The Cheesecake Factory has one of the largest menus in American dining, with over 250 items as varied as pasta, tacos, sushi, and of course, dozens of cheesecakes. And it makes nearly everything fresh daily. It's a big undertaking during a time when many restaurant chains are cutting dishes from their menus as ingredient prices soar. But the Cheesecake Factory makes it work. It cashes in more money per restaurant than most of its casual chain competitors like Chili's and Applebee's. We went behind the scenes to see how the Cheesecake Factory consistently executes such a massive menu and makes it profitable.
Silvio Pfeufer is the head chef and co-owner of Matthias, a Michelin-starred restaurant in Berlin.
Luís Bompastor
Silvio Pfeufer uses Saltz to save time on food procurement at his Michelin-starred restaurant, Matthias.
Saltz uses agentic AI to modernize a typically complicated process between food buyers and sellers.
For independent eateries, the streamlined process can reduce costs and increase access to high-quality ingredients.
When Silvio Pfeufer first got into cheffing, he was surprised by the amount of administrative work involved.
"It's not only the evening, sending nice plates to guests. There's a lot of stuff to do to make that happen," Pfeufer told Business Insider. He took long phone calls from food suppliers and producers that kept him away from the kitchen.
Sourcing and buying food is a process riddled with disorganization, since farmers, wholesalers, logistics providers, and restaurants communicate in different ways — by phone, email, text message, and PDF blast — starting as early as 4 a.m. The cost and availability of products are constantly in flux, so sellers issue frequent updates: The price of wild-caught fish could change three times a day, for example.
When Pfeufer opened his own restaurant in 2024, he wanted to streamline his food procurement process. At Matthias, which pays homage to his late grandfather, Pfeufer uses an AI-assisted platform for food business owners called Saltz to speed up food procurement and reduce phone calls.
The time savings are critical, said Pfeufer, a co-owner and head chef at the Berlin-based eatery. Using AI agents, Saltz connects restaurants directly to suppliers via a marketplace that brings together disparate catalogs, transactions, and logistics so restaurants can compare and buy fresh, high-quality, and specialty products more quickly than with traditional food procurement processes.
The platform's standardized, real-time food data can be a game-changer for independently owned and operated restaurants like Pfeufer's, given their limited purchasing power. Saltz said that thousands of buyers and hundreds of suppliers use its technology, though it didn't share exact numbers. It said around 80% to 90% of its buyers are independent restaurants.
Connecting with high-quality and specialty suppliers
Pfeufer said he chose Saltz because he liked how the platform modernized old processes. In the two years he's used it, it's allowed him to discover new suppliers, order outside business hours, and gain better oversight on pricing, he said.
Founded in 2022, the startup uses AI agents to ingest PDFs, emails, and text messages that food sellers send to Saltz, standardize and enrich all the data, and consolidate it into a single platform. Its AI agents automatically update each seller's listings on the platform, eliminating the need for manual updates.
Buyers, meanwhile, see once-disparate product options, information, and up-to-date prices in one place. They can also order food at a time that's convenient for them and track their deliveries. "On a Sunday, at night, or in the morning, I can do it by myself, and don't have to have all these calls," Pfeufer said.
At Matthias, which was awarded its first Michelin star in 2025 after 10 months of service, meals must meet a high standard every day, and products have to be of the freshest quality. Pfeufer orders vegetables, milk, and other items from Saltz every week, plus fresh fish twice a week. Before using Saltz, the quality of his products wasn't necessarily worse, he said, but access to new or specialist suppliers was more limited and supply chains were longer.
"The fish is now often sourced directly from the trader or farmer, without the need for intermediate storage. This allows us to avoid additional storage times that could negatively affect freshness," Pfeufer said, adding that more oversight into the supply chain — and it being shorter — means his food is more consistently high quality.
"We've definitely been able to connect with better suppliers," he told Business Insider. The chef added that he still works directly with certain local farmers, as he is often on the hunt for rare items that aren't on the platform.
For Pfeufer, using Saltz also allows him to see more costs upfront, so he can better plan how much to charge for new dishes. "It makes all the calculations much easier, which is very important for us," he said.
Agentic AI acts as a foundational tool
Saltz was founded by brothers Andrius and Thomas Šlimas, who previously built the Shopify-acquired dropshipping platform Oberlo. After spending four years inside Shopify's supply chain machine, the brothers teamed up with industry veteran Reinis Štrodahs. Their goal: modernize the $9.8 trillion food procurement industry.
"It's impossible to make sense or structure that chaos of information which lives in different places and has no common structure," Andrius said.
The Šlimas brothers said that previous unsuccessful attempts to modernize food procurement took two approaches: either trying to force suppliers and buyers onto a single platform, which required them to change how they work, or taking on the time-consuming task of manually inputting every PDF, email, and text message.
With Saltz, AI agents upload and update product listings for sellers, so individual stakeholder workflows don't have to change. Making agentic AI foundational to the process, Tomas said, gives their platform an edge.
"That gives us a speed advantage, and in this market, speed compounds into market share."
On Thursday, President Donald Trump's Department of Education announced its final rule for its student-loan repayment overhaul, which includes new borrowing caps and repayment plans that will go into effect on July 1.
Nicholas Kent, the department's undersecretary, told reporters on a press call that the final rule includes four key provisions: the elimination of the Grad PLUS program, new loan limits for graduate and professional students, allowing schools to establish their own loan caps "that match the true value" of the programs they offer, and the creation of two new repayment plans.
"Collectively, our changes will ensure students continue to have the access that they need for federal student loans, while helping prevent borrowers from taking on unmanageable debt levels that they may never be able to repay," Kent said.
The changes stem from Trump's "big beautiful" spending legislation, and were negotiated with stakeholders, including industry representatives and borrower advocates, at the end of 2025.
The new borrowing caps are among the most discussed changes in the overhaul. The Department of Education is setting a $100,000 lifetime cap for graduate students and a $200,000 cap for professional students, and it narrowed the definition of "professional" to 11 programs, including law, medicine, and dentistry. That means previously eligible programs, like postgraduate nursing, are no longer eligible.
