investing. Risks include principal loss. A fund’s
environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities
available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. BlackRock
Investments, LLC distributor. ©2021 BlackRock, Inc. iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its
subsidiaries in the United States and elsewhere. ICRMH0920U-1323574
 FRONTRUNNER

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.

16 30 | Left Their Mark

Twenty-three billionaires died last year. Sixty-one others
dropped out of the ranks entirely, including Kylie Jenner.
CONTENTS

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
32 Readers debate the brusque management style of
software billionaire Frank Slootman, Snowflake’s CEO.

CONTRARIAN

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

CHRISTIE HEMM KLOK FOR FORBES; JAMEL TOPPIN FOR FORBES; MICHAEL HOEWELER FOR FORBES
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. 47
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
followed their lead. By Steve Forbes
Women Wealth Advisors
By Jason Bisnoff and SHOOK Research 116 | Thoughts on Ownership

FORBES.COM A P R I L / M AY 2 0 2 1
 SIDELINES
Today’s Opportunities,
Tomorrow’s Leaders
18
This year’s Billionaires list, which over the course of
the pandemic year added a net 493 new members
FORBES
and more than $5 trillion in wealth, will surely make
worldwide headlines for all the obvious reasons.
But as I note in our cover essay (page 70), we’re in
a moment of profound change, with so many good
things portending a future of broad prosperity.
Part of that change revolves around
companies recognizing their role as a
positive influence, including a commit-
ment to look more like the world around
them. That’s particularly true for places
like Forbes, which help shape ideas and
terms of debate for millions.
In that spirit, we’re trying to do some-
thing that not only makes our newsroom
better but helps repair the pipeline for busi-
ness journalism overall. Please meet the
first class of Forbes Fellows, in partnership
with Morehouse College and other His-
torically Black Colleges and Universities.
These talented HBCU students and recent
graduates will report and write stories,
take classes with Forbes staffers and receive
direct mentoring. This idea stemmed from
a breakfast I had just before the pandemic
with Robert F. Smith, the richest Black
American and a big HBCU supporter. It
came to life during the pandemic, courtesy
of Assistant Managing Editor Ali Jackson-
Jolley. And it will pay dividends long after
the pandemic. By tapping star HBCU
journalists who didn’t have a clear path to
(From top)
Jair Hilburn, places like Forbes, we’re expanding the pool
Eric Johnson,
Whitney
for ourselves and our industry, referring
Bronson, other Fellow finalists to our competitors.
Joshua Burrell,
Nathaniel With vaccines creating a true reopen-
Easington, ing of the country, and with the economy
Kira Grant
poised to roar, now is the time for all of
us to think big, both in terms of what we can do im-
mediately and how we can build for the long term.
After a year of challenges for all, and breakthroughs
for some, I’ve rarely felt so optimistic.
—RANDALL LANE, CHIEF CONTENT OFFICER
FORBES.COM
April/May 2021 • Volume 204 | Number 2
CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES; CEO AND PRESIDENT: MICHAEL FEDERLE
EDITORIAL
RANDALL LANE, Chief Content Officer
Executive Editors: Caroline Howard, Luisa Kroll, Kerry Lauerman, Michael Noer; Managing Editor: Joyce
Bautista Ferrari
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,
Matt Schifrin, Michael Solomon, Jeff Taylor
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,
Alan Ohnsman, Susan Radlauer (Research), Tina Russo McCarthy, Halah Touryalai, Nathan Vardi, Merrill Vaughn
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
del Castillo, Julius Juenemann, Jeffrey Kauflin, Maggie McGrath, Marty Swant, Isabel Togoh, Alexandra Wilson
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
Stoller, Rebecca Szkutak, Michela Tindera, William Yakowicz
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,
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,
Lisette Voytko, Joe Walsh IV
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
Tablang, Samantha Todd, Nina Wolpow
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
Audience Development: Social Media: Cliff Benston (Director); Lindsey Burns, Caroline Dilone, Dario Foroutan, Evan
Spadaccini. Newsletters: Nick Shippers, Rachel Thomas
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,
Juliet Muir, Bernard Osei, Jonathan Palmer, Brian Petchers, Morgan Sun, Kirsten Taggart
SALES AND MARKETING
JESSICA SIBLEY, Chief Revenue Officer
Ad Sales: Manni Arango, Maria Aiza Contro, Aaron Andrews, Julia Aziz, Jake Bell, Jessica Blitzer, Leann Bonanno,
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,
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
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
Vinansky, Elliot Vinzon, Adam Wallitt, Alex Wood, Casey Zonfrilli
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,
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,
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,
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
Souza, Kara Stiles, Ashka Thaker, Rashaad Denzel Toney, Meenal Vamburkar, Jason Webster, Janet Yin
Digital Revenue Operations: Rebeca Solorzano (SVP), Alyson Williams (SVP); Ashley Alexander, James Barry, Sergiu
Bucur, Lisa Chiobi, Rachel Goroff, Lauren Gurnee, Jayson Ildefonso, Victor Lee, Emily Lewis, Nicole Lewitinn, Kelly
Mui, Melis Ocal, Casey Riordan, Steven Song, Jacqueline Subramaniam
ForbesLive: Sherry Phillips (SVP); Andrew Appelbaum, Jessica Charles, Chardia Christophe, Brett Cohen,
Alex Engel, Madie Federle, Delisha Fields, Julieanna Gray, Kayla Jennings-Rivera, Nicole Kerno, Susan Kessler,
Michael Martin, Sydney Melin, Menaka Menon, Jimmy Okuszka, Mary Margaret Soderquist, Erika Speed,
Elizabeth Pitonyak, Shelby Tompkins, Blair Walther
DIGITAL
NINA GOULD, Chief Product Officer; VADIM SUPITSKIY, Chief Technology Officer
Product: Ebony Shears; Terrence Agbi, Jennifer Bruno, Youssef Drihmi, David Feldman, Nina Foroutan, Kelly Hanshaw,
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
Corporate Tech: Peter Hahm; Jiten Bhojwani, Christopher Frank, Justin Harris, Joshua Hartzog, Adaze Idehen-
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)
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)
A P R I L / M AY 2 0 2 1
DOW Jones + 8% * Bitcoin + 206% *

Buy Bitcoin, Baby

Returns 30x bigger than Wall Street. CoinFlip
makes buying Bitcoin simple, secure, and fast with
dedicated customer support whenever you need it.
coinflip.tech

*Tradingview 2020 Wall Street CFD versus Bitcoin XBT

 “With all thy getting, get understanding”
FACT & COMMENT
By Steve Forbes, Editor-in-Chief
End the Lockdowns Now
The sweeping lockdowns imposed a little
over a year ago, during the world’s worst
pandemic since the Spanish flu of 1918-20,
were supposed to be a short-term solu-
tion to avoid overwhelming our hospitals.
Yet here we are, over a year later, with re-
strictions of varying degrees still with us.
They’re being lifted, but at a pace that’s
far too slow, which is doing unnecessary
damage to schoolkids in particular and the
economy in general.
Soon, almost anyone who wants a vac-
cine will be able to get one. Moreover,
for months we’ve had highly effective therapeutics with
which to fight the disease when someone who contracts a
severe case of Covid-19 is hospitalized.
This is why the lockdowns should be ended right away.
It was clear by late spring of last year that the best ap-
proach was to focus efforts on the most vulnerable parts
of our population—that is, the elderly and those with se-
rious preexisting conditions. However, instead of follow-
ing the science, too many politicians and health officials
imposed—and continue to impose—sweeping restrictions
that have been useless, capricious or counterproductive.
The country has paid and—this is outrageous—contin-
ues to pay a fearsome price. Low-income households have
been disproportionately harmed, as parents haven’t been
able to work because they’ve had to stay home to take care
of kids who couldn’t go to school.
The biggest scandal has been the way that teachers’
unions have kept public schools closed or on a hybrid sys-
tem long past the time when facts showed that kids were
the least vulnerable to Covid-19 and the least likely to trans-
mit the disease. Private schools, with proper precautions,
have been open for months, with virtually no ill effects.
The numbers for various forms of depression and ad-
diction are way up, as are those for suicides and deaths
from overdoses.
Compare the statistics in states that took an enlight-
ened, scientific approach, such as Florida, with those that
didn’t, such as New York. Florida, completely open today,
has always been less restrictive after the initial lockdowns
than New York. The Sunshine State has a lower death rate
than the Empire State, even with its larger population of
older people. Florida’s economy is booming, while New
York’s is still struggling.
This is the blunt truth: The states that are more open
A P R I L / M AY 2 0 2 1
21
are doing better in terms of health and
economic performance than those that are
more restrictive.
All of which makes perverse President
Biden’s comment during his nationwide ad-
dress in March, when he said that maybe on
the Fourth of July—months from now—small
family gatherings might be safe. C’mon, Mr.
President: They’re safe—today!
The president should urge state gov-
ernors to immediately cease these unnec-
essary restrictions and fully reopen their
schools and economies. The general health
of the nation would be immensely better off for it.
What’s the Matter With Germany?
Germany, the world’s fourth-largest economy and the most
powerful nation in Europe, seems to be pulling away from its
close alliance with the U.S., a partnership that was critical in
winning the Cold War against the once formidable Soviet Union.
This is good news for China and Vladimir Putin’s Russia.
Under its long-serving chancellor, Angela Merkel, Ger-
many is going all-out to ensure the completion of the Nord
Stream 2 pipeline, which will enormously increase Europe’s
dependence on Russian natural gas, even though Putin has
never hesitated to use the fuel as a political weapon.
A far sounder, more sensible alternative for Berlin would be
to import more U.S. natural gas, which we have in abundance.
Germany should also beef up its mangy military as a means
of countering Moscow’s ambitions to pry Europe from Wash-
ington. Unlike Sweden, which is dramatically increasing the
strength of its military because of Russia’s aggressive moves,
Germany has been more hesitant. Intense pressure from the
Trump administration got Berlin to boost military outlays. But
German reluctance remains significant, and efforts may flag if
President Biden doesn’t continue Trump-like goading.
Another recent move that bodes ill is Germany’s pushing
through a China-EU investment deal that Beijing sees as a
way to loosen U.S.-European ties.
Germany, so far, has refused to work closely with Wash-
ington to keep strategic technologies from getting into the
hands of Beijing, a contrast to its approach regarding the So-
viet Union during the Cold War. Germany takes this tack even
as China engages in major human-rights abuses and contin-
FORBES.COM
 Steve Forbes Cont.
ues its highly aggressive foreign policy,
such as moving to dominate the South
China Sea, a critical international wa-
terway. Instead, Chancellor Merkel
seems intent on keeping Germany at
some distance between Washington
22 and Beijing.
During the Cold War, despite oc-
casional differences, the NATO alli-
FACT & COMMENT
ance—with Germany and the U.S. at its
A Compelling Duo of Whodunits
This pair of mystery/thrillers by a true
master of the genre, Michael Connelly,
will keep you glued from beginning to
end. He has a marvelous way of spin-
ning a gripping tale with impressively
precise details and excellent
character development.
If you haven’t yet gone
to one of the DNA websites
to trace your ancestry, you’ll
think twice about doing so
after reading Fair Warning
(Little, Brown & Co., $29). De-
spite promises of confidenti-
ality, how truly secure is your
information? Your chosen
vendor may make extra bucks by selling
your data to research labs or other par-
ties. Safeguards are supposed to prevent
those buyers from knowing who you are,
but how good are those measures? And
it may be that those buyers resell the
data to others whose security is lax.
Our protagonist, Jack McEvoy, is a
former investigative reporter and one-
time novelist who now works for a site
that focuses on consumer fraud.
One day two detectives from the L.A.
Police Department pay McEvoy a visit.
He’s a “person of interest” in the murder
of a woman with whom he’d had a one-
night stand after they met at a bar.
McEvoy’s DNA ultimately clears him,
Introducing
What’s Ahead
The podcast hosted
by Steve Forbes.
Subscribe now on iTunes
or GooglePlay Store.
FORBES.COM
core—held fast. A critical example was
how closely the two countries worked
together to counter Moscow’s attempts
at blackmailing Germany into loosen-
ing its transatlantic ties by threatening it
with intermediate-range nuclear missiles
in the late 1970s. Despite fierce pressure
from Moscow—including whipping up
domestic opposition—Germany, under
the redoubtable Chancellor Helmut Kohl,
but his investigative instincts are ir-
repressibly aroused. Some ingenious
sleuthing leads McEvoy to realize he’s
looking for a serial killer who calls him-
self “the Shrike,” after a bird that kills
its prey by breaking its neck.
Before this tale is over,
McEvoy, the central character
of two previous Connelly nov-
els, reconnects with an old
flame, ex-FBI agent Rachel
Walling, who had been fired
for leaking confidential infor-
mation to him during a pre-
vious case and who now runs
an agency that does back-
ground checks on potential hires for
clients. Connelly fans will eagerly await
future books involving this duo!
The Law of Innocence (Little, Brown
& Co., $29) brings back a character Con-
nelly hasn’t featured in years: aggressive,
smart-alecky defense lawyer
Mickey Haller, who was made
famous in the 2011 movie The
Lincoln Lawyer, starring Mat-
thew McConaughey. Haller
does much of his work in the
back seat of his Lincoln.
An establishment figure
Haller is not. He runs ads for
clients on benches. Until the
California Bar stopped it, Haller’s slogan
was “Reasonable doubt for a reason-
able fee.” Nonetheless, Connelly makes
Haller sympathetic.
On his way home from a party cel-
ebrating a big courtroom victory, Haller
is stopped by a police officer. He soon
finds himself under arrest for first-
degree murder: There’s a dead body in
agreed to our stationing missiles on its
soil. The Russian move failed, a crucial
factor in the West’s winning the Cold War.
The Biden administration has a big
job in getting Germany to realize that
close cooperation between our two
countries in all areas remains absolutely
crucial to preserving democracy and the
free world’s security in the face of grow-
ing pressures from China and Russia.
the trunk of his car, and forensics finds
the man had been killed there. Worse,
Haller knew the victim well—a scam-
mer he represented several times before
dropping him as a client. Alleged motive
for murder: The guy owed Haller money.
Compounding things further, a vin-
dictive judge sets bail at $5 million.
Haller decides to defend himself, know-
ing well the truism that a person who
does that has a fool for a client. But
given the stakes—life in prison—he
trusts no one else with the task. Haller
also recognizes that a not-guilty verdict
wouldn’t suffice to save his legal reputa-
tion. He must uncover who set him up
and why. As he puts it, “To prove true in-
nocence, the guilty man must be found
and exposed to the world.”
More daunting, Haller has to direct
things from the slammer, where prison-
ers might kill him. Given his reputation as
a hard-driving defense lawyer,
Haller knows the guards and
the sheriff ’s office wouldn’t
mind seeing him done in. His
fears are well-placed; especial-
ly dangerous are the bus trips
to the courthouse.
Haller, who needs all the
help he can get, mobilizes
characters familiar to fans of
previous Lincoln novels, including his
half-brother Harry Bosch, memorable
star of Connelly’s first legendary series.
(By the way, Harry Bosch is the subject
of a riveting television series—called
Bosch, naturally—on Amazon Prime.
Leave aside plenty of time, because once
you tune in, you won’t want to stop
viewing, episode after episode.)
A P R I L / M AY 2 0 2 1
 Introducing DaVinci Resolve 17
Edit and color correct video with the
same software used by Hollywood, for free!
DaVinci Resolve 17 is a major new update packed with over 300
features and enhancements! Colorists get new HDR grading tools,
AI based magic mask, color warper and more. Fairlight adds
lightning fast keyboard and mouse sound editing tools. Editors
get new metadata ‘slate’ view, smart reframing, proxies, keying,
Fusion effects and more!
Next Generation HDR and Color Features!
New HDR grading tools, redesigned primary controls, AI based magic mask and
more. The new HDR palette lets you create custom color wheels for targeted
corrections, magic mask uses the DaVinci Neural Engine to isolate and track
objects, and the color warper lets you morph colors in creative new ways!
New DaVinci wide gamut image processing gives you even higher quality!
World’s Fastest and Highest Quality Pro Audio Tools!
Fairlight features a powerful new engine that supports up to 2,000 realtime
tracks with effects, dynamic and EQ. The new context sensitive edit selection
tools and updated shortcuts make it even faster and easier to use, especially if
you’re switching from another system. You can now reverse clips, analyze
loudness, view transients, preview video, move automation and more!
Learn more at www.blackmagicdesign.com
Powerful New Edit and Cut Page Features!
A new metadata ‘slate’ view with bin dividers makes it easy to sort and find clips
based on scene, shot, camera, and more! There’s also new audio trimming on
the cut page, AI based smart reframing for changing aspect ratio, a new portable
proxy workflow that supercharges edit performance, render in place, timeline
based syncing, compositing, keying, Fusion effects and more!
Fusion Effects, Titles and Transitions for Editors!
DaVinci Resolve 17 lets you save anything created on the Fusion page as an
effect, title or transition that can be used on the edit and cut pages! New
animation curve modifiers automatically retime animations when clip length is
changed, there are new vector shape tools for motion graphics, shared
markers, and audio playback with graphical waveform!
DaVinci Resolve ................................................................. Free
DaVinci Resolve Studio ... $295
Free DaVinci Resolve Speed Editor
with purchase of DaVinci Resolve Studio
Available for Mac, Windows and Linux
PRATT
INDUSTRIES
HAS BUILT
5 OF AMERICA’S LAST
6 PAPER MILLS —
ALL 100% RECYCLED

PRATT
INDUSTRIES
HAS BUILT
5 OF AMERICA’S LAST
6 PAPER MILLS —
ALL 100% RECYCLED
www.prattindustries.com
 W H AT ’ S WHO’S
NEW NEXT

25

FRONTRUNNER
Jeff Bezos | Elon Musk

$200 B

$150 B

$100 B

$50 B

$0 B
3/18/2020 3/5/2021

Billionaires

THE SKY’S NO LIMIT

WESLEY BEDROSIAN FOR FORBES

J EF F B E ZOS and E LO N MU S K 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.

A P R I L / M AY 2 0 2 1 FORBES.COM
 I
10. Mukesh Ambani
$84.5 BIL © • DIVERSIFIED
AGE: 63 • INDIA
Ambani reclaims his spot as Asia’s
28 richest person, adding nearly
$48 billion to his fortune over the
past year as shares of his conglom-
erate, Reliance Industries, have
FRONTRUNNER
16. Carlos Slim Helú
& family
$62.8 BIL © • TELECOM
AGE: 81 • MEXICO
The telecom mogul was briefly
hospitalized with Covid-19 in January.
His pan–Latin American wireless firm,
América Móvil, ended 2020 with 287

increased significantly. million subscribers, up 3% in a year.

It’s been a year like no other, and
we aren’t talking about the pandemic. 11. Amancio Ortega 17. Alice Walton
There were rapid-fire public offerings, $77 BIL © • ZARA $61.8 BIL © • WALMART
AGE: 85 • SPAIN AGE: 71 • U.S.
surging cryptocurrencies and sky-
The founder of clothing giant
rocketing stock prices. The number Inditex—best known for its Zara 18. Jim Walton
retail chain—weathered the storm: $60.2 BIL © • WALMART
of billionaires simply exploded. Forbes Sales fell by nearly 30% in 2020 but AGE: 72 • U.S.
found an unprecedented 2,755 around its stock is up 34% over the year.
19. Rob Walton
the world—660 more than a year ago. $59.5 BIL © • WALMART
A staggering 86% are richer than they 12. Françoise Bettencourt AGE: 76 • U.S.
Meyers & family The children of Walmart founder
were then. Altogether they’re worth $73.6 BIL © • L’ORÉAL Sam Walton own, with other family
$13.1 trillion, up from $8 trillion in 2020; their average AGE: 67 • FRANCE members, about half of the world’s
The granddaughter of cosmetics largest retailer. Walmart introduced
net worth is $4.7 billion, $900 million more than last giant L’Oréal’s founder benefited free delivery as part of an Amazon
year. The U.S. still has the most billionaires, with 724, from a 38% jump in the company’s Prime–like membership program,
stock despite the fact that profits helping boost online sales 69%
followed by Greater China with 698. We used stock prices 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
$59 BIL © • BLOOMBERG LP
methodology, please visit forbes.com/billionaires.
AGE: 79 • U.S.
He smashed political spending
records last year, pouring more
than $1 billion into his own presi-
dential campaign and $150 million
1. Jeff Bezos has yet to dent Zuckerberg’s to support other Democrats.
$177 BIL © • SOURCE: AMAZON fortune. Facebook shares are
AGE: 57 • CITIZENSHIP: U.S. near record highs.
21. Colin Zheng Huang
Bezos’ $64 billion jump keeps the
$55.3 BIL © • E-COMMERCE
Amazon founder, who is stepping
down as CEO later in 2021, in the top 6. Warren Buffett AGE: 41 • CHINA
spot for a fourth consecutive year. $96 BIL © • BERKSHIRE HATHAWAY The founder of online discounter
AGE: 90 • U.S. Pinduoduo stepped down as its
Berkshire Hathaway bought
13. Zhong Shanshan chairman in March to pursue
2. Elon Musk Dominion Energy’s natural-gas $68.9 BIL © • BEVERAGES research in food and life sciences;
$151 BIL © • TESLA, SPACEX pipelines for $8 billion in July, AGE: 66 • CHINA he gave up his CEO role in July.
AGE: 49 • U.S. but the Oracle of Omaha has The September 2020 IPO of his
Musk’s fortune rocketed $126 billion otherwise been relatively quiet bottled-water firm, Nongfu Spring,
during the pandemic. drove up his fortune by 3,345%,
22. MacKenzie Scott
since March 2020 as Tesla shares
making him the year’s biggest $53 BIL © • AMAZON
soared; he briefly overtook Bezos
as the world’s wealthiest in January. percentage gainer and China’s AGE: 50 • U.S.
7. Larry Ellison new richest person. Jeff Bezos’ ex-wife (above right)
$93 BIL © • SOFTWARE rocked the philanthropy world in 2020
3. Bernard Arnault & family AGE: 76 • U.S. with nearly $6 billion in grants to 500
$150 BIL © • LVMH The Silicon Valley titan reportedly
14. Steve Ballmer nonprofits across the U.S., including
AGE: 72 • FRANCE moved to Hawaii during the $68.7 BIL © • MICROSOFT Puerto Rico. She recently remarried.
The richest person in Europe closed pandemic. Oracle, meanwhile, AGE: 65 • U.S.
several major deals, most notably which he cofounded in 1977, has The former Microsoft CEO, who is
LVMH’s long-delayed acquisition of relocated its headquarters from worth $16 billion more since last
23. Daniel Gilbert
iconic jeweler Tiffany for a reduced the Bay Area to Texas. year amid a 67% surge in the $51.9 BIL © • QUICKEN LOANS
price of $16 billion in January. software firm’s stock price, donated AGE: 59 • U.S.
$54 million in 2020 to Covid-related His Rocket Companies—America’s
8. Larry Page causes such as vaccine testing and largest mortgage lender—went
4. Bill Gates $91.5 BIL © • GOOGLE child care for essential workers. public in August, boosting Gilbert’s
$124 BIL © • MICROSOFT AGE: 48 • U.S. net worth by $38 billion in one day.
AGE: 65 • U.S.
9. Sergey Brin 15. Ma Huateng
IMAGINE CHINA/NEWSCOM

The Microsoft cofounder, who left

its board last year, is wealthier than
he’s ever been, buoyed in part by
the software firm’s surging stock.
5. Mark Zuckerberg
$97 BIL © • FACEBOOK
AGE: 36 • U.S.
Continued congressional scrutiny
$89 BIL © • GOOGLE
AGE: 47 • U.S.
The Google cofounders still serve
on the board of Alphabet but
otherwise maintain low profiles.
Google has been under fire in
Australia recently for what critics
say is the search engine’s role in
weakening the media there.
$65.8 BIL © • INTERNET MEDIA
AGE: 49 • CHINA
His web-media giant, Tencent,
which owns stakes in Tesla and
Snap, notched another win with
the February public offering of
video-sharing app Kuaishou.
Tencent owns 18% of the firm.
24. Gautam Adani & family
$50.5 BIL © • INFRASTRUCTURE,
COMMODITIES • AGE: 58 • INDIA
The infrastructure tycoon is nearly
$42 billion richer than a year ago
as shares of five publicly traded
companies in his Adani Group hit
their all-time highs.

FORBES.COM A P R I L / M AY 2 0 2 1

25. Phil Knight & family
$49.9 BIL © • NIKE
AGE: 83 • U.S.
The latest philanthropic effort from
Nike’s retired founder is a luxe, newly
renovated track stadium at his alma
mater, the University of Oregon.
26. Jack Ma
$48.4 BIL © • E-COMMERCE
AGE: 56 • CHINA
The Alibaba cofounder has been
lying low since the dual listing of his
fintech giant, Ant Group, was halted
by Chinese regulators in November.
27. Charles Koch
$46.4 BIL © • KOCH INDUSTRIES
AGE: 85 • U.S.
27. Julia Koch & family
$46.4 BIL © • KOCH INDUSTRIES
AGE: 58 • U.S.
Koch Industries, which Charles
chairs, topped Cargill to become
JAVIER ROJAS/NEWSCOM; VGC/GETTY IMAGES; GREGG DEGUIRE/GETTY IMAGES
America’s largest private company
(as measured by revenue); the
conglomerate hauled in $115 billion
in sales in 2019. He and the family
of Julia, the widow of his younger
brother David (d. 2019), each have
a 42% stake in the business.
29. Masayoshi Son
$45.4 BIL © • INTERNET, TELECOM
AGE: 63 • JAPAN
After his SoftBank Vision Fund
suffered a very public blow from
its fraught WeWork investment,
Son came roaring back with wins
including IPOs for food-delivery
app DoorDash and Korean
e-commerce company Coupang.
30. Michael Dell
$45.1 BIL © • COMPUTERS
AGE: 56 • U.S.
His fortune nearly doubled as
shares of Dell Technologies hit
an all-time high, thanks in part
to record sales of $94.2 billion.
A P R I L / M AY 2 0 2 1
31. Tadashi Yanai & family
$44.1 BIL © • FASHION RETAIL
AGE: 72 • JAPAN
The net worth of the Japanese
apparel billionaire more than
doubled as demand for Uniqlo’s
comfortable everyday clothes
and its triple-layer masks surged
during the pandemic.
32. François Pinault &
family
$42.3 BIL © • LUXURY GOODS
AGE: 84 • FRANCE
The founder of luxury conglomer-
ate Kering is finally opening his
long-awaited art museum in the
19th-century Bourse de Commerce
building in Paris this year.
33. David Thomson & family
$41.8 BIL © • MEDIA
AGE: 63 • CANADA
Canada’s richest person is the
chairman of publicly traded media
giant Thomson Reuters, whose
shares are up 16% in the past year.
34. Beate Heister &
Karl Albrecht Jr.
$39.2 BIL © • SUPERMARKETS
GERMANY
The siblings inherited the discount
retailer Aldi Sued. During the
pandemic, its stores began using
3D sensors to measure customer
traffic and regulate access.
35. Wang Wei
$39 BIL © • PACKAGE DELIVERY
AGE: 50 • CHINA
Revenue of his S.F. Express—the
“FedEx of China”—rose 37% in 2020
as e-commerce boomed during
China’s Covid-19 lockdowns.
36. Miriam Adelson
$38.2 BIL Ø • CASINOS
AGE: 75 • U.S.
The widow of Sheldon Adelson
(d. January 2021) now controls
56% of casino operator Las Vegas
Sands, which is cashing out of
Vegas to focus on Asia.
37. He Xiangjian
$37.7 BIL © • HOME APPLIANCES
AGE: 78 • CHINA
The cofounder of electric-
appliance maker Midea Group
reportedly escaped a kidnapping
attempt last June, when several
men tried to break into his home
using explosives.
38. Dieter Schwarz
$36.9 BIL © • RETAIL
AGE: 81 • GERMANY
Sales of the Schwarz Group, owner
of Kaufland and Lidl discount
supermarkets, are expected to
have risen 23%, to $170 billion, in
the year through February 2021.
39. Zhang Yiming
$35.6 BIL © • TIKTOK
AGE: 37 • CHINA
Zhang founded ByteDance, creator
of popular short-video app TikTok,
in a four-bedroom apartment in
2012. Its December funding round
valued the unicorn at $180 billion.
40. Giovanni Ferrero
$35.1 BIL © • NUTELLA,
CHOCOLATES • AGE: 56 • ITALY
The chairman of the Ferrero Group,
known for its Nutella, Tic Tac and
Kinder brands, added a stake in
Britain’s Fox’s Biscuits to his choco-
late and confectionery empire.
41. Alain Wertheimer
$34.5 BIL © • CHANEL
AGE: 72 • FRANCE
41. Gerard Wertheimer
$34.5 BIL © • CHANEL
AGE: 70 • FRANCE
The brothers—grandsons of Chanel
cofounder Pierre Wertheimer—are
each $17 billion richer than last year
amid a rebound in the luxury sector.
43. Li Ka-shing
$33.7 BIL © • DIVERSIFIED
AGE: 92 • HONG KONG
Hong Kong’s richest person gained
$12 billion, thanks to his holdings
overseas, including stakes in
CHANGE IN WEALTH KEY: ©UP ªDOWN §
¨UNCHANGED
videoconference firm Zoom and
energy-drink maker Celsius.
44. Qin Yinglin & family
$33.5 BIL © • PIG BREEDING 29
AGE: 55 • CHINA
Qin founded China’s top hog
producer in 1992 with wife Qian
FRONTRUNNER
Ying and just 22 pigs. He’s still the
chairman; she sits on the board.
45. William Lei Ding
$33 BIL © • ONLINE GAMES
AGE: 49 • CHINA
Revenue at his Nasdaq-listed
NetEase rose 24% in 2020 as
pandemic lockdowns drove
demand for its online-gaming
and remote-learning products.
46. Len Blavatnik
$32 BIL © • MUSIC, CHEMICALS
AGE: 63 • U.S.
Blavatnik’s Warner Music is worth
nearly $18 billion after going public
in June 2020, more than five times
what the mogul paid for it in 2011.
47. Lee Shau Kee
$31.7 BIL © • REAL ESTATE
AGE: 93 • HONG KONG
Shares of his Henderson Land
seesawed during the pandemic
but ended up for the year, though
still well off their all-time high.
48. Jacqueline Mars
$31.3 BIL © • CANDY, PET FOOD
AGE: 81 • U.S.
48. John Mars
$31.3 BIL © • CANDY, PET FOOD
AGE: 85 • U.S.
Each of the Mars siblings owns
an estimated one-third of the
$40 billion (sales) candy, pet care
and food company. Best known
for M&M’s and Skittles, Mars Inc.
acquired snack bar maker Kind in
November 2020, three years after
it took a minority stake.
50. Yang Huiyan & family
$29.6 BIL © • REAL ESTATE
AGE: 39 • CHINA
The heiress is the largest sharehol-
der of real estate developer Coun-
try Garden Holdings; she also chairs
U.S.-listed education firm Bright
Scholar Education Holdings.
FORBES.COM
RETURNEE ØNEW
 Deceased
IN MEMORIAM
LEFT THEIR MARK
Listicle

