🍋 Forbes Fraudsters

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Good Morning! Lemon8, a social media app created by the masterminds behind TikTok, has taken the digital world by storm with a staggering 650k American downloads in just a week and a half. Lemon8 wants to be a rival to Instagram and Pinterest.

The new jobs report data shows that hiring slowed last month, but the job market is still strong. As the race for AI dominance intensifies, experts are sounding the alarm that companies like Google and Microsoft are prioritizing speed over caution.

Whole Foods is venturing into the realm of in-house meals, and wants to offer sushi and pizza bars. And Reese’s peanut butter eggs were the top-selling Easter candy of 2023.

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1. Story of the Day: The Forbes Fraudsters

Forbes’ credibility is in serious jeopardy after yet another Forbes 30 Under 30 honoree was charged with criminal fraud last week. Charlie Javice, who made the list in 2019 and sold her fintech startup for $175 million to JPMorgan, is the latest in a string of questionable honorees who now face criminal charges.

This is not an isolated incident, as Martin Shkreli, the infamous ‘pharma bro’ who made the list in 2012, also faced criminal charges for securities fraud. It doesn't end there either; other honorees include Caroline Ellison who plead guilty to fraud in December, and Sam Bankman-Fried, who faces potential life imprisonment for his involvement in the FTX catastrophe.

Some accuse Forbes of helping turn Elizabeth Holmes, the disgraced founder of Theranos, into a media darling. Holmes infamously made the cover of Forbes in 2014, and was even crowned the youngest self-made billionaire by the publication in 2015. However, her empire was built on deceit, and she was ultimately sentenced to 11 years in prison last November for fraud.

Takeaway: Last week, tech investor Chris Bakke tweeted last week that the Forbes 30 Under 30 have collectively raised $5.3B in funding, yet these young titans have also been implicated in frauds and scams worth over $18.5B. The pressure to achieve success at a young age has led some to take shortcuts, blurring the line between innovation and fraud. Forbes' lists embody this mentality, encouraging youngsters to "fake it till you make it," which means sometimes they end up in jail.

2. Markets Rundown

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Stocks closed mixed while investors await inflation data.

Movers & Shakers

• (+) Micron ($MU) +8% because the chipmaker’s rival Samsung plans to cut production.

• (+) Pioneer National Resources ($PXD) +6% on report of buyout talks with Exxon.

• (–) Block ($SQ) -3% after the payments company was downgraded by KBW.

Private Dealmaking

• Boston Scientific completed its $615 million takeover of Apollo Endosurgery

• HeartFlow, a cardiac diagnostic platform, raised $215 million

• Cybereason, a cybersecurity software company, raised $100 million

• Peach Payments, an online payments firm, raised $31 million 

• Zamp Finance, a treasury management platform, raised $21.7 million

• Qwak, a machine learning platform, raised $12 million

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3. Top Reads

• Goldman says fear about a bank crisis has faded (YF)

• Tesla cuts prices in the US again to spur demand (Fox)

• The economy’s ‘two cycles’ put the Fed in a pickle (WSJ)

• Market malaise weighs on state finances (Axios)

• How Elon Musk is changing the Twitter experience (NYT)

• Why does the US have so many banks? Thank Thomas Jefferson (YF)

• What it feels like to work in AI right now (Substack)

• Auditors didn’t flag risks building up in banks (Fox)

• Mom, Dad, I want to be a prompt engineer (Forbes)

• How the Masters became a $150 million annual business (Substack)

• In the new normal for VC, builders will win (TC)

4. Shortform Book of the Day: Whoever Tells The Best Story Wins

A story explains who you are, what you want, and why it matters--better than any other communication tool in your arsenal.

In this fully updated second edition, author and vibrant keynote speaker Annette Simmons teaches you how to narrate personal experiences as well as borrowed stories in a way that demonstrates authenticity, builds emotional connections, inspires perseverance, and stimulates the imagination.

Whether you are leading a presentation, in a department meeting, or having lunch with a potential customer, you will learn how to relate a compelling story to the topic at hand and make an invaluable impact that could not be made otherwise.

“The right story told at the right time has the power to persuade, promote empathy, and provoke action.”

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5. Short Squeez Picks

• See the fastest growing and shrinking U.S. states

• 8 secrets that will make your memory stronger

• The dark side of productivity no one talks about

• 3 ways smart people make themselves unhappy and unsuccessful

• “Sounds good, will do” dad hat

• Understanding the emotions behind procrastination

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6. Daily Visual: Treasury Yields Rise on Jobs Report

Yield on the 2-year treasury note

_{Source: Axios}

7. Daily Acumen

Emphasizing your best effort isn't just about focusing on the final product. It encompasses the planning, dedication, and groundwork that serve as the backbone of your actions before tackling any challenge.

By situating yourself in the appropriate mindset and environment, the desired results will often unfold organically. This readiness to act and adapt is crucial in determining the outcome of any situation, as it fosters resilience and resourcefulness.

An individual with average abilities who puts in the time and effort to prepare themselves, who cultivates the right mindset and situational awareness, will frequently outperform a naturally gifted person who neglects to create a favorable environment for their success.

In the long run, it's the commitment to preparation and positioning that makes the difference between those who merely aspire to greatness and those who actually achieve it.

So, remember that success is built upon a foundation of preparation and proper positioning. Embrace the process, be mindful of your circumstances, and trust that the results will follow as a natural consequence of your hard work and dedication.

8. Memes of the Day

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