Some students and advocates have raised concerns that the caps could push students to seek additional financing in the private lending market or forgo their programs altogether.
Additionally, the department is capping Parent PLUS loans for the first time, which allows parents to borrow the full cost of attendance for their kids' programs. The new cap for parent borrowers will stand at $20,000 annually.
The department will also be rolling out a new Repayment Assistance Plan, replacing existing income-driven repayment plans, including the SAVE plan, which the administration is eliminating. RAP would waive unpaid interest and set monthly payments at a minimum of $10, which is less generous than the terms of existing plans. This will increase borrowers' monthly payments, according to Federal Student Aid projections, sometimes by hundreds of dollars.
Have a story to share about student loans? Contact this reporter at asheffey@businessinsider.com.
Crowds in New York City, the largest city in the US.
Andrew Kelly/Reuters
The 2020 US Census determined the largest city in every state.
New York City is the biggest US city, followed by Los Angeles and Chicago.
Some states' most populous cities only have tens of thousands of residents.
Conducted every 10 years, the United States census counts every person living in the US and collects statistics such as age, sex, and household makeup.
A city's population, along with other demographic data, is a key factor in determining its allocations for federal and state funding.
According to 2020 census data, some states' most populous cities only have tens of thousands of residents, while others, like New York City, have more than 8 million.
Take a look at the largest city in every state.
ALABAMA: Birmingham
Birmingham, Alabama.
Isabella Pino/REDA&CO/Universal Images Group via Getty Images
Population: 200,733
ALASKA: Anchorage
Anchorage, Alaska.
Rocky Grimes/Shutterstock
Population: 291,247
ARIZONA: Phoenix
Phoenix, Arizona.
Shutterstock
Population: 1,608,139
ARKANSAS: Little Rock
Little Rock, Arkansas.
Walter Bibikow/Getty Images
Population: 202,591
CALIFORNIA: Los Angeles
Los Angeles, California.
Sean Pavone/Shutterstock
Population: 3,898,747
COLORADO: Denver
Denver's forthcoming "Benefit Recovery Fund," a permanent "wage-replacement" program for undocumented workers, is the first of its kind in the country.
Streamer N3on used to pay clippers to post bad PR about him to help grow his audience.
John Sciulli/Getty Images for Global Gaming League
Livestreamer N3on pays an army of "clippers" to post snippets of his content on social media.
Clipping is one of his top expenses: He paid out over $1.4 million in a recent five-week period.
The clipping economy can expand a streamer's audience and also incentivize inflammatory content.
You may have never tuned into N3on's livestream. Thanks to "clipping," he might have popped up in your social feeds anyway.
The top-10 Kick streamer, 21, belongs to a group of livestreamers who have gained mainstream attention in recent months thanks to clipping, where people are paid to post grabby moments from longer videos or podcasts on social media platforms like TikTok, YouTube, and Instagram.
An hourslong stream might only get 40,000 live viewers, but a successful clip can fetch millions of views, helping a streamer land partnerships with brands and celebrities.
Streamers like N3on have helped create an elite class of professional clippers who command high prices. Clipping is one of N3on's largest expenses. In a recent five-week period, he paid out over $1.4 million to 303 clippers, according to a document his team shared. In any given month, he estimated that he's paying at least one clipper upward of $100,000.
"I feel like my life is clipping now," he said.
N3on, whose real name is Mikyle Rafiq, said he has a network of around 1,000 clippers. About half belong to a group he and fellow streamer Adin Ross built. The rest are paid by Kick.
Other top creators also have clippers who post on their behalf. YouTuber MrBeast has his own clipping platform, Vyro, that helps promote his content.
Rates for clippers can vary depending on factors such as a streamer's level of fame. Rafiq pays clippers on the higher end of the market for a big Kick streamer — $40 per 100,000 views, or $50 if he especially wants to incentivize them.
Clipping has its defenders and critics
Clipping can help a creator reach a wider audience that might not be watching their livestream or podcast — and get them into the center of internet discourse.
On the other hand, the clipping economy can incentivize creators to create inflammatory moments and stretch the truth.
"A lot of it is staged," said Mustafa Aijaz, VP at SoaR Gaming, a digital entertainment company and creative agency. "Audiences will call it out as clip farming. But people will still watch it."
Rafiq, who's been trying to reform his negative public image, said he used to do "crazy stuff" and even paid clippers to post bad PR about him to keep his name relevant.
He said sometimes eye-catching clips can come from subpar streams.
One of his most-viewed clips came from a stream he and former rapper Iggy Azalea did from a yacht that ran into technical problems and was barely seen.
"The clippers made it seem like it was this insane, crazy stream," Rafiq said. "No one actually watched the stream. They just saw the clips, and they're like, 'Wow, N3on and Iggy had a great time on this yacht.'"
For nearly two years, the 38-year-old has raised kids with her best friend in their shared Manhattan apartment — and she couldn't recommend the setup more. She and Anabelle Gonzalez, 39, have a household rhythm: they trade off chores, cooking, and doing crafts with their elementary-age children. Better yet, the pair splits bills in one of America's most expensive cities.
"We'll be laughing on the couch, playing with our kids, and dinner is made, and the kitchen is cleaned," Sinclaire told Business Insider. "It's been mind-blowing to be able to just sit and talk. That was not something that I experienced when I was in a relationship, and it was not something I was able to enjoy as much when I was a single mother."
Laila AnnMarie Stevens for BI
In a city where paychecks are stretched thin and monthly daycare costs rival rent expenses, New Yorkers are pinching pennies. A recent report from the Mayor's Office found that it costs the average family $159,000 to live and raise children in the five boroughs, and that's just for basics like housing and healthcare. Sixty-two percent of all residents — and the vast majority of single-parent households — don't earn enough to meet their cost-of-living threshold. It's hardest for mothers, who are often paid less than men and shoulder more childcare responsibilities.
New York City Mayor Zohran Mamdani took office with a mandate to make the city more affordable. He has announced a plan for universal childcare for toddlers and preschoolers, which builds on the existing NYC Public School free 3-K program. Other proposals aim to lower the cost of apartments, buses, and food. It's a big task, especially as the city's housing demand continues to outpace supply.
