Forbes Daily Digest: Billionaire Taxes, Robotaxis, and the Future of Work

A beginner-friendly breakdown of the latest business, tech, and finance headlines.

The Big Story: NYC’s “Pied-à-Terre” Tax on Billionaires’ Second Homes

New York City has a new tax targeting pied-à-terre properties—fancy second homes that aren’t the owner’s primary residence. Mayor Zohran Mamdani pitched it as a way to tax the ultra-wealthy. But Forbes crunched the numbers for 10 billionaires, and the results are surprising.

Key Takeaway: The tax sounds tough, but for billionaires, it’s pocket change.

By the Numbers: Ken Griffin’s Tax Bill

• Who: Hedge fund billionaire Ken Griffin (has publicly clashed with the Mayor).
• The Bill: Estimated $12.9 million through 2031.
• The Reality Check: Accounting professor Nathan Goldman puts it in perspective: “That’s the equivalent of a person worth $100,000 paying $25 in extra taxes.”
• The Verdict: As Goldman says, “It’s almost like Mamdani’s not even really taxing the rich like he promised.”

First Up: Quick Hits

1. Amazon’s Record-Breaking Day

• What happened: Amazon posted better-than-expected earnings.
• The Result: Stock surged 14%—its best single day in a decade.
• Winner: Jeff Bezos reclaims the title of world’s third-richest person.

2. Bitcoin Takes a Dive

• The Trigger: Strategy (formerly MicroStrategy), the world’s largest corporate Bitcoin holder, announced plans to sell up to $5 billion worth of Bitcoin.
• The Result: Bitcoin plunged to a three-week low.

3. Wildfires Force Evacuations in Washington

• Where: Spokane area, eastern Washington.
• Status: Thousands under evacuation orders as multiple fires spread.
• Forecast: “Very dry conditions” and breezy winds threaten to worsen the blazes.

Business & Finance: Novo Nordisk’s $30 Billion Wipeout

• The Event: Danish pharma giant Novo Nordisk’s stock dropped nearly 9% in a single day.
• The Cause: A late-stage trial for an experimental heart drug failed.
• Why It Matters: Analysts at Jeffries say this wipes out a massive growth opportunity beyond Ozempic and Wegovy—a drug that could have been worth $10+ billion annually.

Tech & Innovation: The Next Big Things

1. Teaching AI to Learn with Less Data

• Startup: Flapping Airplanes (yes, that’s the real name).
• The Challenge: Solving one of AI’s hardest problems: training models with far less data.
• The Buzz: In talks to raise hundreds of millions at a $5 billion valuation.

2. A Pill for Sleep Apnea Goes Public

• Company: Apnimed.
• Milestone: Began trading on the Nasdaq after a $192 million IPO.
• The Catch: The pill isn’t FDA-approved yet.
• The Potential: Up to 80 million Americans have sleep apnea. Even a small slice of that market = blockbuster drug.

Trends & Explainers: Forbes Ranks America’s Top HBCUs

For the first time, Forbes ranked Historically Black Colleges and Universities (HBCUs).

Challenge Alert: These institutions and their students face new hurdles due to cuts in federal student loan programs.

Daily Cover Story: Americans Can’t Buy Chinese EVs—But Waymo Is Importing Thousands

The Paradox: Sky-high tariffs keep Chinese electric vehicles (EVs) out of your driveway. But they aren’t keeping them out of Waymo’s robotaxi fleet.

The Vehicle: The Waymo Ojai (Built by China’s Zeekr)

• What is it? A friendly-faced, periwinkle-colored electric minivan.
• Deployment: Started hitting streets in LA and San Francisco in late May.
• The Secret Scale: Everyone guessed Waymo had a few hundred. They were wrong.

The Receipts: 3,200+ Vehicles Shipped Since 2024

• Source: Bills of Lading data via ImportGenius.
• The Math:
  • Base Price (China): ~$39,000.
  • Price + Tariffs: ~$89,000 (before adding Waymo’s $10k+ self-driving hardware).
• The Fleet: Waymo operates in 11 U.S. cities, launching in 4 more, aiming for 1 million paid rides/week.

Why It Matters (per Forbes’ Alan Ohnsman):
“U.S. consumers aren’t buying as many EVs as they were before a federal incentive went away last year, but Waymo and other robotaxi companies are building their fleets with them. Chinese companies dominate as the world’s top producers, and Waymo seems to be convinced that a China-built model is ideal to help it provide 1 million paid rides a week in cities across the U.S.”

Facts & Comments: LIV Golf’s Hail Mary

The Saudi-backed golf league was nearing collapse after the Public Investment Fund pulled back. Now, a rescue deal is close.

Strategy & Success: The Rise of the “Workation”

More employees are blending remote work + travel. Before you pack your laptop:

Your Pre-Flight Checklist

1. Read the Policy: Does your company allow working from your chosen location?
2. Get Approval: Do you need sign-off from your manager or HR?
3. Check Time Zones: Will you be awake for your 9 AM stand-up?
4. Test the Wi-Fi: Is the connection reliable enough for video calls?

Brain Break: The Protein Quiz

Question: A review found eating too much protein could harm sedentary Americans. How much protein does the average American man eat daily?

A. 50 grams
B. 75 grams
C. 100 grams
D. 150 grams

Check your answer here →

Summary: What You Need to Know

1. NYC’s “Tax the Rich” tax on second homes barely scratches billionaire wealth (e.g., $12.9M ≈ $25 for a $100k earner).
2. Amazon soared, making Bezos #3 richest again; Bitcoin crashed on a massive planned sell-off.
3. Novo Nordisk lost $30B in value after a heart drug flop, highlighting reliance on weight-loss drugs.
4. AI startup Flapping Airplanes targets "data efficiency" at a $5B valuation; Apnimed IPO’d pre-FDA approval for a sleep apnea pill.
5. Forbes launched its first HBCU rankings (Howard #1 private, NC A&T #1 public) amid federal funding cuts.
6. Waymo is secretly importing thousands of Chinese EVs (Zeekr) for its robotaxi fleet, bypassing tariffs that block regular buyers.
7. LIV Golf nears a $300M lifeline to survive through 2027.
8. “Workations” are trending—check your company policy, time zones, and Wi-Fi before you go.

FAQ: Your Questions Answered

1. What exactly is a "pied-à-terre" tax?

It’s a tax on secondary homes (like a city apartment used part-time) that aren’t your primary residence. NYC’s version targets high-value properties owned by non-residents or part-time residents.

2. Why does Ken Griffin’s $12.9 million tax bill equal only $25 for a regular person?

It’s about proportionality. Griffin’s net worth is in the tens of billions. $12.9M over 7 years is a tiny fraction of his wealth—similar to how $25 is a tiny fraction of a $100,000 net worth.

3. If tariffs on Chinese EVs are 100%+, how can Waymo afford to import them?

Waymo (owned by Alphabet/Google) has raised over $20 billion. They treat the inflated vehicle cost (~$90k+ instead of $39k) as a necessary capital expenditure (CapEx) to scale their robotaxi service quickly, betting on future profitability.

4. Why did Novo Nordisk’s stock crash if Ozempic/Wegovy are still selling well?

The stock market prices in future growth. Investors were counting on a new heart drug to be the "next big thing." When the trial failed, that future revenue stream (estimated $10B+/year) vanished, so the stock repriced lower.

5. What is a "workation" and is it really a good idea?

A workation = Work + Vacation. You work remotely from a travel destination. It’s great for burnout if your company allows it, you manage time zones, and you have reliable internet. Always get written approval first.

This digest is based on the Forbes Daily newsletter. Edited for clarity and readability.