Marcel Adams THE AI 50

AGE: 100 • Real estate
Which artificial
30 Twenty-three billionaires from 15 countries died intelligence
Edmund Ansin
in the past year, including the list’s two centenarians, companies are
84 • Television
for real? Forbes
Chang Yun Chung and Marcel Adams. partnered with
FRONTRUNNER

Jeronimo Arango
venture firms
94 • Retail
Sequoia Capital
and Meritech
David Barclay
Capital to create
86 • Media, retail
our third annual
list of today’s most
Stephen Bechtel Jr.
promising private
95 • Construction
businesses using
AI. The full list is
Dmitry Bosov
available at forbes
52 • Coal mining
.com/ai50. Here
are five standouts,
Chang Yun Chung
along with
102 • Shipping
recent PitchBook
Sheldon Adelson Lee Kun-hee valuations:
AGE: 87 AGE: 78 Eduardo Cojuangco
85 • Food, drinks
The casino magnate and GOP mega- Lee inherited Samsung Group in FARMWISE ($45 MIL)
Olivier Dassault Makes AI-powered
donor built Las Vegas Sands into 1987 from his father, founder Lee farm equipment that
69 • Diversified
an empire, amassing a $35 billion Byung-chull, and built it into South can eradicate weeds
from fields without
fortune, and made bold gambles to Korea’s biggest conglomerate. Twice Aloysio de
the use of herbicides.
Andrade Faria
rescue the company from near-failure pardoned for bribery and tax charges, 99 • Banking
during the Great Recession. he had been in a coma since 2014. GATIK ($58 MIL)
Walmart is testing its

MARTIN SCHOELLER FOR FORBES; LEE JIN-MAN/AP; NEWSCOM; GARI GARAIALDE/GETTY IMAGES; JAMEL TOPPIN FOR FORBES
Manuel Jove
autonomous-driving
78 • Real estate trucks as a new
means of delivery.
Suna Kirac
79 • Diversified SENTROPY ($50 MIL)
Aids online platforms
Manuel Moroun in moderating online
93 • Transportation abuse, increasing
engagement and
Park Yeon-cha decreasing churn.
74 • Sneakers
VERGE GENOMICS
Sumner Redstone ($60 MIL)
97 • Media AI to help discover
new drugs for
Joseph Safra Benjamin de Rothschild Randall Rollins brain diseases like
88 • Pest control Parkinson’s and
AGE: 82 AGE 57
Alzheimer’s. The field’s
The world’s richest banker, worth The heir to Edmond de Rothschild, Sheldon Solow first candidate, for
92 • Real estate ALS, will enter human
$23 billion, he owned three banks on the European bank founded in trials next year.
three continents, London’s Gherkin 1953 by his father, he died of a Heinz Hermann Thiele
79 • Brakes WHISPER ($198 MIL)
skyscraper and 50% of banana heart attack in January. His widow, Its hearing aids offer
producer Chiquita. Ariane de Rothschild, has been Arne Wilhelmsen better sound quality
thanks to AI.
chair of the bank since 2015. 90 • Cruise ships
DECEASED/DROP-OFFS BY HANK TUCKER

Drop-offs Number of billionaire drop-offs (excluding deceased)

KYLIE’S FANTASTICAL FORTUNE 250

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
many as in 2020 and the lowest number in a decade. One 100
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 2018 2019 2020 2021

FORBES.COM A P R I L / M AY 2 0 2 1
 Manufactured entirely in Switzerland
Parmigianiamericas.com

%CNNQTVGZVQWTEQPEKGTIGUGTXKEGVQƂPFQWVOQTG 

 The Midas List

GOLDFINGERS
32 Our annual ranking of the world’s top 100 venture capitalists.
FRONTRUNNER

A
new era of tech giants
such as Coinbase,
Kuaishou 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
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
GUTTER CREDIT

classmate, the late Tony Hsieh, sold

their first startup for $265 million and
plowed some of the proceeds into an Alfred Lin
incubator that bet early on Zappos;

FORBES.COM A P R I L / M AY 2 0 2 1
 THE TOP
they sold the shoe retailer to Amazon GROWTH EQUITY
in 2009. A year later Lin joined From deal values to the sheer number of funds, the global

TWENTY
Sequoia, which had recently written VC industry has ballooned in recent years. Below,
several early-stage checks to Brian a comparison of 2002, the earliest data available,
and 2020, adjusted for inflation.
Chesky’s fledgling Airbedandbreakfast
.com. Reportedly offered a job there, 2020 33
1. Alfred Lin
Lin joined its board in 2012 and soon Firm: Sequoia
spent one day a week in its office. Notable Deal: Airbnb
2002

FRONTRUNNER
FUND VALUE:
When the pandemic hit and Airbnb’s 2. Neil Shen
Sequoia China
$119.5 bil
business faced the “abyss” in March Xpeng FUND VALUE:
$30.4 bil
2020, Lin dived in, working closely 3. Hans Tung
LIN AND HERSHENSON: CHRISTIE HEMM KLOK FOR FORBES; DOERR: ERIK MILLETTE; MORITZ: SIMON DAWSON/BLOOMBERG; LEONE: ERIC MILLETTE; KHOSLA: DAVID PAUL MORRIS/BLOOMBERG

with Chesky and the rest of Airbnb’s GGV Capital

Wish
board to slash costs, lay off employees,
take out debt to cover refunds and 4. Richard Liu
5Y Capital
pivot the business to focus on work- Xiaomi
DEAL VALUE:
from-anywhere travel. Likewise, Lin 5. Michael Speiser $34.4 bil
helped DoorDash’s Tony Xu, whom he’d Sutter Hill Ventures DEAL COUNT:2,888
Snowflake
backed in a Series A round in 2014, # OF FUNDS: 261
6. Satish Dharmaraj
secure safety equipment for its delivery Redpoint Ventures DEAL VALUE: $328.5 bil
contractors, cut commissions and set Snowflake DEAL COUNT: 27,798
up free meals for first responders. 7. Chris Dixon S O U R C E : PitchBook # OF FUNDS: 712

“It’s helpful to have a supporting Andreessen Horowitz

Coinbase
partner when things are that stressful,”
8. Zhen Zhang
Xu says. “Then, when things are less Gaorong Capital HOME RUN HITTERS
stressful, they’re someone who will Pinduoduo These internet standouts have helped consumers
challenge you. . . . Alfred knows when 9. Roelof Botha around the world work from home anywhere,
Sequoia listen to music, shop online and stay connected as
to balance those two sides of him.” Unity our lives moved virtual. They also helped put the
Adds Lin: “I think these trying 10. Lee Fixel most investors on this year’s Midas List.
times are fun. Not because I’m a Addition
masochist, but I do think you don’t Roblox
Airbnb 14
know if you’ve built something of 11. Navin Chaddha
Mayfield Meituan 11
enduring value until you’re tested.” Poshmark Spotify 11
12. Sameer Gandhi
Accel
Stripe 10
CrowdStrike Xiaomi 9
13. Jeff Jordan
N O TA B L E N E W C O M E R Andreessen Horowitz 0 3 6 9 12 15

After founding three startups and teaching Airbnb

EDITOR: ALEX KONRAD; REPORTING BY BECCA SZKUTAK AND NINA WOLPOW

engineering at Stanford, Spain-born 14. Jan Hammer

Mar Hershenson started Pear VC with for- Index Ventures
mer rug dealer Pejman Nozad (No. 15). Their Robinhood THE MIDAS LEGENDS
early bet on DoorDash propelled them onto 15. Pejman Nozad Just one venture capitalist has appeared on all
the Midas 100. Ranked No. 29, Hershenson Pear Ventures 20 iterations of the Midas List: billionaire John Doerr,
is one of 12 women on this year’s list. DoorDash
a partner at Kleiner Perkins who was an early investor
16. Peter Thiel in Amazon, Compaq and Google, as well as DoorDash,
Founders Fund Slack and many more. Sequoia partner and former
Airbnb journalist Michael Moritz—an inaugural member who
17. Scott Shleifer dropped off for one year in 2018—comes close.
Tiger Global Management
Postmates Most appearances by active Midas List members:
18. Joe Lonsdale
8VC
Wish
19. Jeremy Liew
Lightspeed
Venture Partners John Michael Doug Scott Vinod
Affirm Doerr Moritz Leone Sandell Khosla

20 19 16 15 14
20. Bill Gurley
Benchmark
Uber

A P R I L / M AY 2 0 2 1 FORBES.COM

TR ANSPORTATION 2025
Achieving Resilience Amid Profound Change
By Poornima Apte
The transportation industry is
bracing for significant changes.
While e-commerce is projected to expand,
a shortage of truckers who haul freight
across the country is expected to linger.
Add in rising freight rates, escalating
consumer demands for quicker deliveries
and penalties for missing delivery windows,
and companies have a steep hill to climb
when it comes to transporting goods.
Given that nearly 73% of goods in the
United States moved by truck in 2019,
according to the American Trucking
Associations, there’s a lot at stake.
It’s why Steve Martin, senior vice president
of transportation logistics at Ryder,
recommends that business leaders focus
on developing a clear transportation
strategy that prioritizes optimization
and resilience while positioning
their business to take advantage of
new opportunities.
More specifically, to improve their
transportation networks and gain a
competitive advantage, Martin said
companies should take the following
four steps:
1. Improve Visibility. Martin encourages
businesses to use data to improve visibility
into their supply chain networks. For
CUSTOM ADVERTISING SECTION
example, RyderShare™, a collaborative
digital platform, helps users visualize
complex relay operations that truck
fleets routinely execute. Since every
node of transit operations is laid bare,
glitches become easier to pinpoint
and fix.
The platform enables store managers
to know when shipments will arrive and
manage exceptions in case of delays,
such as those caused by traffic. This
allows companies to schedule personnel
to receive the deliveries, improving
p ro d u c ti v i t y an d l owe r in g c o s t s .
Managers used RyderShare™ this way
early in the pandemic, when demand
for certain goods outpaced availability.
2. Prioritize Flexibility. Having digital
platforms that can facilitate collaboration
among stakeholders and readily accept
new technology solutions will enable
a c o m p any to p i vot m o re e a sil y.
“Technology is changing very rapidly,”
Martin said. “Having your platforms
designed to continue to adapt and modify
with changes is really important.”
Predictive analytics and autonomous
vehicles are among the innovative forces
that will disrupt the transportation industry
and require businesses to build flexibility
into their plans, Martin said.
3. Stay Balanced. Transportation managers
need to factor in safety, service and
cost. A narrow focus on only one of these
pillars can potentially derail the best-
laid plans. Balance all three priorities for
optimal results, Martin advised.
4. Embrace Change. The pandemic has
been an abrupt disruptor, but it’s by no
means going to be the only one in the
years to come. By accepting that change
is inevitable, it encourages innovation
within organizations, Martin said. “Build
partnerships, experiment and run pilots
so that you learn what’s happening,”
he said.
When Outsourcing Makes Sense
Considering the changes ahead and
the importance of having the right
strategy, businesses might benefit
from outsourcing their transportation
and logistics needs.
Transportation and logistics providers
that are investing in new technology
and staying ahead of the changes
that are reshaping the industry are
most likely to succeed, Martin said.
“If the partner is not paying attention
to the disruptors and what’s happening
on an innovation standpoint, I think
you’re going to find yourself being
left behind by others that have that
type of capability,” he said.
 EVER
MOVING
Transportation logistics that put your supply chain in motion
Whether it’s a single pallet, several truckloads a day, or managing a private fleet and drivers,
you need transportation logistics that keep your freight and business moving forward. With
an entire portfolio of transportation logistics that includes freight management & brokerage,
truckload capacity, transportation management, and dedicated transportation, Ryder helps
you reduce freight costs, improve service levels, and drive efficiencies while getting your
goods to consumers on-time and in-full. Discover how Ryder Transportation Logistics can
make you Ever better™ at ryder.com/everbetter.

SUPPLY CHAIN SOLUTIONS | DEDICATED TRANSPORTATION | FLEET LEASING & MAINTENANCE

36

30 Under 30
FRONTRUNNER

INDOOR
OUTFITTERS
Work-from-home apparel
with the Forbes 30 Under 30,
in 30 words or less.

Mia Park 29 Lior Ohayon 28 Sophia Danner-Okotie 29 Leah O’Malley 26

Dae Lim 28 Aaron Spivak 26 FOUNDER Tori Robinson 26
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

30 UNDER 30 BY ALEXANDRA STERNLICHT. DIEGO PATIÑO FOR FORBES (TOP)

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.

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.

FORBES.COM A P R I L / M AY 2 0 2 1
 CUSTOM ADVERTISING SECTION
Soft leadership: Enel’s new way to be
2020 was a life-changing year for all of us. The pandemic led
to profound changes in our understanding of life. This period
has presented us with new questions and challenges, which are
LQH[RUDEO\UHÀHFWHGLQWKHZD\WKDWZHWKLQNDERXWZRUN
0DQ\FRPSDQLHVDURXQGWKHZRUOGKDYHEHJXQWRUHWKLQNWKHLU
operating models.
,Q WLPHV OLNH WKHVH LW LV HVVHQWLDO WR PDNH WKH PRVW RI WKH
RSSRUWXQLWLHVIRUUHÀHFWLRQSUHVHQWHGE\WKHFULVLVZHDUHOLYLQJ
through. Many companies are realizing - some after over 100
years - that established ways of operating and organizing have
become outdated in a very short span of time.
3HRSOH ZRUNLQJ LQ WKHVH FRPSDQLHV PD\ KDYH EHHQ LQLWLDOO\
disconcerted, but have discovered that they are
able to face the new reality with great courage
and responsibility. They have mastered smart
ZRUNLQJ DQG WKH DVVRFLDWHG DXWRQRP\ DQG
have become even more digitised.
Now we must capitalize on these experiences
and incorporate the lessons we have learned
LQWRRXUZRUN
We are all showing great resilience and
responsibility on a professional level, which is
rewarded by trusting, caring and listening to
each other in our interpersonal relationships.
Once this terrible pandemic is defeated, it
ZRXOG EH XQWKLQNDEOH IRU SHRSOH WR UHYHUW WR
WKHLUIRUPHUZD\VRIZRUNLQJ Guido Stratta, Head of
People and Organization at Enel
1RZ LV WKH WLPH IRU FRPSDQLHV WR UHWKLQN WKH
ZD\WKH\ZRUN7RGRWKLVLWLVH[WUHPHO\LPSRUWDQWWREHDEOH
WRFRPELQHWKHYDOXHRIWKHLQWHUSHUVRQDODVSHFWVRIZRUNZLWK
what we have learned in this particular period.
In this context, all the things that can be done from a distance,
DYRLGLQJ WKH VWUHVV RI WUDYHOOLQJ WR WKH Ṙ FH DQG UHGXFLQJ
SROOXWLRQ ZLOO FRQWLQXH WR EH GRQH IURP KRPH FRZRUNLQJ
VSDFHVQHZDUHDVDQG³+XE4XDUWHU´Ṙ FHVZLWKQRLQGLYLGXDO
ṘFHVEXWZLWKDPSOHVSDFHIRUFROODERUDWLRQDQGVKDULQJ
There will also be periods of high relational quality, where
SURMHFWV FDQ EH ODXQFKHG EUDLQVWRUPLQJ FDQ WDNH SODFH DQG
departmental meetings can be held, once a month or more,
in order to build team spirit and a sense of community and
LQFOXVLRQ3HRSOHZLOOKDYHDFFHVVWRWKHṘFHDVDQGZKHQWKH\
QHHG LW ERRNLQJ LQ DGYDQFH DQG VKRZLQJ WKH VDPH VHQVH RI
responsibility that they have shown during this period.
Corporate culture will be increasingly based on a concept of
“soft leadership”, which aims to empower people using soft
VNLOOVWREHFRXSOHGZLWKWKHKDUGVNLOOVWKDWFRPSDQLHVDOUHDG\
possess.
We will move from “me” to “we”.
The concept of leadership is moving away from “command
and control” - which is all about achieving results - towards a
leadership model that is attentive to relationships, trust and
respect for each person’s talents, while continuing to focus on
achieving objectives.
The focus will be on “caring for people”,
listening and helping them seize the
opportunities presented by the transformation
that we are experiencing. This will help create
DQLQFUHDVLQJO\SHDFHIXOZRUNLQJHQYLURQPHQW
in which people feel empowered and
autonomous. Caring for people starts by having
an empathic connection with them: the ability
to listen and to recognise their talents, with the
NQRZOHGJHWKDWDOOSHRSOHDUHJLIWHG
The role of the manager is therefore transformed
into the job of accompanying people on their
professional path, enabling each person to put
their passions into play, and helping people and
WHDPV WR SRVLWLRQ WKHPVHOYHV LQ D IUDPHZRUN
WKDWDOORZVWKHLUWDOHQWVWRÀRXULVK
,QUHFHQWWLPHVZRUNDQGSDVVLRQKDYHUDUHO\
gone hand in hand and it was widely believed that only a few
people had the privilege of combining the two.
However, the extremely dramatic experience that we are all
living through has also given us new insights. The issue of
FRPELQLQJZRUNDQGSDVVLRQVLVUHODWHGWRWKHDELOLW\WRPRYH
WRZDUGVWKLVJRDORYHUWLPHLIDSHUVRQNQRZVZKHUHWKH\QHHG
to go, then it paves the way for them to foster relationships and
contacts within organizations that can lead them towards their
passions.
1RZDGD\VSHRSOHOLYHLQLQFUHDVLQJO\ÀH[LEOHZRUOGVZLWKOHVV
KLHUDUFK\7KHWDUJHWHQYLURQPHQWLVWKHIUDPHZRUNLQZKLFK
they can tap into their talent and an organization that provides
the conditions to do so.
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

WORLD
among the first IPOs.
BAHRAIN
38
Forbes Middle East
features Najla Al Shirawi
on its list of Power Busi-
FRONTRUNNER

OF nesswomen. The CEO of

FORBES
SICO, a Manama-based
investment bank with
$2.3 billion in assets, is
leading its expansion
into Saudi Arabia.

Across the planet, our 35 licensed

editions span five continents,
BOLIVIA BRAZIL
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

Named one of China’s most “Telecommunications
successful businesswomen became the unexpected
by Forbes China, Wang Feng hero of the battle against
Ying is the first female presi- social isolation and the

BY KATHERINE LOVE. ANGOLA: WALTER FERNANDES; BAHRAIN: SICO; BOLIVIA: PEPSICO; BULGARIA: IVAN KOLOVOS; COLOMBIA:
dent of Great Wall Motor, threat of financial paraly-
China’s largest manufacturer sis,” says Andreas Neocle-
of SUVs and pickup trucks. ous, CEO of the country’s

CLEVER LEAVES; CYPRUS: DIMITRIS VATTIS; CZECH REPUBLIC: DAVID TURECKY; GREECE: KONSTANTINOS LYMPEROPOULOS
international voice and
data-services leader, Cyta.

Sara Kyurkchieva launched
Orpheus, a cosmetics line
that claims to harness the
restorative powers of the
Orpheus flower, in 2018
to help her sensitive skin.
The flower grows along Bul-
garia’s border with Greece.
DOMINICAN REPUBLIC
Lucile Houellemont
de Gamundi took over
Dominican Watchman after
her father’s death in 2016.
The 50-year-old security
company is now preparing
to begin exporting its
products—such as elec-
tronic entry cards and
success today is no longer [about]
surveillance cameras—to
other Caribbean islands.
CZECH REPUBLIC
Offering medical
cannabis—what Colom-
bians call “the new green
gold”—Bogotá-based
Clever Leaves debuted
on the Nasdaq via a SPAC
in December. Recent mar-
ket cap: $330 million.
Forbes Czech 30 Under 30
honoree Veronika Kamen-
FRANCE GEORGIA ská, 21, created a mental-
health app after surviving
Having designed Heineken Skeptics questioned the a suicide attempt. Avail-
bottles, trams and a superyacht, future of Guram Gvasalia’s able in nine languages,
multidisciplinary artist Ora ïto’s streetwear brand, Vete- Nepanikař (“Don’t Panic”)
next project is transforming a ments, after his brother, a has been downloaded
Marseille fortress into a seaside fashion designer, departed nearly 200,000 times.
attraction promoting environ- the company in 2019. Yet
mentalism. “Entrepreneurial sales grew during the
turnover, but what the business
pandemic, he says. “If your
house is built well . . . it will HUNGARY
will generate,” he says. sustain any strong wind.” After making a million-
dollar fortune in roofing
and façades across Eastern
GREECE Europe, József Kreinbacher
is pouring his time into his
Boosting Greece’s export mountainside winery, which
GDP, which lags behind that produces 200,000 bottles
of most EU countries, is of award-winning Hungar-
key to climbing out of its ian champagne each year.
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 A P R I L / M AY 2 0 2 1
 INDIA
Philanthropist Azim
Premji’s foundation and
Wipro, the Indian IT giant
he scaled, committed
$155 million toward fighting
the pandemic. Wipro also
converted one of its facili-
ties to a 450-bed hospital
for Covid-19 patients.
LATVIA
S.BATSAIKHAN FOR FORBES MONGOLIA; POLAND: PIOTR WANIOREK; PORTUGAL: VICTOR MACHADO; ROMANIA: SHUTTERSTOCK; SLOVAKIA: ONDŘEJ PÝCHA;
INDONESIA: WS PRAMONO; ISRAEL: NIR SLAKMAN; ITALY: SILVIA PASQUETTO; MEXICO: BRYN LENNON / GETTY IMAGES FOR RED BULL RACING; MONGOLIA:
In order to promote
SPAIN: XAVIER TORRES-BACCHETTA; SOUTH KOREA: LEE WON-KEUN FOR FORBES KOREA; UKRAINE: ALEXANDER CHEKMENEV; ZIMBABWE: SASHA MUSA
farming and production, and
support increased interest
in buying property, Latvia in
February increased the loan
limit to purchase agricultural
land to €1 million.
ROMANIA
“The residential market
recorded exceptional
results in 2020,” says Ionuţ
Nicolescu, president of SVN
Romania’s property port-
folio. The number of real
estate transactions nation-
ally rose 11.6% in 2020.
THAILAND
When Amorn Thongthew,
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
Near-billionaire Yuriy Kosiuk and his
company, MHP, Ukraine’s largest
poultry producer, are rolling out
initiatives to promote healthy, af-
fordable cooking. MHP is opening
meat markets, planning a restau-
rant concept and posting chef-
guided recipes on social media.
A P R I L / M AY 2 0 2 1
INDONESIA ISRAEL
Southeast Asia’s most-followed Omri Schanin, 31, is the cofounder
YouTuber with 26.5 million of MeaTech, a Tel Aviv–listed
subscribers, Atta Halilintar fronts company that debuted on the
Forbes Indonesia’s inaugural list of Nasdaq in March. The startup,
top digital-content creators. The founded in 2018, sustainably
26-year-old has made his name in 3D-prints meat from the stem
acting, rap and prank videos. cells of chickens and cattle.
39
ITALY JAPAN KAZAKHSTAN
Hiromasa Tsuchiya chairs Last year Alim Khamitov, 34 (far
CAINZ, a $4 billion (sales) left), and Mirat Akhmetsadykov,
FRONTRUNNER
discount home-goods cen- 33, launched a $10 million venture
ter testing innovative ways fund to support Kazakh and Central
to improve the retail experi- Asian startups as part of MOST, an
ence, including a robot or entrepreneurship community that
app that guides customers has emerged over the past decade.
to specific items.
Forbes Italy adds a social MEXICO MONGOLIA
media category to its 30 Guadalajara native Sergio
Under 30 list, honoring viral “Checo” Pérez, 31, will rep-
stars such as Norma Cer- resent Red Bull Racing in
letti, a 29-year-old English Formula 1 this year. He
teacher who has more than clocked his first big win in
800,000 followers across December at the Sakhir
Instagram and TikTok. Grand Prix in Bahrain.
Tatsuya Hamada heads Mo-
POLAND
bicom, the nation’s leading
telecom and web provider,
Gabriel Chojak’s Dekorglass which has expanded into
molds 200 tons of glass digital payments. More than
each day into decorative 1.6 million users have made
bottles for products such as PORTUGAL secure purchases via its
Monpay smartphone app.
Hugo Boss fragrances and
Johnnie Walker whiskey.
Annual revenue was roughly
$50 million pre-pandemic.
RUSSIA
Early Facebook investor Yuri Milner
says he donates nearly $100 million
to science and space exploration
each year. “There should be people
or institutions that will finance
projects with little chance of suc-
Twenty years of stagnant cess but with great potential signifi-
economic growth is a cance,” he tells Forbes Russia.
“national shame,” says oil
executive António Costa e
Silva, who has been tasked
SLOVAKIA by the government with SOUTH KOREA SPAIN
drafting a decade-long
recovery plan. “We have to Baek Joon-ho heads
create conditions for the Seoul-based Furiosa AI, a
country to create wealth.” maker of AI-enabled semi-
conductor coprocessors.
Competing against Nvidia
and Intel types, the chips’
SWITZERLAND decision-making capabili-
ties are used in everything
from autonomous driving
Slovak Olympic medalist
to language translation.
and Hall of Fame profes- The Spanish-language You-
sional basketball coach Tube yoga classes of Xuan
Natália Hejková has led Lan—a Vietnam native liv-
teams to five EuroLeague ing in Barcelona—have at-
Women titles. She names tracted 1.4 million followers.
11-time NBA championship She fronts Forbes Spain’s
coach Phil Jackson as issue titled “Who’s Who in
her role model. the Business of Yoga.”
Lukas Langenegger’s ZIMBABWE
startup, Hemotune, which
grew out of public research Chef Nicola Kagoro, 32, is
university ETH Zurich, seeks building a business promoting
an effective antidote for veganism across Africa as an
sepsis. The body’s extreme affordable, nutritious diet. She
response to infection— partners with the International
as seen in many Covid-19 Anti-Poaching Foundation to
patients—kills 11 million provide dozens of rangers with
people each year. three plant-based meals a day.
FORBES.COM
 BUY,
Trucks
40
Ken Gross
Author, curator, former
FRONTRUNNER
director of the Petersen
Automotive Museum
1962-69
Jeep Gladiator J3000
Rugged and straight-
edged, early 4x4 Gladiators
were Spartan rock crushers.
Forget the second-
generation J-Series
(1970-87) and hunt down
an old-school Thriftside
“longbox”—a truck with an
ultralong bed and sharply
angled sides—for $20,000.
Sparkling Wine
Victoria James
Author, sommelier,
beverage director
and partner at Cote
in Manhattan
A. Margaine Spécial Club
Blanc de Blancs
This “club” of Champagne
growers make some of
France’s best bubbly. At
$105, this wine from the
small village of Villers-
Marmery will merit its own
celebration in 20 years.
Real Estate
Bradley Nelson
Chief marketing officer,
Sotheby’s International
Realty
New York or London
Pieds-à-Terre
Pandemic-driven urban
flight caused prices to drop
in 2020, but as the economy
reopens, the market is heat-
ing back up. Apartments in
new developments, like this
$2 million loft in Brooklyn’s
waterside Dumbo neighbor-
hood, are prime investments.
FORBES.COM
HOLD,
1946-68
Dodge Power Wagon
An Army truck toned down
for the road, the civilian
model still has the torque
to pull tree stumps all day.
Good examples go for
$50,000 to $70,000 but
are in high demand.
it’s possible to get $30,000
Nyetimber’s 1086 Peter Lauer’s 1992 Réserve
Prestige Cuvée
Grown in soil similar
to that of Champagne, If you have a bottle of this
this English wine is chal-
lenging its French counter-
parts. Northern climes
are warming; admission prime or sell for a neat $90.
to this up-and-coming
bottle starts at $250 and
will go up from there.
Portuguese Hotspots
Lisbon and Porto are the
Nashville and Austin of
Europe: Google has already
set up shop in Lisbon;
expect more companies
to follow. Affluent tech
buyers will do wonders for
property values.
SELL
1947-55
Chevrolet Advanced
Design Thriftmaster
Despite their timeless
styling, these trucks are
short on upside potential
(unless it was given the
rare and expensive
NAPCO 4x4 conversion).
If yours isn’t rusted out,
to $40,000 for it.
Riesling Sekt Nature
Pure sommelier catnip.
German gem squirreled
away, you have a tough
decision: Drink it in its
Family Vacation Condos
Remote work has made
seasonal homes viable
year-round. Say farewell
to the vacation pad you
haven’t used in a while.
If you’re lucky, you might
have something akin to
this 2002 Naples condo,
asking $9.5 million.
A P R I L / M AY 2 0 2 1
Book Value
Leaders from the worlds
of business, academia,
entertainment and
politics share what’s on
their bedside table.
Niraj Shah
Billionaire cofounder and
CEO of online furniture
and home-goods retailer
Wayfair
The Black Widow
By Daniel Silva
The Black Widow
(Harper, 2017) is the 16th
of Daniel Silva’s Gabriel
Allon thrillers. The series
begins with Allon, an
Israeli ex–intelligence
operative, living a quiet
BUY, HOLD, SELL BY CHRISTIAN KREZNAR. CHRIS LYONS (3) FOR FORBES, LEFT; SHAH: SAM KERR FOR FORBES
life as an art restorer.
He’s soon called back
into the game to hunt
down terrorists. I’ve
always been interested
in espionage, but before
the pandemic, I had
little time to read. In
this installment, Allon
is about to become the
chief of Israel’s secret
intelligence service
but ends up back in
the arena when an ISIS
operative detonates
a bomb in Paris. As
Allon tracks down the
man responsible, The
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.
 © 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
Neal Norman • neal@hawaiilife.com
ForbesGlobalProperties.com 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-

TRUMP’S
FRONTRUNNER

folio upon taking office, Trump bogged down his presidency

with ethics issues for years, while also missing a chance to

BAD BET cash in on a market boom he helped propel.

