Forbes Daily Briefing

The Forbes Daily Briefing shares the best of Forbes reporting on wealth, business, entrepreneurship, leadership and more. Tune in every day, seven days a week, to hear a new story. The Daily Briefing is edited, produced and hosted by Kieran Meadows. 930398

  1. How 3 Billionaire Investors Used AI To Double Their Fortunes In A Year

    21 HR AGO

    How 3 Billionaire Investors Used AI To Double Their Fortunes In A Year

    After a rough stretch, investment firm AQR is on a 5-year hot streak thanks to a new AI infused investing strategy and strong tax-friendly returns, beloved by financial advisors. Last year was a banner year for many hedge funds and quant shops, and Greenwich, CT-based Applied Quantitative Research—better known as AQR—was no exception. Its assets under management have ballooned to $187 billion, increasing $73 billion in 2025. All three of its billionaire founders saw their net worths double. Cliff Asness, AQR’s PhD-holding chief investment officer and largest individual shareholder with an estimated 30% stake, is now worth $6.3 billion, making him the 664th richest in the world. Cofounders John Liew and David Kabiller each saw their net worths jump to over $2 billion. The three founders—who started AQR in 1998 after working together at Goldman Sachs Asset Management—are all heavily invested in AQR’s funds, tying their own fortunes to the firm’s performance.  Last year AQR’s core multi-strategy Apex fund, which has $6.7 billion in assets, returned 19.4%, while its Delphi long-short fund (also $6.7 billion in assets) returned 16.7%, according to a person familiar with the matter who asked for anonymity to share private information. On average over the last five years the two funds have each returned 16.6% on an annualized basis, the person added. (For comparison, the S&P 500 returned 14.4% annualized over that same time period). Among the firm’s more than two dozen open-ended mutual funds, AQR’s Equity Market Neutral Fund, with $3.2 billion in assets and around 2,000 positions, held both long and short, gained 26.5% in 2025. Over the last 5-years it has averaged 19.6% annually versus around 8% for most funds in its category. If AQR maintains last year’s growth trajectory it will soon eclipse its previous all-time high of $226 billion in assets (in 2018), which would cap an impressive comeback for the firm, which managed less than $100 billion as recently as four years ago amid underperformance and customer outflows.  AQR’s turnaround has coincided with its full-throated embrace of AI and deliberate expansion of machine-learning techniques across research and trading. As a factor-based investor, AQR traditionally sought to use value investing metrics like price-to-book or return on equity to determine which equities in the market are over or undervalued. It then relied on human input to assign weights to the various factors they use to drive stock selection. Now, machine learning is helping do that—detecting complex interactions between factors, recalibrating their weights in real time, mining huge datasets for predictive signals. On the research side, natural language processing (think ChatGPT or Claude) is helping analysts comb through reams of data to improve their models.  AQR, whose founders Asness and Liew were schooled under the University of Chicago’s efficient market Nobel Laureate economist Eugene Fama, was late to the AI party compared to peers like Renaissance Technologies and D.E. Shaw. AQR hired its first head of machine learning in 2018, and that person lasted just seven months in the job. But his replacement, Brian Kelly, a Yale finance professor, has made a big splash. In December 2021, Kelly co-published a 141-page academic paper, The Virtue of Complexity in Return Prediction, which concluded that more sophisticated machine learning models outperformed simpler models in forecasting stock returns and constructing investment portfolios. Several academics wrote their own papers in response that disputed Kelly’s findings saying that the research relied on an overly narrow dataset. AQR has defended the paper and continues to stand by its findings.  More recently, Asness himself has taken up the mantle of AI evangelizer-in-chief. He remarked that AQR has “surrendered more to the machine” and that AI was coming for his own job. Despite all the talk, AQR insiders insist AI has not extinguished human input. “ML and AI are definitely paying dividends in our process, but they’re evolutionary, not revolutionary, to what we do,” says a person at the company. To wit, the revolutionary stuff appears to be happening in the less sexy distribution side of the business, where AQR is meeting rising demand from financial advisors seeking tax-friendly funds for their wealthy clients. This category of investor—rather than AQR’s traditional institutional client base like pension funds and endowments—is now its largest source of inflows. The CEO of Affiliated Managers Group, which owns a minority stake in AQR, said during last month’s earnings call that AQR’s advisory client base is “driving significant organic growth,” and that its own full-year net inflows of $51 billion were “primarily driven by AQR.”  Read the full story on Forbes: By John Hyatt https://www.forbes.com/sites/johnhyatt/2026/03/16/how-3-billionaire-investors-used-ai-to-double-their-fortunes-in-a-year/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    7 min
  2. CoreWeave Announces Deal With Anthropic