To make ends meet, Sinclaire and Gonzalez became a dual-income household with a combined $200,000 — and really fun wallpaper.
"This is not the Mojo Dojo Casa House," Sinclaire said, referring to Ken's bachelor pad in the "Barbie" movie. "This is the Barbie Dream House."
Laila AnnMarie Stevens for BI
'A utopia'
The concept of a "mommune," or commune of moms, has always made sense to Sinclaire. She was raised in Italy by a single parent, and said she watched her mother have to "choose between poverty and partnership." She wanted to avoid being financially dependent on a man.
"That was a dream and a wish from early on: to create a family not centered on male partnership and not centered on romance," she said. "Friendships are way more long-lasting, and it didn't make sense to me to have my children's welfare and financial security hinge on something that data shows over and over again is not really working for most women."
Sinclaire and Gonzalez met at an NYC graduate school in 2013 and stayed in touch when they became mothers. Sinclaire has two sons, ages 4 and 9, and Gonzalez has a 7-year-old daughter. Gonzalez had divorced when Sinclaire pitched moving in together.
"It took me time to process because you don't really hear about that type of alternative family," said Gonzalez, who grew up in Brooklyn. She didn't agree right away. "At first I was like, 'Okay, girlie, I love you, but what are you talking about? Then I cried at the end of the conversation because it sounded like a utopia."
Laila AnnMarie Stevens for BI
The pair initially settled into Sinclaire's existing two-bedroom apartment, then upgraded to a three-bedroom, two-bathroom Harlem unit costing $4,550 a month. Their monthly rent is roughly $600 higher in the new place, but they say the space is essential as their kids grow. Their two incomes allow them to stay local. In upper Manhattan, about 52% of renter households spend 30% or more of their income on housing, the threshold housing economists typically define as unaffordable.
Both women teach at the same public high school, and said their finances have become more stable since they began sharing costs. Last year, Sinclaire earned $94,278 after deductions and Gonzalez earned $106,952, tax documents reviewed by Business Insider show.They split the $600 monthly grocery bill 50/50, then Gonzalez covers WiFi, and Sinclaire pays the electricity bill.
Childcare is divided, too. Sinclaire's youngest son is now old enough for free 3-K (which saves over $1,000 each month), and the others are in public school. The two moms trade drop-offs, pick-ups, and watching the kids. When there's a gap, they call their part-time caregiver. "She's been with us forever," Sinclaire said. "And we don't have as many hours for her as we did before, but she's our lifeline." Their monthly childcare costs average $600, with Sinclaire paying a larger share because she has two kids.
Since starting the "mommune," Sinclaire said she saves about $1,200 more each month, which goes to her emergency fund, retirement, and kids' college accounts. Gonzalez said they also spend less on takeout and impulse purchases because they can split household responsibilities and avoid burnout — something that wasn't the case in either of their previous relationships. That time and energy savings can't be overstated, she said.
Laila AnnMarie Stevens for BI
"You want to be honest about your soul and boundaries and your lifestyle up front," Gonzales said. "Talking about money is uncomfortable — and it has been uncomfortable for me and for Bernie because it was the first time we, as friends, were talking about it — but it's important to talk and be honest about money."
'A New Yorker forever'
Gonzalez is the first to wake each morning to start breakfast. "I don't do measurements," she said, but each plate turns out delicious anyway. Sinclaire — a recipe loyalist — prefers cooking dinner.
Their children act like siblings and enjoy playing together, with occasional squabbles. The moms are each other's support system, and treat all three kids like their own.
"I think that if you're blessed to have a big community, you might not see this as something very different," Sinclaire said. "But if you are, like many mothers, 'default parenting,' and you're overwhelmed and you've lost your sense of self, friendship is lifesaving."'
Sharing a life has given the two more space for their creativity. Gonzalez co-owns a clothing brand. Sinclaire has been able to spend more time on art and is turning years of handwritten journals into a book. Saving money has also given the family more resources to travel. They took the kids to Mexico recently and plan to take their "first solo mommy trip" to Turks and Caicos this summer.
Laila AnnMarie Stevens for BI
The pair hasn't sworn off romance, but they wouldn't trade it for the "mommune."
"A lot of times people are like, 'This is crazy, that you're going to move in with another woman,'" Sinclaire laughed. "And I said, 'How is that more crazy than moving in with a man that you met online and having children with him?'"
"Yes, we do date," Gonzalez added. "But anybody who dates people will understand that you live in your house and I live in mine."
Even when the kids get older and move away, the moms don't think they'll part ways. There are simply too many Jon Hamm TV shows, Cardi B albums, and nightlife spots for them to appreciate together. They see the "mommune" lasting long past their child-rearing years.
Jimmy Donaldson, a.k.a. MrBeast, is best known for high-production spectacles like "Beast Games."
Emma McIntyre/Getty Images for Prime Video
MrBeast's next growth act may come from AI-produced videos.
Jimmy Donaldson's company is looking for someone to lead a production team with AI at the foundation.
MrBeast has been expanding his company while looking for ways to save.
YouTube's biggest star, MrBeast, is looking for a leader to help his company create "AI-native" productions.
A job posting says that Beast Industries wants to build a new production capability in which AI is "not a tool but the foundation."
It calls for someone who can help define "what AI-native entertainment looks like, develop original formats, and build systems that enable content to be conceived, produced, and scaled with AI at the core."
MrBeast, whose real name is Jimmy Donaldson, wouldn't be the first creator to delve into AI. Fellow superstar creator Steven Bartlett has been making fully AI-animated shows since last year.
Still, as YouTube's top creator with 479 million subscribers, Donaldson's moves in the space will be closely watched by the entertainment community.
Many production studios are adopting AI across production, marketing, and visual effects, and startups are raising millions on the promise of helping legacy Hollywood transition to the AI era.
So far, entirely AI productions are largely the realm of animation, podcasts, and short-form video.
In the micro drama space, apps including TikTok's Pine Drama and Vigloo have character-driven dramas generated by AI. These AI dramas account for 10% of Vigloo's library, a spokesperson said. The Beijing-based startup StoReel recently raised $34 million to make AI micro dramas.