If he had sold everything on Day 1, paid the maximum
capital-gains taxes on the sales, then put the proceeds into a
The former president refused to conflict-free fund tracking the S&P 500, Trump would have
divest his assets when he took office in 2017. 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
NET VALUE: $148 million
CHANGE DURING PRESIDENCY:
$217 million
Online shopping has wreaked
havoc on buildings like this, a glitzy
65,000-square-foot space just off
Fifth Avenue in the middle of what
was once one of the busiest retail
locations in the world. It hasn’t
helped that Nike abandoned its
five-story flagship in 2018. Tiffany,
which has been subleasing Nike’s
old space while its own Fifth Avenue
hub is being renovated, is slated to
vacate in 2022.
40 Wall Street • New York
WHAT HE OWNS: Leasehold
TOTAL VALUE: $304 million
DEBT: $137 million
NET VALUE: $168 million
CHANGE DURING PRESIDENCY:
$195 million
Profits at Trump’s Financial District
tower, home to dozens of small
firms, plummeted 32% during the
first three quarters of 2020, the
most recent period on record.
555 California St • San Francisco
WHAT HE OWNS: 30% stake in
three-building complex
TOTAL VALUE: $1.9 billion
DEBT: $538 million
NET VALUE: $422 million
CHANGE DURING PRESIDENCY:
$102 million
Two of Trump’s major tenants
here, Goldman Sachs and Bank of
America, made a show of distanc-
ing themselves from Trump after
the Capitol riot. Behind the scenes,
however, both re-upped their leases
in Trump’s most valuable property.
TRUMP: CHIP SOMODEVILLE/GETTY IMAGES; BIDEN: ERIN SCOTT/GETTY IMAGE;CRAIG WARTGA/BLOOMBERG; EPICS/GETTY IMAGES;
MATTHIAS LERVOLG/GETTY IMAGES; JULIE THURSTON/GETTY IMAGES;MICHELE EVE SANDBERG/GETTY IMAGES; JOSE MORE/ALAMY
THROUGHOUT HIS career, Joe
Biden was fond of saying he
was the “poorest,” or one of the
poorest, officials in Congress.
That’s no longer the case. Dur-
ing a campaign stop last year
in South Carolina, he said he
was “stunned” by his post-
vice-presidential earnings,
citing the success of Promise
Me, Dad, his book about his
son Beau, who died of cancer
in 2015: “I didn’t realize it, but
I made a lot of money.”
Thanks to his book deal and
the speaking circuit, Biden and
his wife, Jill, raked in about
$11 million in 2017 and another
almost $6 million in 2018 and
2019. He used some of that to
TRUMP BY DAN ALEXANDER; BIDEN BY MICHELA TINDERA

buy a 4,800-square-foot seaside

Hotel Management & Licensing
NET VALUE: $57 million
CHANGE DURING PRESIDENCY:
$163 million
Trump’s branding business didn’t
benefit from four years of polariza-
tion and the January 6 Capitol riot.
Several licensees have dropped the
Trump name from their properties,
and no one seems eager to step
in and replace them. “He has done
permanent damage to the Trump
name and image, at least for two
or three decades,” concludes real
estate analyst Kevin Brown.
Trump National Doral, Miami
TOTAL VALUE: $135 million
DEBT: $125 million
NET VALUE: $10 million
CHANGE DURING PRESIDENCY:
$160 million
Business at this golf resort was
already bad before the pandemic.
Then revenue plunged more than
40%. With $125 million of Deutsche
Bank debt coming due in 2023,
rumors are circling that the Trump
Organization may consider turning
the property into a casino.
Mar-a-Lago • Palm Beach, Florida
NET VALUE: $250 million
CHANGE DURING PRESIDENCY:
$75 million
When the coronavirus hit, northeast-
erners flocked south and Floridians
stayed put. Huge demand and lim-
ited supply were welcome news for
the state’s homeowners, including
Trump. He bought the Palm Beach
club, where he decamped after
leaving D.C., in 1985 for about $10
million: $5 million for the oversized
home, a reported $3 million for fancy
furnishings, plus another $2 million
for beachfront land across the road.
escape in Rehoboth Beach,
Delaware, for $2.7 million in 2017.
His most valuable asset, it’s now
worth an estimated $3.4 million,
up some 25% in four years—
lifted in part by surging home
values during the pandemic.
Forbes pegs Biden’s net
worth, after taxes and spend-
ing, at an estimated $9 million,
including the beach house, a
home in Wilmington, Delaware,
a federal pension worth more
than $1 million, plus cash and
investments. That’s to say noth-
ing of his recent raise: Biden
earns $400,000 a year as presi-
dent, up from $230,700 as VP.

FORBES.COM A P R I L / M AY 2 0 2 1
 30 Beverly Park Terrace
Beverly Hills, California
3.47 Acres
$110,000,000

Rick Hilton • rickhilton@rhilton.com

Jeff Hyland • jeff@hiltonhyland.com
Barron N. Hilton • barron@hiltonhyland.com
Tessa Hilton tessa@hiltonhyland.com
+1 310.278.3311
DRE: 01160681
Architectural Rendering

Kahala Beachfront Development

Opportunity • Oahu, Hawaii
$25,000,000

4607 Kahala Avenue, Honolulu

Erik Hinshaw • erik@hawaiilife.com
+1 808.800.6278
Matt Beall • matt@hawaiilife.com
+1 808.346.7413

Providing unrivaled access to the

world's finest homes
© 2021 FGP, LLC. All Rights Reserved. Forbes Global Properties®
ForbesGlobalProperties.com is a pending trademark registration used under license.
 C H E AT W AV E
For homebound students, dishonest
schoolwork during the pandemic has
gotten much easier. One big reason is
Chegg, a company minting money by
answering test (er, homework . . . cough,
44 cough) questions on demand. A market
need being filled, or sign of academic
apocalypse? Readers raised their
FRONTRUNNER

hands to weigh in.

COLIN EDWARDS:
“Gotta love technology
that contributes to the
degradation of society for
the gain of profit.”
@OLIVIER_AMAR:
Conversation “This is total BS.
Soon they’re going to

MR. CONGENIALITY
call out Google for kids
looking up answers
there, too.”
@CUPIDEANSO:
“It isn’t that serious. Anything

F
rank Slootman is a bare-knuckled serial CEO who runs ev- truly comprehensive
ery company he helms like a one-man fief. (“I exercise execu- still [requires that you] do
tive prerogative,” he told Forbes for our February/March cover 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.
for a software maker, turning himself into a billionaire in the process. But They’re still getting
while his aggressive nature has filled corporate coffers (Snowflake was his that tuition
money, right?”
third IPO), readers were split on the merits of his brusque management style. LARRY CHAO:
“For every one Slootman,” tweeted @moseskagan, “there are 1,000 overcon- “You can cheat on a test,
but you can’t cheat your
fident dipshits who don’t listen, don’t appreciate their employees/partners way through life without
and make stupid decisions.” In others, though, Slootman’s no-nonsense mien getting caught.”
sparked admiration—and a comparison to Harvey Keitel’s famed tuxedo-clad
celluloid fixer. Tweeted @TrungTPhan: “[Slootman] is basically the corpo- @VETCAPITALGROUP:
rate world’s version of Mr. Wolf from Pulp Fiction.” “The problem isn’t Chegg.
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
BY LEAH ROSENBAUM

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 A P R I L / M AY 2 0 2 1
Vail • Beaver Creek • Bachelor Gulch • Breckenridge • Keystone • Copper • Aspen • Snowmass • Denver

1 4

2 5

3 6

Nesting has never felt more natural

We’ve found our natural fit
with Forbes Global Properties.
Now find yours with
Slifer Smith & Frampton Real Estate.
SliferSmithandFrampton.com
ForbesGlobalProperties.com
1 Breckenridge • 1020 Gold Run Road • $3.86M
Jeff Moore • jeffmoore@slifersummit.com
2 Vail • Four Seasons Residence 8201 • $15.9M
Dana Gumber • dgumber@slifer.net
Rebekah Zenor • rzenor@slifer.net
3 Snowmass • One Snowmass East 603 • $3.5M
© 2021 FGP, LLC. All Rights Reserved. Forbes Global Properties® Chris Searles • chris@sliferrfv.com
is a pending trademark registration used under license.
4 Vail • 354 Beaver Dam Road S • $23.9M
Paul Gotthelf • pgotthelf@slifer.net
5 Snowmass • Electric Pass Lodge
Starting at $1.4M
Rod Woelfle • rodw@sliferrfv.com
Sarah Woelfle • sarahw@sliferrfv.com
6 Bachelor Gulch • 2201 Daybreak • From $5.7M
Ed Swinford • eswinford@slifer.net
Brent Rimel • brimel@slifer.net
 D A R E T O D O D I F F E R E N T LY

47

INNOVATION
By Steven Bertoni and Antoine Gara Photograph by Jamel Toppin for Forbes

Scene Stealer
VI MEO wasted its youth striving to be an oddball combo of Netflix and a
commercial-free YouTube. After a hard refocus on business users, CEO A NJAL I S U D
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.

A P R I L / M AY 2 0 2 1 FORBES.COM
 S
48
C O N T R A R I A N • I N N OVAT I O N
Seven years ago, Vimeo
had Hollywood dreams. The internet video out-
fit—owned by Barry Diller’s IAC—had found a
niche hosting flicks for artsy filmmakers who
didn’t want their works to be tossed into You-
Tube’s unruly, ad-driven stew. But it was a tiny,
money-losing business with annual revenue un-
der $40 million. Vimeo was pinning its hopes on
the booming streaming business, betting it could
leverage its relationship with creatives to build
a subscription service to rival Netflix, Amazon
Prime and HBO. It hired studio execs from Para-
mount and Hulu and signed distribution deals
with Lionsgate, CBS Interactive and Spike Lee
for content to stock the new service.
But Anjali Sud, then Vimeo’s 31-year-old di-
rector of marketing, had a hunch the company’s
future was not in Hollywood hits but Silicon Val-
ley plumbing. Her plan: shift its focus from en-
tertainment to entrepreneurs. “Vimeo had long
been a software company for filmmakers, but the
market was too small,” says Sud, now 37. “There
was another, much bigger market—businesses.
What Squarespace and GoDaddy did for web-
sites, we could do with video.”
She pitched the idea to Joey Levin, Diller’s
handpicked IAC CEO. “Anjali said, ‘This is a real
business that’s relevant to a much larger audi-
ence than anyone thinks,’ ” Levin says. He gave
Sud a small team to test the idea. “We like to find
smart, talented, ambitious people, throw them
into the deep end and see if they can swim.”
Sud was soon doing the backstroke, transform-
ing Vimeo from a dusty web relic into the show-
stopper of IAC’s tech portfolio. A one-stop shop to
shoot, edit, store and distribute video, Vimeo post-
ed sales of $84 million during the fourth quarter of
2020, a 54% jump from the same period the previ-
ous year. Last quarter, net subscribers increased by
300,000, to a total of 1.5 million—a gain of nearly
25%. Annual revenue is on track to top $300 mil-
lion. IAC shut down the streaming division in 2017
FORBES.COM
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
nearly $6 billion valuation from T. Rowe Price
and San Francisco–based Oberndorf Enterprises.
HOW TO PLAY IT This spring, IAC plans to spin off Vimeo tax-
According to
Dennis Hong free to shareholders. It will be Diller’s eighth spin-
Vimeo has been
off. Over the last 25 years, IAC has incubated, re-
a big hit for Barry habbed, flipped and spun misfit web assets worth
Diller’s IAC, but $100 billion, including household names like
Dennis Hong, of
$1.3 billion (as- Match.com, Expedia and Angie’s List. The strategy
sets) ShawSpring has worked: A buck invested in IAC at its dawn in
Partners, thinks 1995 is now worth about $40, a compound annual
the stock, which is
up 94% in the last return of 16% versus the S&P 500 Index’s 10% re-
six months, has turn over the same stretch. “In digital life and its
more room to run.
Hong thinks Diller’s
possibilities, Vimeo’s not even in the first round,”
August 2020 Diller says. “It has extraordinary potential.”
purchase of 12% of Vimeo should be another star spin-off. In the
gaming operator
MGM for $1 billion current frothy cloud software market, Bank of
lays the ground- America predicts Vimeo (which IAC tried to un-
work for a major load to Kodak for around $10 million more than
online-gaming
play. He also be- a decade ago) could hit a valuation of $10 bil-
lieves Diller’s asset lion—about 50% of IAC’s current market cap.
trove contains
businesses that
For customers, Vimeo is a digital crop duster
will thrive post- whose software enables them to spread videos
Covid, including across social media, email marketing campaigns,
online child-care
network Care websites, digital marketplaces and streaming
.com and ANGI channels. Subscriptions start at $7 a month for
Homeservices. a basic package and climb to more than $20,000
Homebuyers who
have fled to the a month for big enterprise deployments at places
suburbs will need like Amazon and Starbucks.
ANGI’s handymen.
Hong estimates
Because Vimeo is commercial-free, its videos
that ANGI (worth are allowed on ad-supported outlets like Facebook,
$7 billion today) LinkedIn, YouTube, Pinterest and Twitter. Ad-free
could reach a $50
billion valuation. is also vital for distribution on online retailers like
With $2.9 billion Amazon, Etsy and Shopify. And Vimeo’s corporate
in cash, IAC trades clients don’t have to fret about random advertise-
at a discount
despite decades ments—or, worse, ones from competitors—appear-
of spinning straw ing in the middle of their branded content. HOW TO PLAY IT BY ANTOINE GARA. PATRICK WELSH FOR FORBES
into gold.
Companies like Deloitte, Pottery Barn, Rite Aid
and Forbes use Vimeo to deliver training and on-
boarding videos in addition to livestreaming cor-
porate events to employees now spread worldwide.
Meanwhile, a million-plus smaller businesses use
Vimeo to distribute advertising, product demos
and how-to videos. Vimeo may have failed to launch
its own streaming channel, but thousands of oth-
ers—from indie filmmakers to Pilates instructors—
use it to create subscription channels on streaming
services such as Apple TV, Roku, Fire TV and Xbox.
Says Sud, “We’re both a 16-year-old video platform
and a three-year-old software startup.”
Vimeo came aboard IAC in 2006 as a stowaway
A P R I L / M AY 2 0 2 1
 Little Big Picture
LIVING THE STREAM
upon Diller’s purchase of Connected Ventures, the
parent of lowbrow comedy site CollegeHumor. The
$30 million deal included the comedy studio, its TWITCH:
Ninja
companion merch site BustedTees—and Vimeo,
the web player for CollegeHumor’s sketches. “We YOUTUBE:
bought Vimeo almost by accident,” says IAC’s PewDiePie
Levin. For much of the subsequent decade, the
TIKTOK:
company tried to make money off viewers through
Charli D’Amelio
an iTunes-like on-demand service, and later the ill-
fated studio and streaming channel. Nothing really INSTAGRAM IGTV:
Cristiano Ronaldo
worked. “Vimeo always had an identity crisis,” Sud
says. “We had an amazing brand and platform, but
it was hard to see what to do with it.”
Sud certainly had the smarts and the credentials
to give Vimeo a makeover. She grew up the daugh-
ter of two immigrant doctors in a tight-knit Indi-
an community in Flint, Michigan. After her pub-
lic school lost its accreditation, Sud applied to 12
boarding schools and got into Massachusetts’ elite
Phillips Academy Andover. Next came a Wharton
degree and then a few years doing mergers at Sa-
gent Advisors. Sud later attended Harvard Business
School and did stints at Amazon as a toy buyer and
in marketing at Diapers.com before joining Vimeo.
A year into the job, Sud began seeing short
advertising clips and product demos posted be-
side Vimeo’s usual documentaries and art-house
flicks. “It was everything from mom-and-pops
to tech startups to the marketing department of
large corporations,” she says. “They were so di-
verse, it had to be a trend.”
She discovered the new customers were using
Vimeo to post marketing videos on Facebook, Twit-
ter, Instagram and their own websites. “There was
a huge group of users that no one was serving.” Her
team developed tools for businesses to upload lo-
gos, insert buy-now buttons and add email capture
to their videos. After a year of solid growth, IAC
added 50 more people to Sud’s skunkworks.
While the software business soared, Vimeo’s
Spin Doctor
IAC founder Barry
Diller (net worth
$4.2 billion) made
millions as a Holly-
wood mogul in the
1970s and ’80s, and
billions off the internet
in the decades since.
“Once you focus
with clarity, if your
base idea is good,
JAMEL TOPPIN FOR FORBES
you thrive,” he says.
“Vimeo has thrived.”
A P R I L / M AY 2 0 2 1
The internet’s biggest video stars rule separate
fiefdoms—gamers on Twitch, dancers on TikTok,
celebrities on IGTV—and have larger followings than
major media outlets. Here are the most popular
accounts and the year each first signed on.
17M FOLLOWERS (2011)
109M SUBSCRIBERS (2010)
49
111M FOLLOWERS (2019)
C O N T R A R I A N • I N N OVAT I O N
273M FOLLOWERS (2012)
content studio sputtered. It was impossible to
compete against deep-pocketed giants like Ama-
zon Prime Video and Netflix, which were plowing
billions into movies and shows. In the summer of
2017 Levin told Sud that Vimeo was dropping the
studio and going all-in on software—with Sud as
CEO. “It never occurred to me that they would of-
fer me the position,” Sud says. “I asked, ‘Is this a
joke?’ and then immediately tried to play it cool.”
Already growing fast—revenue increased 27%
in the last quarter of 2019—Vimeo saw demand
stoked by the pandemic. “Overnight, video went
from nice-to-have to need-to-have,” Sud says. As us-
age soared, she hired quickly to scale Vimeo’s tech
and customer service. Today it has more than 700
employees, about half in R&D and the rest spread
across sales, marketing and customer support.
Sud is now building for a post-Covid hybrid work
world in which she expects video’s dominance to
accelerate. She wants to make virtual events and
meetings more interactive, intimate and collabor-
ative. Vimeo is also testing AI to edit raw footage
into slick marketing content for industries such as
restaurants and real estate.
Then there’s the impending spin-off. Sud says
the move will make it easier to recruit talent,
make acquisitions, promote the brand and sell
services to large corporations. (And access capital
in a market that values software firms at around
40 times earnings.) As for going from a market-
ing director to CEO of a publicly traded compa-
ny in less than four years? “As a woman, a mother
and a tech CEO, I’m unique in the software world,”
Sud says. “I’m excited to bring my perspective and
style to the industry. It’s going to be fun.”
FINAL THOUGHT
“WHATEVER GOOD OR BAD FORTUNE
MAY COME OUR WAY, WE CAN ALWAYS
GIVE IT MEANING AND TRANSFORM
IT INTO SOMETHING OF VALUE.”
—Hermann Hesse
FORBES.COM
 CONTRARIAN STRATEGIES
By Chris Helman Photograph by Jamel Toppin for Forbes

American Sun
50
C O N T R A R I A N • S T R AT EG I E S

D E AN S O LO N built a multibillion-dollar fortune in solar energy by manufacturing

precisely the sort of commodity gear that can be made more cheaply in China.
His secret: higher prices for higher quality.

A At Shoals Technolo-
gies’ 100,000-square-foot factory in
Portland, Tennessee, Dean Solon’s quest
for simplicity starts with the color-
coded shirts, inspired by Sesame Street,
that his workers wear. “The SunPower
logo was yellow, so that’s Big Bird. First
Solar was red, for Elmo,” he says. Those
working on an order for Blattner Ener-
gy, a big solar contractor, sport Cookie
Monster blue. “And then we have the
Count, in purple. He’s always counting.
Those are the quality control people.”
Shoals’ nonunionized workers at four
factories in Tennessee and Alabama
make the guts for big solar installa-
tions—basically, everything you need
other than those shiny photovoltaic
panels and the inverters necessary to
feed power onto the grid. They craft
cable assemblies, combiner boxes, exter-
nal fuses. It’s exactly the sort of unsexy
manufacturing that nearly everyone
thinks fled to China years ago.
Indeed, most of Solon’s competitors
are Chinese companies like GCL Sys-
tem Integration and Wuxi Sun King.
The Chinese-made components are

FORBES.COM A P R I L / M AY 2 0 2 1
cheaper than Shoals’, but Solon has an edge: His
stuff is seen as safer, more reliable and easier to
install. That means companies are willing to pay
5% to 10% more for it, believing they’ll make
up for it in lower labor and maintenance costs.
Last year, that premium added up to earnings of
$34 million on $176 million in sales. After a Janu-
ary IPO, the 57-year-old Solon is worth some
cess as foolproof as he can. Screens mounted on
the front of each machine show workers how to
do each task—from stripping and crimping wires
to installing fuses and finishing cable assemblies—
with cycle times measured not in man-hours but
man-seconds. It’s a “Pavlov’s dog” world, Solon 51
says, in which workers are trained to self-correct
HOW TO PLAY IT when a light atop their station starts blinking, in-

C O N T R A R I A N • S T R AT EG I E S
According to
$2.2 billion, thanks to his 40% stake in the compa- Lucas White dicating they’ve slipped behind schedule and have
ny and after-tax proceeds from prior equity sales. “If you want to
about 15 minutes to sort it out before the blink-
To keep that made-in-America premium as low overhaul the ing gets faster and “maintenance” is summoned.
as possible, Solon makes the manufacturing pro- electric grid, you They’re told never to worry about messing up. “If
need copper,” says
Lucas White, natu- this process makes something wrong, shame on
ral resources and us—we designed it wrong, we didn’t bulletproof
climate-change enough for you not to make mistakes,” he says.
portfolio manager
at $63 billion (as- Plant managers sit above the factory floor on a
sets) GMO, based mezzanine platform Solon calls Pride Rock, after
in Boston. Solar,
wind and electric
the prominent slab in The Lion King. They rarely
vehicles all need get involved; teams help one another sort out prob-
more of it than lems, because if one person slows down for too
fossil-fuel plants:
“Copper is the long, the next in line runs out of parts. “Don’t yell
oil of the clean- at anyone; let them have a self-win,” Solon says.
energy economy.” “I don’t need to squeeze another 10 seconds out of
White likes
Grupo Mexico, them. If the green light is on, we’re making money.”
a conglomer- Solon has taken his family to Disney World
ate—controlled by
billionaire German
twice a year for decades and has long been in-
Larrea Mota spired by the park’s orchestrated perfection. “On
Velasco (net worth the surface everything is calm and happy and se-
$27 billion)—that
has a 90% stake in rene, but underneath there’s hundreds of people
Southern Copper, making sure the magic is right.” On a recent trip to
which has mines Orlando, however, he’s headed not to Disney but
in Mexico and the
Andes mountains to a nearby solar field owned by Origis Energy. On
of southeastern sunny days, this 270-acre installation generates 60
Peru. Also attrac-
tive is Sandfire
megawatts—enough to provide around a quarter
Resources Ltd., a of the Magic Kingdom’s power needs. Michael
western Australia Eyman, managing director of Origis Services, says
gold-and-copper
miner. U.S. inves- Shoals products “are not always the cheapest, but
tors can buy both always the best.” Origis tried installing competi-
stocks over the tors’ gear, “and without exception they all failed in
counter.
their warranty period.”
HOW TO PLAY IT BY CHRIS HELMAN. PARTICK WELSH FOR FORBES
Shoals’ “plug-and-play” hardware eliminates the
need for a crew of expensive electricians out in the
field stripping wires and crimping millions of con-
nections by hand. “We don’t turn our customers’
fields into our proving grounds,” Solon says, show-
ing off a wall of five testing chambers, fridge-size
boxes where he can subject prototypes to 40 days
and nights of heat, cold and 100% relative humidity.
Wire Work Solon is the named inventor on 30 granted and
pending patents. He owns at least that many pairs
Dean Solon, founder
of Shoals Technologies, of jean shorts, his preferred uniform, along with a
designed this Portland, black Shoals collared T-shirt. He prides himself on
Tennessee, factory,
where each day 500 being so uninterested in bean counting and SEC fil-
of his employees ings that 15 months ago he handed the CEO reins
make enough cable
to rig “megawatts to longtime chief technical officer Jason Whitaker.
upon megawatts”
of solar power.
A P R I L / M AY 2 0 2 1 FORBES.COM
 American Sun Cont.
Solon remains on the board of directors, focusing
on new products. Shoals’ chairman, Brad Forth,
is also a senior advisor to Oaktree Capital, which
bought more than half the company from Solon in
2017 and cashed out $2 billion in the recent IPO.
52 Now that it’s public, is there any impetus to squeeze
out a few more margin points by loosening some of
Solon’s obsessions? “We are never going to sacrifice
C O N T R A R I A N • S T R AT EG I E S
quality or reliability for anything,” says Whitaker,
41, “because it’s built into the process itself.”
Solon got his start at age 8 carrying a toolbox
for his dad, who did air conditioning and refriger-
ation repair and taught at the vocational school in
Gary, Indiana. Young Dean took apart everything
to see how it worked and put it back together,
from lawnmowers to V8 engines, sometimes with
a few pieces left over. By 16, he had his own cli-
ents and his own truck. He studied engineering at
Purdue but dropped out. He quit an internship at
Inland Steel when it refused to give him credit for
innovations he had developed. By the late 1980s
he was engineering and selling automotive parts
for a joint venture between General Electric and
Bosch. He made a point of cutting his commis-
sion in order to keep customers coming back for
more—then quit when his bosses resented that he
was still making more money than they were.
In 2003 he got a call from First Solar, which
needed some wiring and junction boxes to con-
nect solar panels. Soon Cypress Semiconductor
wanted the same gear for its SunPower solar spin-
off. “I’d been a gearhead my whole life—I thought
Here Comes the Sun
AT LESS THAN 3 CENTS PER KILOWATT HOUR, SOLAR IS THE
CHEAPEST SOURCE OF NEW POWER—AND THE FASTEST-GROWING,
UP 25% LAST YEAR. IT’S STILL EARLY DAYS: SOLAR PROVIDES
JUST 3.3% OF AMERICA’S ENERGY.
100k
Concentrating-mirror solar
80k
Utility-scale photovoltaic (PV)
Commercial PV
Residential PV
60k
40k
20k
0k
2010 2011 2012 2013 2014 2015 2016
Installed solar generation capacity, in megawatts of direct current.
S O U R C E : Solar Energy Industries Association/Wood Mackenzie Power & Renewables
U.S. Solar Market Insight 2020 Year in Review.
FORBES.COM
Insider Info
“I’M GOING TO DISNEY WORLD!”
Dean Solon got hooked on the Magic Kingdom
as a kid in the 1970s and most years takes his
family twice. Here are some of his favorite
corners of the Orlando paradise.
Carousel of Progress
“Walt’s creativity was all over it. The
ride is all about America innovating
and moving into the future with hope
and optimism. We need more of that.”
Contemporary Resort
Solon prefers to sleep inside the park
at the 655-room luxury hotel famous
for the monorail running through
its lobby. “I’m captivated by the The “Utilidors”
enormous mural by a Disney designer, “Underneath the whole park is a maze
Mary Blair, who was instrumental in of passageways and shortcuts via
making the ‘It’s a Small World’ ride.” utilidors”—short for utility corridors.
“I would love to go on a tour of them,
Liberty Tree Tavern but it might destroy some of the
This Frontierland all-you-can-eat magic—like seeing behind the curtain.”
joint is one of Solon’s faves. “One time
I asked a worker what they do with The Gift Shops
all the leftover food. Turns out they “I’ve had Fendi and Gucci wallets,
convert it into biodiesel—that’s why but the best one, which I’ve been
when you’re behind a bus at the park carrying for 10 years, is my $11.95
sometimes it smells like French fries.” Mickey Mouse murse.’’
I would retire making car parts.” Instead, he in-
troduced manufacturing perfectionism to the
“Ph.D. thinkers and basement tinkerers” of solar,
who had no idea how to efficiently scale up their
output. “All I knew was scale.”
The solar revolution is still in its early days.
In 2020, U.S. solar power generation grew 25%
to 130 gigawatt hours, but renewables, excluding
hydroelectric, still account for only 12.5% of total
domestic energy supply. Beyond higher quality,
there’s another window of opportunity through
which native players can shine: In late 2019, Chi-
na’s Huawei shuttered its U.S. solar business after
Congress made public its concerns that Huawei’s
equipment could serve as vectors for cyberattack.
For someone so process-driven, it’s refreshing
that Solon remains dedicated to the human ele-
ment of his business. Animatronics might be fun
at the theme park, but not in Shoals’ factories.
“It’s cool that a robot can work 24/7, but the robot
doesn’t go home to a family and have to feed it at
the end of the evening,” Solon says. “I could install
automation and do this completely robotically,
this whole factory. But then I’m just a jerk.”
FINAL THOUGHT
“THERE IS SCARCELY ANYTHING IN
THE WORLD THAT SOME MAN CANNOT
MAKE A LITTLE WORSE AND SELL
A LITTLE MORE CHEAPLY. THE
2017 2018 2019 2020
PERSON WHO BUYS ON PRICE ALONE
ALAMY
IS THIS MAN'S LAWFUL PREY.”
—John Ruskin
A P R I L / M AY 2 0 2 1
 She was watching the water
but looking out for me.
By the time I found out there was a water leak at
my property in Palm Springs, Brandi had already
discovered it and had the leak fixed. It would’ve
caused tens of thousands of dollars in damage
by the time I discovered it because I never go
out there. Neither does Brandi, for that matter.
Why would she? She’s my financial advisor. But
she noticed the water bill was high so she drove
out there to see why. If paying bills and fixing
plumbing don’t seem like the job of a wealth
management firm, maybe yours should be doing
more. Because a big picture approach to wealth
management starts with the little things.

— John, Los Angeles

CONTACT TIM MCCARTHY | 626.463.2545 | WHITTIERTRUST.COM/FORBES

$10 MILLION MARKETABLE SECURITIES AND/OR LIQUID ASSETS REQUIRED. Investment and Wealth Management Services are provided by Whittier Trust Company and The Whittier Trust Company of Nevada, Inc. (referred to herein individually and collectively as “Whittier Trust”),
state-chartered trust companies wholly owned by Whittier Holdings, Inc. (“WHI”), a closely held holding company. This document is provided for informational purposes only and is not intended, and should not be construed, as investment, tax or legal advice. Past performance is no
guarantee of future results and no investment or financial planning strategy can guarantee profit or protection against losses. All names, characters, and incidents, except for certain incidental references, are fictitious. Any resemblance to real persons, living or dead, is entirely coincidental.
TOGETHER WE ARE The Leukemia & Lymphoma Society (LLS)

UNSTOPPABLE.
challenged these executives to raise
$10,000 or more. Together they raised
over $12 million to help LLS fund life-saving
research and provide support to blood
cancer patients and their families.

