Forbes - Taking Stock ⚖️

Taking Stock

The events of this week will be prompting many around the world to take stock. Many people believed that the threat of war in Europe had been consigned to the history books following the fall of the Soviet Union. That and many other assumptions have been violently upended by Russian president Vladimir Putin. The true cost and consequences of this week’s events for Russia, Ukraine and the world will likely take years to reconcile but for now the human cost for Ukrainian civilians is only too clear, and more visible than ever with the conflict playing out on real-time over Twitter, TikTok, and Telegram. 

Know someone who will love The Memo newsletter as much as you do? Share this link to sign them up.

5 things we learned

The crisis and sanctions have taken a toll on the wealth of Russia’s richest. Around $126 billion was wiped from the fortunes of Russian billionaires by the plunge in stocks and the ruble.

While the richest Ukrainians closed ranks. Ukraine’s half-dozen or so billionaires have for now set-aside feuds to throw their support behind President Volodymyr Zelensky’s government.

The battle is also playing out in cyberspace. A volunteer army of hackers from inside and outside Ukraine’s borders has assembled to hack Russian websites, and to keep Ukraine’s government online amid a wave of attacks.

The trophy assets of Russian oligarchs could also be targeted. British opposition lawmakers called for Roman Abramovich’s Chelsea FC to be seized but the metals magnate’s $2 billion loan to the London soccer club could be his ace in the hole.

Welcome to the Wild West of Weed. As legalization spreads, entrepreneurs are opening unlicensed dispensaries in the Big Apple and other cities to establish a business before corporate cannabis descends. Inside the battle for billions in marijuana's grey market.

The good

Trucking giants are catching up with the EV revolution. An electric vehicle is fine for the morning commute, but to power the huge trains, trucks and ships that move the global economy, hydrogen, heavy-duty batteries and cleaner fuels are the ticket. Cummins, a century-old maker of dirty diesels, is leading the charge.

The bad

A suicide prevention charity faces a backlash over data-sharing. Crisis Text Line’s decision to share anonymized messages from vulnerable adults with a spin-off for-profit arm has been called into question.

Got an event coming up?

Know a great event our community should hear about? Let us know and we'll include it next week.

Do this

Immersive theatre is back. After two years of pandemic closures, New York’s Immersive theater scene is returning to Broadway, placing audiences at the center of elaborate and interactive productions.

Watch

How rich is Vladimir Putin? As countries continue to impose tougher sanctions on Russia and Putin himself, questions are being raised over his personal fortune, a mystery that has plagued Forbes for over 20 years. Forbes, available to watch worldwide.

Listen

The culture detective. Writer and podcaster Jon Ronson of So You've Been Publicly Shamed fame applies his forensic gaze to the surprising origins of some of today’s culture wars. Things Fell Apart, BBC Sounds, available to listen to worldwide.

Read

The man without a face. American-Russian journalist Masha Gessen’s chronicled the cipher-like Vladimir Putin for decades and unpacks the state of modern Russia in the National Book Prize-winning: The Future Is History: How Totalitarianism Reclaimed Russia, Riverhead Books, from $16.

Taste

Play your part. The British Red Cross has launched an emergency appeal to provide food, medicine, water and shelter to people impacted by the conflict in Ukraine. Donate here. 

Know a friend who will love The Memo newsletter as much as you do? Share this link to sign them up.