    1 DAY AGO ·  BONUS

    CoreWeave Announces Deal With Anthropic

    Follow Topline Coreweave shares popped 13% after announcing a deal with Anthropic on Friday to power its AI model Claude, following a $21 billion partnership with Meta announced Thursday. KEY FACTS Financial terms of the multi-year Anthropic agreement were not disclosed, though the deal marks the ninth of ten leading AI providers—including OpenAI, Google, Microsoft and Meta—using CoreWeave’s platform, according to a Friday press release. The Anthropic news comes one day after CoreWeave announced a $21 billion deal to supply Meta with AI cloud capacity through December 2032, delivered from multiple data centers powered in part by Nvidia chips.  The back-to-back announcements pushed CoreWeave's total contracted commitments with Meta alone to $35 billion, with the new Meta pact building on a prior $14.2 billion arrangement. Anthropic is the latest AI model developer to become a customer, highlighting the scramble among tech companies to secure more hardware, processing power and energy—key for training and deploying increasingly complex AI models. KEY BACKGROUND CoreWeave primarily generates revenue by building and renting out data centers packed with Nvidia GPUs that provide the energy and processing power to train and run AI models. Demand for infrastructure to develop AI has exploded since the release of ChatGPT in 2022, with Alphabet, Microsoft, Meta and Amazon committing a combined $700 billion just this year in a race to build the most sophisticated and advanced models. On Tuesday, Anthropic announced that its leaked Mythos model was so powerful that they would be holding back from releasing it to the public because of its ability to find vulnerabilities in software programs. The Claude maker said it would instead provide the model to 40 select companies including Apple, Amazon, Google and Microsoft in a cybersecurity initiative dubbed Project Glasswing. Anthropic was founded in 2021 by siblings Dario and Daniela Amodei and several former OpenAI employees who departed the ChatGPT maker over concerns about the company’s direction with AI safety. Anthropic is now valued at $380 billion and announced it had reached an annual revenue run rate of $30 billion Monday, surpassing OpenAI’s $25 billion annualizedrevenue as of February. OpenAI is now valued at $852 billion.  BIG NUMBER $2.5 trillion. That’s how much research firm Gartner expects global spend to build AI will reach in 2026, up 44% from last year. AI infrastructure will drive the spend, making up more than half of that figure, the firm estimates. TANGENT The deals come as CoreWeave is simultaneously on an aggressive financing spree. The company is targeting $30 billion to $35 billion in capital expenditures for 2026, up from roughly $15 billion in 2025. Billionaire CEO Mike Intrator defended the spending strategy after the company's February earnings report drew criticism for the increase. "I understand the concerns that people have as they see us allocating a massive scale of money to this market, but the truth of the matter is, our backlog is enormous," he told CNBC at the time. Since going public in March 2025, the stock is up 160%, but is down nearly 45% from its peak last June. This year, the stock has been volatile, up 30% since January. Read the full story on Forbes: By Alicia Park https://www.forbes.com/sites/aliciapark/2026/04/10/coreweave-stock-surges-13-on-anthropic-deal-a-day-after-21-billion-meta-partnership/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    4 min
  3. From Gigawatts To Grab-And-Go: Crusoe Leans Into Modular AI Data Centers

