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OpenAI has confidentially filed an S-1 form for an initial public offering, the company said in a brief statement on Monday, about one week after artificial intelligence rival Anthropic did the same as several of the largest companies in the industry prepare to go public. In a brief statement released on Monday evening, OpenAI said it expected news of the confidential filing to leak, prompting it...

Elon Musk early on Monday boosted unsubstantiated claims questioning the results of the primary elections in California, focusing specifically on the Los Angeles Mayoral primary, as the progressive Democratic candidate Nithya Raman overtook Republican Spencer Pratt's vote count, putting her on track to join incumbent mayor Karen Bass in a runoff. According to the Associated Press, 83% of the votes...

Gautam Adani’s fortune increased by roughly $2.5 billion on Friday as shares rallied across his Adani Group subsidiaries, making him the richest person in Asia ahead of Mukesh Ambani, who briefly held the title. Adani’s net worth swelled to $89.2 billion, ranking him ahead of Ambani and SoftBank’s Masayoshi Son, who held the title of Asia’s richest before shares of the Japanese investment firm plu...

Oracle shares hit a 2026 intraday high Monday, extending a furious late-May rally that has recast the database pioneer as a marquee AI-infrastructure player and boosted the fortune of cofounder Larry Ellison, who holds roughly 40% of the company. Oracle traded as high as $233.72 Monday, after surging about 11% Friday to cap software's strongest month since 2001. The company has pivoted from a matu...

he first NBA Finals appearance in decades for the New York Knicks comes with a hefty cost for fans, who will have to pay thousands of dollars for even the cheapest seats inside Madison Square Garden—rivaling the average monthly rent for a Manhattan apartment, the average price of an engagement ring and several transatlantic flights. The Knicks first host the San Antonio Spurs at Madison Square Gar...

Claude maker Anthropic has confidentially filed initial paperwork with the Securities and Exchange Commission, taking a step toward a potential initial public offering that could reportedly come as early as late 2026. The filing sets neither a share count nor a price.  The move arrives just days after the company closed a $65 billion round that valued it at $965 billion—eclipsing rival OpenAI and...

Uber-rich Americans are collecting multiple residencies and citizenships for the same reason they diversify their stock portfolios—to hedge against risk in an unpredictable world, investment migration experts tell Forbes. The U.S. has replaced China as the largest market for clients seeking secondary or tertiary citizenships, Eric Major, CEO and chairman of the investment migration advisory firm L...

UBS analysts raised their price target more than threefold to $1,625, implying a potential valuation of close to $1.8 trillion for the company in the next 12 months. The upgrade was the highest target of any of the 46 Wall Street firms covering Micron, well above the consensus price target of $684.32, per FactSet data Micron is up 177% this year and has surged more than 800% over the past 12 month...

The unveiling of a new electric supercar from Ferrari sharply divided the internet Tuesday morning as traditionalists decried the design as “an Apple product on wheels” and supporters praised the luxury brand’s bold attempt at a reinvention. Ferrari's unveiling of the Luce—a $640,000 speedster and its first ever electric model—sent shares down around 6% Tuesday morning as the brand’s fans slammed...

The U.S. will invest $2 billion in grant funding in return for equity stakes in nine quantum computing companies, the Wall Street Journal first reported citing the Commerce Department, including a $1 billion grant for IBM as the Trump administration’s push to take equity stakes in tech and industrial manufacturers continues. Legacy tech firm IBM is expected to receive the largest grant, worth abou...

Elon Musk’s SpaceX confirmed in a Wednesday filing with the Securities and Exchange Commission it will take the company public, a multi-trillion-dollar move that could potentially turn Musk into the world’s first trillionaire. Spacex’s IPO valuation could reach between $1.75 trillion and $2 trillion, according to multiple reports, which would best the previous all-time IPO valuation record of $1.7...

Details of SpaceX’s IPO are expected to be made public this week as it accelerates plans for a stock debut that will likely make CEO Elon Musk the world’s first trillionaire, but one analyst warned that trading may be volatile as the stock faces “substantial” downside risks. SpaceX, which filed confidential initial public offering registration with the Securities and Exchange Commission in April,...

A jury declared Elon Musk filed his lawsuit against OpenAI and Sam Altman too late in a Monday afternoon verdict, finding the defendants not liable for any of the claims and ending a dramatic court showdown between two of the AI industry’s leading billionaires—at least for now, as a Musk lawyer says he plans to appeal. Musk filed a lawsuit against Altman and OpenAI in 2024, alleging Altman reneged...

