Canceled: $1 Billion In Student Loans | The Upstart Billionaire | America’s Richest Black Person

Good morning.

A market rally minted a new
fintech billionaire. We also look into who will benefit from the Biden administration’s $1 billion student loan cancellation and explain why America’s richest Black person isn’t Kanye West (yet).

Sofia Lotto Persio

Sofia Lotto Persio

Daily Dozen Curator-In-Chief | Twitter

In The News Today

Dozens of young White House staffers have reportedly been suspended, asked to resign or placed in a remote work program after disclosing past marijuana use

The first high-level diplomatic talks between the Biden administration and Beijing got off to a tense start as both sides traded barbs on each other's actions and policies.

Top Take-Aways

Shares of AI-enabled fintech lender Upstart Holdings skyrocketed Thursday, minting a new billionaire out of Dave Girouard, the firm's cofounder and CEO.

The
SEC charged uBiome cofounders Jessica Richman and Zachary Apte, who kicked off the biotech startup in 2012 via a Kickstarter campaign, with defrauding investors in the company that, just three years ago, was valued at nearly $600 million.

The
U.S. Department of Education will enact student loan cancellation for 72,000 student loan borrowers who were scammed by their schools and previously had only some student loans cancelled.

Boom times may be over for
Dollar General. The discount chain warned that sales could decline this year as more people become vaccinated, the economy reopens and stimulus checks dry up.

The
benefits of parental leave are well documented but in the U.S. they’re only enjoyed by the lucky minority who work for organizations that provide paid time off for their child-caring employees.

Multiple outlets reported that
Kanye West is the richest Black person in America, worth as much as $6.6 billion. This estimate is based on projected future earnings, not the current revenue figures Forbes uses to calculate West’s still impressive, but lower, net worth.

Virtuoso, the world’s largest luxury travel network whose motto is “the best of the best,” has quietly removed all 10 Trump-branded hotels and resorts from its list of preferred partners. 

Today's Must Read

 
How Materialise’s Founding Couple 3D Printed A Billion-Dollar Fortune
 
 
 
How Materialise’s Founding Couple 3D Printed A Billion-Dollar Fortune

Despite the pandemic, Materialise, which trades on Nasdaq under the ticker MTLS, saw its shares soar, peaking at $80 on February 9, up four-fold over the previous 12 months, pumping up the company’s market value to more than $4.2 billion.

Read The Full Story →
 

In Case You Missed It

Transact Global was created in 2018 by a group of emerging women venture managers looking to support each other. The network now counts more than 150 women across 12 countries, all looking to raise emerging venture funds, and to expand the group’s membership. 

Tips You Can Trust

Across Forbes

 
Amazon's Marie Donoghue On The Tech Giant's Sports Strategy
 
 
 

SportsMoney Premium

Amazon's Marie Donoghue On The Tech Giant's Sports Strategy

Forbes Assistant Managing Editor Mike Ozanian interviews Amazon's Marie Donoghue, VP of Global Sports Video, about sports strategy at the tech giant.

Follow the bottom line on the business of sports from Mike Ozanian. Click here to instantly sign up for a free three-week trial of the SportsMoney Premium newsletter.

See The Interview →
Photo Description Unknown
 
 
Forbes Advisor | Smart Financial Decisions Made Simple
Despite Vaccination Efforts, Americans Are Still Split About Reopening

Americans are growing increasingly confident in the economy’s potential for recovery post-pandemic, but are still divided over whether now is the right time to try to get back to “normal” and fully open businesses before the virus is contained. Take a look at the latest results from this week's Forbes Advisor-Ipsos Consumer Confidence Weekly Tracker. 

Learn More →
 
 
 
What Is DeFi And How Can It Revolutionize Our Financial System?
 
 
 

Defined

What Is DeFi And How Can It Revolutionize Our Financial System?
 

DeFi, or decentralized finance, is a broad term for a number of financial applications based on blockchain technology. Alexander Pack, a venture capitalist focused on the cryptocurrency space, explains why DeFi has the potential to reshape many of the financial services we use every day.

Watch
 
 
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