CHALLENGER

HEATH MELTON NICOLE ALBSTEIN DAVID SHEVSKY ERIKA SCHIMMEL-GUILES BASSIL DAHIYAT
The Howard Hughes Mount Sinai Hospital Ally Financial San Diego Gas & Electric Xencor, Inc.
Corporation

BECKY MANCUSO-WINDING CHUCK CUDA CHRISTINE FINLEY JEFF SHAW DWAYNE WILSON
UCLA Health OPES Commercial Real Estate Entrepreneur Bridge Investment Group Salesforce

Michael Adelman, Goldman Sachs
Allison Adler, BeiGene
Michael Agostino, Hy-Vee, Inc.
Tom Alban, Ohio’s Electric Cooperatives
Rob Allred, UBS AG
Leslie C Amendola, Johnson and Johnson
Tamara Amini, Bank of America
Jeffrey Anbinder, Attorney
Paul Anbinder, Retired Founding Publisher and
President of Hudson Hills Press
Amy Anderson, Manchester Memorial Hospital
Adam Andolina, KeyBank
Ashley Arbolino, HITT
Steve Armstrong, MSC Industrial Supply Co.
Greg Armstrong, The Signorelli Company
Norman Armstrong, King & Spalding
Aubrey Arreola, Viticus Group
Colton Austin, The Signorelli Company
Mark Bachleda, Bristol Myers Squibb
Derek Baden, Citrix Systems
Martin and Terrill Bahar, USC
Mario L. Barnaba, Barnaba & Marconi LLP
Dave Barnhart, The Signorelli Company
Tedd Barr, Converze Media
Lisa Barton, AEP - American Electric Power
Missy Bass, C & F Mortgage Corporation
Jeff Beall, Digital Commercial Systems
Zane Beard, The Signorelli Company
Lynda Bennett, Lowenstein Sandler
Scott Bennett, Colliers International
Seth Berkowitz, The Leukemia & Lymphoma Society
Laura Berra, Wells Fargo Advisors
Scott Birkhead
Thomas Black, BMC
Michael Blackman, Retired, IBM Executive
Barry Blanton, Blanton Advisors
Dave Borkowski, Harkins Builders, Inc.
Tom Bosch, Avera
Marsha Bourque, Marsha Bourque and Associates
Charles Boyd, HCA Healthcare
Mike Brannock, WorkForce Unlimited, LLC
Harris Brett, Gibson Energy
Adam Brock, Brock Built Homes
James Brown, Barclays
Kristin Brown
Karen Burns, Sensiba San Filippo
Erich Cabe, Compass Realty
Maria Caldwell, National Association of State
Boards of Accountancy
Kim Carpico, Salesforce
Nancy Carr, Claims and Risk Management Services
Steve Castleman, Spectrum Environmental Services, Inc.
Patrick Chairs, Prudential Financial, Inc.
Mark Chao, Gilead Sciences
Paul Chodak III, AEP - American Electric Power
Dan Church, DairyChem, Inc.
Mike Clark, “Quittired”
Billy Classen, KFW Engineers
Richard Cole, Cole, Scott & Kissane, P.A.
Bob Cole, Kimray, Inc.
Ronda Conger, CBH Homes
David Conway, Morgan Stanley
Nikki Copas, Bristol Myers Squibb
Elizabeth Cote, The Long Group
Ari Crandall, Premier Wealth Advisors
David Crow, SailPoint Technologies
Jeannie Cullen Schultz, JP Cullen
Daniel Damon, US Bank
Thuy Dancik, Team Dancik
John Daniels, TI - Texas Instruments
Shannon Dauchot, Parallon Revenue Cycle Point
Solutions Division
Eric Davis, Messer Construction Dayton
Steve Dearborn, Miller Paint
Heather DeBolt, CombOver, LLC
Steve DeMattos, Xencor
Vince DeRose, Peak Resources, Inc.
Joseph DeSabia, Barclays
Janice Deverell, AT&T
Jeff Dewese, The Signorelli Company
Karl Dicker, Capital Bank
Robert Dickinson, Dickinson Fleet Services
Jimmy Diehl, MassMutual Financial Group
Donald Dixon, Retired, Deloitte
Mary Cushing Doherty, High Swartz, LLP
Tom Doll, Subaru of America
Rebecca Dooley, SSC Operations, Parallon
Jim Doyle, RSM
Tam Driscoll, City of Gresham
Allie Dudenhoeffer, Centene Corporation
James Dugan, Novant Health
Martin Einhorn, Retired-Wall, Einhorn & Chernitzer
Bill Eisig, BDO USA, LLP
Jason Ellington, Brasfield & Gorrie
Jesse Essex, Hendrick Motorsports
Glenn Falk, Falk, Waas, Hernandez, Solomon,
Mendlestein & Davis, P.A.
Mike Farmer, BMC
Omotayo Fasan, Novant Health
Scott Feighner, Colliers International
Al & Jackie Fernandez, ANF Group
Sanford Feuer, Best Buy Co., Inc., VP Retiree
Mark Fitlin, The Clearing House
James Fitzgerald, MarketOne Builders, Inc.
Earlene Fontana, Brinkley Farms
Adam Ford, Salesforce.com
Jim Forker, Robert Paul Properties
Karel Foti, Florida Paradise Properties/ Berkshire
Hathawat Home Services EWM Realty
Andrew Frankenfield, Exscribe, Inc.
Allie Fujarski, Paycom
Patricia Gallagher, Science Rocks!!
Steve Garcia, Patriot General Engineering, Inc.
Hillary Gelfman, Kellogg’s
Bobby Ghoshal, ResMed
Shelly Glenn, Florida Cancer Specialists
Linda Glover
Bob & Lynn Goldschmidt, DKMG Consulting
Tamara Grabowski, San Diego Gas & Electric
Rick Gray, The Wynn Las Vegas
Dustin Greene, HCA Healthcare
John Greene, Salesforce
Jim Griffin, Citrix Systems
Brad Grimsley, Carter’s, Inc.
David Grish, Acurity/Premier
Albert Guida, Guida & McCubbin Financial Consultants
Tami Gunsch, Berkshire Bank
Melinda Hancock, VCU Health System
Ava Handel, MaskUp4BloodCancer
Alison Handel, MS, Bristol Myers Squibb
Kathryn Hansen, The Leukemia & Lymphoma Society
Jeff Hare, JH/PR
Sam Haskel, Goldman Sachs
Holly Heer, Barnes & Thornburg LLP
Jeff Hennessy
Ed Hetherington, Doosan Financial Solutions
Marlow Hicks, Thermo Fisher Scientific
Donnie Hill, Precision Manufacturing Co, Inc.
Paul Hoelscher, Horizon Therapeutics
Bill Hollett, Cousins Properties
Juliet Hommes, Bristol Myers Squibb
Mike Hunsaker, BMC
Harry Irwin, Electric Supply, Inc.
Brian Jaramillo, Tilden-Coil Constructors, Inc.
Heath Jehlik, The Signorelli Company
Brett Jenkins, Intel Corp
Elizabeth Jordan
Become a 2021
Executive Challenger
LightTheNight.org
Maxwell Kagan, WellStar Medical Group
David Kahn
Dan Kaplan, Sierra Land Group
Gary Kaplan MD, Virginia Mason Health Systems
Aaron Kaplowitz, Johnson and Johnson
Amy Kappen, Best Day Ever Foundation
Jennifer Keating, Cisco
Harold Keer, Astex Pharmaceuticals, Inc.
Jared Keller, Financial Independence Planning, LLC
Sumeet Khemani, ComplySci
Jimmy Khun, Florida Cancer Specialists
Kevin Kieran, Exelon
David & Louise Kingsley
Jennifer Kipphut, Fortitude Fitness
Stuart Klein, CPA, Self Employed
Nicole Kline, Merck & Co.
Grant Knowles, Ardon Health
Bryan Kocher, WESCO
Tyler Kowal, Pitch CPA, LLC
Lynn Kuckelman, LK Design Group, Inc.
Emily LaMarque, Emily LaMarque Design Studio
John Lambert, US Bank
Andrew Larew, Larew, Doyle & Associates
Ralph Lawson, LLS National Board of Directors and
Navigant Healthcare
Jim Lazzari, Best Day Ever Foundation
Glenn Leier, Wespac Construction, Inc.
Robert Lemaster, Bilbrey Construction
Michelle Leon Cordova, Intuit
Alanna Levine, Boston Children’s Health Physicians
Ross Lissuzzo, CIBC BANK USA
Judith Lofurno, Headquarters Physical Therapy
Brad Lontz, CopperPoint Insurance Companies
Bailey Lyden, TrueNorth
Amanda Maggiotto, Cleveland Clinic Taussig Cancer Center
Fred Magnanimi, Luca + Danni
Carol Markway, Markway Strong
Ryan Martin, U.S. Bank - Community Banking South Dakota
Jordan Mayer, Katz, Sapper & Miller
John T. McCauley, Wells Fargo Advisors
Scott McClintock, Fifth Third
Mark McCullough, AEP - American Electric Power
Mark Merz, FIS
Steve Mikulcik, PayPal
Jason Miller, Citizens Bank
Kenneth Miller, Federal Home Loan Bank
Jud Miller, Woodforest National Bank
Brad A. Molotsky, Duane Morris LLP
Michael Mondin, Bristol Myers Squibb
Brandon Moore, JE Dunn Construction
Courtney Morgan, SIMON Markets
Ken Morris, Business Environments
Emmalee Morris, Skanska
Sarina Moss, Florida Power & Light Company
Cliff Mossberger, Cliff’s Corner/Halloween Town
Sonya Arnold Motes, Merrill Lynch
Patrick Mulloy, RSM US LLP
Monica Mulvihill, Marex Spectron
Lee Murphy, Glaukos
Jamie Myers, Premier Companies
Swati Navani, Seattle Genetics
Marjie Nealon, Bilzin Sumberg Baena Price & Axelrod LLP
Robert Newton, Morgan Stanley
Jim Noles, Barze Taylor Noles Lowther, LLC
Mike Norcia, Integrated Copy Solutions, Inc.
Mark Nylander, Nylander + Associates
Susan O’Brien, MD, UCI Health Chao Family
Comprehensive Cancer Center
Matthew OBryan, KLA Laboratories, Inc.
Archie Ojeda, Blue Line Construction Co.
Chris Pacchiana, Aerotek Mike Simons, EY
Joanna Palmieri Jason Sirek, Fox Television Stations - Fox 9 Mpls
Brett Panter, Panter, Panter & Sampedro Keith Sitzman, Skanska
Pranav Parekh, Apigee | Google Cloud Kelly Sizemore, Kimley-Horn
Dr. Taral Patel, Zangmesiter Cancer Center Brad Slomsky, Towne Properties
Dr. Debra Patt, Texas Oncology Amy Smedley, Huntsman Corporation
Sara Patterson, Belk Colette Smiley
Stan Patterson, IQVIA Mike Smith, The Rockport Group
Daniel Patton, SailPoint Technologies Steven Smith, Leopardo Companies, Inc.
Martha Pavlakis, Beth Israel Deaconess Medical Center Kathy Smith, Passion Growers
Keith Pence, Caler, Donten, Levine, Cohen, Porter & Veil, P.A. Monte Smith, Terumo BCT
Debra Perelman, Huntsman Corporation Johnese Spisso, UCLA Health
Nicki Perrin, Salesforce Clark Spoden, Burr & Forman LLP
Tracy Peters, Lument Don Stamas, Defender Capital
Leanne Peterson, Southland Electric, Inc. Lisa Stark, American University
Jennifer Petresky, Natural Designs Landscaping Jeffrey Stern, Houlihan Lokey
Ginger Phelps, Dominion Energy Ralph Stingo, Bernhard
Dominic Pitocco Jayne Stockton
Chris Pitrof, FIS Global Karen Stoffiere, Cleveland Clinic
Kevin Pohle, Energy Reps Steve Stouthamer, Skanska
Blake Pond, Johnson and Johnson Suzanne Strothkamp, SSM Health Legal Affairs
Ryan Pratt, Ernst & Young Heather Stubblefield, Florida Power & Light Company
Andy Priddy, Merrill Lynch Jennifer Swanton, Ritoch-Powell & Associates
Matthew Pruitt, PharmD, Walgreens Larry Sweeney, Citrix Systems
Ron Pusey, Corbett Techonology Solutions, Inc. Jason Swift, Best Egg Loans at Marlette Funding
Timothy Quick Shandell Szabo
Randy Quickel, UFCW Local 1059 Alberto Tano M.D., Kidz Medical Services
Meg Quigley Karen Terry, Memorial Health
Gene Rapisardi, CIGNA Corporation Melissa Thomas, VyStar Credit Union
Ryan Rehmann, Dynamic Systems, Inc. Larry Thornton, Thornton Enterprises, Inc.
Steve Reiss, Willis Towers Watson Jay Tilley, Costco Wholesale Corporation
Rich Reynolds, PwC Michael Tooley, Tooley Oil Company
Bob Reynolds, Brady Ware Michael Touloupas, Touloupas Dentistry
Paul Ricci, Best Egg Loans at Marlette Funding Kelly Trahan, Bridge Investment Group
Raul Rios, RSM US LLP Beth Trammell, 5280 Gymnastics
Paul Rittman, Helsinn Therapeutics Greg Trayer, Trayer’s Troop
Cole Robertson, BP Energy Partners Barry Treahy, Terumo BCT
Debra Robinson, Centennial Revenue Management Winselow Tucker, Bristol Myers Squibb
Emily Robinson Gorelik, CBC Specialty Beverage Bryce Unger, CG Schmidt
Patrick Rohan, Medical City Frisco Michelle Urban, Nabriva Therapeutics
Richard Rohrbaugh, Retired, Kimley-Horn Dave Van Brunt, Van Brunt Consulting, LLC
Adam Romero, Sehlke Consulting Ada Varchola, Goldman Sachs
Kimberly Ross, United Parcel Service (UPS) John Venable, McKesson Corporation
Neal Roth, Grossman Roth Yaffa Cohen Adam Viente, Jones Lang LaSalle (JLL)
Seth Rubin, Stifel Financial Corp. Ginger Villanti, Broadcom
Dr. Peter Ruehlman, OHC - Retired Elizabeth Vlassopoulos, Swinerton Builders
Kim Rupert, SAIC (Science Applications Jen Wahl, Sun Life Financial
International Corporation) Stephen Wall, Dell Technologies
Randy Rusing, Sundt Construction, Inc. Whitney Wall, Wells Fargo
Amanda Salas, Fox 11 Los Angeles Eric Ward, Parallon Business Performance Group
Maggie Sandwith, Waller Lansden Dortch & Davis Jason Ware, MCI USA
Pierce Sandwith, UBS Bob Weintraub, Industrial Controls Supply
Sahil Sanghvi, Boston Consulting Group Jonathan Wells, McGriff Insurance Services
Manolis Saridakis, US Bank Melissa Wilkinson, CBH Homes
Tracey Sawyer, Mission Pharmacal Greg Williams, Carruthers & Roth, P.A.
Bryan Schachter, Watermark Retirement Communities Barry Willis, Costco Wholesale Corporation
Robert Schmid, The Schmid Group, LLC Allie Wilson, Dutch Bros Coffee
Mike Schmidt, Generac Power Systems Meron Winkler, Twilio, Inc.
Laura Schmitt, Desert West Surgery Niels Winther, Think Patented
Terry K. Schmoyer, Jr., Schmoyer And Company, LLC James Wishbow, James P Wishbow Company
Michael Schnee, Goldman Sachs Group John Wright, RSM US LLP
Brian Schneider, Phyl-Mar Electrical Brian Wulfestieg, Toll Brothers Seattle Division
Eduardo Schur, Ernst & Young Susan Yaeger, Merrill Lynch
Jennifer Sciarra, Team CharLouRi Chuck Yagla, Kirk Gross Company
Helena Scott, The Leukemia and Lymphoma Society Michele Yakovee, Humana
Chad Scripps, Black Lake Capital Jim Yancey, The Clearing House
Chad Sehlke, Sehlke Consulting Ken Yoder, Baker Tilly US
Faisal Shaikh, Deloitte Mark Yoffe, MD, UNC Health
Heather Shaw, Saks Fifth Avenue Wael Younan, Goldman Sachs
Cory Shaw, Nebraska Medicine Melissa Young, Corporate Incentives, Inc.
 CONTRARIAN CIO NETWORK
By Martin Giles Photograph by Christie Hemm Klok for Forbes

The Road Less Traveled

56
CONTRARIAN • CIO NETWORK

Most tech unicorns are the product of Silicon Valley’s well-oiled VC machine.
Not CLO U D INA RY. The maker of marketing software was profitable from day one

I
and has bootstrapped its way close to a billion-dollar valuation.

Itai Lahan is ada-

mant that ambitious entrepreneurs
should certainly fill their coffers with
venture capitalists’ money if they get
the chance. “The only consistent way
to get to be a billion-dollar company
is to go the VC route,” the Cloudinary
CEO declares. “That, hands down, will
always win.”
In a classic case of “do as I say, not
as I do,” though, Lahan has repeat-
edly turned down venture funding
since launching Cloudinary in 2012.
Instead, he and his fellow Israeli co-
founders, Nadav Soferman and Tal
Lev-Ami, have bootstrapped their
Santa Clara, California–based startup
to near unicorn status. The company
makes software that helps the CIOs
of almost 7,500 customers, including
household names like Nike, Peloton
and Neiman Marcus, manage their
online marketing content—think vid-
eos, logos and product photographs.

Photo Finisher

Cloudinary CEO and cofounder Itai Lahan stands

outside a folding door at its California headquarters,
which was once leased to a Nissan R&D center.
Almost a million developers now use his software.

FORBES.COM A P R I L / M AY 2 0 2 1
Our advisors listen, so you
know you’ve been heard.
When you talk to a Dell Technologies Advisor, they’re focused on
you — to provide tailored solutions on everything from laptops
to the cloud, to keep your Small Business ready for what’s next.

Call one today at 855-341-5261

Dell.com/SmallBusinessPartner

Vostro 15 5502 with up to an 11th Gen Intel® Core™ i7 processor

Starting at $799

Intel and the Intel logo are trademarks of Intel Corporation in the U.S. and/or other countries. Copyright © 2021 Dell Inc. or its subsidiaries. All Rights
Reserved. Dell Technologies, Dell, EMC, Dell EMC and other trademarks are trademarks of Dell Inc. or its subsidiaries. Other trademarks may be
trademarks of their respective owners. 390685
 The Road Less Traveled Cont.

Revenue grew by some 40% last year, to around
$70 million, and the company is worth at least
$900 million. Cloudinary has appeared on the
Forbes Cloud 100 list each of the last three years.
Lahan says the company simply never needed
58 venture money. The founders came up with the
idea for the business while running a consult-
ing firm in Israel that built technology for other
CONTRARIAN • CIO NETWORK
sian and Qualtrics, the Utah data analysis com-
pany that was ultimately acquired by SAP for
$8 billion, bootstrapped themselves to a consid-
erable size before going public. If cloud start-
ups find a core group of fans early on, word-
of-mouth marketing can keep costs low, says
Jason Lemkin, CEO of SaaStr, a venture firm:
HOW TO PLAY IT “Once you get to a few million of revenue . . .

By Jon D. Markman
startups. The clunky software they had to use you can be cash-flow positive because your [cur-
One of the best
to manage videos and photos convinced them ways to play the
rent] customers will create a stream of future
to create something better. Their consulting cli- growth in digital customers for you.”
ents were Cloudinary’s first customers, which content manage- Few startups are that lucky, which is why
ment is Adobe
enabled it to turn a profit as soon as it opened Systems. The San Lahan thinks nearly all entrepreneurs should
its doors. Since then, it has generated enough Jose, California, take venture capital as they hunt for revenue.
money—cash flow as measured by Ebitda last company makes “It’s a numbers game,” he says. “It’s well
software tools to
year was an estimated $6 million, or about 9% help customers thought-out. [Venture financing has] tons of
of sales—to finance its growth plans every year create, manage pluses, an incredible amount of pluses.”
and promote
and to build a 300-person team. digital media. Its
There are minuses, too. Startups often have
“We were lucky enough early on to grow re- Experience Cloud to put up with investors on boards directing
ally fast,” Lahan says. “We were getting money platform lets them along a tight track toward a hoped-for
businesses and
from our customers, and it was more than brands measure public offering. That’s not something Cloudi-
enough to hit our next-year goals, which were the effectiveness nary’s founders have had to worry about. (The
incredibly high.” of and monetize company doesn’t even have a board.) After the
that content. It’s
Cloudinary’s software automates the drudgery a powerful com- pandemic began, they pulled back on hiring
of resizing and reformatting digital content for bination. Adobe but didn’t fire anyone. They also cut the com-
reported record
devices and web browsers, and it ensures that quarterly revenue
pany’s 2020 revenue target by almost $8 mil-
videos and photos load lightning-fast—a must of $3.91 billion in lion to take some pressure off staff and help
in an era when consumers will click elsewhere March, up 26% customers in financial distress by postponing
year-over-year.
upon encountering the slightest delay. Cloudi- Earnings per share payments and offering discounts. Lahan says
nary also uses artificial intelligence to suggest grew 33% year- he’s not sure a board would have supported
the best way to present photos and videos to over-year to $2.61. those moves.
As more businesses
capture people’s attention. The more digital raw reach out to Another key advantage of not having outside
material that churns through its algorithms, customers, online investors is that the three founders still own just
sales may grow
which currently process between 500 and 2,000 further. Shares
over half of the business. Some of the remain-
pieces of content a second, the better they get at could reach $580 ing equity is held by staff; Cloudinary has orga-
predicting what will attract eyeballs and clicks. within 12 months, nized a couple of secondary transactions to let
a gain of 29% from
It protects brands as well as promotes them. a recent $451. employees sell shares. That has enabled two VC
Companies like Bleacher Report use Cloudinary’s Jon D. Markman
firms, Bessemer Venture Partners and Salesforce
software to comb through videos uploaded by is president of Ventures, to get their fingers in the pie, although
people to determine if they contain pornographic Markman Capital their collective holding is small.
Insight and editor
images or other offensive material. of Fast Forward Still, Lahan might finally be willing to take his
To get CIOs hooked, Cloudinary offers a Investing. own advice. “I’m confident we will need [out-
free service with strict volume limits. It makes side] funding,” he says. “The moment we need
money by charging heavy users. Annual deals it, if an IPO is the right way forward, we’ll do an
can reach high-single-digit millions of dollars. IPO.” But he hints at other options, including the
At the end of 2018, it managed 25 billion digital possibility of tapping late-stage venture funds. If
assets; by the end of last year, that figure had Cloudinary does pursue that route, it will be a
vaulted to 50 billion—and should keep growing case of Lahan taking a lot of money from where
PATRICK WELSH FOR FORBES

even if the pandemic-fueled e-commerce boom his mouth has been.

subsides. In 2020, total U.S. online sales hit
$813 billion, a 42% year-over-year increase, ac-
FINAL THOUGHT
cording to Adobe, which forecasts they’ll pass
$1 trillion for the first time in 2022. “THE FIRST OF EARTHLY BLESSINGS,
Some other notable cloud companies, includ- INDEPENDENCE.”
ing project-management software maker Atlas- —Edward Gibbon

FORBES.COM A P R I L / M AY 2 0 2 1
 CONTRARIAN MONEY & INVESTING
By Nathan Vardi Illustration by Israel G. Vargas for Forbes

The Teflon Trader

60
CONTRARIAN • MONEY & INVESTING

Wall Street legend CA R L I CA HN is on a seven-year losing streak that

I
has cost him billions, but the market still loves his stock.

In October 2013,
when Carl Icahn started selling his
large position in Netflix, many be-
lieved the vaunted billionaire inves-
tor had done it again. The company
had successfully transitioned from a
DVD-by-mail rental service to video
streaming, and Icahn had made a
457% return in just 14 months.
“As a hardened veteran of seven
bear markets,” Icahn announced, it
was time for him “to take some of
the chips off the table.” Icahn’s son,
Brett, begged his father not to sell.
By 2015 Icahn was out, making a tidy
$2 billion profit on Netflix. But since
his departure the stock has appreci-
ated another tenfold. Had Icahn held
onto it, his profit would have been
$19 billion.
Icahn’s Netflix miss isn’t just a
fluke. Last year, while the U.S. stock
market returned 18% during a vola-
tile pandemic bull market, Icahn’s
hedge fund plunged by 14%. In 2019,

The Raider’s Rough Ride

Carl Icahn’s fund has lost money in five of the

last seven years. He hopes to turn things around
with big bets on Occidental, Bausch Health,
Cheniere Energy, Newell Brands and Xerox.

FORBES.COM A P R I L / M AY 2 0 2 1
Stand Up To Cancer is a division of the Entertainment Industry Foundation (EIF), a 501(c)(3) charitable organization.
 The Vault By the mid-1980s, corporate raiders like
BOND JUNKIES Carl Icahn, Ron Perelman and T. Boone
Pickens had invaded Wall Street—fueled by
junk bonds issued through Drexel Burnham
Lambert’s Michael Milken. Forbes was first
to shine a light on Milken’s money machine
and the cast of “buccaneers” it bankrolled:
“Are there common threads among special
Drexel customers? Only that all are aggres-
sive, are outsiders to the conventional finan-
cial community, have a trading mentality
62 and can make quick multimillion-dollar in-
vestments without going through a corporate
bureaucracy. A conventional observer would
CONTRARIAN • MONEY & INVESTING
say they tend to be buccaneers, much more
interested in money than in running businesses.
An admirer would call them financial entre-
preneurs, redeployers of capital.”
—November 19, 1984
it tumbled by 15%. In fact, the great trader has
lost more than $5 billion trading over the last
seven calendar years. His hedge fund has suf-
fered so much that its average annual return
since its inception in 2004 has fallen to 3%,
versus 10% for the S&P 500.
Icahn’s struggles illustrate a major shift oc-
curring on Wall Street. In the era of Amazon,
Tesla, GameStop and Bitcoin, growth, momen-
tum and investor psychology are the most im-
portant drivers of success. But at 85, Icahn is
sticking to fundamentals. He is one of the last
remaining OG corporate raiders on Wall Street,
and he still likes asset- and cash-rich compa-
nies in need of a shake-up. “I am a value guy,
and the activism model is still the best model if
you can find a company with hidden value and
the board is not taking advantage of it,” Icahn
insists from his new office digs in Florida. “It
is still the best on a risk-reward basis, but you
need a lot of patience.”
Wall Street still believes. Shares in Icahn’s
most important asset, Nasdaq-listed Icahn En-
terprises, which invests in Icahn’s hedge fund
and holds companies like oil refinery CVR En-
ergy and auto-parts retailer Pep Boys, trade
at around $60, up some 20% over the last 12
months. The underlying assets, as measured by
net asset value, are worth only $14.70 a share.
Icahn Enterprises’ net asset value has tumbled
from $9.1 billion at the end of 2013 to $3.5 bil-
lion. Meanwhile, Icahn has mostly been taking
dividends in shares, doubling the share count.
Icahn’s 92% stake in Icahn Enterprises
amounts to most of his estimated $15.8 bil-
lion net worth. Had Forbes used IEP’s net asset
value for his net worth instead of its market
price, Icahn would be worth $6 billion today.
The rest is the Icahn premium. And in the long
run it makes total sense: Icahn Enterprises’
FORBES.COM
stock has returned six times more than the
S&P 500 over the last 20 years.
Icahn’s recent trading problems stem from
being overweight energy and short the mar-
ket, including growth stocks. His short posi-
tions alone have produced $7 billion of losses
in five years. “I got too concentrated in some
of the energy stocks—they were dirt-cheap and
management was not good, and I just kept pil-
ing in,” Icahn says in the unmistakable accent
of someone born in Brooklyn and raised in a
working-class Queens neighborhood. “The bot-
tom fell out of the energy market. You grit your
teeth and you come out of it.”
Icahn also insists the net asset value of Icahn
Enterprises understates the intrinsic value of
his company’s assets. Take Icahn Automotive
Group. Icahn is quick to point to the current
takeover talk surrounding Mavis Tire Express
Service, which is in a similar business and
has a similar number of stores. Mavis is being
priced at $6 billion, nearly four times the value
Icahn Automotive is listed for on Icahn Enter-
prises’ balance sheet.
Even big energy bets like Occidental Petro-
leum are beginning to look more promising as
the price of U.S. crude has risen from effective-
ly less than zero during the pandemic to $60 a
barrel recently. In February, Icahn took a major
stake (and two board seats) in Ohio’s First-
Energy, a utility whose performance tumbled
after one of its subsidiaries became embroiled
in a federal racketeering case. Icahn wants it
to settle quickly. Another new buy for Icahn is
Canadian medical device and pharmaceutical
company Bausch Health, which owns eye care
and contact lens giant Bausch & Lomb. Bausch
has been in the midst of a turnaround since
2013, when it went by the name Valeant Phar-
maceuticals. Icahn wants to split the company
in two. “In positions like Bausch Health and
FirstEnergy, we are on the board and can help
make a difference,” he says.
Icahn is spooked by America’s massive fed-
eral spending but thinks there are still oppor-
tunities in this market. “We are in uncharted
waters and will pay a price for huge deficits
and loose money in the future,” he says, “but
that time is not here yet—and while I am some-
what hedged, I am fairly bullish.”
FINAL THOUGHT
“THANKS TO GOD THAT HE
GAVE ME STUBBORNNESS WHEN
I KNOW I AM RIGHT.”
—John Adams
A P R I L / M AY 2 0 2 1
 ATHENS ROUNDTRIP ABU DHABI TO MUMBAI
AUGUST 1-14, 2021 | Crystal Symphony OCT. 27 - NOV. 8, 2021 | Crystal Symphony

MoneyShow presents

The GET PERSONALIZED

PORTFOLIO ADVICE
FROM FORBES’ LEADING
Cruise for Investors EXPERTS ABOARD A
SIX-STAR CRYSTAL CRUISE!
2021-2022

Come sail with me and

our renowned roster of
world-class financial
experts on one of our
upcoming voyages!
– STEVE FORBES

COPENHAGEN TO REYKJAVIK
AUGUST 10-21, 2022 | Crystal Symphony

Call 800-530-0770 Today to

Request Your Free Brochure!
Mention Priority Code 052645 MIAMI TO CALDERA
NOVEMBER 4-15, 2022 | Crystal Serenity
 OPER
T H E E S S AY

70

WEALTH Covid-19 brought terrible suffering, economic pain, geopolitical

tension—and the greatest acceleration of wealth
in human history. Why this pandemic paradox could become
a cause for celebration, not concern.