    1 DAY AGO

    From Gigawatts To Grab-And-Go: Crusoe Leans Into Modular AI Data Centers

    In 2024, Crusoe went from harnessing oilfield flare gas to mine bitcoin to going all in on the first phase an AI data center so big it needed a codename that sounded like an inside joke: Project Ludicrous, OpenAI and Oracle’s Stargate partnership in Abilene, Texas. Investors—who have shoved more than $4 billion into the company and valued it at $10 billion last fall—applauded the audacity: build data centers bigger and faster than ever before. Now, Crusoe is going small. In 2024, Crusoe went from harnessing oilfield flare gas to mine bitcoin to going all in on the first phase an AI data center so big it needed a codename that sounded like an inside joke: Project Ludicrous, OpenAI and Oracle’s Stargate partnership in Abilene, Texas. Investors—who have shoved more than $4 billion into the company and valued it at $10 billion last fall—applauded the audacity: build data centers bigger and faster than ever before. Now, Crusoe is going small. Crusoe is using $200 million of that funding in the next year to expand its investment in smaller, prepackaged, modular data centers, it told Forbes. That includes unveiling a new 350,000 square foot factory in Brighton, Colorado to make its modular units, branded Crusoe Spark. Unlike the Abilene partnership, where buildings drawing more than 100 megawatts each are stitched together to form a massive 1.2 GW data center, Crusoe Spark units are about one megawatt each and a little larger than a shipping container. That makes them more suitable for inference, the unglamorous, revenue-adjacent work of actually running models like the one behind ChatGPT. Crusoe says it hopes to crank out 100 modular data centers per year, with the first ones due this summer. In other words: Crusoe isn’t abandoning hyperscale. It’s buying itself a faster, steadier way to add capacity—and get paid. “We’re going to go big on Spark, but we’re still in for the big hyperscale units” says Crusoe’s cofounder Cully Cavness. “I want to be clear that we’ll do both. It's a barbell strategy, but this is now saying, ‘okay, five production lines, 200 employees, 350,000 square foot factory, a couple hundred million dollars,’ Spark is going to be a real product offering.” Crusoe sees its Spark units as addressing the next phase of AI infrastructure: not just massive training campuses like its Stargate Abilene data center, but smaller distributed, modular data centers that can be loaded onto semitrucks and then stacked together like Legos, Cavness said. Modularity means that Crusoe can deploy data center capacity in chunks, on schedule, instead of betting on a single massive build that can hit repeated “unexpected” delays because the grid can’t, the crews can’t, or the locals won’t. For now, all of the capacity from Crusoe’s Spark units gets sold to customers—including AI startup Decart, which uses it to power AI video generation—through the company’s cloud offering. Use cases could be companies that are prioritizing speed and want to put their AI data centers near their customers for faster response times, or enterprises like hospitals that need to run their AI systems onsite, in a private data center because of security requirements, Cavness said. Crusoe is also hoping to deploy Spark units on-site and sell that compute through a new product offering called Edge Zones, though it hasn’t done so yet. Crusoe’s announcement comes days after Bloomberg and The Information reported that Oracle opted not to expand its partnership beyond the initial 1.2 gigawatt Stargate data center Crusoe is building in Texas.  Cavness told Forbes the reports were “much ado about nothing,” and said that Crusoe and Oracle were moving forward with the initial eight data centers in Abilene as planned and noted that Crusoe had never announced an expansion with Oracle. “There was a lot of speculation and people kind of making up explanations…a lot of these reports are not really based in fact,” he said. Read the full story on Forbes: By Anna Tong https://www.forbes.com/sites/annatong/2026/03/12/from-gigawatts-to-grab-and-go-crusoe-leans-into-modular-ai-data-centers/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    6 min
  4. Meta Launches Muse Spark AI–Its AI Bid Against OpenAI, Google

    1 DAY AGO

    Meta Launches Muse Spark AI–Its AI Bid Against OpenAI, Google

    Meta released Muse Spark, previously named Avocado, on Wednesday, the much-anticipated—and delayed—first large language mode under AI chief Alexandr Wang, sending Meta shares soaring as the company seeks to catch up to industry AI giants OpenAI, Google and Anthropic. KEY FACTS The AI model is available on Meta’s AI website and its app, with the company claiming it can carry out the same actions as its previous model, Llama 4 Maverick, with less computing power. Muse Spark is Meta’s first AI model under Wang, a billionaire tech entrepreneur who Meta brought on as its chief AI officer after investing $14.3 billion into his company, Scale AI. Meta shares jumped as high as 9% on Wednesday following the announcement, erasing a string of losses recorded in late March. The release of Muse Spark comes after a delay reportedly caused after the AI model failed to outperform rival models developed by Google, OpenAI and Anthropic in benchmark tests. A comparison table in Meta’s announcement claims Muse Spark can compete with or outperform rival AI models in various benchmarks. BIG NUMBER $135 billion. That is how much money Meta expects to spend on AI this year, nearly double what it spent in 2025. FORBES VALUATION We estimate Wang’s net worth at $3.2 billion. The entrepreneur was the world’s youngest self-made billionaire until October 2025, when Polymarket founder Shayne Coplan took over the title. TANGENT Meta is in the thick of litigation accusing it of designing addictive apps harmful to children and was recently ordered to pay $375 million in damages after a New Mexico jury ruled that the company enabled child exploitation on its platforms. A California jury also found Meta liable in a landmark social media addiction case, forcing the company to pay $3 million in damages to a woman who accused it of intentionally designing its apps to be addictive to children. Read the full story on By Antonio Pequeño IV Forbes:https://www.forbes.com/sites/antoniopequenoiv/2026/04/08/meta-shares-spike-after-tech-giant-launches-muse-spark-its-ai-bid-against-openai-google/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    4 min
  5. Dr. Dre On Becoming A Billionaire: “I Don’t Chase Money. I Try To Make The Money Chase Me.”

