Former CEO Scores Political Upset | The Young Crypto King | The Next Unicorn Founders

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A CEO has won the Virginia's Governor race. Last night Republican Glenn Youngkin, the former co-CEO of private equity giant The Carlyle Group, upset Democrat Terry McAuliffe. While the GOP has largely swerved Trumpian in its rhetoric and style over the last five years, Youngkin is a low-key politician with moderate leanings. In this issue of the Forbes CEO Newsletter, we breakdown Youngkin’s business history, how he made a vast fortune and what his victory might mean for the future of business and politics.

Shifting from central government to decentralized finance, we also bring you the wild story of 29-year-old Sam Bankman-Fried and how his crypto exchange FTX has made the young CEO one of the world’s richest founders—and someone who could steer the country’s financial future.

Speaking of the future, we also share two exciting new lists. Forbes’ Next Billion-Dollar Startups showcases the VC-backed companies on the cusp of becoming the next disruptive unicorns. Our debut For(bes) The Culture 50 Champions highlights the pioneers uplifting Black and Brown communities through their talents and leadership. Even in these turbulent times, the future looks bright. 

Must Reads

Virginia’s Unlikely New CEO: Glenn Youngkin, the former private equity boss, surprised the nation by winning Virginia’s much-watched governor race. As he plans his move into Virigina’s Governor's Mansion, we dive into Youngkin’s history at The Carlyle Group, how he used his large fortune to bankroll his dark horse campaign and what his win means for Virginia, and the nation.

Fintech’s Secret Billionaire Powerplayer: Jenny Just, a former single mother and options trader, runs a multibillion-dollar business that provides the trading and technology behind popular mobile trading platforms, robo advisors and online banks. Our exclusive profile shows how Just built her empire, and her next big moves.

Unicorns On Deck: Sure, in the current market raising at a $1 billion valuation isn’t as hard as it used to be. Still, worthy up-and-comers abound. Our Next Billion-Dollar Startups list highlights the companies you must keep on your radar. 

CEO Profile

Data Point

$22.5 billion

The fortune that Sam Bankman-Fried, the founder of crypto exchange FTX has amassed—all before his 30th birthday. Unlike many crypto fans, he’s not a true believer in the digital coin movement. Instead, he’s focused on preserving his massive gains—so he can give it all away.

Check List

For(bes) The Culture celebrates the 50 champions who inspire Black and Brown communities with their art, businesses and ideas. Each brash leader is empowered and ready to drive the narrative around the importance of creative partnerships and intentional investment strategies   to create long-term, generational wealth. 

SPACs have had a rollercoaster of a year, with dizzying highs and lows. Isabelle Freidheim is out to make sure that women leaders are aboard the next upswing. With partner Phyllis Newhouse, Freidheim launched the only women-led SPAC in March 2021. In July they found a target in renewable energy company Heliogen. Now she’s launching a new SPAC, Athena Consumer Acquisition Corp., to do it all over again.

To office or not to office...that’s the question on everyone’s mind. Thousands of articles have been penned over the last year about the shift to a hybrid world and what is gained and lost. One loser is company culture—at least according to executives. We cover the latest C-suite poll that shows bosses are worried about what remote work could do for mission and motivation, and ways to make the best of both worlds. 

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