FORBES.COM
ATION
71

The World’s Billionaires $13.1 TRIL

2,755 BILLIONAIRES 2500

Number of billionaires worldwide

$12,000
Combined net worth (billions)

2000
$9,000

1500

$6,000
1000
$295 BIL
$3,000 140 BILLIONAIRES
500

SPEED
$0 0
1987 2021

BY R A N DA L L L A N E

FORBES.COM
 O
72
T H E E S S AY
On March 18, 2020, the United States
registered its 150th coronavirus-
related death while trying to gauge,
along with most of the world, just
what was happening. Major market
indices fell 5% after jumping 6% the
previous day. Spring breakers partied
blithely in Florida while officials de-
cided to close the border with Can-
ada. And a statistical team at Forbes
locked the numbers for our 34th an-
nual ranking of the world’s billion-
aires, unwittingly creating a snapshot
of global wealth at the precise moment
the world lurched into its most disrup-
tive 12 months since World War II.
Over the ensuing year, those 150 U.S.
deaths swelled to 550,000; some 3 mil-
lion souls were lost worldwide. Tens of
millions of jobs evaporated, along with
hundreds of thousands of small busi-
nesses. Remote work went from exot-
ic to standard. The suburbs went from
dull to desired. The death of George
Floyd triggered a reckoning concerning
race and social justice. The presidential
election tested democratic norms. Si-
multaneously, though, many individu-
als, industries and investments thrived.
One year after that fortuitously timed
snapshot, we repeated our March bil-
lionaires audit, taking the measure, at
the point of the pyramid, of the past
year’s seismic changes. The results defy
hyperbole. Over the past 12 months,
493 people worldwide joined the Forbes
FORBES.COM
list—a newly minted billionaire every 17
hours. Rising asset prices vaulted an-
other 250 previous drop-offs back over
the ten-digit mark. Amid widespread
economic insecurity, precious few bil-
lionaires fared worse financially: Just
61 dropped off the list for reasons oth-
er than death, representing the lowest
percentage of drop-offs for any year on
record. All told, Forbes estimates that
there are now 2,755 billionaires globally,
up from 2,095 last year, and the notion
that the rich get richer has never been
more apt: They’re worth, in aggregate,
$13.1 trillion—a staggering $5.1 trillion
more than at the start of the pandemic.
These figures will engender end-
less amounts of consternation, most of
it justified. There’s no getting around
a collective $5 trillion wealth surge
during a pandemic, when most of the
world felt scared, sick, besieged. Capi-
talism, the greatest system ever for
generating prosperity, rests upon a so-
cial compact of expansion, unequal by
design, ultimately lifting all boats. The
Covid-19 economy has strained that
concept; yawning economic disparity
poses arguably the greatest threat to
modern social order.
Asia Ascendant
Total Worth (in billions)
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Asia-Pacific Europe
Profile Count
2011 332 299
2021 1,149 628
But as miraculous vaccines chart a
course back to normalcy, the factors
driving these numbers conjure a differ-
ent emotion: optimism. The pandemic’s
most enduring positive legacy will turn
out to be as an accelerant, compressing
decades of change into one year. And
the newly super-rich, proxies for oppor-
tunity, or lack thereof, have never felt
more different, looked more different or
acted more different. It’s worth spend-
ing some time to deduce why.
We’re at that rarest of inflection
points—the kind that’s apparent even
as it happens. Vaccines will wash across
the planet at the same time the glob-
al economy seems primed to roar back.
And while the initial reaction to the bil-
lionaire surge of 2021, a newcomer tally
70% larger than any we’ve logged before,
will lean toward outrage, the underlying
trends offer a road map to greater pros-
perity for all. Like anything else salvaged
from a once-a-century plague, we just
need to be brave enough to harness it.
For pretty much all of human history,
wealth has been dynastic. The John D.
Rockefellers and Henry Fords of a cen-
2011
2021
Middle East The Americas United States
& Africa
89 76 413
85 169 724
A P R I L / M AY 2 0 2 1
 tury ago launched the first era of en-
trepreneurship, but even those suc-
cesses turned into entrenched family
wealth. The very first Forbes 400 list
of the richest Americans, in 1982, re-
mained chock-full of their progeny,
as well as plenty of Mellons, DuPonts
and the like—some 63% of that inau-
gural Rich List pretty much inherited 73
it. Many of the rest had a background
that involved starting life on first, sec-

T H E E S S AY
ond or third base, in the mold of Ru-
pert Murdoch or Donald Trump.
The technology revolution changed
that dynamic, here and around the
world. By 2002, a slim majority, 52%,
of the Forbes global billionaires were
self-made, including 59% of Amer-
icans. Ten years ago, that total had
jumped to 69% globally.
The 493 new members of the Covid
Newcomers of 2021, however, are in a
class by themselves: 84% of them are
self-made (including 90% of Ameri-
cans), swelling the figure among bil- John Arnold, “Give
While You Live”
lionaires overall to 72%—a record in
“The real joy isn’t
each case. People like Whitney Wolfe putting money into a
Herd, who flipped the script on dating foundation,” says the
billionaire, who wants
apps by empowering women; Tyler his peers to give away
Perry, who started producing his own at least 5% of their
wealth each year. “It’s
movies and television shows in Atlan- putting in money to
ta because no one would give him a make the world better.”

break in Hollywood; and Uğur Şahin,

the Turkish immigrant to Germany
whose BioNTech helped produce a
Covid-19 vaccine in months rather
than years—all embody economic dy-
namism, not bloodline dynasties.
Opportunity stems from this dyna-
mism, as these new billionaires illus-
trate. A decade ago, the median length
of time it took a new billionaire in
America to create his or her fortune,
according to our data, was 18 years.
Historically speaking, that’s extraordi-
narily fast. Among this year’s 88 new
self-made Americans, that number
has decreased drastically, to 13 years.
The ability to rapidly translate ideas
into riches helps level the playing field.
Code (intellectual resources) trumps
capital (accumulated resources), with
the latter desperate for the former. A
generation ago, fortunes went to those
BRENT HUMPHRIES
turn changed what a billionaire looks
like. While women continue to have
a far harder time getting good ideas
funded than men, they’ve nonetheless
steadily nudged up the tables and now
encompass 11% of global billionaires,
12% of American billionaires and 13%
of new billionaires, all high-water
marks. More importantly, female en-
trepreneurs now account for 4% of all
billionaires, more than double the per-
centage even five years ago.
And while in America extreme suc-
cess remains disproportionately white,
the global business aristocracy in-
creasingly reflects the world itself. Chi-
na alone, including Hong Kong, added
a staggering 210 billionaires this past
year. Factor in 19 new faces from In-
How do these more meritocratic,
more dynamic, more diverse billion-
aires run their companies? In ways that
are better for all of us. Forbes contract-
ed with our partners at JUST Capital,
which measures corporate citizenship,
to gauge the civic performance of the
88 new self-made U.S. billionaires. We
took the companies that drove each bil-
lion-dollar fortune and, leaning on in-
dustry averages, calculated each score
based on how they treat their work-
ers, their customers and the environ-
ment, among other factors. The net re-
sult: Not only did these new billion-
aires found or run companies that rank
above average in terms of the three fac-
tors mentioned above, but they’ve also
improved in each of these categories

with the luck or pluck to secure fund- dia, 14 from Japan and multiple de- when measured against the new bil-
ing; today, a good concept chooses buts from seven other Asian countries, lionaires of 10 years ago.
which funding to accept. and people of color made up a majori- Take Chris Britt, who in eight
That increased opportunity has in ty of new billionaires worldwide. years has built Chime into one of the

A P R I L / M AY 2 0 2 1 FORBES.COM
 world’s largest digital banks. In a fee-
based industry that’s often adversar-
ial to those who need it most, Britt
grabbed market share during the pan-
demic with low-risk, customer-cen-
tric gestures. “We’re on the front line,”
he says. “We see how Americans are
stressed out.” Leveraging customer
76 records, Chime comfortably advanced
people against their stimulus checks
at no cost, and offered overdraft pro-
T H E E S S AY
tection via a program called SpotMe.
(By comparison, payday-loan compa-
nies lend against things like stimulus
checks at usurious interest rates as
high as 650%.) Such customer-friend-
ly policies, Britt says, help him recruit
better employees—his payroll has tri-
pled to 800 in a year—which leads to
better returns. “You get those pieces
right, with a good business model, the
equity shareholders will manage just
fine.” Apparently so. As of September,
Chime was valued by venture capital
investors at $14.5 billion, with Britt’s
stake worth $1.3 billion.
Still more new billionaires are taking
steps to support their employees. Mat
Ishbia, the 41-year-old CEO of United
Wholesale Mortgage, had an incredible
past 12 months, as millions changed
FORBES.COM
where they lived or refinanced with
record-low interest rates. Equally in- Founding Fortunes
credibly, he’d never taken on partners
or investors, so he and his family owned
100% of the company going into the 2001
Total worth: $1.8 trillion
pandemic. When he took the compa- Total number of billionaires: 565
ny public this January through a SPAC,
INHERITED:
pushing his net worth at the time to $489.9B
$12.6 billion, he carved out $35 million 140 billionaires
in stock for his 8,000 workers. INHERITED
& GROWING:
“We all won together as a company,”
$452.5B
says the former Michigan State basket- 147 billionaires
ball player. Well, to some degree. Throw- SELF-MADE:
ing your employees about one-quar- $881.3B
ter of 1%—an average payout of about 278 billionaires
$4,000—when you’re sitting on 99.7%
and almost 11 digits seems exceedingly
paltry. But it’s also progress. Go back to 2011
that original Forbes 400 list from 1982, Total worth: $4.5 trillion
and you’ll find hundreds of tycoons who Total number of billionaires: 1,209
didn’t think of their employees as much INHERITED:
more than a cost or liability. $669.7B
160 billionaires
Others took stands for their home-
INHERITED
towns, including Jeff Lawson, the co- & GROWING:
founder of surging cloud communica- $904.6B
tions business Twilio, who hit the list 220 billionaires
SELF-MADE:
Sam Bankman-Fried, “Effective Altruism” $2.92T
829 billionaires
“I want to figure out how I can have the most
positive impact on the world,” says the 29-year-
old, who has promised to put virtually all of his
$8.7 billion fortune into causes he believes in. 2021
Total worth: $13.1 trillion
Total number of billionaires: 2,755
INHERITED:
$1.56T
281 billionaires
INHERITED
& GROWING:
$2.33T
499 billionaires
SELF-MADE:
$9.20T
1,975 billionaires
this year at a cool $2.2 billion. Silicon
Valley saw many companies and lead-
ers decamp from the Bay Area, Elon
Musk and Larry Ellison most nota-
bly. Lawson felt that he had an obli-
VIRGILE SIMON BERTRAND FOR FORBES
gation to his community, which is an-
other factor measured by JUST Cap-
ital. So he publicly declared in Janu-
ary that his company would stay in
San Francisco. Another civic booster,
Rocket Mortgage founder Dan Gil-
bert, whose net worth exploded past
$50 billion over the last year, recent-
ly committed $500 million from his
A P R I L / M AY 2 0 2 1
JON RIMANELLI

Founder and CEO, ASX.US

“ W E A RE
D ES IGN ING
T H E FU TU RE
I N M IC H IGAN .”

Innovation. Resilience. Agility. It’s how Michigan businesses continue

to build the future. Tech companies, engineering talent and innovators
in manufacturing are all coming here for a reason. Our expertise,
talented workforce and proven adaptability are making a difference
now and shaping the future. Join us and make your mark
where it matters.

Put your plans in motion by visiting

michiganbusiness.org/pure-opportunity

Routes to Riches
How the 88 new self-made American billionaires got on the list.
Stock Increase
Traditional IPO
78
Private Company 11
Crypto 8 says Arnold, a Giving Pledge signatory.
T H E E S S AY
SPAC 4
VC Funding 4 port for the Giving Pledge and an open-
0 10
company and his personal founda-
tion to bolster low-income residents
of Detroit, where he’s headquartered,
which included wiping out the prop-
erty-tax debt of 20,000 homeowners.
“Our commitment to Detroit is abso-
lute,” Gilbert tells Forbes.
All this acceleration comes with a
heightened realization among those at
the very top about the obligations that
come with extreme success—and the
possible repercussions, from confisca-
tory tax regimes to social unrest, that
could follow inaction. It’s not hard to
read the tea leaves—altruism, in this
case, mirrors self-interest. Speaking
with a half-dozen members of the new-
comers of 2021, along with a hand-
ful of younger billionaires, the post-
pandemic attitude change is palpable.
John Arnold sensed a shift as the
pandemic approached. While the path
he took to his estimated $3.3 billion
fortune—trading energy contracts for
disgraced and defunct Enron—won’t
earn him any Nobel laurels, he and his
wife, Laura, have spent the past decade
creating a plan to maximize their im-
pact—“the benefit,” he says, “of looking
at 100 years of great wealth in Ameri-
ca.” Alarmed at the state and standing of
philanthropy in the U.S. today, he con-
vened a handful of philanthropists, ac-
ademics and foundation heads in New
York in January 2020, posing a ques-
tion: How can we get those sitting on
trillions of dollars to take bigger, faster
action, with more accountability?
FORBES.COM
44
17
20 30 40
That group evolved into the Initia-
tive to Accelerate Charitable Giving.
Its primary targets: the $142 billion in
donor-advised funds, or DAFs, which
allow donors to take upfront tax de-
ductions for parking money in com-
munity foundations or financial-ser-
vices firms, even if there’s no mandate
or visibility for when or how the mon-
ey goes to the public good; and perpet-
ual foundations that try to end-run an-
RATHER THAN ENDOW A
FOUNDATION, SCOTT GOT DATA
ON WHERE HER MONEY HELPS
THE MOST PEOPLE RIGHT NOW.
nual minimal giving requirements by
sliding in expenses when they report.
But Arnold also feels the super-
rich need to go further individually.
So he became the first billionaire to
get behind a new “Give While You
Live” promise—a public commitment
to grant at least 5% of his personal
net worth to good causes each year—
which is being organized by the ad-
vocacy group Global Citizen. (Disclo-
sure: I’m a board member at Glob-
al Citizen.) Merely holding money in
a DAF or a foundation doesn’t cut it,
nor does the excuse that rich people
are better off compounding their mon-
ey and giving it away later. “Problems
compound too,” Arnold says in his first
interview about this initiative. “Let
this generation handle this genera-
tion’s problems.”
The Give While You Live concept is
a more time-urgent spin on the Giving
Pledge, which has admirably pushed bil-
lionaires to publicly commit to give away
half of their wealth while they’re still
alive—or after they die. “It hasn’t neces-
sarily spurred giving in the short term,”
Pretty much every new billionaire Forbes
spoke to, while expressing general sup-
ness to committing to it, focused instead
on what they can do immediately.
Over the past 12 months, the world’s
third-richest woman, MacKenzie Scott,
who joined the Forbes Billionaires list
last year after divorcing Amazon’s Jeff
Bezos, went on a giving spree as nota-
ble as anything in recent philanthrop-
ic history. Rather than endow a founda-
tion, Scott enlisted advisors to generate
data on the ways her money can help
the most people now. Then, in July and
December, she transparently wrote 500
checks, totaling $5.8 billion, no strings
attached, to grantees in all 50 states,
many of whom were utterly surprised
when the money arrived.
“The pandemic has been a wrecking
ball in the lives of Americans already
struggling,” Scott wrote in a public
statement. (She hasn’t given an inter-
view since the divorce.) “Meanwhile, it
has substantially increased the wealth
of billionaires.”
It certainly increased the wealth of
Jared Isaacman, CEO of Shift4 Pay-
ments, a Square competitor that fo-
cuses on restaurants and hotels. His
roller-coaster year took him from pre-
paring for a public offering to worry-
ing if his customers—and his compa-
ny—would survive, to becoming an in-
dispensable tool for his clientele, to
A P R I L / M AY 2 0 2 1
pulling off an IPO after all.
After ringing the bell at the New York
Stock Exchange, which gave him a $1.4
billion net worth, Isaacman, 38, wrote
a $100 million check to St. Jude Chil-
dren’s Research Hospital. His motiva-
tions mimicked Scott’s. He gave im-
mediately after coming into immense
wealth. Rather than set up a founda-
tion, he steered money to people al-
ready doing good work. He did so trans-
parently. And he did it with scale, after
his business’ brief near-death experi-
ence underscored for him how many
people were hurting. “If you had asked
me before the pandemic, ‘Could you
imagine writing a $100 million check?’,
I never would have expected it.”
Then Isaacman, who owns and flies
his own MiG fighter jet, applied some le-
verage. He announced he would lead the
first all-civilian mission to space, in part-
nership with Elon Musk’s SpaceX. He
would bring a St. Jude frontline work-
er—as well as a random St. Jude donor,
a stunt he hopes will raise another $200
million for the hospital, which he publi-
cized through a Super Bowl commercial.
He even got Musk, a charitable skinflint
to date, to commit to St. Jude.
Immunologist Tim Springer’s coro-
navirus epiphany has been a matter
of scale. Twenty years ago, he netted
$100 million founding a biotech com-
pany, and in turn he made the kinds of
donations you might see from people
at that wealth level, endowing chairs
at Harvard Medical School and Bos-
Rising Grades
How new billionaires’ companies
rank (as a percentile) in JUST Capital’s
categories of corporate citizenship.
2011 2021
Overall Score 49th 55th
Workers 53rd 57th
Environment 52nd 61st
Customers 42nd 52nd
Communities 49th 49th
Shareholders 45th 47th
A P R I L / M AY 2 0 2 1
ton Children’s Hospital. He also put
about $5 million into a little startup
called Moderna—a stake that brings
him onto the Billionaires list this year
with a net worth of $2.2 billion.
Springer has already put forth $30
million to establish the Institute for
Protein Innovation, a nonprofit that
creates tools and provides expertise
for biotech researchers and entre-
preneurs. But the urgency of the mo-
ment has him rethinking things phil-
anthropically—later this year, he says,
he’ll announce a bigger donation. He’s
coy about it, though he does say he’ll
likely be “adding another zero.” And
that’s just the beginning. “I want to
give more money. That’s my motiva-
tor to start companies now,” he says.
“If I’m successful, as I think I could
be, [with] the scale of things, we could
add yet another zero.”
And if starting businesses de-
signed specifically to create billion-
dollar charitable windfalls sounds far-
fetched, meet 29-year-old Sam Bank-
man-Fried, who’s already doing exact-
ly that. Perhaps the most interesting
new billionaire in the world, Bankman-
Fried started the FTX cryptocurrency
exchange two years ago, making a big-
ger fortune—$8.7 billion—more quick-
ly than anyone under 30 ever has, Mark
Zuckerberg included.
From Carnegie to Rockefeller, Gates
to Buffett, philanthropy was always
the byproduct of entrepreneurship.
Bankman-Fried is surely the first bil-
lionaire for whom entrepreneurship
was the byproduct of philanthropy. He
embraces a philosophy called Effec-
tive Altruism, which has cropped up
over the last decade and applies ratio-
nal logic to maximizing good. “It’s for
people who like math and people who
like giving,” Bankman-Fried says. Ef-
fective Altruists try to quantify things
like lives saved per dollar. Or wheth-
er it’s more urgent to quell malaria or
potentially malevolent technologies.
Or whether a brilliant MIT student
named Sam should follow his dream
and become an animal-rights activist.
“Honestly, you should go to Wall Street
and give it to us,” Bankman-Fried re-
members hearing from one of the Eth-
ical Altruism movement’s leaders,
34-year-old Oxford professor William
Speed to Wealth
The median number of years after
starting their company that individuals
appeared as a newcomer on
the Billionaires list.
2011 2021
18 13
79
T H E E S S AY
MacAskill. “You’re not the best leaflet-
terer we’ve found.”
Mission accomplished. Bankman-
Fried, in pursuing a vocation less
than noble—a zero-sum, notoriously
cutthroat exc hange in which new-
comers face a slew of sharp-elbowed
pros—has created a massive source of
wealth that he promises to deploy al-
most entirely for what he sees as the
public good. (He says he will keep only
a few percentage points for himself,
and even that might prove too much.
“If it’s used to justify buying a few
yachts, that’s pretty bad.”) And while
he’s already placing bets, backstop-
ping a few charitable initiatives and
giving $5 million to help get Joe Biden
elected (Effective Altruists like Bank-
man-Fried don’t differentiate much
between nonprofits and politics; they
merely look at outcome ROIs), he an-
ticipates accelerated scale starting in
five years, when he’s more liquid.
The only reason he won’t give it all
away as fast as possible is so that he
can keep some powder dry for the mo-
ment, sooner rather than later, when
he sees an “outlier opportunity.”
“When you find one of those, every-
one tends to go too small,” Bankman-
Fried says. “F--king go all in.”
We’re at an all-in moment in histo-
ry, actually, and those at the top have
raised their own stakes to a level that’s
unfathomable considering the year
we’ve all experienced. Changes are
upon us faster than we could possibly
have conceived last March. Now is not
the time for the world’s billionaires, or
any of us, to go small.
FORBES.COM
 A DAY
A BI L L ION A I R E
80
THE LIST
IPOS
Since mid-March 2020, 1,489 IPOs
(including SPACs) raised $314 billion
globally. More than half went public in
the U.S., where they raised $277 billion.
These 10 billionaires land on the list as
a result of such public offerings.
Pan Dong
$8.3 billion • Consumer goods • Canada
The richest woman new to this year’s list,
she chairs laundry detergent maker Blue
Moon Group Holdings, which listed in
Hong Kong in December. Her husband,
Luo Qiuping, is the company’s CEO.
Vyacheslav Kim
$3.3 billion • Fintech • Kazakhstan
Mikhail Lomtadze
$3.2 billion • Fintech • Georgia
CEO Lomtadze and chairman Kim have
steered Kaspi—a payments, e-commerce and
mobile-banking app used in Kazakhstan—
from a small-time retail bank to a London
public listing. Half of Kazakhstan’s 18 million
people use the service.
Pablo Legorreta
$2.9 billion • Investments • U.S.
The former investment banker founded
private equity firm Royalty Pharma in
1996 to buy future revenue streams of
pharmaceuticals. He took it public on
the Nasdaq in June.
FORBES.COM
THIS YEAR, FORBES
TRACKED DOWN A
RECORD 493 NEW
BILLIONAIRES—
ROUGHLY ONE EVERY
17 HOURS. JUST OVER
40% HAIL FROM
CHINA; 20% FROM
THE U.S. PROMINENT
ROUTES TO NEW
RICHES: IPOS, SPACS,
CRYPTOCURRENCIES
AND COVID-RELATED
HEALTH CARE.
Matt Moulding
$2.9 billion • E-commerce • U.K.
His e-commerce empire, The Hut Group,
went public in London in September. Two
months later he got a $1 billion share bonus
that the board had approved.
Tony Xu
$2.8 billion • Food delivery service • U.S.
Xu is cofounder and CEO of food delivery
company DoorDash, which listed on the
NYSE in December. It delivers meals
from 390,000 restaurants in the United
States, Canada and Australia.
Jared Isaacman
$2.3 billion • Payment processing • U.S.
Isaacman, 38, founded payment processing
firm Shift4 Payments in his parents’ base-
ment at age 19 and took it public on the
NYSE in June. He flies fighter jets for fun,
including a Soviet-era MiG-29.
Bang Shi-hyuk
$2.3 billion • Entertainment • South Korea
Founder of music label and agency Big Hit
Entertainment, which represents the wildly
popular K-pop band BTS, he took the compa-
ny public on the Korea Exchange in October.
Gong Yingying
$2.1 billion • Health IT • China
She is CEO, chair and founder of health-care
analytics firm Yidu Tech, which listed its
shares in Hong Kong in January.
David Helgason
$1 billion • Software • Iceland
Helgason cofounded video-game software
developer Unity Software in Denmark in 2004
and served as CEO until 2014; the company
listed on the NYSE in September.
A P R I L / M AY 2 0 2 1
 WHITNEY
WOLFE HER D
$1.3 billion • Dating app • U.S.
Wolfe Herd, 31, took her woman-centric dating 81
app, Bumble, public in February—becoming
the world’s youngest self-made female
billionaire. The $582 million (revenue) company
has 42 million customers in 150 countries. She
cofounded dating app Tinder in 2012. That
relationship turned sour, and she settled a
sexual-harassment lawsuit with Tinder in 2014.
Andrey Andreev, the Russian founder of dating
site Badoo, offered Wolfe Herd a $10 million
investment and Badoo’s infrastructure, and
the duo launched Bumble in 2014. In late 2019,
Andreev sold his majority stake to investment
firm Blackstone, four months after a Forbes
investigation revealed a toxic work culture at its
London offices. Badoo denied the allegations.

JAMEL TOPPIN FOR FORBES

A P R I L / M AY 2 0 2 1 FORBES.COM

Special purpose acquisition companies,
companies have gone public in the U.S.
in the past year, nearly seven times the
82
BILLIONAIRES • NEWCOMERS
AUSTIN
RUSSELL
$2.4 billion • Sensors • U.S.
Russell, 26, spent his teens
doing research at the
University of California
at Irvine’s Beckman Laser
Institute. The lanky 6-foot-4
entrepreneur dropped out
of Stanford in 2012 to found
laser lidar (an acronym
for light, detection and
ranging) startup Luminar
Technologies after getting
a $100,000 fellowship from
billionaire tech investor
Peter Thiel. Its sensors now
help self-driving cars of
customers such as Volvo,
Toyota and Intel’s Mobileye
see in 3D by bouncing laser
beams off nearby objects
and vehicles’ surroundings.
The company listed on the
Nasdaq via a SPAC merger
with Gores Metropoulos in
December 2020. Russell,
who owns about one-third
of it, became the world’s
youngest self-made
billionaire overnight.
FORBES.COM
S PAC S
or SPACs, have become all the rage.
More than 500 of these “blank-check”
number in the previous year. But only
a handful minted new billionaires.
Mat Ishbia
$9.7 billion • Mortgage lending • U.S.
Justin Ishbia
$3 billion • Mortgage lending • U.S.
The Ishbias’ father, Jeff, launched a mort-
gage firm in 1986. Mat joined the mom-and-
pop outfit in 2003. He and his brother Justin,
a private equity investor, eventually bought
most of their dad’s stake in United Wholesale
Mortgage. Now the nation’s second-largest
mortgage lender, UWM merged with the
Gores Holdings IV SPAC in January; Mat is
CEO and Justin is a board member.
Andrew Paradise
$2.3 billion • Mobile games • U.S.
Skillz, the e-sports company Paradise
cofounded in 2012, provides a mobile
platform for developers to host daily
tournaments of games like solitaire and
bingo. Its $230 million in revenue comes
from its cut of users’ entry fees.
William Foley
$1.9 billion • Financial services • U.S.
The former insurance tycoon was quick to
capitalize on the SPAC boom, sponsoring
six blank-check companies to date. Two
have recently announced mergers—with
cloud-based software provider Alight
Solutions and digital-payments platform
Paysafe—in deals valued at just over
$7 billion and $9 billion, respectively.
Shalom Meckenzie
$1.7 billion • Sports betting • Israel
His gambling-technology provider, SBTech,
merged with sports betting site DraftKings
and went public via a SPAC in April 2020. He
serves on the board and is one of DraftKings’
largest shareholders, with a nearly 6% stake.
Geeta Gupta-Fisker
$1.6 billion • Electric vehicles • U.K.
Henrik Fisker
$1.6 billion • Electric vehicles • U.S.
Famed car designer Henrik Fisker and his
wife, Geeta, who has a Ph.D. in biotech,
took their eponymous EV maker public in
October; production of its first vehicle, a
midsize SUV, is planned to start in late 2022.
Trevor Milton
$1.4 billion • Electric vehicles • U.S.
His hydrogen-electric truck startup, Nikola,
went public via a SPAC in June 2020. He
resigned as chairman in September after
allegations by a short seller that he lied
about Nikola’s technology to investors,
spurring a review by the SEC.
MICHAEL PRINCE FOR FORBES
Chamath Palihapitiya
$1.2 billion • Facebook, venture capital • U.S.
After helping open the SPAC floodgates by
taking Richard Branson’s space tourism com-
pany, Virgin Galactic, public in 2019, SPAC
sponsor and venture capitalist Palihapitiya
acquired two more firms via SPACs in the
past year: homebuying marketplace Open-
door and insurance company Clover Health.
A P R I L / M AY 2 0 2 1
 CHINA

The world’s most populous nation boasts

a record 626 billionaires (excluding
Hong Kong and Macau); its red-hot stock
market helped mint 205 new ten-figure
fortunes, with half coming from manufac-
turing or tech. All but two were self-made. 83
Here are 11 standouts.

BILLIONAIRES • NEWCOMERS
Chen Zhiping
$15.9 billion • E-cigarettes
The founder of the world’s largest
manufacturer of vaping devices, Smoore
International, Chen took the firm public on
the Hong Kong Stock Exchange last July.

Li Hua
$7.1 billion • Financial services

K AT E
An early employee at Tencent, Li founded
Nasdaq-listed online brokerage Futu
Holdings in 2007. The Robinhood-style
fintech boasts nearly 12 million users.

Wang Junlin
$6.3 billion • Liquor
The turnaround artist revived two state-
owned companies before arriving at
struggling liquor producer Sichuan
Langjiu in 2001. It now churns out more
than 40,000 tons of alcohol a year.
Wang Ning
$6.3 billion • Toys
In December, Wang took public his toymaker,
Pop Mart, which is known for concealing the
identity of its figurines in “blind boxes.”
Jian Jun
$5.6 billion • Biomedical products
Her Shenzhen-listed Imeik Technology
Development makes medical cosmetic
products like skin fillers and facial implant
threads, as well as face and neck masks.
Cao Renxian
$5.3 billion • Solar power
A university professor, Cao founded Sungrow
Power Supply in 1997. Its products, used in 150
countries, convert direct-current electricity
from solar panels into alternating current for
the power grid.
WANG
$5 billion • E-cigarettes
One of the world’s youngest self-made
female billionaires, Wang, 39, is CEO of
Chinese vaping company RLX Technology.
The Columbia Business School grad got the
idea for the company in 2017, when she was
trying to persuade her father to quit smoking.
“I tried out all the [vaping] products. Most
of them were terrible,” she tells Forbes. RLX
posted $324 million in sales in the first nine
months of 2020 and listed on the New York
Stock Exchange in January. Wang has a 20%
stake. Shares fell 54% over three days in late
March (after Forbes measured net worths for
the Billionaires list) in response to Chinese
authorities publishing draft rules that would
regulate e-cigarettes as tobacco products.

Steven Meng Yang

$4.2 billion • Electronics
A former Google engineer, he founded
popular Amazon seller Anker Innovations
Technology, known for its battery packs,
phone chargers and other electronic
accessories.

Liu Fangyi
$4.2 billion • Medical equipment
Stock of his Intco Medical Technology,
which makes disposable medical prod-
ucts like masks and gloves, shot up 650%
in the past year amid the pandemic.

Li Xiang
$4 billion • Electric vehicles
The 39-year-old founded NYSE-listed
STEFEN CHOW FOR FORBES

online car dealer Autohome before

creating electric vehicle startup Li Auto,
which debuted on the Nasdaq last July.

Jin Baofang
$3.9 billion • Solar panels
Jin is founder and chair of JA Solar, a Beijing-
based solar panel producer that boasts
33,000 clients in 135 countries and regions.

A P R I L / M AY 2 0 2 1
 C RY P TO

Boom times (again) in cryptocurrency—

Bitcoin has skyrocketed 800% since the
middle of March 2020 and Ripple’s
XRP is up 200%—have landed these
nine fresh faces on the list.
84
Cameron Winklevoss
$3 billion • U.S.
Tyler Winklevoss
BILLIONAIRES • NEWCOMERS

$3 billion • U.S.
The twin brothers own an estimated 70,000
Bitcoin, plus the crypto exchange Gemini,
which processes about $200 million a day
in trades. (See story, page 96.)

Michael Saylor
$2.3 billion • U.S.
The CEO of software firm MicroStrategy
made, and lost, a fortune during the first
dot-com bust. He debuts now after snapping
up Bitcoin ahead of the boom—for both him-
self and his company—pushing its stock up.

Jed McCaleb
$2 billion • U.S.
He created Mt. Gox, the first major Bitcoin
exchange, before cofounding Ripple in 2012.
He soon left due to reported disagreements
with fellow founders but still holds an esti-
mated 3.4 billion XRP, Ripple’s token.

Fred Ehrsam
$1.9 billion • U.S.
The former Goldman Sachs trader owns 6%
of crypto exchange Coinbase, which he co-
founded in 2012 and which is poised to go public
on the Nasdaq; he remains a board member.

Barry Silbert
$1.6 billion • U.S.
His Digital Currency Group, a conglomerate
of five blockchain-focused companies,
includes crypto asset manager Grayscale,
which oversees some $44 billion worth of

SAM BANKMAN-FR IED

Bitcoin, ether and other assets.