AI-driven productions would solve some problems for Donaldson.
He is famous for his viral, high-budget challenge and giveaway videos, though the company has been tightening up spending. One of the job's listed expectations is to use automation to make more content, faster.
Making AI-driven videos also directly addresses the risk any creator faces when they build a company that relies on their time and persona. As Donaldson expands his company to consumer products and services, it limits his bandwidth to star in his own videos. He recently hired former NBCU unscripted executive Corie Henson to head his studio division and is looking to broaden the company's video franchises. He said this week his company now has 750 employees.
Donaldson himself has shared concerns about AI's risk to his industry.
After OpenAI released Sora 2 last fall, Donaldson mused on X about what AI's advancement will mean for creators, adding, "Scary times."
He also released — and then removed — a tool that used AI to generate video thumbnails last year, after receiving backlash from creators.
"I don't like it, conceptually, but it is what it is," Trump said.
Will Oliver/EPA/Bloomberg via Getty Images
Trump weighed in on prediction markets — and didn't sound too happy about them.
"The whole world, unfortunately, has become somewhat of a casino," Trump told reporters.
It came after the DOJ indicted a US soldier for profiting off of the Maduro raid via Polymarket.
President Donald Trump sure doesn't sound like a prediction market enthusiast.
Asked on Thursday if he was concerned about the potential for insider trading on prediction markets, Trump told reporters in the Oval Office that he was "never much in favor" of betting in financial markets.
"The whole world, unfortunately, has become somewhat of a casino," Trump said. "I don't like it, conceptually, but it is what it is. No, I think that I'm not happy with any of this."
"They have all these different sites, they have 'predictive markets,'" Trump continued. "It's a crazy world. It's a much different world than it was."
Reporter: There are also bets being placed on the Iran conflict. People suspect there is insider trading happening. Are you concerned?
Trump: Unfortunately, the whole world has become somewhat of a casino. I don't like it conceptually. It is what it is. pic.twitter.com/t1OPOUWHub
Trump's comments came shortly after the Department of Justice indicted a US Army soldier who was involved in the planning of the US capture of Nicolás Maduro. Prosecutors say Gannon Ken Van Dyke used classified information to reap more than $400,000 in profit on Polymarket.
That trade caught the public's attention in early January, leading to the introduction of a raft of bills on Capitol Hill to both rein in the industry and protect against potential insider trading.
On Thursday, Trump said he wasn't aware of the indictment, but joked that the case sounded like when Pete Rose, the former manager of the Cincinnati Reds, was caught betting on his own team.
"Now, if he bet against his team, that would be no good. But he bet on his own team," Trump said.
Reporter: There was a special forces soldier involved in the capture of Maduro who was arrested on suspicion of insider trading. Are you concerned that federal employees are betting on these reduction markets and potentially getting rich?
Trump previously told The Washington Post that prediction markets are better than "fake polls," referencing the fact that both Kalshi and Polymarket gave Trump stronger odds of winning the 2024 election than traditional polling.
"They predicted me pretty right… by a landslide," Trump said at the time.
Trump's lament about prediction markets, which seemed to echo some comments that Democrats have made about the industry's impact on society, contrasts with the way his administration has approached the industry.
Commodity Futures Trading Commission Chair Michael Selig, the top federal regulator of prediction markets, has moved to defend prediction market companies in the midst of legal battles with states over sports and elections betting.
"It's something that I think is valuable to society," Selig said of prediction markets in a February podcast appearance.
The president's son, Donald Trump Jr., is also financially involved in the industry, serving as a strategic advisor to Kalshi while investing in Polymarket.
Starbucks' former CEO Howard Schultz, and Jeff Bezos have recently relocated to Miami, while figures like Mark Zuckerberg have recently purchased property in the city.
Pier Marco Tacca/Getty Images/Alexander Tamargo/Getty Images for America Business Forum/Jeff Bottari/Zuffa LLC
Tax proposals in California and New York are pushing billionaires to Florida.
Aside from the tax benefits, lifestyle perks are also fueling the trend.
Mark Zuckerberg, Larry Page, and Sergey Brin have all recently purchased homes in the city.
Move aside, Wall Street and Silicon Valley: Miami is vying to be the new epicenter of US business, tech, and wealth.
The city has long been seen as a gateway to Latin America and the Caribbean, but recent developments in its business landscape are helping turn it into a larger American business hub.
Ken Griffin recorded Miami-Dade County's first-ever nine-figure home sale after Citadel announced its relocation in 2022; Jeff Bezos spent $147 million on two Indian Creek homes after leaving Seattle for Miami; and Palantir CEO Alex Karp quietly bought a $46 million mansion on the Venetian Islands ahead of the company's headquarters shift to Aventura.
This comes as states like New York and California are considering or proposing policies aimed at increasing the taxation of the ultrawealthy. This includes California's proposed Billionaire Tax Act, which would impose a one-time 5% tax on the net worth of California residents and certain trusts worth at least $1 billion, and New York's pied-à-terre tax bill, which would impose an added tax on certain non-primary New York City homes, including second homes owned by people whose primary residence is elsewhere.
But beyond the tax benefits, the ultrawealthy are flocking to Miami for the lifestyle.
"You can't beat the lifestyle," Manny Varas, a luxury homebuilder who works with billionaire clients in South Florida, told Business Insider.
Varas, who has built and renovated homes for the likes of Jennifer Lopez, Lil Wayne, and the Bezos family, said that the city's "pro-work and creative environment," as well as its culinary, hospitality, arts, and events scene, are among the biggest drivers of billionaires' decisions to move to Miami over other tax-friendly states.
Some of these leaders have officially announced they or their companies will be moving to the Sunshine State, while others have quietly snapped up property in the city in recent months, signaling a potential expansion of their presence there. While some have cited business interests, others have publicly shared factors such as family proximity and Miami's culture.
Here are some of the most notable people and companies that have recently relocated or bought up property in Miami.
Ken Griffin
Bloomberg/Getty Images
Leading Miami's billionaire migration is Ken Griffin. In June 2022, Citadel and Citadel Securities announced they would move their global headquarters from Chicago to Miami.
