Forbes Daily: Why ‘Bitcoin Jesus’ Could Be Extradited To The U.S.

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Good morning,

What if your pharmacist could prescribe your medications? In select cases at pharmacy giants like CVS and Walgreens, that’s already possible, where pharmacists can prescribe certain drugs like antivirals to fight coronavirus.

But the pharmacies say that regulations should change to expand what pharmacists can prescribe. They see it as a way to address the increasing shortage of healthcare professionals.

Still, doctors are opposed to such changes, with the Illinois State Medical Society claiming it would “put profit above what is best for patient care.” And pharmacists are already overworked with their existing tasks, a study from the Pharmacy Workforce Center shows.

Let’s get into the headlines,

FIRST UP

Nearly every U.S. state is home to at least one billionaire. Combined, the 54 richest billionaires in each state (some tied for the top spot) are worth $1.6 trillion, $100 billion more than last year, Forbes found. Seven states saw their wealthiest resident change over the past year: Jeff Bezos, for instance, announced he would be moving back to Florida, leaving Bill Gates as Washington’s richest resident, though the Microsoft cofounder has fallen down the global wealth ranks recently.

An indictment naming Roger Ver—known as “Bitcoin Jesus” for his early adoption of bitcoin—has been unsealed in federal court, according to the Department of Justice, which shows he’s been charged with mail fraud, tax evasion, and filing false tax returns. Ver was arrested this weekend in Spain based on the criminal charges, and the U.S. will seek his extradition to stand trial.

BUSINESS + FINANCE

The Federal Reserve kept interest rates unchanged at a 23-year-high on Wednesday, as a spate of worse-than-forecasted inflation data has diminished expectations for a significant shift in monetary policy this year. The central bank noted it does not anticipate cutting rates until “it has gained greater confidence that inflation is moving sustainably toward 2%,” its long-term target for price increases.

The FTC is set to approve ExxonMobil’s $60 billion takeover of Pioneer Natural Resources, according to multiple outlets, though the deal can reportedly only close if former Pioneer CEO Scott Sheffield, who faces allegations of engaging in activity to raise gas prices, is barred from the combined company’s board of directors. The combined company would have an estimated value of $411 billion.

Shares of luxury cruise operator Viking Holdings—the parent company of Viking cruise line—rose as much as 12% in intraday trading Wednesday following the company’s IPO. The cruise operator ended the day with a $1.4 billion market cap, and its public debut rivals Amer Sports Inc. as the largest IPO in the U.S. this year.

TECH + INNOVATION

Ladan Stewart, a former top litigator for the U.S. Securities and Exchange Commission, led cases against Ripple, Coinbase and others before moving to private practice. She tells Forbes “there’s no systematic plan at the SEC to kill crypto,” but rather a desire to protect investors from a lack of compliance in the industry.

MONEY + POLITICS

Rep. Marjorie Taylor Greene (R-Ga.) said she will force a vote next week on whether to remove House Speaker Mike Johnson (R-La.) even as Democrats already vowed to save Johnson from being ousted. Greene is moving forward with the effort in defiance of Republican Party leadership, including former President Donald Trump.

The House of Representatives passed a bipartisan bill on Wednesday aimed at targeting antisemitism on college campuses, as tensions rise at universities across the U.S. amid a slew of student-led pro-Palestinian protests. The bill, which still needs Senate approval, would require the Department of Education to adopt antisemitism definitions used by the International Holocaust Remembrance Alliance, though critics claim it would impose an overly broad set of restrictions.

SCIENCE + HEALTHCARE

Danish pharma giant Novo Nordisk raised its 2024 outlook and beat profit expectations in its first-quarter earnings report Thursday morning, as the maker of the popular weight loss drugs Ozempic and Wegovy brought in about $9.4 billion in net sales during the first three months of 2024, up around 22% on the same period last year. Novo has a market capitalization of just under $600 billion—more than the GDP of its home country of Denmark.

Pfizer comfortably beat expectations in its quarterly earnings report Wednesday, as the pharmaceutical giant attempts to regain its footing as sales tied to the Covid-19 pandemic subside. Still, the company reported its fifth consecutive quarter of year-over-year declines in both revenue and net income, and its shares are down 35% over the last 12 months.