Tim Draper
$1.5 billion • U.S.
The Silicon Valley VC bought $18.7 million
$8.7 billion • U.S. worth of Bitcoin confiscated by U.S. Marshals
from the shuttered Silk Road black market in
An MIT grad and former Wall Street trader, Bankman-Fried, 29, is the founder and CEO of 2014. They are now worth $1.5 billion.
quantitative crypto trading firm Alameda, which manages $32 billion in Bitcoin and other
major cryptocurrencies as well as their derivatives. He also founded Hong Kong–based Matthew Roszak
crypto exchange FTX, which achieved unicorn status in January 2020, less than a year after $1.5 billion • U.S.
its May 2019 launch. The exchange will soon replace American Airlines as the naming-rights A longtime crypto evangelist, Roszak worked
sponsor of the home arena of the NBA’s Miami Heat. The vast majority of Bankman-Fried’s in venture capital and as an entrepreneur
wealth is in FTX’s equity and FTT tokens, the native cryptocurrency of FTX. In 2020, he gave before amassing a portfolio of Bitcoin, ether
$5 million to a pro-Biden super PAC, making him one of the president’s biggest donors. and other cryptocurrencies starting in 2012.
VIRGILE SIMON BERTRAND FOR FORBES

Editor: Kerry A. Dolan Deputy Editors: Chase Peterson-Withorn, Jennifer Wang Country Editors: Graham Button, Grace Chung, Russell Flannery, Naazneen Karmali,
Nathan Vardi Wealth Team: Angel Au-Yeung, Kenrick Cai, Deniz Çam, Maggie Chen, David Dawkins, Anastassia Gliadkovskaya, John Hyatt, Max Jedeur-Palmgren,
Momina Khan, Sergei Klebnikov, Elaine Mao, Andrea Murphy, Krisztián Sándor, Ariel Shapiro, Giacomo Tognini, Hank Tucker, Lisette Voytko and reporters at Forbes-licensed
editions in Austria, the Czech Republic, Hungary, Kazakhstan, Mexico, Poland, Romania, Russia, Slovakia and Ukraine.
Reporters: Susan Adams, Dan Alexander, Anderson Antunes, Megha Bahree, Nina Bambysheva, Margherita Beale, Madeline Berg, Justin Birnbaum, Tim Boreham,
Igor Bosilkovski, Thomas Brewster, Nilgun Cavdar, Shu-Ching Jean Chen, Muhammad Cohen, Lachlan Colquhoun, Lauren Debter, Michael del Castillo, James Dunn,
Steven Ehrlich, Amy Feldman, Antoine Gara, Eliza Haverstock, Christopher Helman, Alvaro Hernandez Zorrilla, Jane Ho, Katie Jennings, Jeff Kauflin, Sean Kilachand,
Noah Kirsch, Alex Knapp, Alex Konrad, Nicole Lindsay, Katherine Love, Iain Martin, Anis Shakirah Mohd Muslimin, Suzy Nam, Lan Anh Nguyen, Alan Ohnsman, Robert Olsen,
Phisanu Phromchanya, Jonathan Ponciano, Anu Raghunathan, Natalie Robehmed, Leah Rosenbaum, Matt Schifrin, Lucinda Schmidt, Leonard Schoenberger, James Simms,
Chloe Sorvino, Deborah Steinborn, Jessica Tan, Michela Tindera, Ozer Turan, Elisa Valenta, Yue Wang, Jennifer Wells, Will Yakowicz, Itai Zehorai
Research: Sue Radlauer Photo Research: Merrilee Barton, Gail Toivanen Database: Dmitri Slavinsky
Acknowledgements: Special thanks to Sara B. Potter, FactSet Research Systems, Orbis by Bureau Van Dijk, PitchBook Data, Real Capital Analytics, Reonomy, S&P Capital IQ,
VesselsValue and the other experts who helped us with our reporting and valuations.

FORBES.COM A P R I L / M AY 2 0 2 1
 COVID-19 SERGIO
At least 40 new billionaires join the list
this year thanks to their involvement in
the global effort to fight the Covid-19
ST EVA N ATO
pandemic. Some made their for- $1.9 billion • Medical
tunes developing new vaccines and packaging • Italy
promising antibody treatments, Covid-19 vaccines 85
while others sell much-needed are housed in tiny
glass vials—many
diagnostic tests and personal of them made by

BILLIONAIRES • NEWCOMERS
protective equipment. the family-owned
Stevanato Group, where
Stevanato, 78, is the
chairman of the board
Stéphane Bancel
$4.3 billion • Biotech • France emeritus. Stevanato
Shares of Moderna, where he has been Group is supplying
CEO since 2011 and whose Covid-19 vaccine vials for about 15% of
was approved in the U.S. in December, rose the Covid-19 vaccines
319% in the past year. tracked by the World
Uğur Şahin Health Organization.
$4 billion • Biotech • Germany That includes 100 million
The Turkish-born physician cofounded vials shipped to a Gates
BioNTech, which developed a Covid-19 Foundation–backed
vaccine in partnership with Pfizer; his group that’s helping
wife, Özlem Türeci, is chief medical officer. to scale 10 different
The stock doubled since mid March 2020.
vaccines, including
Yuan Liping those from Moderna
$3.6 billion • Pharmaceuticals • Canada and AstraZeneca.
Yuan got a 24% stake in Chinese vaccine Founded on the
producer Shenzhen Kangtai Biological outskirts of Venice in
Products after her divorce from the com-
pany’s chairman (and fellow billionaire), 1949 by Sergio’s father,
Du Weimin, last year. Giovanni, the Stevanato
Group started out
Hu Kun
$2.5 billion • Medical devices • China
making glass bottles
for wine before pivoting
Chairman of newly public Contec Medical
Systems, which makes pulse oximeters and to the pharmaceutical
devices used to check lung conditions. industry in the 1960s.
Sergio stepped down
Noubar Afeyan
$1.9 billion • Biotech • U.S.
as CEO in 2010 but still
owns a 68% stake in
The founder of life-sciences VC firm Flagship
Pioneering, through which he owns shares in the company; his son
a dozen publicly traded biotech companies, Franco is executive
is also chairman of Moderna. chairman.
Carl Hansen
$1.8 billion • Biotech • Canada
Former college professor cofounded
AbCellera Biologics to identify antibody
treatments; it partnered with Eli Lilly, which
led to an FDA-authorized Covid-19 therapy.
Robert Langer
$1.6 billion • Biotech • U.S.
One of four new Moderna billionaires,
the MIT professor dubbed “the Edison
of Medicine” owns a 3% stake in the
company, which he helped start in 2010.
Arvind Lal
$1.5 billion • Laboratories • India
Shares of his listed diagnostics chain, Dr. Lal
PathLabs, soared 57% amid the pandemic
as it ramped up testing for Covid-19.
Prathap Reddy
$1.5 billion • Hospitals • India
A doctor, he runs publicly traded hospital
chain Apollo Hospitals Enterprise. Shares
doubled in the past year amid the hospitals’
STEVANATO GROUP

focus on treating and diagnosing Covid-19.

Jack Schuler
$1.1 billion • Diagnostics • U.S.
Former Abbott Labs president, now a biotech
investor, he owns 7% of diagnostics firm
Quidel Corp., which makes Covid-19 tests.

A P R I L / M AY 2 0 2 1 FORBES.COM
KIDA by Stephen Burks
88
THE PROFILE

U DY FAU L K N E R , THE BILLIONAIRE FOUNDER OF

E P I C S Y S T E M S , P I O N E E R E D —T H E N
D O M I N AT E D — E L E C T R O N I C M E D I C A L
R EC O R D S . S H E ’ S B E E N T H E I N D U S T RY ’ S
LEADING ACTOR FOR DECADES, BUT
N O W T H E PA N D E M I C I S F U E L I N G A
D I G I T A L H E A LT H - C A R E R A C E T H A T M AY
F I N A L LY C O S T H E R T H E S P O T L I G H T.

FORBES.COM A P R I L / M AY 2 0 2 1
 THE PROFILE

89

THE PROFILE

BY K AT I E J E N N I N G S P H OTO G R A P H Y BY J A M E L T O P P I N F O R F O R B E S

A P R I L / M AY 2 0 2 1 FORBES.COM

90
THE PROFILE
A victorious swell of brass instruments reverberates across
the 1,100-acre Epic Systems campus in Verona, Wisconsin, a
sleepy suburb just outside Madison. It’s February 2020, and
except for China and a couple of ill-fated cruise ships, there
are few signs of the coronavirus pandemic that’s about to en-
velop the world. It’s certainly business as usual at Epic: The
familiar strains of a baroque wedding march fill the hallways,
stopping the health-care software company’s 10,700 employ-
ees in their tracks. On cue, a new customer announcement
follows: Florida-based AdventHealth plans to deploy Epic’s
electronic health record system across 37 of its hospitals. The
full installation will take over three years and cost around
$650 million, not counting ongoing
maintenance, which will cost mil-
lions more annually. “It’s a very long
relationship for many of our cus- The move-fast-and-break-
tomers,” Epic’s founder and CEO,
Judy Faulkner, says in a rare inter-
things ethos of Silicon
view. She got the idea for the wed- Valley doesn’t
ding theme from a visit to the Mayo health care: “You can’t
Clinic several decades earlier, where
she heard lullabies play whenever a tell a doctor
new baby was born. A new customer fail. It’s not okay to fail.
“didn’t feel like a new baby,” she says. That’s death.”
“It felt more like a wedding.”
Indeed, hospital execu-
tives are often more commit-
ted to Epic than most Americans are to their marriag-
es. Epic’s average customer has been using its software
for 10 years, and Faulkner claims the company has nev-
er lost an in-patient hospital client, except in the case of
an acquisition. Partly that’s because it’s so hard to leave.
Epic’s software helps manage a patient’s entire journey,
starting with scheduling an appointment, moving into the
clinic or operating room as the doctor records allergies or
X-rays and then to the back office for billing and follow-
ups. It’s a proprietary system that infamously doesn’t play
FORBES.COM
nicely with others. The company’s product is
generally referred to as an electronic health rec-
ord, but its reach is far broader, including reve-
nue cycle management, customer retention tools
and data analytics.
Epic’s suite of offerings has proven particular-
ly popular among large academic medical cen-
ters and children’s hospitals, such as the Cleve-
land Clinic, Johns Hopkins and Boston Children’s
Hospital. The company’s 564 customers represent
nearly 2,400 hospitals worldwide and 225 mil-
lion patients in the U.S., or about two-thirds of the
country’s population. This translated into more
than $3.3 billion in revenue in 2020, despite what
Faulkner estimates to be around $500 million
in foregone revenue for Covid-related software it
provided free of charge, including infection man-
agement tools and extensions for pop-up hospi-
tals. “It never seemed right to me to make money
off Covid,” she says.
Her success has been decades in the making.
Since Epic’s founding in 1979, the 77-year-old
Faulkner has steadfastly rejected outside inves-
tors, Wall Street financing and acquisitions. Epic
was still just a $500 million (sales) company in
2007. Ten years ago, it hit $1 billion in revenue,
and growth has compounded at an annual rate of
15% every year since. It’s highly profitable: Esti-
mated cash flow as measured by Ebidta is north
of 30%, and the company has no debt. Forbes
estimates Faulkner’s 47% stake in Epic to be
worth $6 billion, which makes her the second-
richest self-made woman in America. Employees
and around a dozen other cofound-
ers and initial investors own the
other 53%.
In 2019, Epic had a 39% share
of the more than 880,000 hospi-
tal beds in the U.S., the health-care
work in IT firm KLAS Research estimates.
The rest of the market is fragment-
ed among publicly traded Cern-
it’s okay to er, the Massachusetts-based Medi-
tech and a few other firms, in-
cluding Allscripts and CPSI. Ep-
ic’s dominance has made it an
industry target, with critics and
competitors accusing the company
of being a closed network that makes it difficult to
exchange data with other systems. Faulkner con-
tends Epic does share data but puts patient pri-
vacy above all.
Epic’s biggest strength, this build-it-alone
mentality, could become its biggest liability in
the post-Covid world. The pandemic is forcing
fast change in the U.S. health-care system. Doc-
tors and other providers have rapidly adopted
new technology over the last year as patients sud-
A P R I L / M AY 2 0 2 1
denly took a strong interest in staying as far away from the
hospital as possible.
Venture capitalists were already gunning for Epic before
the pandemic struck. After all, the company’s big-system
mindset and hundred-million-dollar installations seem out
of step in the era of cloud computing and cheap, ubiquitous
mobile apps. Then, shortly before lockdown, the U.S. gov-
ernment finalized new federal data-sharing rules empower-
ing patients to have ownership over their own digital medi-
cal records—potentially further eroding what has historically
been a health-data oligopoly dominated by Epic and Cerner.
“We are right in the middle of this phenomenal transfor-
mational swirl,” says John Glaser, a former Cerner executive
who currently lectures at Harvard Medical School. It’s not
that electronic health records will go away, he says, but more
nimble and agile startups will enter the market. Just as the
web and smartphones crushed Microsoft’s seemingly unas-
sailable 1990s-era desktop monopoly, this new era may pose
the same challenges for Faulkner. But there’s one huge differ-
ence. The move-fast-and-break-things ethos of Silicon Valley
Through the Looking Glass
Office spaces based on Alice in Wonderland and The Wizard of Oz at
Epic’s “Intergalactic Headquarters” in Verona, Wisconsin. “How do we
expect people to develop software that’s going to be beautiful for our users
if we keep people in a boring, sterile environment?” Judy Faulkner asks.
A P R I L / M AY 2 0 2 1
doesn’t work in health care. “You can’t tell a doctor
it’s okay to fail,” Glaser says. “It’s not okay to fail.
That’s death.”
FAULKNER
91
has loved tackling tough problems since she was a
THE PROFILE
kid growing up near Haddonfield, New Jersey, in
the 1950s. In seventh grade, her math teacher put
riddles on the blackboard, and she’s been hooked
on math and logic ever since. She majored in math
at Dickinson College in Carlisle, Pennsylvania, and
had a summer job in particle physics at the Uni-
versity of Rochester, where she was introduced to
computer programming and Fortran (the ancient
coding language invented by IBM). “I always liked
making things out of clay,” Faulkner says. “And the
computer was clay of the mind. Instead of physical,
it was mental.”
In 1965, she started a doctorate in the University
of Wisconsin’s nascent computer science program.
FORBES.COM
 In Madison, she met psychiatrist and professor Warner Slack,
who was teaching one of the first-ever courses on computers
in medicine. A few years later, Slack introduced Faulkner to
John Greist, then chief resident in medicine and now profes-
sor emeritus at the University of Wisconsin, who was looking
for a better way to schedule on-call doctors. In 1969, Faulkner
developed a system in which a secretary could punch data
cards to generate the schedule for an entire year in 18 seconds
92 at a cost of $5.
Faulkner graduated without completing a dissertation (“I
never could figure out what to write a thesis on,” she says) and
THE PROFILE
in the early 1970s started working for a physicians group at
the University of Wisconsin, developing a database to keep
track of patient information over time. It would take a few
more years (and lots of convincing from colleagues) before
Faulkner was ready to start her own software company. “It al-
most seemed like a joke to start a company,” she recalls. “How
do you do that?”
In 1979, Faulkner and Greist borrowed from friends and
family—and against their homes—to scrape together the
capital to launch Human Services Computing (later re-
named Epic), which was originally valued at $70,000 (about
$270,000 in today’s money). Faulkner had six or seven oth-
er collaborators, but from the begin-
ning it was the Judy show; the com-
pany was her idea, and she served
as its first president. At first, it op-
erated after-hours from a Madi- “I have never, in the
son basement. Faulkner wrote all
the original code on a Data Gener-
history of health care
al Eclipse 16-bit minicomputer the the United States, seen
size of a refrigerator. this kind of supernova of
After a few years, Greist had a dis-
agreement with Faulkner over the innovation with a flurry
company’s direction. Greist says he of investment activity
stepped down from Epic’s board into digital health.”
in 1983 but still holds onto some
shares. “Part of my difficulty with her
was me saying, ‘Gosh, why don’t we
get some venture capital and we can
build it faster?’ ” Greist says. “And she said, ‘No, we’re not go-
ing to do that. Because we’ll lose control.’ And certainly that’s
been her policy. And she has lived it out and proven it. I was
wrong. She was right.”
Epic saw slow but steady growth in its first two decades,
gaining a handful of new customers every year as it expanded
its offerings. In the late 1980s, the company added billing soft-
ware; in the early 1990s it adopted a graphic user interface for
outpatient clinics. Aside from Faulkner’s obsessive focus on its
customers, Epic had another advantage: computer code that
worked. “It’s not perfect, but it’s quite reliable,” Faulkner says.
In 2004 the company landed its biggest deal yet: a three-
year project with Kaiser Permanente that would cost the
health giant $4 billion. Epic’s cut would be around $400 mil-
lion. “[Epic] brought that safety factor that if you chose them,
they were actually going to deliver on implementation and
they were going to do it on time,” says George Halvorson, who
was the CEO of Kaiser Permanente at the time. “That’s huge.”
FORBES.COM
The year after Epic inked the Kaiser deal,
it moved to a new corporate campus, which
is often compared to an adult Disney World.
Headquarters features one of the world’s larg-
est underground auditoriums, a Hogwarts-
inspired Great Hall, an elevator to Hell, an enor-
mous tree house and myriad other strange and
fantastical buildings and sculptures amid the
rolling hills of southern Wisconsin. At Epic’s an-
nual customer meeting, Faulkner is known for
dressing up in costumes, ranging from Lucille
Ball to the Mad Hatter from Alice in Wonder-
land. It all seems somewhat at odds with the self-
proclaimed nerd who shies away from the public
eye. “Introverts can act like extroverts,” she offers
by way of explanation. “What they say is extro-
verts can’t act like introverts.”
The company sees a lot of turnover. Each year,
Epic hires around 2,000 employees, who are re-
quired to pass a series of aptitude tests measuring
things like coding skills and logic. The company
motto is “Do good. Have fun. Make money,” and the
culture is fast-paced and hypercompetitive. Former
employees talk about burnout from
an environment filled with over-
achievers. But even Epic’s employ-
ees can be pushed too far: There was
a revolt when the company tried to
force all staffers to return to campus
in amid the pandemic last August. Af-
ter several stories about the contre-
temps appeared in the local press,
the company reversed course.
Florida’s AdventHealth, which
signed its $650 million contract in a
pre-Covid world, will be Epic’s larg-
est fully remote build and installa-
tion. In a blow to Cerner and Athe-
nahealth, CEO Terry Shaw decided
it would be better for his 5.5 million
patients to switch to Epic rather than trying to get
its current combination of three electronic health
record companies to talk to one another. While it’s
expensive upfront, he says, the move will lower op-
erating costs in the long term. Epic’s system “has
tentacles that go out through amazing networks,”
he adds. “You can actually help a person get the
care they need, wherever they need to get it.”
EPIC’S
tentacles are notorious for reaching only so far,
however—and that seems largely by design. It’s
super-easy for, say, a hospital to share a cancer
A P R I L / M AY 2 0 2 1
patient’s records with an outside chemotherapy clinic—as
long as both places are running Epic’s software. If the che-
motherapy clinic is using software from a big competitor,
it’s still probably going to be able to access the patient’s re-
cords. But if the clinic wants to experiment with a cheaper
third-party app, it may be quite a struggle. Epic works with
health-care apps only on a case-by-case basis.
Geeks call this “interoperability”—getting different soft-
ware systems to talk to each other, in essence—and the is- 93
sue came to a head in January 2020 during a debate over
the new federal rules. Sharing medical records with third

parties—even at the patient’s own request—could pose “se-
rious risks to patient privacy,” Epic said in a statement at
the time.
Nearly every other tech company—including Cerner, Ap-
ple, Microsoft and Google—disagreed, arguing that Epic’s
stance is bad for patients and stifles innovation. Even fed-
eral officials took veiled digs at Faulkner’s business. “The
disingenuous efforts by certain private actors to use priva-
cy—vital as it is—as a pretext for holding patient data hos-
tage is an embarrassment to the industry,” former Centers
for Medicare and Medicaid director Seema Verma said at a
conference. In the end, the feds prohibited health-care data
blocking by Epic or any other company.
Big Tech has flirted with health-care data for more than
a decade, with companies like Google trying and failing
to launch an internet-based personal health record in the
late aughts. Microsoft HealthVault similarly crashed and
burned. Apple’s attempt to measure heart rhythms with its
watch was panned by doctors. And Amazon had a giant flop
with Haven, its joint venture with Berkshire Hathaway and
JPMorgan Chase, which was supposed to dramatically re-
duce employer health-care costs.
Where the whales failed, the minnows might win. With
the new federal guidelines rolling out over the next cou-
ple of years, plenty of venture capitalists are now betting
big that one of many tiny upstarts can breach Epic’s moat.
Health IT venture funding hit an all-time high in 2020 of
more than $3.6 billion, a 51% increase from 2019, accord-
ing to CB Insights. “I have never in the history of health
care in the United States seen this kind of supernova of
innovation with a flurry of investment activity into digital
health,” says Missy Krasner, a former Google Health and
Amazon executive who recently joined New York–based
venture shop Redesign Health. “Covid has totally made in-
teroperability sexy again.”
Faulkner says she’s not concerned about all the Silicon
Valley players entering the health-care space. “I think that
what will happen is that a few of them will do very well. And
the majority of them won’t,” she says. “It’s not us as much as
the health systems who have to respond to the patient say-
ing ‘send my data here’ or ‘send my data there.’ ”
The new federal rules concern individual patient records,
but the industry is rapidly heading toward aggregating bulk
data. It’s a space in which many, including Epic, want to
play. These large, anonymous medical data sets can be used
for everything from drug discovery to unearthing emerging
national health trends and could be worth a lot of money.
THE PROFILE
Corporate Climber
Faulkner says she didn’t have a grand plan for growth.
“It’s always been, like, you climb a mountain. And you just
see the hill ahead of you. You don’t see the whole mountain.
And then you get on top of that hill, you see the next hill.
And you just keep climbing.”
In 2019, Epic unveiled a big-data initiative called
Cosmos, which aims to mine more than 100 mil-
lion de-identified patient records.
Despite being just 28 months shy of her 80th
birthday, Faulkner says she has no plans to retire.
She has not named a successor, and none of her
three children works at Epic. Faulkner has se-
cured Epic’s future only insofar as the company
will never be taken public. She has split her stock
into voting shares that can’t be sold and have
gone into a trust controlled by family members
and employees. Her nonvoting shares are being
left to a foundation she established with her hus-
band called Roots & Wings, which funds her in-
terests in child brain development and criminal
justice reform (she signed the Giving Pledge in
2015). “I enjoy what I do and I’d like to do it as
long as I am effective and can bring value in the
job,” she says. She worries about what happens
to people when they retire, having read that the
average person dies two years after leaving the
workforce. “They seem to lose that edge that says,
‘Why am I waking up in the morning? What is
my day going to be?’ I wake up and think, ‘How
do I get everything done in my day?’ ”

A P R I L / M AY 2 0 2 1 FORBES.COM
 W/WZKDKd/KE

FINA NCING
THE FUTURE:
M A RC R E N É
DESCHENAUX
>D<ZDZZE^,Ehy,^/WK^/Ed,tKZ<^&ZKD,K>>ztKKdK
&Z/ dK ZKd/ E zKE t/d, E z KE /EEKsd/KE E WZK&/d/>/dz
d, /EdZEd/KE> &/EE/Z ,^ dK d E'/EZ ϭϳ* ^h^^&h> /E/d/>
Wh>/K&&Z/E'^EϮϰϯWZ/sdK&&Z/E'^&/E/E''ZKtd,KWWKZdhE/d/^/^
WZWdh>WhZ^h/d&KZ^,EhyE,/^dD

Innovative, disruptive and sustainable ventures

In Deschenaux’s spotlight right now is ĐĂƉŝƚĂůƉƌŝǀĂƚĞĞƋƵŝƚLJĚĞďƚƐĞĐƵƌŝƟĞƐ dŚĞ ŐƌŽǁŝŶŐ ĂƉƉĞƚŝƚĞ ĨŽƌ ƵŶůŝƐƚĞĚ
Intellectual Property Securities Cor- ĂŶĚŝŶǀĞƐƚŵĞŶƚďĂŶŬŝŶŐdŚĞĨŝƌŵŝƐ ƐĞĐƵƌŝƚŝĞƐŚĂƐĂůƐŽůĞĚĞƐĐŚĞŶĂƵdž
ƉŽƌĂƟŽŶ;/W^ŚƩƉƐǁǁǁ
ŝƉƐĞ
ŝŶĐ ŵĂŶĂŐĞĚďLJĂŐƌŽƵƉŽĨĞŶƚƌĞƉƌĞŶĞƵƌƐ ĂŶĚƚĞĂŵƚŽŶƵƌƚƵƌĞĂŶĚƐƵƉƉŽƌƚƚŚĞ
/W^ǁŝůůĮŶĂŶĐĞŶĞǁŵŽƟŽŶƉŝĐƚƵƌĞƐ ĂŶĚĞdžƉĞƌƚƐŝŶĨŝŶĂŶĐĞŝŶŶŽǀĂƚŝŽŶ ƌĞĐĞŶƚĞƐƚĂďůŝƐŚŵĞŶƚŽĨWƌĞ/WKΘWƌŝ
ŵƵƐŝĐƉƌŽũĞĐƚƐƉĂƚĞŶƚƐĂŶĚƚĞĐŚŶŽůŽ ƐƚĂƌƚƵƉĨƵŶĚŝŶŐŐŽǀĞƌŶĂŶĐĞŵĂŶĂŐĞ ǀĂƚĞ^ƚŽĐŬĂŶĞdžĐŚĂŶŐĞĂŐŽƌĂǁŚŝĐŚ
ŐŝĞƐƚŚƌŽƵŐŚŵĂƌŬĞƚĂďůĞƐĞĐƵƌŝƟĞƐ/ƚ ŵĞŶƚĂŶĚůĞĂĚĞƌƐŚŝƉ ŽīĞƌƐĂŶ/ĚƌŝǀĞŶǀĂůƵĂƟŽŶĮůƚĞƌĂŶĚ
ŝŶƚĞŶĚƐƚŽŽƉĞŶĂŶĞǁŵĂƌŬĞƚƐĞĐƚŽƌ ŚƩƉƐƐǁŝƐƐĮŶĂŶĐŝĞƌƐ
ĐŽŵĂďŽƵƚ ŵĂƌŬĞƚƉůĂĐĞĨŽƌƉƌŝǀĂƚĞĐŽŵƉĂŶŝĞƐ
on the NASDAQ to list a new genera- ŚƩƉƐƉƌĞŝƉŽ
ĐŽŵ
ƚŝŽŶŽĨƉĂƐƐƚŚƌŽƵŐŚƐĞĐƵƌŝƚŝĞƐ/W^ /ŵǁŽƌŬŝŶŐǁŝƚŚĂĚƌĞĂŵƚĞĂŵǁŚŝĐŚ
ĂŝŵƐƚŽŝŶĐŽƌƉŽƌĂƚĞŝŶƚĞůůĞĐƚƵĂůƉƌŽƉ ŝŶĐůƵĚĞƐŚƌŝƐƚŝĂŶ&ƌĂŵƉƚŽŶŽƌŝŶ ^ŽŵĞŽĨƚŚĞŽƚŚĞƌ/WKƐĞƐĐŚĞŶĂƵdž
ĞƌƚLJƌŝŐŚƚƐŝŶƚŽƐĞĐƵƌŝƚŝĞƐĂŶĚƚŚĞŝƌ ŝƚƵůĞdž<ƵŵŵĞƌŵĂŶ'ůĞŶŶWƌŽĞů ŚĂƐ ŽŶ ĚĞĐ Ŭ ŶŽǁ ĂƌĞ ĐŽŵƉĂŶŝĞƐ
ŵĂŶĂŐĞŵĞŶƚƌĞŵŽǀŝŶŐƚŚĞƌŝƐŬŽĨůŽƐƐ ůŽĐŚƐŽƵƌŐĂŵ<ƵŵŵĞƌDĂdžŝŵĞ>ĂŐ ŝŶǀŽůǀĞĚŝŶƌĂŝŶĐƌĞĂƟŶŐĞŶǀŝƌŽŶŵĞŶ
ŽĨƌŽLJĂůƟĞƐƌĞůĂƟǀĞƚŽƚŚĞǁŽƌŬƐŽĨƚŚĞ ĂŶĞĂŶĚ,ĂLJĞƚŽƵnjŝĚ!ĞƐĐŚĞŶĂƵdž ƚĂůƚĞĐŚŶŽůŽŐLJƐĞĐƵƌĞŵŽďŝůĞƚƌĂŶƐ
ĂƵƚŚŽƌĂƌƟƐƚŽƌŝŶǀĞŶƚŽƌ ƐĂLJƐDLJůĂǁƉĂƌƚŶĞƌƐZŝĐŚĂƌĚD ĂĐƟŽŶƐĂŚŽƐƉŝƚĂůŝƚLJ#ǁĞůůŶĞƐƐŐƌŽƵƉ
'ƌĞĞŶďĞƌŐĂŶĚZĂůƉŚ,ŽƌŶďůŽǁĞƌ/// ŝīĞůĚŝƐƚƌŝĐƚƉƌŽũĞĐƚƐĂŶĚƐƵƐƚĂŝŶĂďůĞ
/W^ŚĂƐƐƵĐĐĞƐƐĨƵůůLJƐƚĂƌƚĞĚƚŚĞƉƌŽ ĂƌĞŬĞLJƚŽŵĂŶĂŐŝŶŐƚŚĞƐĞĚĞĂůƐƐƵĐ ůƵdžƵƌLJƌĞĂůĞƐƚĂƚĞƉƌŽũĞĐƚƐ
ĐĞƐƐŽĨďĞĐŽŵŝŶŐĂůŝƐƚĞĚĞŶƟƚLJƵƐŝŶŐ ĐĞƐƐĨƵůůLJ!ĞƐĐŚĞŶĂƵdžĂŶĚŚŝƐƚĞĂŵ
^ǁŝƐƐ &ŝŶĂŶĐŝĞƌƐ /ŶĐ Ă ŶĞǁ Ĩŝƌŵ ĂƌĞ ĐŽƐƉŽŶƐŽƌŝŶŐ dŚĞ ,ŽůůLJǁŽŽĚ tĞĂ ƚ Ś Ğ ƌ   Ž ƌ Ɖ  Ĩ ŝ ů ŝ Ŷ Ő  Ĩ Ž ƌ  ŝ ƚ Ɛ  / W K
ƌĞǀŽůƵƚŝŽŶŝnjŝŶŐ ƚŚĞ ĚĞĂůŵĂŬŝŶŐ ŝŶ ^W  Ă ƐƉĞĐŝĂů ƉƵƌƉŽƐĞ ĂĐƋƵŝƐŝ  ƵŶĚĞƌƚŚĞŶĂŵĞtĞĂƚŚĞƌŽƌƉŽƌĂ
/WKƐĂŶĚůĂƌŐĞĨŝŶĂŶĐŝĂůƚƌĂŶƐĂĐƚŝŽŶƐ ƚŝŽŶĐŽŵƉĂŶLJĂŝŵŝŶŐƚŽĐŽŶƐŽůŝĚĂƚĞ ƚŝŽŶ;tKZWĐƌĞĂƚĞƐƌĂŝŶĂŶLJǁŚĞƌĞ
ĞƐĐŚĞŶĂƵdžŝƐŽŶĞŽĨƚŚĞĨŽƵŶĚŝŶŐ ,ŽůůLJǁŽŽĚƐƚƵĚŝŽƐĂŶĚƉƌŽĚƵĐƚŝŽŶ ŶĞĞĚĞĚ ŝŶ ƚŚĞ ǁŽƌůĚ ǁŝƚŚŽƵƚ ĂŶLJ
ƉĂƌƚŶĞƌƐŽĨ^ǁŝƐƐ&ŝŶĂŶĐŝĞƌƐĂƚĞĂŵ ĐŽŵƉĂŶŝĞƐ ĐŚĞŵŝĐĂůƉƌŽĚƵĐƚƐdŚĞĐŽŵƉĂŶLJƐ
ǁŝƚŚĞdžƉĞƌƟƐĞŝŶŝŶǀĞƐƚŵĞŶƚƐǀĞŶƚƵƌĞ ŚƩƉƐǁǁǁ
ŚŽůůLJǁŽŽĚƐƉĂĐ
ĐŽŵ ƚĞĐŚŶŽůŽŐLJĨŽƌƌĂŝŶĨĂůůĞŶŚĂŶĐĞŵĞŶƚ

