In this issue

A New Hope
To boost more talented Black executives into the stratosphere of American business, Ariel Investments’ Mellody Hobson plans to install them at the top of existing businesses—and connect them with the customers and capital to succeed.
By Maneet Ahuja and Hank Tucker

Fintech’s Judgment Day
The funding frenzy is over. Dozens of once-promising financial startups are now chasing too few customers and starving for cash. For most, it’s either merge or perish.
By Jeff Kauflin and Emily Mason

GOLDEN GOALS

Months after winning the 2022 Major League Soccer Cup, the Los Angeles Football Club is MLS' first billion-dollar franchise. And with more than a dozen billionaire owners in the league, it won't be the last.

4 mins

HOT STUFF

Forty-five years after arriving in the U.S. as a refugee from Vietnam, David Tran has built Sriracha into a billion-dollar business.

2 mins

The Nuclear Option

Old-fashioned fission may be the best way to wean the world off fossil fuels. So BRET KUGELMASS wants to deploy 10,000 inexpensive, off-the-shelf microreactors- but not in America.

6 mins

Unrisky Business

Megadeals and private equity titans may dominate the headlines, but ARES MANAGEMENT has quietly amassed $341 billion in assets by offering steady returns regardless of what happens in the stock market.

3 mins

The Dry Life

ATHLETIC BREWING's Bill Shufelt and John Walker are making nonalcoholic beer tasty enough to please the biggest suds snobs. And with a nearly $500 million valuation, the six-year-old startup has investors intoxicated.

8 mins

Shareholders of the World, Unite

Most investors are passive bystanders in boardroom battles. TUMELO wants to get them involved-and take fund managers out of the ideological crossfire.

4 mins

A New Hope

To boost more talented black executives into the stratosphere of american business, Ariel Investments' Mellody Hobson plans to install them at the top of existing businesses-and connect them with the customers and capital to succeed.

10+ mins

THE A.I. ERA BEGINS RIGHT NOW

THE TREND While the world buzzes about ChatGPT's astonishing writing abilities, the next generation of business tools is forming, amid a shift that could prove as transformative as the internet.

10+ mins

FinTech's Judgment Day

THE FUNDING FRENZY IS OVER. DOZENS OF ONCE-PROMISING FINANCIAL STARTUPS ARE NOW CHASING TOO FEW CUSTOMERS AND STARVING FOR CASH. FOR MOST, IT'S EITHER MERGE OR PERISH.

8 mins

IN BLOCKCHAIN THEY TRUST

Crypto is in crisis, but many of the world's biggest financial institutions are still banking on the underlying tech as the best way to build confidence with customers-and with one another.

5 mins

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