    2 DAYS AGO

    Dr. Dre On Becoming A Billionaire: “I Don’t Chase Money. I Try To Make The Money Chase Me.”

    He escaped the gang violence of Los Angeles to become a pioneering hip-hop artist and producer, then sold Beats Electronics to Apple to $3 billion. Here’s what Dr. Dre is doing next—and how he’s enjoying success. Facebook with Dr. Dre to celebrate the sale of the company Dre cofounded, beats electronics, to apple for $3.2 billion. “The Forbes list just changed,” Gibson said, after what he admits was a few too many Heinekens. “It came out like two weeks ago—they need to update the Forbeslist!”  “In a big way. Understand that,” Dre can be seen saying behind him. “The first billionaire in hip-hop, right here from the West Coast.” The only problem was that at that point the deal hadn’t closed, and the leak led to immediate panic that it might spoil the final negotiations. “That’s not one of my proudest moments,” Dre admits now, sitting in his palatial home in the affluent Brentwood neighborhood of Los Angeles. After shaving a reported $200 million off the price, Apple finalized its acquisition of the headphone maker a few weeks later, netting Dre more than $500 million in cash and nearly $100 million in stock, according to Forbes estimates. While it wasn’t enough to get the legendary hip-hop producer onto the Billionaires list that year, it formed the bulk of a fortune that, more than a dec­ade later, Forbes now estimates at $1 billion.  Sitting at the kitchen table in his 36,000-square-foot mansion, worth an estimated $53 million, the 61-year-old Dre—born Andre Romelle Young—never forgets how far he’s come from his childhood in Compton, Cali­fornia, where he grew up with a teenage mother and an abusive father during the height of Los Angeles’ gang violence and crack cocaine epi­demics. “I had no problem going to cut grass just to buy shoes when I was younger,” he says of his childhood. “I would do what I had to do just to get what I wanted.” Despite his wealth, he swears that nothing in his career has been motivated by money and instead credits his success to an obsession with creating perfect products, whether it’s music, headphones or his latest venture, a gin brand.  “I don’t chase money—I try to make the money chase me,” says Dre, who ranks No. 20 on our list of the Greatest Self-Made Americans. “I’ve always been able to bet on myself, and whatever I do and wherever I go, I know I have my talent with me.” That talent first came to light in the 1980s, when, as a teenager, he performed as a DJ wearing satin scrubs and a surgical mask at a club in Compton called Eve After Dark. Teaching himself to cut and produce music in his garage using instruments from a local pawn shop, he would go on to cofound the pioneering gangsta rap group N.W.A (alongside Ice Cube, Eazy-E and Arabian Prince) and become, arguably, the greatest producer in hip-hop history. N.W.A’s story became the basis for the 2015 Hollywood blockbuster Straight Outta Compton, and in 2022 he became the first hip-hop artist to headline the Super Bowl halftime show, using the moment to highlight the numerous artists whose careers he helped launch—including Snoop Dogg, Eminem, 50 Cent and Kendrick Lamar.  The money he has earned has afforded him the ultimate freedom, Dre says, especially after his divorce in 2021 from Nicole Young, his wife of nearly 25 years. He can fill his time now doing whatever he wants. Some of it he spends relaxing, of course, but more often he’s chasing after the next big thing, whether it’s his gin brand—named Still G.I.N., after his 1999 hit “Still D.R.E.”—or the nearly 400 unreleased tracks he says he created during the pandemic and has been tinkering with ever since. Given a few spare moments, he sits in his spacious living room beneath a wall of statues that include Grammys, Emmys and a Holly­wood Walk of Fame star and plays a few bars at his Bösendorfer grand piano (which starts at around $200,000), surrounded by a half-dozen legal pads covered in musical notes and song ideas.  “Who knows if something is gonna happen to make me come up with the best thing I’ve ever done in my life?” he says. “The exciting part is there’s the potential of that. It’s exciting and depressing at the same time because I know it’s there, and what if I don’t find it?” Read the full story on Forbes: By Matt Craig https://www.forbes.com/sites/mattcraig/2026/04/07/dr-dre-is-now-a-billionaire/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    6 min
  6. Acclaimed Physicist And His Daughter Are Burying Tiny Nuclear Reactors A Mile Underground