1 /ŶŶŽǀĂƟǀĞ&ŝŶĂŶĐŝĞƌƐďLJWĂƵůdƌƵƐƞƵůů
 PAID PROMOTION

is environmentally friendly, solar orchestrate its IPO processes. EIC is set NY, in June 2021, ŚƚƚƉƐƉĂĐĐŽŶĨĞƌ
powered and zero- CO2. It mimics ƚŽŐŽƉƵďůŝĐƚŽĮŶĂŶĐĞƚŚĞĐŽŶƐƚƌƵĐƟŽŶ ĞŶĐĞ
ĐŽŵand atƚŚĞ/WKĐŽŶĨĞƌĞŶĐĞ
nature’s ionization processes in local ŽĨϭϬŝĐŽŶŝĐŝīĞůdŽǁĞƌƐĂŶĚ&ƌĞŶĐŚ ŚƩƉƐŝƉŽĐŽŶĨĞƌĞŶĐĞ
ĐŽŵ
ĂƚŵŽƐƉŚĞƌĞǁŚŝĐŚŝŶŇƵĞŶĐĞƐŐƌŽǁƚŚ Quarters in key locations around the
of raindrops in clouds by means of ǁŽƌůĚĂĐŚŶĞǁůĂŶĚŵĂƌŬŝīĞůdŽǁĞƌ Deschenaux has served on the board
ŐƌŽƵŶĚďĂƐĞĚƐLJƐƚĞŵƐĂŶĚŚĂƌĚǁĂƌĞ will be the centerpiece of a district of directors for more than 80 compa-
ŚƩƉƐǁĞĂƚŚĞƌĐŽƌƉ
ĐŽ steeped in French culture, savoir-vivre nies. From 2012 to 2020 he served as
ĂŶĚƐŽƉŚŝƐƟĐĂƟŽŶ ƚƌĞĂƐƵƌĞƌĂŶĚũƵĚŐĞŵĞĚŝĂƚŽƌĂƚƚŚĞ
DŽďŝ'ƌŽƵƉŝƐĐƵƌƌĞŶƚůLJĐŚĂŶŐŝŶŐƚŚĞ ŚƩƉƐǁǁǁ
ĞŝīĞůĐŽƌƉŽƌĂƟŽŶ
ĐŽŵ /ŶƚĞƌŶĂƟŽŶĂůŽƵƌƚŽĨDĞĚŝĂƟŽŶĂŶĚ
way people pay in Africa and soon will Arbitration (CIMEDA). He is now an
ĐŚĂŶŐĞƚŚĞǁĂLJŐŽǀĞƌŶŵĞŶƚƐĐŽůůĞĐƚ Adriatica Real Estate Corporation, Ambassador of the African Court of
Value Added Tax. “MobiGroup is one ĚŽŝŶŐďƵƐŝŶĞƐƐĂƐĚƌĞĂůŝƐĐƌĞĂƚŝŶŐ DĞĚŝĂƟŽŶĂŶĚƌďŝƚƌĂƟŽŶ;DZ7
of the companies that will be taken ƚŚĞůƵdžƵƌLJƌĞƐŝĚĞŶƟĂůĐŽŵŵĞƌĐŝĂůĂŶĚ
public by Swiss Financiers to major ŵĂƌŝŶĂƉƌŽũĞĐƚEŝŬŽůĂǀŝůůĂŐĞŽŶƚŚĞ Deschenaux’s leadership activities
ŝŶƚĞƌŶĂƟŽŶĂůƐĞĐƵƌŝƟĞƐŵĂƌŬĞƚƐǁŝƚŚŝŶ Dalmatia Adriatic coast near Sibenik, extend to a number of nonprofits.
the next 24 months,” says Deschenaux. Croatia. This operation is based on ŵŽŶŐƚŚŽƐĞŚĞŚĂƐĨŽƵŶĚĞĚĂƌĞƚŚĞ
dŚĞĐŽŵƉĂŶLJƐƉĂLJŵĞŶƚƚĞĐŚŶŽůŽŐLJ Jean-Paul Uldry’s CHR-EKO Projekt SA. /WK/ŶƐƟƚƵƚĞŚƩƉƐŝƉŽŝŶƐƟƚƵƚĞ
ĐŽŵ
bypasses merchant collection proce- The Swiss company has invested more the Experts Without Borders Federa-
dures to deliver tax payments directly than USD 90 million to date. Adreal ƟŽŶŚƩƉƐǁǁǁ
ĞdžƉĞƌƚƐǁŝƚŚŽƵƚďŽƌ
ƚŽƚĂdžƌĞǀĞŶƵĞĂƵƚŚŽƌŝƟĞƐ ĚĞǀĞůŽƉƐƉƌŽƉĞƌƟĞƐƵƐŝŶŐĚƵƌĂďůĞĂŶĚ ĚĞƌƐ
ŶŐŽ and the Perpetual Charity
ŚƩƉƐŵŽďŝǀĂƚ
ĐŽŵ ƐƵƐƚĂŝŶĂďůĞƚĞĐŚŶŝƋƵĞƐƚŚĂƚƌĞŇĞĐƚƚŚĞ ŽƌƉŽƌĂƟŽŶŚƩƉƐƉĞƌƉĞƚƵĂůĐŚĂƌŝƚLJ

ůŽĐĂůĐƵůƚƵƌĞ*tŚŝůĞƚŚŝƐŵŝŐŚƚƐĞĞŵ ĐŽŵ
Earth and Sky is active in 3 distinc- ůŝŬĞƚŚĞůĞĂƐƚŝŶŶŽǀĂƟǀĞŽĨŽƵƌĐƵƌƌĞŶƚ
ƚŝǀĞŝŶĚƵƐƚƌŝĞƐŚŽƐƉŝƚĂůŝƚLJĂŐƌŝĐƵů- /WKƐŝƚĐŽƵůĚďĞŽŶĞŽĨƚŚĞŵŽƐƚƉƌŽĮƚ-
ture and the production of essential able,” says Deschenaux. To lea r n more about
oils. Focused on wellness tourism ŚƩƉƐǁǁǁ
ĂĚƌĞĂůĐŽƌƉ
ĐŽŵ
and healthcare, the company’s lux- Marc Deschenaux visit
ƵƌLJŚŽƚĞůƐǁŝůůƉƌŽǀŝĚĞŐƵĞƐƚƐǁŝƚŚ
ƵŶŝƋƵĞƌĞĐƌĞĂƟŽŶŚŽůŝƐƟĐƚƌĞĂƚŵĞŶƚƐ 'ůŽďĂůĐŝƟnjĞŶĂŶĚůĞĂĚĞƌ marc.deschenaux.com
ĂŶĚƚŚĞƌĂƉŝĞƐ/ƚƐĮƌƐƚƉƌŽƉĞƌƚLJŶŽǁ ĞƐĐŚĞŶĂƵdžĚŝǀŝĚĞƐŚŝƐƟŵĞďĞƚǁĞĞŶ
underway in Marrakech, will produce Geneva, Marrakech, New York and Los
ŝƚƐŽǁŶĞĐŽĞŶĞƌŐLJ ŶŐĞůĞƐŽŶƐŝĚĞƌĞĚĂǁŽƌůĚĞdžƉĞƌƚ
ŚƩƉƐĞĂƌƚŚĂŶĚƐŬLJĐŽƌƉ
ĐŽŵ ŝŶĐŽƌƉŽƌĂƚĞĨŝŶĂŶĐĞŚĞŚĂƐƚĂƵŐŚƚ
at various universities around the
Eiffel International Corporation (EIC) world. Deschenaux will be a keynote
has selec ted Swiss Financier s to speaker at the SPAC conference in Rye,

/ŶŶŽǀĂƟǀĞ&ŝŶĂŶĐŝĞƌƐďLJWĂƵůdƌƵƐƞƵůů 2
96

P H OTO G R A P H BY M I C H A E L P R I N C E A N D
I L LU S T R AT I O N BY YO S H I S O D E O K A F O R F O R B E S

FORBES.COM
 THE TREND

BY
M I C H A E L D E L C A S T I L LO,
S U S A N A DA M S A N D
ANTOINE GARA

After losing an epic battle with Mark Zuckerberg over ownership of Facebook
and being shunned in Silicon Valley, CAMERON and TYLER WINKLEVOSS are back—
this time as budding Bitcoin billionaires at the center of the future of money,
the creative economy and quite possibly a new operating model for Big Tech itself.

98
THE TREND
billionaires Cameron and Tyler Winklevoss saunter into
their empty 17th-floor offices in Manhattan’s Flatiron dis-
trict wearing designer high-tops, black jeans and match-
ing sweatshirts made by the high-end streetwear brand
Heron Preston. The sweatshirts—Cameron’s is red, Ty-
ler’s white—are emblazoned with a NASA logo, which
the twins picked because it echoes the space-exploration
theme behind the brand of their seven-year-old crypto-
currency trading operation, Gemini. In addition to being
the Zodiac sign symbolized by twins, it was the name of
NASA’s second space mission—the one just prior to Apol-
lo 11, which put the first man on the moon.
“We actually call our employees astronauts,” Cameron
says. “We’re all astronauts building on the frontier of mon-
ey and the frontier of art and the frontier of finance.” Accus-
tomed to finishing his brother’s thoughts, Tyler chimes in:
“We feel like we’re on a spaceship, exploring a new frontier.”
On this sunny March day, the spaceship is hitting warp
speed. The price of Bitcoin is about to reach an all-time
“The idea of a centralized social network is just not going to exist five or
ten years in the future,” Tyler predicts, when asked about Facebook.
“There’s a chasm between the old world and this new crypto-native universe.”
high of $58,000 (it sold for $8 in 2012 when the brothers
began investing some $10 million in the digital currency),
rocketing their combined net worth to $6 billion. Their lat-
est investment, fast-growing Bitcoin lending giant Block-
Fi, just announced it has raised $350 million, valuing the
company at $3 billion.
And the 39-year-old brothers’ hottest venture, digital
art auction platform Nifty Gateway, is basking in the glow
of a sale at Christie’s, where the gavel is about to fall on
FORBES.COM
the 255-year-old auction house’s first-ever sale of a non-
fungible token (NFT) artwork, a one-of-a-kind comput-
er file tracked on a digital ledger known as a blockchain.
Nifty Gateway put the artist, Mike Winkelmann, who goes
by Beeple, on the map through a series of “drops” start-
ing last year. Before the day ends, Gemini’s custodial busi-
ness, which houses digital assets securely, will receive a
$69 million cryptocurrency payment for Beeple on behalf
of Christie’s, making his “Everydays: The First 5,000 Days”
the third-most-expensive work sold by a living
artist, after Jeff Koons and David Hockney.
Much of the world still thinks of the 6-foot-5
twins as the crew-rowing chumps played by
Armie Hammer in The Social Network, the
hit 2010 movie about Facebook. At Harvard,
classmate Mark Zuckerberg had swiped their idea for a
social networking site, building an empire with 2.8 bil-
lion worldwide users and a personal fortune now worth
$97 billion. A dozen years after they settled with Zuck-
erberg for $65 million in Facebook stock and cash, the
Winklevii, as they are widely known, have emerged as
leaders of a technological movement whose core operat-
ing principle involves digitizing the records of all assets
globally, decentralizing control and cutting out gate-
keepers—including Facebook.
Blockchain, the technology underlying Bitcoin and
other cryptocurrencies, is already disrupting money and
banking, as giant financial firms such as PayPal, Square,
JPMorgan, Fidelity and Northern Trust embrace Bitcoin
and jockey for position in a future awash in digital assets.
At the same time, big companies including Boeing, Sam-
sung, Tesla and Novartis are using the new technology
to improve their supply chains, share customer data and
speed up business processes. In some cases they’re add-
ing Bitcoin to their balance sheets. In 2020, Bitcoin re-
turned more than 300%, against 18% for the S&P 500.
The Winklevii say they’re just getting started. Through
their holding company, Gemini Space Station, which
owns their crypto exchange and Nifty Gateway, and via
investments made by their family office, Winklevoss Cap-
ital, the duo have invested in no fewer than 25 digital-
asset startups. These fledgling companies are laying the
foundation for what the brothers hope will be a new vir-
tual world that they and others call the “metaverse,” in
which digital assets like art, music, real estate and even
entire businesses are created, bought and sold—and,
most importantly, governed—by the blockchain. Many
of the companies they’re backing are positioned to thrive
in this three-dimensional version of the internet ruled
via peer-to-peer computer networks, where participants
rather than powerful companies profit.
A P R I L / M AY 2 0 2 1
 Doubling Down

Within 24 hours of meeting with the

Winklevoss twins in 2019, Griffin (left)
and Duncan Cock Foster had received
an overture from Gemini to buy Nifty
Gateway. The NFT auction house was
recently valued at $1 billion.

99

THE TREND

A P R I L / M AY 2 0 2 1 FORBES.COM
 “The idea of a centralized social network is just not go-
ing to exist five or 10 years in the future,” Tyler predicts
when asked about Facebook. “There’s a membrane or a
chasm between the old world and this new crypto-native
universe. And we’re the conduit helping people transcend
the offline into the online.”

100 The fact that two Greenwich, Connecticut–raised

men of Harvard, both former Olympians, find themselves
at the center of an antiestablishment movement whose
THE TREND

most notable use case to date has been a thriving online

bazaar selling illegal drugs speaks volumes about how far
the Winklevii have come from their days in Cambridge,
Massachusetts, grappling with Mark Zuckerberg.
After settling their arbitration with Facebook and com-
peting in the 2008 Olympics in Beijing, the Winklevoss
brothers headed to Oxford University to earn their MBAs
in 2010 and then formed Winklevoss Capital to make
venture investments. Eager to join the cadre of firms on
Sand Hill Road funding today’s great technology com-
panies, the twins soon realized that they were effectively
shunned in Silicon Valley. Startup after startup, fearful of
reprisals from juggernaut Facebook and its growing net-
work, refused to take their capital.
As recounted in Ben Mezrich’s 2019 book Bitcoin Bil- marketplace they needed to be hands-on—and, more
lionaires, it was during a vacation on the Mediterranean importantly, they needed to bring order to a chaotic,
resort isle of Ibiza in June 2012 that the twins were first unregulated industry. In 2014, they founded their own
introduced to Bitcoin by early adopters who, like the cryptocurrency exchange, Gemini.
Winklevii, were traditional-tech outsiders. The notion In the early days, Gemini was little more than a place
that money was the ultimate social network, and that to buy and sell Bitcoin, but today it offers trading and
Bitcoin was free from central-bank control and backed custody for 33 cryptocurrencies, including ether, a coin
by mathematical certainty, appealed to the highly disci- equipped with a native computer language that lets de-
plined athletes. velopers build applications without central servers; zcash,
After the brothers returned to New York, they began us- a privacy-protecting token based on Bitcoin; and mana,
ing their Facebook money to buy up Bitcoin. “We found the the native cryptocurrency of a virtual-reality world called
community super-welcoming,” says Tyler, who tends to be Decentraland. The twins also have their own ethereum-
the more analytical twin. (Cameron is the more creative.) based token called Gemini Dollar, which is pegged to the
In May 2013, they invested $1.5 million in a Brooklyn- value of the U.S. dollar and therefore stable.

A poster on the wall of their office from Gemini’s recent New York
subway marketing campaign depicts the Founding Fathers of the
United States with the words THE REVOLUTION NEEDS RULES.

based exchange called BitInstant, which charged people
a fee to exchange dollars for Bitcoin in just minutes. The
business grew rapidly—reportedly accounting for 30% of
all Bitcoin purchases. Unfortunately, some of those pur-
chases were laundering money for drug dealers selling on
the dark-web drug bazaar Silk Road, and by the end of
Among crypto exchanges (there are now more than
300), Gemini became, in October 2015, one of the first
Bitcoin-focused financial institutions to be designated a
trust bank by the New York State Department of Finan-
cial Services. This meant it was subject to the same regu-
latory requirements as banks like State Street and North-
BEEPLE-COLLECT.COM (2)

the year the site was shuttered. Its computer-genius CEO,
Charlie Shrem, whom the Winklevii embraced, was ar-
rested and spent a year in federal prison for running an
unlicensed operation.
Facing another brush with ignominy, the brothers de-
cided that if they were going to succeed in this nascent
ern Trust and enabled it to take deposits in all 50 states.
Though Gemini’s trading volume ($29 billion in the last
12 months) is much lower than that of giants like Binance
and Coinbase, it rivals them in industry “trust” scores,
which carry considerable weight in a market where ex-
changes are often hacked and fake trading volume is com-

FORBES.COM A P R I L / M AY 2 0 2 1
The Beeple Bubble
NFTs by graphic designer Beeple from early 2020:
“tom hanks beating the shit out of coronavirus” and
“SPONGEBOB HILLARYPANTS,” which sold for $107,000
and $55,000, respectively. In February 2021, one of his
NFT singles traded for $6.6 million. Warns Beeple, “This
is not some magical money fountain.”
monplace. Given the current environment of nosebleed
valuations like Coinbase’s $68 billion, Gemini could likely
fetch $5 billion if it ever needed outside funding.
While Facebook’s early corporate mantra was “move
fast and break things,” the Winklevii, who famously asked
then–Harvard president Larry Summers to enforce the
college’s “Standards of Conduct” against Zuckerberg,
have always operated under an “ask permission first, not
forgiveness later” ethos. A poster on the wall of their of-
fice from Gemini’s recent New York subway marketing
campaign depicts the Founding Fathers of the United
States with the words THE REVOLUTION NEEDS RULES.
Heavily promoting its operation as the “regulated”
crypto exchange, Gemini is positioning itself to profit
when the Securities and Exchange Commission finally
approves crypto exchange-traded funds, which have al-
ready been approved in Canada and overseas. Starting in
2013, the Winklevii began applying to the SEC to launch
a Bitcoin ETF. So far they’ve been turned down twice,
the last time in 2018, with the SEC citing the immatu-
rity of the industry.
A P R I L / M AY 2 0 2 1
Today, there are six crypto ETF applications pending at
the SEC from the likes of Wisdom Tree, Van Eck, Fidel-
ity, First Trust and Anthony Scaramucci’s Skybridge Fi-
nancial. Gemini, which now offers customers a Bitcoin
rewards credit card and a savings account that pays 7%
interest on crypto deposits, has an application pending
with the SEC to open an alternative marketplace for trad-
ing stocks and other securities issued on a blockchain.
“Gemini is the bridge where people can migrate away 101
from centralized finance, from their current bank, and
into this new world,” Cameron says. “Our business mod-
THE TREND
el is not based on information or monetizing privacy. It’s
based on marketplaces and trading fees.”
Among the twins’ growing collection of crypto-
focused startups, none is getting more buzz and showing
more potential than its NFT marketplace, auction plat-
form Nifty Gateway.
The company was founded in November 2018 by Dun-
can and Griffin Cock Foster, 26, also identical twins and
rowers, who say they took up the sport after watching The
Social Network in high school. Both had just graduated
from college in 2017—Duncan from Washington Univer-
sity in St. Louis with a degree in computer science and
Griffin from Emory in mathematics. During his senior
year, Duncan began dabbling in CryptoKitties, a digital
craze similar to the decades-ago mania for Beanie Babies,
only one in which users create, collect and trade unique
animated felines, registering each using a non-fungible
token on the ethereum blockchain.
“Everyone had the same complaint,” Duncan said in a
2019 interview. “Buying NFTs was too complicated. We
started Nifty Gateway to solve access issues, and we will
not rest until 1 billion people are collecting NFTs.”
At first the Cock Fosters designed Nifty Gateway not as
an NFT auction platform but simply as a way to buy NFTs
with Mastercards and Visas instead of going through
the arduous process of purchasing them with ether. In
fact, the Winklevii first stumbled upon Nifty Gateway
in July 2019 at the Contemporary and Digital Art Fair
in New York. A work called “CryptoPunk 4530,” featur-
ing a woman with a mohawk smoking a cigarette, ren-
dered in the blocky style of an old-fashioned video game,
had caught Tyler’s eye. The image was one of 10,000 sim-
ilar but unique portraits created by Google veterans Matt
Hall and John Watkinson and initially given away free.
The price was $5,000. Tyler used his phone to create an
account on Nifty Gateway, paying with his credit card.
As soon as the Winklevii returned to their office, Gem-
ini’s vice president of engineering, Eric Winer, told them
he had been keeping an eye on Nifty Gateway, which had
just emerged from Adam Draper’s BoostVC accelerator
boot camp. A month later, Gemini struck a deal to buy
the seven-month-old startup. The Cock Fosters moved
to an Airbnb in Brooklyn and worked with Gemini’s en-
gineers to build what is now the world’s most exclusive
digital-art platform. While numerous digital platforms
FORBES.COM
102
THE TREND
operate more like eBay and are open to all creators, Nif-
ty Gateway selectively curates its artists and sells their
works in “drops,” taking a page from fashion brands like
Nike and Supreme.
The NFT art market has exploded. In February,
Nifty Gateway accounted for $75 million of the $91 mil-
lion in NFT art auctioned on the top seven online plat-
forms, according to data compiled by CryptoArt.io. As of
late March, it had sold $132 million of the $188 million
worth of such work bought by collectors. When the Cock
Fosters launched Nifty Gateway a year ago, monthly sales
were less than $100,000.
No NFT artist has gotten richer off the craze than Mike
Winkelmann, a.k.a. Beeple_Crap, a 39-year-old father of
two in Charleston, South Carolina, who earned a com-
puter science degree at Purdue and studied no art past
high school. He uses 3D-graphics software to generate
artwork that is outrageous and often revolting. One piece
depicts a naked Donald Trump eating a hamburger while
sitting atop a train wreck that’s being consumed by gi-
ant coronavirus particles. Another shows Kim Jong-un
dressed as Toy Story’s Buzz Lightyear with fake breasts.
As a hobby, Beeple created a digital image every day for
more than ten years, posting his provocative “Everydays,”
depicting dystopian visions of pop culture and politics,
to social media sites like Facebook and Instagram. The
work earned him a cult following on the internet, but he
couldn’t monetize the digital medium, which was as easy
to copy as simply right-clicking a mouse.
FORBES.COM
Merchants of the Metaverse
“We very much saw ourselves in Duncan and Griffin [far right],”
says Tyler (second from right) of the Cock Foster twins. “These guys
had this passion, this conviction, and everyone around them was
saying they were crazy. That’s how we felt our whole life.”
Last fall, Nifty Gateway began reaching out to artists,
trying to populate its new exclusive platform with in-
teresting and valuable digital art. Given Beeple’s 1 mil-
lion Instagram followers, he was an obvious choice. Af-
ter educating Winkelmann about NFTs, engineers at Nif-
ty Gateway explained how he could program art to be dy-
namic, changing at different points in time, or based on
a given outcome. He was already touching on political
themes in his “Everydays” and saw the 2020 election as
his opportunity to make a mark.
If Trump were reelected, Beeple’s “Crossroad” NFT
would transform into a naked, sweaty, muscular strong-
man walking menacingly through fire. If he lost, the NFT
would turn into a looping video of Trump lying face-
down beneath a rainbow, with words like loser painted
on his naked body, as a bird styled after Twitter’s logo
chirped away. On October 31, “Crossroad” became the
MICHAEL PRINCE FOR FORBES
hottest ticket on Nifty Gateway, selling for $66,666.66 to
a 32-year-old Miami-based digital-asset speculator with
a Columbia MBA. The buyer put the work back up for sale
on Nifty Gateway and sold it in February for $6.6 million,
making a 90-fold profit. Beeple earned about $660,000
due to the platform’s fee structure, which invites artists to
collect a 10% royalty on all aftermarket sales.
A P R I L / M AY 2 0 2 1
 PAID PROMOTION

RALLYING
YOUTH TO
MOVE DRC
FORWARD
Congolese pro-democracy activist and human rights ŶŽƚŚĞƌƉƌŽŵŝƐŝŶŐĂĚǀĂŶĐĞŝƐƚŚĞĐŽŵŵƵŶŝĐĂƟŽŶďĞƚǁĞĞŶ
defender Carbone Beni is working to engage more young Tshisekedi and Mike Hammer, U.S. Ambassador to the DRC.
people in shaping the political future of the Democratic dŚĞĂŵďĂƐƐĂĚŽƌŚĂƐĞdžƉƌĞƐƐĞĚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐŝŶƚĞƌĞƐƚ
Republic of Congo. in hearing directly from the Congolese, and in partnering to
ĂĚǀĂŶĐĞƉĞĂĐĞĂŶĚƉƌŽƐƉĞƌŝƚLJŝŶƚŚĞŶĂƟŽŶ/ƚŝƐŝŵƉĞƌĂƟǀĞ
/Ŷ&ĞďƌƵĂƌLJϮϬϮϭĞŶŝůĂƵŶĐŚĞĚǀŝĂǀŝĚĞŽĂƉůĂƞŽƌŵĐĂůůĞĚ for the Congo that this partnership with the U.S. is concrete
“Nothing as Before,” calling on Congolese youth to stand up ĂŶĚƉĂůƉĂďůĞƐŽƚŚĂƚŝƚƐŽŶŐŽůĞƐĞďĞŶĞĮĐŝĂƌŝĞƐǁŝůůĨĞĞůƚŚĞ
ĂŶĚǁŽƌŬƚŽŐĞƚŚĞƌĨŽƌƉŽƐŝƟǀĞĐŚĂŶŐĞƐŝŶƚŚĞZ ďĞŶĞĮƚƐ!ƐĂLJƐĞŶŝ

dŚĞĐŽĨŽƵŶĚĞƌŽĨƚŚĞ&ŝůŝŵďŝĐŝƟnjĞŶƐŵŽǀĞŵĞŶƚƐĂLJƐƚŚĂƚ /ŶƚĞƌĞƐƚƐŽĨWĞŽƉůĞŽŵĞ&ŝƌƐƚ
group and the Lucha youth movement were important in the
ϮϬϭĞůĞĐƟŽŶŽĨ&ĞůŝdždƐŚŝƐĞŬĞĚŝĂƐZƉƌĞƐŝĚĞŶƚEŽƚŚŝŶŐ Beni has long spoken out on behalf of whistleblowers. “It
as Before” seeks to focus their is important to protect those do
energy and momentum. a civic duty by denouncing any

“It will be our philosophical

“
ĨŽƵŶĚĂƟŽŶĂŶĚŽƵƌƐŽƵƌĐĞŽĨ Nothing as Before movement led
motivation and action,” says
ŚŝŶĚƌĂŶĐĞƚŽĐŽƵŶƚƌŝĞƐůĂǁƐĂŶĚ
rules,” he says. “They are an echo
of the call for good governance.”

Beni. “ We have the moral by activist Carbone Beni is working “Just as we encourage any good
responsibility to ensure that ŝŶŝƟĂƟǀĞĨŽƌƚŚĞŝŶƚĞƌĞƐƚŽĨŽŶŐŽ
what we have fought for is for positive social, political and and the Congolese, we condemn
done in the way we intended.” ŵĂŶŝƉƵůĂƟŽŶŽĨLJŽƵŶŐŽŶŐŽůĞƐĞ
economic change in the and conduct that does not respect
ĞŶŝϯϱƐƉĞŶƚƟŵĞĂƐĂƉŽůŝƟ- our laws,” Beni says. He was
cal prisoner during the term of Democratic Republic of Congo. among those leading the plea for
former DRC president Joseph ƐĂŶĐƟŽŶƐĂŐĂŝŶƐƚ/ƐƌĂĞůŝďŝůůŝŽŶĂŝƌĞ
Kabila. He is encouraged by
dƐŚŝƐĞŬĞĚŝƐůĞĂĚĞƌƐŚŝƉƐŽĨĂƌ
“ ĂŶ'ĞƌƚůĞƌĨŽƌĞdžƚĞŶƐŝǀĞĐŽƌƌƵƉ-
ƟŽŶŽǀĞƌŵŝŶŝŶŐĚĞĂůƐŝŶƚŚĞZ
“The President of the Republic is a born patriot who has “We had hoped to see Mr. Gertler begin to respect our
known the vagaries of the opposition,” says Beni. “We ĞdžƉĞĐƚĂƟŽŶƐŽĨƚƌĂŶƐƉĂƌĞŶĐLJĂŶĚŐŽŽĚŐŽǀĞƌŶĂŶĐĞǁŚĞŶ
ĨŽƵŐŚƚƚŽŐĞƚŚĞƌĨŽƌĂƟŵĞ! he was granted a license by the U.S. Department of State.
However, that license has since been revoked.”
WŽƐŝƟǀĞĞǀĞůŽƉŵĞŶƚƐ
EŽƚŚŝŶŐĂƐĞĨŽƌĞ!ƌĞŵŝŶĚƐĞǀĞƌLJŽŶĞƚŚĂƚƚŽĚĂLJƐŽŶŐŽ
ĞŶŝƐĞĞƐdƐŚŝƐĞŬĞĚŝƐƌĞĐĞŶƚƐĞƉĂƌĂƟŽŶĨƌŽŵƚŚĞ<ĂďŝůĂ wants to move forward, says Beni. “We are determined to
ĞƌĂ&,ĐŽĂůŝƟŽŶĂƐĂƉŽƐŝƟǀĞƐŝŐŶdŚĞWƌĞƐŝĚĞŶƚ put the interests of the Congo and the Congolese people
now has free rein to move forward. He is aware of the hope ĂďŽǀĞĂůůĞůƐĞƐŽƚŚĂƚƚŚŝŶŐƐĐŚĂŶŐĞŶLJŽŶĞǁŚŽŝƐŵŽƟ-
he has raised in Congolese hearts. He will not let anything ǀĂƚĞĚƚŽĚŽƚŚŝŶŐƐĚŝīĞƌĞŶƚůLJƚŚĂŶďĞĨŽƌĞǁŝůůďĞĐĂůůĞĚĂ
stand in the way of improving the well-being of his compa- ƚƌƵĞƉĂƚƌŝŽƚĂŶĚƚŚĞŽŶŐŽǁŝůůďĞďĞƩĞƌŽīĂƐĂƌĞƐƵůƚ!
ƚƌŝŽƚƐdŚĞŶĞdžƚƚŚƌĞĞLJĞĂƌƐǁŝůůďĞĚĞĐŝƐŝǀĞ!