In April 2022, an entity tied to Citadel paid a then-record $363 million for a waterfront Brickell office development site.
Citadel now lists Miami as its global headquarters, and its new Brickell location is expected to have 1.2 million square feet of office space, according to its plans.
Meanwhile, Griffin purchased the $107 million, 4-acre Adrienne Arsht Estate in Coconut Grove in 2022, setting a Miami-Dade record at the time and becoming the first nine-figure home sale in the county's history.
While Citadel's permanent Brickell tower is still in development, Griffin has been one of the biggest figures betting on Miami as the next center of US commerce.
The company told Business Insider that the city was home to about 400 Citadel-affiliated employees, including some senior executives.
Jeff Bezos
Miguel J. Rodriguez Carrillo / AFP via Getty Images
In 2023, the Amazon founder announced via an Instagram post that he was leaving Seattle for Miami
That fall, Bezos bought neighboring mansions in Miami's Indian Creek Island for $79 million and $68 million, in what was one of the highest-profile moves in Miami's billionaire era.
Bezos cited Blue Origin's operations in Cape Canaveral, Florida, and his parents' relocation back to the city as reasons for his return to Miami, where he attended high school.
Peter Thiel
Marco Bello/Getty Images
On December 31, 2025, Thiel Capital — Peter Thiel's private investment firm — announced that it had opened a Wynwood office, saying the space would complement its Los Angeles operations.
The firm also said Thiel has maintained a personal residence in Miami since 2020, when he purchased an $18 million mansion in Miami's Venetian Islands.
In 2024, Thiel moved his voter registration to Florida, further formalizing his move to the state.
Michael Ferro
Bloomberg/Getty Images
In March 2025, Michael Ferro Jr., chairman of the private equity firm Merrick Ventures, bought a 2.5-acre estate on Star Island for $120 million, setting what was then a record for a home sale in Miami-Dade County.
He also moved Merrick Ventures to Florida. The investment firm Ferro, founded in 2007 and previously based in Chicago, is now described on its website as a Florida-based private equity company focused on technology.
FC Barcelona
Yasser Bakhsh/Getty Images
Along with Miami's influx of billionaires, the city has also become the American capital of soccer, with international figures like Lionel Messi and David Beckham investing in the sport's presence there.
In April 2025, FC Barcelona announced it would relocate its North American division's commercial offices from New York to Miami's One Biscayne Tower after receiving an incentive grant from the Miami Downtown Development Authority, an autonomous city agency focused on economic and business development.
Galderma
Alex Tai/SOPA Images/LightRocket via Getty Images
Galderma, the parent company behind brands like Cetaphil and Differin, announced in June 2025 that it would establish its new US headquarters in Miami's Brickell neighborhood. The company said it expects roughly 150 employees to be based there by 2028.
The skincare company cited the concentration of med spas and dermatology clinics in the Miami metro area, the rapid growth of aesthetic procedures in the region, and the size of the Miami Health District as drivers behind the move.
Playboy
Bloomberg/Getty Images
In August 2025, Playboy announced it would relocate its global headquarters from Los Angeles to Miami Beach. At the same time, it announced plans for a new Playboy Club in Miami Beach and new content studios in the city.
The company hopes to open its offices by September 2026.
"Miami Beach is among the most dynamic and culturally influential cities in the country, making it the ideal home for Playboy's next chapter," Ben Kohn, CEO of Playboy Inc., said in the statement.
MSC Cruises
Ivanna INFANTOZZI / AFP via Getty Images
In January, MSC Group's cruise division opened its new North American headquarters in downtown Miami.
The 130,000-square-foot office, located near PortMiami, is a roughly $100 million investment that will house more than 400 employees across MSC entities under one roof, MSC said in its announcement.
Regulatory filings placed the company's principal executive office at 19505 Biscayne Boulevard in Aventura, about 17 miles north of downtown Miami.
The address, which is also home to an Industrious coworking space, is located across from the sprawling Aventura Mall and sits above a Sweetgreen, a Starbucks, and a Lego store.
Months before, CEO Alex Karp quietly bought a $46 million mansion in Miami's Venetian Islands.
Howard Schultz
Anna Moneymaker/Getty Images
In March, former Starbucks CEO Howard Schultz said in a LinkedIn post that he and his wife were leaving Seattle for Florida after more than four decades in the city. He wrote that they had moved to Miami for their "next adventure together."
The announcement followed Schultz's purchase of a $44 million penthouse at the Four Seasons Private Residences, a waterfront residential tower in Surfside.
The executive, who had long-established ties in Seattle — the city where the coffee chain was founded — is one of the newest neighbors in Miami's high-profile circles.
Mark Zuckerberg
Nathan Posner/Anadolu via Getty Images
While the social media tycoon has not formally announced a relocation to Miami, Mark Zuckerberg made Miami history in March when he and his wife, Priscilla Chan, purchased a $170 million property on the appropriately nicknamed "Billionaire's Bunker," Indian Creek Island — the most expensive home sale in Miami-Dade County's history.
The still-under-construction property spans about 2 acres on the exclusive island, where Zuckerberg will be neighbors with Jeff Bezos, Ivanka Trump, and other notable figures.
Google's Larry Page and Sergey Brin
James Leynse/Corbis via Getty Images
Google co-founders Larry Page and Sergey Brin have both made major moves into South Florida's luxury real-estate market in recent months.
Page, who has long been based in Palo Alto, California, spent roughly $173.4 million on two Coconut Grove properties — including a 4.5-acre waterfront compound on Biscayne Bay — in December and January.
In March, Brin, who has also been a longtime California resident based in the Bay Area, purchased the former Allison Island home of LVMH CEO Michael Burke for $51 million.
She said the Inspector General for the Fed has been asked to "scrutinize the building costs overruns — in the billions of dollars — that have been borne by taxpayers," and will take over the investigation from the DOJ. This means the possibility of criminal charges against Powell has been dropped for now.
The department launched a probe in January into Powell over the Fed's alleged mishandling of construction funds at the central bank's Washington DC buildings.
"Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so," Pirro said on X. She added that she expects "a comprehensive report in short order" from the Inspector General and is "confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas."