TRENDS + EXPLAINERS

After Forbes published its list of New Ivies on Monday, dozens of founders, businesspeople and writers took to X on Monday to weigh in on the changing perceptions of the Ivy League. For instance, John Arnold, billionaire energy trader turned philanthropist, said in a post on X that the Forbes data confirmed anecdotes he’d heard earlier that hiring managers in the technology, finance and consulting industries are moving away from Ivy League recruiting and toward public colleges.

DAILY COVER STORY

Dr. Elon And Mr. Musk: Tesla’s Chaotic Robotaxi Pivot

TOPLINE Tesla CEO Elon Musk pacified jittery investors on last week’s earnings call with plans for cheaper electric vehicles that he previously backburned. Then, after laying off 10% of the company last week, he inexplicably expanded the job cuts further by slashing the team running its Supercharger network, a bright spot amid otherwise dismal first-quarter results.

The dissonant moves seem to underscore Musk’s goal of pivoting the world’s benchmark EV brand to a company selling robotaxi rides instead of cars. It’s a risky ploy as it’s far from clear whether Tesla can pull that off or if it will generate the financial benefits he anticipates.

“If you value Tesla as just an auto company … fundamentally, it’s the wrong framework,” Musk said on the April 23 earnings call. “If somebody doesn’t believe Tesla is going to solve autonomy, I think they should not be an investor in the company. But we will and we are.”

His track record suggests otherwise. Tesla’s current Autopilot and Full Self-Driving features have been linked to 13 fatal crashes. Despite the features’ names, the company warns customers to monitor their vehicles at all times because they aren’t truly autonomous.

Fully autonomous robotaxis are even tougher. Alphabet Inc.’s Waymo has poured billions into the development of fully self-driving technology for over a decade and is just now ramping up its commercial expansion to a fourth U.S. city. Amazon’s Zoox unit plans to begin operating commercial robotaxi service in Las Vegas this year. Without any similar pilot or test programs, Tesla is undeniably far behind.

Musk’s renewed focus on turning Tesla into a robotaxi powerhouse coincides with a steep drop in vehicle sales in the first quarter and Cybertruck’s slow, problematic launch. Global EV price competition is intensifying, particularly from cheaper models sold by China’s BYD, putting pressure on Tesla’s profit margins.

By contrast, the economics of a robotaxi business that uses a relatively small fleet of vehicles to ferry huge numbers of fare-paying passengers is attractive. But along with the overwhelming technical challenges, the near-term revenue potential from a Tesla robotaxi business is murky.

WHY IT MATTERS “Tesla is the world’s leading electric vehicle company,” says Forbes senior editor Alan Ohnsman. “Shifting its focus to robotaxis, a technology it doesn’t appear to have mastered, poses risks for the brand’s image as EV competition intensifies and holds uncertain financial benefits.”

MORE The Business Case For Musk’s Tesla Cybertruck Isn’t Bulletproof

FACTS + COMMENTS

The official meteorological start of summer is just one month away, and forecasters are already predicting this year will become the latest in a series of above-average hot summers. According to AccuWeather meteorologists, a group of East Coast and Midwest cities are expected to experience above-average heat this year:

2 degrees: The amount above the historical average that temperatures are expected to be for more than half the country from June to August

21 to 26: The number of 90-degree days New York City is forecast to have, compared to 12 last summer

More than 6,500: The number of daily heat records that were broken in U.S. cities and towns last summer, per the National Weather Service

STRATEGY + SUCCESS

Recruiters often use LinkedIn to find job candidates, and understanding how the platform’s algorithms work will help you optimize your profile to increase your chances of being discovered. Many recruiters begin their search by looking for skills, so make sure to utilize the skills functionality, and be specific. Recruiters can also look at those who have interacted with their company, so be sure to follow the pages of the company where you’re interested in working. And don’t forget to regularly check your inbox for messages.

QUIZ

A Christian church on Wednesday voted to allow LGBTQ+ members to serve in its clergy, the culmination of a yearslong reckoning that prompted a historic schism within the church. Which church is it?

A. United Methodist Church

B. Southern Baptist Convention

C. Episcopal Church

D. African Methodist Episcopal Zion Church

Check your answer.

ACROSS THE NEWSROOM

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