1 Carbone Beni
 Drops Beeple auctioned for $1 each now trade for
hundreds of thousands of dollars, earning him at least
$10,000 per transaction. His various NFTs sold for a to-
tal of $10 million on Nifty Gateway in the weeks before
his $69 million sale on March 11. The Winklevii’s NFT
platform, which charges artists 15%, has been a life-
changer for Winkelmann. It has also created a booming
business for Nifty Gateway.
“We’re doing $4 million in five minutes now,” says Cam-
104 eron of drops that a year ago would have brought $50,000
on a good day. Adds Tyler: “Basically, the entire art world,
the entire entertainment world, is knocking down the door.”
THE TREND
The gold rush in digital art and collectibles being
minted and sold on Nifty Gateway and other NFT plat-
forms like NBA Top Shot won’t last forever. But just as
some dot-com-bubble companies like Amazon survived
and eventually thrived, the Winklevii are building Nifty
Gateway and Gemini for the long run as a marketplace
and custodian for all manner of assets, including prop-
erty deeds, passports, commodities, collectibles, video-
game characters, movies, music and event tickets.
“You want to pick that niche where there’s real market
uptake,” Cameron says. “You don’t want to boil the ocean.”
Ultimately, the twins see their two marketplaces, Gem-
ini and Nifty Gateway, integrated into a single dashboard
where NFTs will be used as collateral for loans, enabling
owners to tap their digital assets for funding without hav-
ing to sell them. Tyler and Cameron also envision a future
in which the due diligence they perform to verify a user’s
identity could be issued as an NFT, letting users prove
“We’re doing $4 million in five minutes now,” says Cameron of drops that a
year ago would bring $50,000 on a good day. “Basically the entire art world,
the entire entertainment world, is knocking down the door,” Tyler adds.
they’ve passed strict requirements—think Facebook, but
with irrefutable identity confirmation.
“It’s almost like compliance as a service could be baked
into an NFT token that Gemini issued,” Tyler says.
Another major area of investment for the Winklevii is
blockchain-based applications that support decentraliza-
tion—the idea that tech companies like Google, Facebook
and Microsoft will no longer be necessary because web
services and applications will be created, operated and
governed by users.
Back in 2014, Winklevoss Capital joined forces with
San Francisco’s open-source developer Protocol Labs,
investing in a seed round to finance various projects
that would create a new internet infrastructure that
doesn’t rely on centralized servers. One of its efforts,
Filecoin, is intended to power a network for computer
storage in which users around the world rent out their
unused hard-drive space and in return receive ethereum
blockchain–based tokens called filecoins as payment.
There are already 250,000 such computers, or “nodes,”
FORBES.COM
linked into a decentralized cloud computer. Filecoin has
recently been on a tear: Its tokens have surged 350% so
far this year, and it has a market capitalization in excess
of $6 billion.
In June, Protocol Labs is hosting a workshop to build
decentralized versions of Amazon, Google and Facebook
that instead of relying on revenue from advertising tar-
geting their users’ personal information will reward them
with filecoin tokens. One day filecoin-connected comput-
ers could rival the cloud services of these tech giants.
Oasis Labs, based in San Francisco, is another prom-
ising Winklevii-owned startup. Run by a security and
artificial-intelligence professor at the University of Cali-
fornia at Berkeley, the company specializes in ultrasensi-
tive data like human genome codes. The idea is that us-
ers will control their own data and be compensated for its
use by corporations.
Winklevoss Capital portfolio member Stacks supports
multiple projects aimed squarely at challenging central-
ized control by Big Tech. Boom is its decentralized wallet
for creating and sending NFTs; Pravica is a decentralized
communication platform that integrates email, chat and
video into a single place; Sigle is a decentralized version
of WordPress for making websites.
“Within the next decade, you’re going to see social pro-
tocols take off and people building decentralized forms of
these services,” Tyler says.
The twins’ most recent investment, Artie, builds video
games that don’t need to be downloaded and in-game digi-
tal assets that can be exported, traded on open markets and
even imported into competing games. Artie’s “app-less”
games use assets issued on the ethereum blockchain and
can stream from anywhere, similar to how YouTube embed
codes allow its videos to be played on any website.
Billionaire Zynga founder and CEO Mark Pincus is
among the investors in Artie, as is YouTube cofounder
Chad Hurley. “We’re seeing that consumers want to break
down these walled gardens,” says Artie cofounder Ar-
mando Kirwin. “They want more choices, they don’t want
monopolies, they want a return to the free and open web.
And that’s the last sanctuary that we have.”
Of course, the irony of any serious effort to build a de-
centralized metaverse is that its chief architects will ulti-
mately become unnecessary. Tyler and Cameron Wink-
levoss seem unconcerned. Goldman Sachs recently pre-
dicted that the price of Bitcoin could easily climb to
$300,000 in the next five years.
“Decentralization is a spectrum,” says Cameron, look-
ing out his window toward New York’s Chrysler Building.
“Our goal was not to be the gatekeepers.”
It’s still early days in the blockchain revolution. Mark
Zuckerberg, take note.
A P R I L / M AY 2 0 2 1
 107

THE PROFILE David Vélez SE T O U T TO K I L L O F F TH E FAT F E ES A N D

LO U SY S E RVI C E O F B RA Z I L’S BI G BAN KS. T H E OP E R ATI ON
SU CC E E DE D B E YO N D H IS W IL D EST D R EA M S:
TO DAY, HI S NO -F EE Nubank IS THE MOST
VA LUABLE DIGITAL BANK IN THE WORLD, WITH 35 MILLION
C U STO ME R S—A N D H E’ S G U N N I N G FOR M O R E.

Assassin BY J E F F K AU F L I N , M A R I A A B R E U A N D A N T O I N E G A R A
P H OTO G R A P H Y BY G A B R I E L R I N A L D I F O R F O R B E S

108
In
THE PROFILE
the summer of 2012, David Vélez moved to São
Paulo with a newly minted Stanford MBA and
a plum job as a Sequoia Capital partner. Doug-
las Leone, the head of Sequoia, had recruited the
then-30-year-old Colombian to stake the venture
capital powerhouse’s claim in Brazil—a youth-
ful, resource-rich country of 200 million that had
grown 4% a year for a decade to become the world’s
seventh-largest economy. But on October 1,
Leone called Vélez with bad news: After consider-
ing the uninspired pitches from Brazilian entre-
preneurs and hearing that top-ranked University
of São Paulo had produced just 42 computer sci-
ence graduates the prior year, he was pulling the
plug. Sequoia’s Brazilian adventure was over.
“It was the day before my birthday and it was a bit
of a shock,” Vélez admits. Still, he had always want-
ed to launch his own startup and saw opportunity
in the very dearth of Brazilian innovators that had
turned his VC compatriots off. “You want to posi-
tion yourself on the side of the market where there’s
scarcity,” Vélez explains. “In the U.S., there’s an
oversupply of good entrepreneurs. Somebody with
my experience and background is a commodity.
In Latin America, there was significant scarcity.”
Before long, he had a target: Brazil’s big and—
to hear Brazilians tell it—bulletproof banks. Yet
as Vélez saw it, the banks, with their notoriously
high fees, poor service and seeming oblivious-
ness to new technology, were sitting ducks. And
FORBES.COM
they were. Less than a decade after its found-
ing, Vélez’s São Paulo–based Nubank has 35 mil-
lion customers and is valued at $25 billion. Vé-
lez, who is Nubank’s CEO, retains a 23% stake
that Forbes values at $5.2 billion. “What’s hap-
pening in Brazil is nothing short of a real revo-
lution. And it’s waking up the incumbent banks,
who have had the going really easy for a long
time,” says Nigel Morris, the cofounder of Capi- Rebel Leader
tal One and a Nubank investor. “If banks are
“David is going to build a $100 billion–plus fi- Darth Vader,
credit cards
nancial powerhouse in Latin America,” predicts are the Death
Star,” says
TCV partner Woody Marshall, another one of Cristina
the investors who have poured a total of $1.2 bil- Junqueria,
Nubank’s
lion into Nubank. Among the billionaire-backed cofounder.
firms betting on Vélez: Yuri Milner’s DST Glob- “They’re
the horrible
al, Peter Thiel’s Founders Fund, Chase Coleman’s weapon the
Tiger Global—and yes, Leone and Sequoia. banks used.”
Equally impressive, Vélez built his fintech jug-
gernaut while previously booming Brazil suf-
fered through recession, corruption scandals and
Covid-19. And he did so despite warnings from
Brazilians that the banking establishment would
block him—or worse. “ ‘They’re going to kill you,’ ”
Vélez says one friend told him. “ ‘They’re going to
kidnap your kids.’ ”
G
rowing up, Vélez saw how entre-
preneurs persevere through adver-
sity. Born in Colombia in 1981 into
a family of small-businessfolk (his
father’s 11 siblings are mostly en-
trepreneurs), he watched as his hometown of Me-
dellín was ravaged by drug wars. He remembers
leaving a shopping center with his family min-
utes before it was bombed. After an uncle was kid-
napped and rescued, the then-9-year-old Vélez,
his parents and his two sisters (both now also en-
trepreneurs) moved to Costa Rica. There, Vélez’s
dad, who had co-owned a small button factory
with two brothers in Colombia, built a new one.
Vélez attended a local German-language prep
school, graduating as valedictorian and winning
admission to Stanford, where he majored in engi-
neering and yearned to join Silicon Valley’s start-
up frenzy. But while Google had been birthed
in Stanford’s dorms, as an undergraduate Vélez
couldn’t come up with his own big idea. So he
played it safe after graduation, taking an invest-
ment banking job at Morgan Stanley. Two years
later, he joined private equity firm General At-
lantic to build up its investments in Latin Amer-
ica. In 2010 he returned to Stanford for his MBA
and, he hoped, to develop the concept for his own
startup and the killer instincts to execute it. But
while still a student, he was recruited by Leone
A P R I L / M AY 2 0 2 1
 Brazilian banks, with their notoriously high fees, poor service
and seeming obliviousness to how technology was
quickly changing consumers’ expectations, were sitting ducks.

109
to develop Sequoia’s Latin American
business. When that opportunity evap-

THE PROFILE
orated, Vélez retreated to his parents’
Costa Rican home to plot his assault.
Vélez is an unlikely assassin. He’s an
even-keeled manager who, before the
pandemic, began meetings with a min-
ute for meditation. In his spare time, he
reads fiction. His favorite novel is Gabri-
el García Márquez’s One Hundred Years
of Solitude. But he’s also a fan of Ayn
Rand’s Atlas Shrugged, and he learned
in his VC and Stanford days that an en-
trepreneur can hit it big by using tech-
nology to take out fat, complacent in-
cumbents. “What’s the biggest industry
in Brazil? Banking. And what’s the most
profitable? Banking,” he says.
Back then, five banks—Itaú, Brades-
co, Santander, Banco do Brasil and
Caixa—controlled 80% of the Brazil-
ian market, earning massive profits
by lending at high interest rates and
charging exorbitant fees while provid-
ing lousy customer service. “ ‘Brazilian
banks suck. It has always been like this
and will always be like this,’ ” Vélez says
one Brazilian friend told him.
But in the early 2010s Vélez saw
broadband internet and smartphones
spread quickly across the enormous
country. “You had these gigantic op-
portunities [to disrupt] industries like
banking that no one was really looking
at because nobody thought it was pos-
sible.” He adds: “Nubank could nev-
er have been started by a local. . . . It
required a Silicon Valley investor who
has seen this story of the tiny ant go-
ing against the elephant and succeed-
ing. A Latin American investor sees
that and says, ‘No way, the elephant is
going to crush you.’ ”
Vélez spent months chatting up Bra-
zilian bank insiders and studying digi-
tal bank upstarts like Capital One in
the U.S. and ING Direct in Europe.

A P R I L / M AY 2 0 2 1 FORBES.COM
 He began to chart his course. Nubank would
start with credit cards and then expand to oth-
er services, using technology to undercut the big
banks’ fees and beat them on convenience. He re-
turned to Sequoia’s Menlo Park, California, offi-
ces, securing $1 million from his mentor Leone
and his former VC partners. Argentine venture
110 firm Kaszek pitched in another $1 million.
Sequoia partner Roelof Botha told Vélez that
he needed a cofounder with banking experience.
THE PROFILE
Through an acquaintance, Vélez met and re-
cruited Cristina Junqueira, a 30-year-old Brazil-
ian engineer with an MBA from Northwestern’s
Kellogg, who had just quit her job running Itaú’s
largest credit card division. To build Nubank’s
technology, he recruited as the third cofounder
an American he knew from his Sequoia days, Ed-
ward Wible, a 30-year-old Princeton computer
science graduate.
The trio set up shop in a rented São Pau-
lo house, with Wible living upstairs. In August
2014, they raised $15 million in Series A fund-
ing led by Sequoia, with Nigel Morris buying in
through his specialty fintech VC firm, QED. To
close the deal, Vélez took papers to the hospital
for Junqueira’s signature—while she was in labor
with her first child.
The next month, Nubank rolled out its first
product: a credit card. Nubank couldn’t start with
bank accounts because it faced a high hurdle to
getting a bank charter—a Brazilian constitutional
provision barring foreign bank ownership. But it
didn’t need a banking license to offer credit cards.
Plus, Brazilian credit cards had sky-high interest
rates, then running 200% to 400% a year, mean-
ing customers would either have to pay off their
cards in full each month or pay Nubank a small
fortune. While Vélez aimed to make money pri-
marily from interchange fees—the 5% of credit
card sales merchants kick back to issuers and the
banks—he wasn’t going to be shy about penaliz-
ing late payers with interest and fees.
Rather than burn scarce cash on marketing,
Nubank used the “velvet rope” strategy common
in Silicon Valley—at the start you had to be invit-
ed by a friend to apply for its credit card. Faux ex-
clusivity aside, the appeal for Brazilians was ob-
“Nubank required a Silicon Valley investor who has seen
this story of the tiny ant going against the
elephant and succeeding. A Latin American investor sees that
and says, ‘No way, the elephant is going to crush you.’ ”
FORBES.COM
vious: Nubank charged no annual fee and han-
dled applications entirely through its app. Those
who qualified were notified within minutes, and
the eye-catching purple credit cards arrived as
soon as two days later. Plus, everything—from
credit-line increase requests to bill paying and
fraud reports—could be done through the app.
By contrast, almost all Brazilian banks charged
annual fees for even basic credit cards—$20 the
lowest. And that was just the start; the banks also
charged monthly fees for everything from fraud
protection to text-message alerts. In 2019, fees
made up nearly 40% of Brazilian banks’ revenue,
compared with 15% to 20% for banks in Mexi-
co, Argentina, Peru and Chile, according to a JP-
Morgan analysis. The big banks are still resisting,
but Nubank is putting those fat fees under tre-
mendous pressure.
B
“ razil is the country of the future and
always will be,’’ the old saw goes.
That captures both the boom-
and-bust nature of its resource-
based economy and a sense that
its vast potential has repeatedly been squan-
dered. “The fact that everybody sees the macro-
economic picture and 99% of people get scared
means it’s an opportunity for us to play the con-
trarian,” Vélez says. “We think that over a period
of ten or 20 or 30 years, Brazil will find its way.”
At the end of 2014, Brazil slipped into a deep
recession. Yet just 12 months later, more than
a million people had applied for a spot on the
Nubank card’s waiting list. To protect itself from
losses, Nubank approved only 20% of appli-
cants and gave some ultralow spending limits
of $14, raising that only if payments were time-
ly. And Nubank continuously tested new ways to
use data to gauge risk—for example, considering
not only an applicant’s own credit history, but the
payment record of the referring customer.
In 2016, Nubank hit 1 million accepted credit
card customers—almost entirely through word
of mouth and referrals—and Vélez was ready
to step on the gas. That December, he closed
an $80 million funding round led by Yuri Mil-
A P R I L / M AY 2 0 2 1
 We got this.
SPECIAL
34TH ANNUAL WORLD’S BILLIONAIRES LIST ISSUE INSIDE ZOOM, THE APP CONNECTING AMERICA

MIDAS LIST: TOP 100 VENTURE CAPITALISTS TRUMP’S FORTUNE TAKES A COVID-19 HIT

The Oracle
L A R RY E L L I S O N

“I WILL BUILD A
SYSTEM SO

SAVING
DOCTORS AND
PATIENTS

AGENTS
CAN KNOW WHAT’S
HAPPENING.”

THE SEAFOOD
Aq ua-Sp ark
C ofoun de r
THE Movie Mogul
T Y L E R P E R RY

ULTIMATE
AMY
N OVO G R AT Z

INDUSTRY
“I HAD NO MENTORS.

OF CHANGE
“I DON’T KNOW I DIDN’T GO TO
BUSINESS SCHOOL.

ONE-MAN SHOW
WHY WE LIVE
EVERYTHING

FROM ITSELF
IN A WORLD THAT
IS SO OPPOSED I’VE LEARNED,
TO CHANGE.” I’VE LEARNED IN
AS THE CORONAVIRUS UPENDS THE ECONOMY,
HEALTH-CARE SYSTEMS AND GLOBAL ORDER, SHUT OUT OF ENTERTAINMENT’S MAINSTREAM,
PROGRESS.”
ENTREPRENEURS MUST REINVENT THEMSELVES, THE IMPACT 50: HOW ONE WELL-CONNECTED INVESTOR THE NEW BILLIONAIRE WROTE, PRODUCED AND STARRED
THEIR INDUSTRIES—AND THE WORLD AT LARGE IS CASHING IN BIG WHILE DOING OCEANS OF GOOD. IN HIS OWN AMERICAN SUCCESS STORY.

TOMORROW’S SUCCESS BEGINS WITH A COMMITMENT TO TODAY

More than ever, leaders are emerging with smart solutions for the trickiest problems facing
our society. From vertical farming’s disruption of agriculture to artificial intelligence’s
transformation of our daily lives to socially conscious investing, philanthropic gifting, and
innovative startup solutions, the world is transforming into one where success is measured
by more than numbers on a balance sheet. And Forbes is committed to covering it.

With rich reporting, insightful analysis, and spotlights on the disruptors changing the world
as we know it, Forbes goes beyond the headlines to provide the most authoritative, reliable,
and thought-provoking journalism possible. Here’s how:

• The iconic Forbes 400 list, ranking the wealthiest Americans in 2020, now includes
a Philanthropy Score, counting “out the door” gifts (rather than money put into
billionaire’s foundations).  

• Award-winning reporting on the thought leaders, entrepreneurs, and businesses

shaping our economy, our lifestyles, and our futures.

• Deep coverage of the most consequential technology, money and leadership stories.

Discover the stories today that will impact all of us tomorrow. And find out how you can
be the agent of change you’ve always wanted to be.

SUBSCRIBE OR GIVE A GIFT TODAY.

If you’re already part of the Forbes community of readers, consider giving a Forbes magazine
subscription as a gift. It’s a timely and thought-provoking present that will be appreciated all
year long. If you’re not a subscriber to Forbes, we invite you to join us.

TOGETHER, WE ARE A COMMUNITY OF DETERMINED, RESOURCEFUL INDIVIDUALS

READY TO FACE WHATEVER COMES NEXT.

TO GIVE: TO SUBSCRIBE:

Forbes.com/GiveAGift Forbes.com/SubscribeNow

112
THE PROFILE
Trifecta ner’s VC firm. To put the sheer size of that in
“Nubank was able to context, by PitchBook’s count, the rest of Brazil-
be in the right place ian startups combined raised just $340 million
at the right time with
the right strategy,” in venture capital that year. Vélez used his por-
says cofounder
and CTO Edward
tion of the stash to hire hundreds of tech work-
Wible. “All banks are ers, opening an office in Germany to get access
becoming software
companies.” to additional talent.
Finally, in May 2017, after a presidential de-
cree gave it an exemption from foreign owner-
ship rules, Nubank received a Brazilian banking
license. Now it could offer its checking and sav-
ings accounts—all digital, naturally. While estab-
lished banks were then charging as much as $10
a month per account—with extra fees for ATM
withdrawals and other basic services—Nubank’s
FORBES.COM
accounts were free, save for a passed-along $1.20
charge to use other banks’ ATMs. Within five
months, 1.5 million of Nubank’s 4 million cred-
it card customers had signed up.
Nubank was growing fast—it booked $523
million in revenue, with a $78 million loss, in
2019—when the pandemic hit. Then it started
growing faster. Like other fintechs serving con-
sumers, it benefited mightily from lockdowns
and fear, as even older Brazilians took to bank-
ing via mobile phones and the web. In 2020,
Nubank’s revenue nearly doubled, to $963 mil-
lion, while losses narrowed to $44 million.
Not surprisingly, copycat digital banks are crop-
ping up in Brazil, and the old-line banks are in-
vesting more heavily in technology. Some are even
launching their own digital-only services. In re-
sponse, Vélez is piling on new features. Last year,
Nubank acquired a pioneering digital investing
platform and rolled out a life insurance product,
selling 100,000 policies in the first two months.
Such diversification is a holy grail for digi-
tal banks, but few have done it so successful-
ly. “Nubank is the exception that proves the
rule,” says QED’s Morris. Customer satisfac-
tion remains strong. In a recent JPMorgan sur-
vey, Nubank’s net promoter score (a measure of
satisfaction) was 86, compared with 53 for Itaú
and 43 for Bradesco. “With Nubank, they show
you what you can do, you press a button and it
works,” says Bruno Alves, a 28-year-old customer
from Salvador, a city in northeastern Brazil.
Nubank expanded to Argentina and Mexico in
2019, and into Vélez’s native Colombia last year.
While most meetings are conducted in English to
accommodate its international staff, Vélez has no
plans to compete north of the border.
Vélez met his wife, Mariel Reyes Milk, in 2013
at a gathering for international business types in
a São Paulo bar. They are a global-village pow-
er couple: She has an American mother and Pe-
ruvian father and has lived in Uruguay, the U.S.
and the Philippines while working for the World
Bank. Their three young children hold Brazilian
citizenship; Vélez himself is a citizen of both Co-
lombia and Costa Rica. “My wife and I usually
say that we have no nation, no roots,” he joked
to a Brazilian magazine in 2019. “We have lived
in so many places and are considered gringos in
all of them.”
So while Vélez doesn’t plan to set up shop in the
United States, he’s considering taking Nubank
public there, mostly as “a marketing event.” But
he’s in no rush. “We’re in the first second of the
first minute of the first half of the soccer game,”
the congenial assassin says. “You always have to
use a soccer analogy in Latin America.”
See more members of the Covid fintech billionaire class (page 114). °
In Schools
and Now Beyond
Across America, schools are closed. Millions of students are facing challenges that threaten to stand in
the way of their success in school and life. At Communities In Schools, we go wherever we’re needed and
do whatever it takes to connect vulnerable students to the support they need in the classroom and beyond.
While schools are closed, we’re working in and across communities to bring resources like meals, household
supplies, and educational materials to the kids that need them most.

See how you can help students impacted by school closures: CISnational.org/COVID19

© 2020 Communities In Schools, Inc.

 F I N T EC H
FRENZY
NUBANK FOUNDER
DAVID VÉLEZ IS ONE OF
MORE THAN A DOZEN
114 COVID FINTECH BILLIONAIRES,
THANKS TO PANDEMIC-DRIVEN
CHANGES IN THE WAY
PEOPLE SAVE, INVEST AND
THE PROFILE

PAY. HERE ARE EIGHT

NOTABLE NEWCOMERS.

VICTOR JACOBSSON
Klarna • $2.7 billion

SEBASTIAN SIEMIATKOWSKI
Klarna • $2.2 billion
Swedes Jacobsson and Siemiatkowski
cofounded Stockholm-based Klarna in
2005, pioneering the buy-now, pay-later
fintech model that lets consumers easily
use small installment loans, instead of
credit cards, to finance purchases. The
pandemic pushed privately held Klarna
to a $31 billion valuation in March,
tripling its value from six months prior.
CEO Siemiatkowski owns an 8% stake;
cofounder Jacobsson owns 10%, although
he’s no longer involved.

MAX LEVCHIN
Affirm • $2.2 billion Afterpay’s Nick Molnar

In 1999, eight years after immigrating

to the United States from Ukraine, Levchin
cofounded PayPal. He later launched
a media-sharing startup and fertility-
tracking app, but he didn’t reach
billionaire status until Affirm, his pay-later
fintech, took off thanks to Covid and
Affirm’s financing of Peloton bikes, a
pandemic must-have. When it went
public in January, its stock doubled
CHRIS BRITT
Chime • $1.3 billion
After stints at Visa and prepaid-card is-
suer Green Dot, Britt cofounded Chime as
a no-fee digital bank catering to middle-
income U.S. customers. The pandemic has
pushed its valuation to $14.5 billion.
FORBES (ISSN 0015 6914) is published six times a year
in February, April (double issue), June, August, October
and December (double issue) by Forbes Media LLC,
499 Washington Blvd, Jersey City, NJ 07310. Periodicals
postage paid at Newark, NJ 07102 and at additional
mailing offices. Canadian Agreement No. 40036469.
Return undeliverable Canadian addresses to APC Postal

VLAD TENEV
on the first day of trading, propelling Logistics, LLC, 140 E. Union Ave, East Rutherford, NJ
07073. Canada GST# 12576 9513 RT. POSTMASTER: Send
its value north of $20 billion. address changes to Forbes Subscriber Service, P.O. Box
Robinhood • $1 billion 5471, Harlan, IA 51593-0971.

NICK MOLNAR BAIJU BHATT CONTACT INFORMATION

For Subscriptions: Visit www.forbesmagazine.com; call
Afterpay • $1.8 billion Robinhood • $1 billion 1-515-284-0693; or write Forbes Subscriber Service, P.O.
Box 5471, Harlan, IA 51593-0971. Prices: U.S.A., one year

ANTHONY EISEN When stock markets cratered at the start

Afterpay • $1.8 billion
In 2014, then-24-year-old Molnar (above
right) was living with his parents in Syd-
ney, Australia, selling jewelry on eBay,
when he joined his neighbor, former
investment banker Anthony Eisen, to
launch Afterpay. Today they’re co-CEOs
of the publicly traded pay-later company
of the Covid crisis, investing app Robin-
hood suffered debilitating outages, leav-
ing customers unable to trade on several
volatile days. But the brokerage thrived
later in 2020 as millions of novice traders
plowed their stimulus checks into stocks
and crypto. Robinhood was at the center
of the GameStop fiasco of January and
February as margin calls depleted its cash
$34.99; Canada, one year C$52.99 (includes GST). We
may make portions of our mailing list available to repu-
table firms. If you prefer that we not include your name,
please write Forbes Subscriber Service (address above).
For Back Issues: Visit www.forbesmagazine.com; email
getbackissues@forbes.com; or call 1-212-367-4141. For
Article Reprints or Permission to use Forbes content
including text, photos, illustrations, logos and video: Visit
www.forbesreprints.com; call PARS International at 1-212-
221-9595; visit http://www. forbes.com/reprints; or email
permissions@forbes.com. Permission to copy or republish
articles can also be obtained through the Copyright
Clearance Center at www.copyright.com. Use of Forbes
content without the express permission of Forbes or the
copyright owner is expressly prohibited.
AFTERPAY

that’s worth some $22 billion. Afterpay and forced a $3.4 billion capital raise. Now
Copyright © 2021 Forbes Media LLC. All rights reserved.
has more than 16 million customers in both billionaires are looking to tap into Title is protected through a trademark registered with the
the United States. the roaring stock market they helped fuel. U.S. Patent & Trademark Office. Printed in the U.S.A.

FORBES.COM A P R I L / M AY 2 0 2 1

116
“Freedom begins the moment
you realize someone else
has been writing your story
and it’s time you took the pen
from his hand and started
writing it yourself.”
—Bill Moyers
“Ownership is the only way to
influence decisions—the right
decisions.”
—Geeta Gupta Fisker
“That’s what makes [the land]
ours: being born on it, working
on it, dying on it. That makes
ownership, not a paper with
numbers on it.”
—John Steinbeck
“We own what belongs to us
whether we claim it or not.”
—Sarah M. Broom
“When you own your story, you
get to write the ending.”
—Brené Brown
“What you really value in life is
ownership, not money. If ever
there is a choice—more money
or more responsibility—you
must always opt for the latter.”
—50 Cent
“Our business in every
generation is to reclaim a little
more land, to add something
to the extent and solidity of
our possessions.”
—Thomas Henry Huxley
“You own your own body, and
with it your own voice—and
that’s the most revolutionary
insight of all.”
—Erica Jong
“By what right can anyone
whatever appropriate the
least morsel of this immense
whole and say, ‘ This is mine,
not yours’?”
—Pyotr Kropotkin
FORBES.COM
THOUGHTS ON
Ownership
“You can have it all, but don’t
expect to have it at exactly the
same time.”
—Jane Fraser
“The stupid mind thinks only in
terms of possession. The man
of insight thinks of utility.”
—Osho
“To have so little, and it of so little
value, is to be quaintly free.”
—Wallace Stegner
“Once you have something—
knowledge, skills, possessions—
or have achieved something—
climbing Mount Everest, for
example—it becomes banal.”
—Reinhold Messner
“I felt lonely, and in full
possession of my loneliness.
It was the first time I had
owned anything of value.”
King of Broadway —Ben Greenman
February 1, 1972 “Whatever is best for a human
being lies outside human
Fiddler on the Roof debuted in September 1964, and control. It can be neither given
over the next eight years proved a bona-fide blockbuster. nor taken away.”
It cost only $375,000 ($3.2 million in current dollars) —Seneca
to stage and took in close to $60 million (nearly $450
million today) at the box office. That performance made “Wealth and honor come from
it the second-most-profitable musical ever at that point, you; you are the ruler of all
things. In your hands are
behind only My Fair Lady. “I didn’t see how it could strength and power to exalt
fail,” said Hal Prince, Fiddler’s producer. “There are at and give strength to all.”
least 3 million Jews in New York, and I thought that —1 Chronicles 29:12
should be enough to keep the show running.” Prince,
who was the driving force behind such hits as West Side
Story and Cabaret, had his share of flops too, including
Baker Street, a Sherlock Holmes musical that premiered
in 1965. But he needn’t have worried too much about
his investors. “Show business offers psychic returns
no oil well can match,” as Forbes put it, “and for many
investors it may almost be enough to be able to say,
‘Oh yes, I own a piece of that show.’ ”
SOURCES: PREDICTABLY IRRATIONAL, BY DAN ARIELY; THE GRAPES OF WRATH, BY JOHN
FINAL THOUGHT
STEINBECK; THE YELLOW HOUSE, BY SARAH M. BROOM; THE 50TH LAW, BY 50 CENT; “If you have it, you make it.”
THE CONQUEST OF BREAD, BY PYOTR KROTOPKIN; INTUITION, BY OSHO; ALL THE LITTLE —Malcolm Forbes
LIVE THINGS, BY WALLACE STEGNER; MY LIFE AT THE LIMIT, BY REINHOLD MESSNER;
WHAT HE’S POISED TO DO, BY BEN GREENMAN; ON THE SHORTNESS OF LIFE, BY SENECA.
A P R I L / M AY 2 0 2 1
You Can
Help
Turn Things
Around

You might think ending extinction

means going to the ends of the Earth.
But sometimes, saving the world is as
easy as showing up. Your support is
vital to the San Diego Zoo’s mission of
protecting animals all over the world.
Join us in making a difference—together,
we can be heroes for wildlife.
ENDextinction.org

San Diego Zoo Global is involved in

conservation projects in more than 70
countries, including for gelada monkeys,
African penguins, and lemurs, species
you can see in the San Diego Zoo’s
Conrad Prebys Africa Rocks.

;*/*0