The Fed — and Powell specifically — has faced ongoing scrutiny from the Trump administration. When the probe was announced in January, Powell posted a video online, saying that,"No one — certainly not the chair of the Federal Reserve — is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."
The Fed declined to comment to Business Insider on Friday.
The chair's term is set to end on May 15, though he indicated that he may remain on the Federal Open Market Committee as a governor.
Warsh is one step closer to confirmation
Trump nominated former Wall Street executive Kevin Warsh as Powell's successor in February, and a hearing before the Senate Committee on Banking, Housing, and Urban Affairs was held on April 21.
The largest obstacle to Warsh's confirmation has been Sen. Thom Tillis, a North Carolina Republican, who has repeatedly said he would block any potential Powell replacement until the Justice Department ended its probe. Tillis, along with other lawmakers across the aisle, has expressed concern that the probe was political overreach — and a threat to future Fed independence.
Following Warsh's confirmation hearing, Tillis renewed his push for an off-ramp that would allow him to drop his objection and for Warsh to proceed to likely confirmation. Tillis told reporters that one idea would be for one or more congressional committees to take up the investigation into the updates to the Fed's headquarters in Washington.
"I not only think it's a good off-ramp, but I also think it's good governance," Tillis told reporters after the confirmation hearing, per Politico.
Pirro's statement isn't what Tillis outlined, but Federal Reserve Inspector General Michael E. Horowitz is widely respected by members of both parties on Capitol Hill. Tillis' office didn't immediately respond to a request for comment from Business Insider.
In 2025, Powell asked Horowitz to look into the ballooning cost of renovations at the Fed's headquarters. Horowitz's website already lists such an investigation as part of its ongoing work.
"We are assessing the Board's oversight of its Marriner S. Eccles Building and 1951 Constitution Avenue Building Renovation Project, including the associated costs," the description reads. "Our scope will include a focus on the key factors contributing to the cost estimate increases, including assessing whether discretionary design features contributed materially to those increases."
Sen. Tim Scott, a Republican senator from South Carolina who chairs the Banking Committee, said in a statement that he would invite Horowitz to brief Congress on his findings within the next 90 days.
The committee and Senate have yet to vote on Warsh's nomination, though he is likely to be greenlit. Warsh would be the wealthiest Fed chair in history, with financial disclosures showing that he is worth over $100 million.
Powell will hold the chair seat for one more rate decision — or until the next chair is confirmed. The FOMC is set to meet this coming week and is expected to hold rates steady.
This is a developing story, check back for updates.
Donald Trump will be the first sitting president in US history to have his signature on the nation's currency.
BRENDAN SMIALOWSKI/AFP via Getty Images
President Trump will be the first sitting US president to have his signature on the nation's currency.
The move is symbolic of the nation's "fiscal strength" under Trump, the Treasury announced Thursday.
Since Trump took office, the dollar has fallen amid sweeping tariffs and global conflict.
The US Treasury Department announced Thursday that President Donald Trump's signature will appear on future US paper currency, marking the first time a sitting president's name will be printed on American bills.
Treasury Secretary Scott Bessent, in a press release, framed the move as symbolic, saying US currency should reflect the country's economic standing under Trump's leadership and serve as a marker of the nation's "fiscal strength and stability."
The decision breaks with long-standing precedent. For more than a century, US banknotes have carried the signatures of Treasury officials — not the president.
The Treasury said the move was to commemorate the coming 250th anniversary of American independence, as the administration pursues a broader effort to mark the milestone through currency and coin redesigns.
New bills bearing Trump's signature, along with that of the Treasury Secretary, will begin being issued at the semiquincentennial, the Treasury said. It's unclear which bills will bear Trump's signature or how long the initiative is expected to last.
"The decision for Trump to end years of precedent of Treasury Secretaries signing bills is another piece of evidence that Trump is trying to brand everything in his name, even though it is unusual and in the mold of what more undemocratic leaders typically do in other countries," Christian Grose, a professor of political science and public policy at the University of Southern California, told Business Insider.
Grose said the move risks making using cash a partisan act, potentially making Trump's supporters more enthusiastic about cash payments, and Democrats more likely to use electronic payments.
The US dollar has faced downward pressure in recent months, driven in part by sweeping tariffs that have rattled global trade and increased import costs, as well as the ongoing war in Iran, which has heightened geopolitical risk and unsettled currency markets.
Economists have warned that both factors can weaken demand for the dollar by slowing growth and increasing uncertainty.
The effects of higher oil prices could cut slash 10,000 jobs a month, Goldman Sachs says.
The bank said it expects the unemployment rate to rise to 4.6% by the end of the year.
Higher oil prices can raise inflation and hurt consumer spending, which could worsen the hiring slowdown.
The oil price shock could cost the US economy thousands of jobs a month, according to a new analysis from Goldman Sachs.
In a note to clients on Thursday, a team of economists at the bank said they anticipate higher unemployment and slower job growth through the end of the year as the impact of higher oil prices ripples across the US economy. In the bank's baseline scenario, the oil price shock could shave off around 10,000 new jobs a month through the end of the year, even after accounting for expected job gains in the energy sector.
While higher oil prices have historically led to new jobs in the energy sector, those gains could be more muted this time around, given how the oil extraction business has become more efficient in recent years, Goldman said.
The bank also said it expects the unemployment rate to tick higher to 4.6% by the end of the third quarter. The unemployment rate rose unexpectedly to 4.4% in February, while the economy lost 92,000 jobs, according to the latest nonfarm payrolls report.
"The upward pressure on unemployment primarily reflects lower hiring, with a smaller contribution from higher layoffs, in industries most exposed to weaker consumer spending," the economists wrote.
Markets have been anxious about how much damage the Iran war could cause to the US economy. Higher oil prices could push up the prices of other goods and raise inflation — but the fallout could extend much further, given that consumers are likely to pull back spending in other areas, hurting growth and potentially causing hiring to slow.
Goldman said it expected the hiring slowdown to be the most pronounced in leisure and hospitality. In the bank's baseline scenario, the sector could lose around 5,000 jobs a month through the end of the fourth quarter.