President Donald Trump voluntarily dropped his $10 billion lawsuit against the IRS on Monday in exchange for a $1.8 billion “anti-weaponization” fund that is expected to pay out money to Jan. 6 rioters, a broadly controversial move that’s already drawn widespread outrage from Democrats and ethics experts. Learn more about your ad choices. Visit megaphone.fm/adchoices

The cost of the Iran war has ballooned $4 billion since the Pentagon’s last public estimate less than two weeks ago, officials said Tuesday—though the economic costs of the war are likely significantly higher. The war has cost around $29 billion, Defense Department Comptroller Jay Hurst told Congress Tuesday, attributing the increase to “updated repair and replacement of equipment cost and also ju...

From snack packaging to AI chips, the Iran War's supply chain blockades are causing severe global shortages across consumer and industrial goods. Calbee, Japan's biggest snack maker, on Tuesday warned its products will switch from their famously colorful packaging to black-and-white labels by the end of the month due to an Iran war-spurred shortage of an ink ingredient, the latest disruption to hi...

Nvidia’s value reached the $5.5 trillion mark for the first time Wednesday, again breaking the record for the highest ever market capitalization in the history of publicly traded companies, as its stock rallied following news that centibillionaire CEO Jensen Huang is joining President Donald Trump’s trip to China. Nvidia’s market cap reached just over $5.5 trillion as shares surged 3% as of early...

President Donald Trump reportedly invited a group of billionaires—worth a combined $870 billion, according to our estimates—to join him on his trip to China this week to meet Chinese President Xi Jinping, their first summit of Trump’s second term, which comes amid tensions over trade, the war in Iran and the future of artificial intelligence. Tesla’s Elon Musk, Blackstone’s Stephen Schwarzman, App...

With the Strait of Hormuz closed for nearly 10 weeks, much of the world is running out of jet fuel and summer vacation plans could be disrupted, energy experts told Forbes. “It’s not going to be a short-term issue, because it can’t be easily solved,” Matt Smith, director of commodity research at Kpler, the energy data and analytics platform, told Forbes, having likened the jet fuel shortage to a “...

The World Health Organization has confirmed dozens of people, including Americans, left the ship upon which a hantavirus outbreak has killed several people and flew home after the death of the first passenger but before they knew they’d been exposed to a contagious and deadly disease. On Thursday, May 7th, Oceanwide Expeditions, operator of the cruise ship MV Hondius, says at least 29 living passe...

FIFA hyped the World Cup as an economic juggernaut for the U.S.—but with five weeks until the tournament kicks off, the hotel industry says advanced bookings in some host cities are on par or lagging any ordinary summer. Nearly 80% of U.S. hoteliers in 11 World Cup host cities say bookings are tracking below original forecasts, with some describing the tournament as a “non-event,” according to an...

The jet fuel crisis was the straw that broke Spirit Airlines’ back, but other budget airlines are also struggling to be profitable and losing market share—a potential warning for cost-conscious travelers, aviation experts tell Forbes. Low-cost carriers—including Allegiant, Frontier, JetBlue, Southwest, Spirit and Sun Country—combined for 35.5% of market share in February, down from 38.2% a year ea...

Suno, the AI music generation company that has attracted a staggering 100 million users is reportedly nearing a close of a funding round that could value it at more than $5 billion, more than double what it was valued after its last funding round in November. Suno is expected to close a Series D funding round in the coming weeks, Axios and Billboard reported Monday morning, which Axios reported co...

GameStop might issue additional stock to complete its $55 billion takeover of eBay amid skepticism from economists about whether the video game retailer could afford to acquire the company, whose market value is more than double GameStop's. GameStop CEO Ryan Cohen told CNBC on Monday the video game retailer’s half-cash, half-stock bid for eBay may rely on issuing stock, or the process in which a c...

Larry Page’s net worth swelled on Thursday, surpassing $300 billion for the first time as Alphabet’s stock rose after reporting a surge in cloud revenue through the Google parent’s latest quarter. Forbes’ Real-Time Billionaires List estimates Page’s net worth at $313.1 billion as of Friday morning, as the Google cofounder ranks as the second-wealthiest person in the world. Fellow Google cofounder...