    2 DAYS AGO

    Acclaimed Physicist And His Daughter Are Burying Tiny Nuclear Reactors A Mile Underground

    Liz Muller convinced her dad Richard to forego retirement and become an entrepreneur. The result is a revolutionary approach to making atomic energy cheaper and safer. For more than a decade, Elizabeth Muller and her father have taken a three-mile hike, usually twice a week, through the hills of Berkeley, California, stopping for coffee and brainstorming on the way. “I would have an idea and she would have an idea,” says Richard A. Muller, who devised the modern carbon dating method used to determine the age of ancient plant and animal remains before he was 33 and won a MacArthur Foundation “genius” award at 38. Now, after 40 years of teaching at the University of California at Berkeley, the 82-year-old physicist is on the verge of having his greatest commercial impact, thanks to his business-minded daughter and those long walks. “Nuclear brings out big emotions on all sides,” says Liz, 47. “As a kid growing up in Berkeley, all my teachers and friends were anti-nuclear, and the city became a nuclear-free zone.” She too leaned anti-nuke, even though her father’s mentor, Nobel Prize winner Luis Alvarez—who worked with Robert Oppenheimer on the first atomic bomb—was “like a grandfather to me.” But after college at UC San Diego, she moved to Paris in 1999 to earn a master’s at ESCP Business School and worked in international finance there for eight years. In France, she explains, everyone supported nuclear power as a “clean, reliable global warming solution.” She returned to Berkeley determined to tap her dad’s genius.  In 2022, on one of those walks, the Mullers hatched the idea behind their nuclear power startup, Deep Fission. The concept is surprisingly simple: Drill a 30-inch-diameter borehole a mile into the earth, fill it with water, then insert a teeny-tiny nuclear reactor that will boil the water at the bottom and send it up a separate pipe to run a steam turbine. Each hole will generate 15 megawatts, enough to power 12,000 homes. Put 70 of them in a field and you can power a one-gigawatt artificial intelligence data center.  Once up and running, it should also be cheap (about six cents a kilowatt hour, they estimate), because sticking a reactor deep in the ground under 160 times atmospheric pressure eliminates 80% of traditional power plant costs, which go to concrete buildings and thick steel vessels. “We are using the gravity of the water to give the reactor the same pressure,” Richard explains.  Last August the Department of Energy inclu­ded Deep Fission as one of ten companies in its Reactor Pilot Program, designed to quickly test a new generation of smaller reactors that are easier to build. “The pull of electric demand from data centers warranted a new approach,” says Rian Bahran, deputy assistant secretary for nuclear at the DOE. While the other reactors are innovative in their own ways, they’re all variations of the traditional above-ground model. Read the full story on Forbes: By Christopher Helman https://www.forbes.com/sites/christopherhelman/2026/04/02/acclaimed-physicist-and-his-daughter-are-burying-tiny-nuclear-reactors-a-mile-underground/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    7 min
  7. Delta Raises Fees For Checked Bags As Iran War Spikes Jet Fuel Prices

    3 DAYS AGO

    Delta Raises Fees For Checked Bags As Iran War Spikes Jet Fuel Prices

    Follow Forbes Talks  Delta is raising fees for checked luggage this week, according to a statement from the company sent to Forbes on Tuesday—as it seeks to cover the increase in jet fuel prices driven by the U.S. war in Iran. Key Facts Delta will increase the fees for a first and second item of checked baggage by $10, pushing prices to $45 and $55, respectively. The airline is also planning to hike the fees for a third item by $50, meaning customers will pay $200 if they take three bags. The new prices “reflect the impact of evolving global conditions and industry dynamics,” Delta spokesperson Chelsea Wollerson said in a statement sent to Forbes on Tuesday. The price increases will begin for tickets purchased on or after Wednesday. The pricing changes only apply to domestic flights and some select short-haul international flights, according to the company. Other Airlines Raise Luggage Fees Delta is the third U.S. airline to announce price increases for baggage as oil disruptions related to the Iran war continue to impact air travel. United announced a similar price hike last week, also raising prices for checked bags by $10. JetBlue also announced changes to their checked baggage fees last week, raising fees for off-peak travel by $4 and peak travel by $9. Key Background Jet fuel prices have skyrocketed in the last few weeks due to the ongoing war in Iran. After the U.S. and Israel began a campaign of air strikes against the country on Feb. 28, Iran closed the Strait of Hormuz, the narrow waterway that separates it from the Arabian Peninsula. About 20 million barrels of oil per day passed through the strait in 2025, according to the International Energy Association, or about 25% of the world’s oil transported by sea. The closure has caused prices for oil and petroleum products like jet fuel to spike. The average price of jet fuel reached $4.69 per gallon on Monday, according to data compiled by aviation trade group Airlines for America—up from $2.50 per gallon on Feb. 27, one day before the war began. Read the full story on Forbes: By Zachary Folk https://www.forbes.com/sites/zacharyfolk/2026/04/07/delta-raises-fees-for-checked-bags-as-iran-war-spikes-jet-fuel-prices/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    3 min
  8. 3 DAYS AGO