Retail trade, manufacturing, and education and health services were also among the bank's most affected sectors.
The risks stemming from higher crude prices are coming at a time when the labor market has already been steadily cooling, with hiring slowing for most of the past year while job cuts have crept higher. After accounting for downward revisions, the US added 181,000 jobs last year, down from the 1.4 million added the year prior, according to the Labor Department.
A TSA agent surveys the security line at New York LaGuardia airport.
CHARLY TRIBALLEAU / AFP via Getty Images
TSA workers are unpaid and face another missed check on March 27 during the partial shutdown.
Congress has to allocate funding for TSA workers to get paid, but is scheduled to recess after March 27.
In the meantime, travelers have been stuck in chaos as TSA workers call out or quit.
As lines snake across airports and Transportation Security Administration workers clock in for another day without pay, a major turning point in the ongoing chaos looms on March 27.
Come Friday, around 47,000 TSA workers are set to miss yet another paycheck, according to their union, the American Federation of Government Employees. That's due to the ongoing partial government shutdown, which has left most of the Department of Homeland Security unfunded. TSA workers haven't received full paychecks since February 14. As a result, hundreds of TSA workers have quit, and thousands have called out of work, contributing to ongoing travel snarls for Americans trying to fly.
Friday might mark more than another empty paycheck: March 27 is the final date Congress is scheduled to be in session before a two-week recess, and lawmakers need tocome to a DHS funding deal for TSA workers to getpaid.
Lawmakers have clashed over funding DHS after the fatal shootings of Alex Pretti and Renée Good, with Democrats calling for reforms to ICE and Customers and Border Protection. Ultimately, the rest of the government was fundedwhile leaving DHS in the lurch, even as ICE agents are still paid through separate funding from President Donald Trump's sweeping tax and spending bill last year.
There is some potential for relief. Some lawmakers have signaled that they're ready to move forward on a deal, according to CBS News. If that does move forward, the agency could be funded ahead of the break, and workers would start collecting paychecks again.
"President Trump is using every tool available to help American travelers who are facing hours long lines at airports across the country—especially during this spring break and holiday season that is very important for many American families," Acting Assistant DHS Secretary Lauren Bis said in a statement to Business Insider. "This pointless, reckless shutdown of our homeland security workforce has caused more than 458 TSA officers to quit and thousands to call out from work because they are not able to afford gas, childcare, food, or rent."
The TSA woes are being felt at airports across the country. Some travelers have spent hours waiting in lines and faced harrowing conditions as they attempted to navigate through security. Hartsfield-Jackson Atlanta International Airport and Houston's George Bush Intercontinental Airport are both warning passengers to expect wait times of 4 or more hours. To try to mitigate the situation, the Trump administration has sent in ICE agents, a move that AFGE slammed over agents lacking aviation security training.
Mike Gayzagian, president of AFGE Local 2617, which represents TSA workers in airports across New England, said Friday could mark a "hard choice" for TSA workers. If they go without pay, but know there's a deal in place for funding, there might not be a major staffing issue, he said. He thinks that, for some workers, the "damage has already been done."
"It's a good-paying job, and good-paying jobs are hard to find, and reliable, good-paying jobs are even harder to find. The federal government was the gold standard for good-paying, reliable jobs," Gayzagian said. "After this, that's no longer the case. I think a lot of discussion will surround that fact later on, after this is over."
In the early 1900s, while diners dominated the American northeast, the South had its own institutions: cafeterias. At their peak, there were thousands nationwide, with big chains like Morrison's and Luby's operating locations all over the South. They took off because they served affordable comfort food quickly. And they became community centers of sorts. On Sundays, families would slide their trays down the lines after church. There were entire sections of the phone book dedicated to them. But in the '90s, cafeteria lines started to dry up, and many chains shuttered. We went to Georgia to learn how one of the state's oldest and one of its newest cafeterias are fighting to keep their hot bars steaming and communities fed.
Taylor M. LaSane built a career coaching side hustle while working at Google.
Last year, she accepted a voluntary buyout to focus on her business full-time.
She shared why she made the leap — and her advice for others weighing major career moves.
Last June, Taylor M. LaSane faced a decision she'd been weighing for years: whether to walk away from her six-figure salary at Google to go all in on the career coaching business she started three years earlier.
Google had just offered voluntary buyouts to some US-based employees, including those in the finance organization where she worked, positioning the program as an option for workers who didn't feel "all in" on the company's direction.
LaSane said her buyout offer included just under six months of severance pay. While the payout would help ease her transition to entrepreneurship, the risk was still significant. She said her income from the business was roughly 10% of what she earned at Google — and she had to weigh the financial implications for her husband and their twin toddlers.
Around this time, LaSane learned about the unexpected death of her uncle at the age of 62. She said he had recently retired and been looking forward to having time to "relax and actually live." His death, coupled with the buyout offer, made her question how long she was willing to wait to pursue her own plans.
"It was a reminder that life is too short to wait for permission," said LaSane, who is 32 and lives in Atlanta.
She ultimately decided to apply for the buyout and, after being accepted, took the offer — with her employment formally ending in October.
Over the past year, I've interviewed more than a dozen workers like LaSane, many of them from Big Tech companies, who chose to quit their jobs without having another role lined up. Some eventually landed at another large company. Others stepped away from the corporate world entirely — joining smaller firms, launching their own ventures, pursuing career pivots, or focusing on personal priorities, such as parenting.
These people have become outliers in an economy where workers are quitting at one of the lowest rates in the past decade — a trend fueled by a hiring slowdown across tech and other sectors that has left many holding tightly to their jobs with few appealing alternatives.
Those who walked away told me they did so for a range of reasons: concerns about job security, changes in workplace culture, entrepreneurial ambitions, or a desire for more meaningful work. The common theme: they were seeking greater long-term control over their careers.
TikTok visibility and motherhood slowed the business
In addition to LaSane's main role at Google, she volunteered as a career coach through an internal program for Google employees. She said she enjoyed the work and led as many as eight 40-minute coaching sessions in a given week.
In 2022, after seven years with Google, her growing interest in coaching — among other factors — began laying the foundation for her eventual exit.