    How Peace Envoy Steve Witkoff Got Richer Thanks To Trump And Elon Musk

    The real estate mogul-turned-diplomat, whose latest disclosure was released in April, is 15% richer than he was a year ago thanks to his crypto venture with the Trump family and his stake in Musk’s SpaceX. It’s been an eventful year for Steve Witkoff. The 69-year-old New York real estate developer tapped by President Donald Trump as his Middle East envoy in November 2024 hit the ground running in 2025 with a ceasefire in Gaza, following it up with efforts to negotiate peace between Russia and Ukraine and then a nuclear deal with Iran. Last June, he became “special envoy for peace missions,” reflecting his wider sphere of responsibility. It’s been a mixed bag on the diplomatic front: Despite achieving a new ceasefire in Gaza last October, Russia and Ukraine are no closer to a peace agreement than they were under Joe Biden, and the U.S. and Israel attacked Iran in February, launching a war that’s still ongoing.  But on the personal front, it’s been a very lucrative year. While he was jetting around the world from Miami and Moscow to Israel and Oman, his fortune jumped 15% to $2.3 billion, up from an estimated $2 billion when he started working for the government. That was largely thanks to his investments in crypto firm World Liberty Financial, which his sons Zach and Alex cofounded with Trump’s sons Don Jr., Eric and Barron. Forbes estimates that the Witkoffs pocketed $130 million from sales of $WLFI crypto tokens. He and his sons also sold about half of their stake in World Liberty to Aryam Investment, a firm backed by Emirati royal Sheikh Tahnoon bin Zayed Al Nahyan, for an estimated $48 million (post-tax), in a transaction first reported by the Wall Street Journal. Representatives for Witkoff did not respond to requests for comment on his net worth. That sale left him with an estimated 6.4% stake in the company’s stablecoin business, which issues USD1—a digital version of the U.S. dollar backed by Treasurys. Forbes values that stake at about $60 million based on comparable issuers of stablecoins, or cryptocurrencies backed by real-world assets that hold a constant value. He and his sons also retain about 375 million World Liberty Financial tokens, which Forbes discounts while they remain locked up, worth about $42 million. Altogether, Witkoff’s crypto investments added about $280 million to his net worth. His crypto success follows in the footsteps of Trump, whose crypto assets now make up about a third of his $6.2 billion net worth. But Witkoff also benefited from a well-timed investment he first made back in October 2022. That’s when he put $100 million into Elon Musk’s privatization of Twitter, now known as X. That gave him an estimated 0.3% stake in the company, which was valued at $31 billion net of debt at the time. Since then, X has merged with Musk’s artificial intelligence startup xAI in March 2025 and then with his rocket maker SpaceX in February, valuing the combined company at $1.25 trillion. Forbes estimates that Witkoff’s stake was diluted to a tiny 0.017%, now worth around $210 million. That means Witkoff has already doubled his investment—and it could grow even more valuable as SpaceX is set to go public later this year. Musk is reportedly targeting a valuation of more than $2 trillion in SpaceX’s upcoming IPO, a 60% premium to its current valuation. Read the full story on Forbes: By Giacomo Tognini https://www.forbes.com/sites/giacomotognini/2026/04/04/how-peace-envoy-steve-witkoff-got-richer-thanks-to-trump-and-elon-musk/ Learn more about your ad choices. Visit megaphone.fm/adchoices

    6 min

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The Forbes Daily Briefing shares the best of Forbes reporting on wealth, business, entrepreneurship, leadership and more. Tune in every day, seven days a week, to hear a new story. The Daily Briefing is edited, produced and hosted by Kieran Meadows. 930398

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