That February, she began making career-focused TikTok videos. Around the same time, she began questioning whether her role was the right fit for her after she worked hard for a promotion, earned it, and still felt an "empty feeling."
"I was taking meetings at 2 o'clock in the morning, my hair was falling out, it was not a great time," she said. "And then I got the promotion, and I felt worse than I did before."
After reassessing her priorities, she took another step toward career coaching. In May 2022, she formally launched SHYNE, a coaching company focused on helping corporate professionals navigate career transitions. Later that year, in October, she earned a certification in leadership and performance coaching from Brown University.
From there, LaSane began taking on clients in her spare time and generating a modest income. But two factors held her back from pursuing the business more aggressively: the time constraints of juggling a full-time job and her growing concerns about the visibility of her growing TikTok presence.
LaSane said a few Google colleagues mentioned seeing her videos, and while she was never discouraged from posting, she worried about the potential career implications of being so visible online. So she decided to scale back her posting.
"I think I was trying to balance having a business on the side, but also managing the internal corporate brand," she said.
In 2023, another development pulled her away from her side business: she became pregnant with twins. In May of that year, LaSane took a break from the business that lasted until around September 2024 — spanning her pregnancy and about 10 months away from work, including eight months of company-provided maternity leave and two months of vacation and medical leave. When she returned to Google in the fall, she also refocused on growing her business.
Going all in on entrepreneurship
LaSane decided to trade TikTok for LinkedIn as her primary platform — and leaned more into group coaching and live events. Then in early 2025, she began questioning more seriously whether her position at Google was still the right fit, as organizational changes — including a growing emphasis on AI — left her increasingly uncertain about her responsibilities and long-term path.
At the same time, she believed in her business's potential — and felt the eight to 20 hours a week she could devote to it outside work and family obligations were limiting its growth. She also weighed her job security at Google, which she felt wasn't guaranteed.
"Big Tech layoffs are happening everywhere, so it wasn't like staying there was necessarily any more stable than leaving," she said.
So when she learned about Google's buyout option and mulled it over, she decided to apply and was approved. After assessing her family's financial situation — which included her husband's income and her business earnings — she accepted the offer.
LaSane said that, on the whole, Google was a "great company to work for," adding that the community she built there is what she'll remember most fondly.
In recent months, LaSane said her business has evolved from a focus on one-on-one coaching into a "career studio" with workshops and group coaching programs. She's not currently taking a personal salary from the business, but said individual events and programs have generated revenue. She said last year's Dream Day event — a live coaching workshop — brought in about $3,000 in revenue.
Taylor M. LaSane said live coaching experiences are among the ways she hopes to grow her business.
Taylor M. LaSane
LaSane said she wants to give herself at least a year to pursue the business full-time before considering a pivot back to the corporate world.
"I thought about the story I wanted to tell my kids," she said. "That she took this kind of risk and was willing to bet on herself in this way — that's the story I want them to know. So I think bailing out too soon wouldn't fit the narrative."
Among her top pieces of advice for people navigating their careers: Chase the purpose and future you want — not the one you think you're supposed to have.
"If you get clear about that, everything else will fall in place," she said. "That's what happened for me."
Over 7 million borrowers who were enrolled in former President Joe Biden's SAVE student-loan repayment plan will soon have to transfer to a new plan after a court approved President Donald Trump's legalsettlement to eliminate SAVE.
While the Department of Education has not yet released its guidance on next steps for SAVE borrowers, the transition is set to be a major operational task for federal student-loan servicers. That could be a problem given diminished servicer oversight, a recent report from the Government Accountability Office said.
In addition to the lack of oversight, the Department of Education announced on March 19 that it would begin moving defaulted student-loan borrowers' accounts to the Treasury Department in a new partnership — part of the Trump administration's broader goal to dismantle the Department of Education. Borrower advocates said the move could put millions of accounts at risk of payment errors.
The GAO's report, released in early March, found that the department's Federal Student Aid office stopped assessing the five major federal student-loan servicers on accuracy and call quality in February 2025. The lack of oversight leaves FSA without assurance that servicers are billing borrowers correctly and providing them with accurate information.
"FSA is missing opportunities to ensure that servicers are providing borrowers complete and accurate information as it implements major statutory changes to student loan repayment options affecting millions of borrowers," the report said. Advocates pointed to the elimination of SAVE as a reason the discontinued oversight could harm borrowers.
Aissa Canchola Bañez, policy director at advocacy group Protect Borrowers, said in a statement that the GAO's report "could not come at a worse time, as millions of SAVE borrowers will be forced out of their repayment plan and have no other choice but to rely on their servicer to maintain access to an affordable repayment option."
The SAVE plan, introduced by Biden in 2023, intended to give borrowers cheaper monthly payments with a shorter timeline to debt relief. It's been blocked since the summer of 2024 due to litigation. While Trump's "big beautiful" spending legislation planned to phase out SAVE by 2028, the approved settlement eliminates it ahead of schedule.
It's not only SAVE borrowers — federal servicers will have to oversee the creation of new repayment plans from Trump's spending bill. It includes a standard repayment plan and a new Repayment Assistance Plan, which would allow for forgiveness after 30 years of payments. Rep. Bobby Scott, top Democrat on the House education committee, said in a statement that the GAO report should serve as a "flashing red warning sign about what is to come" as the administration implements the federal repayment overhaul with diminished servicer oversight.
Richard Lucas, acting chief operating officer of FSA, said that the agency has other metrics it uses to evaluate servicer performance, including through surveys that "score the servicers' performance across five measures each for borrower communications, contact center, and website support, as well as six measures for the servicers' management of loans."
It's unclear how soon SAVE borrowers will be required to transition to a new plan and likely face higher monthly payments. The settlement said that the Department of Education would not enroll any new borrowers in SAVE and would deny all pending applications while it moves forward with the repayment changes.
This as-told-to essay is based on a conversation with John Caudwell, the British billionaire founder of mobile phone businesses Phones 4u and Singlepoint, both of which he sold. Caudwell is raising three children with his partner, former Olympian Modesta Vžesniauskaitė, and now focuses on his childrens' charities and real estate investing. The following has been edited for length and clarity.
My family life is very dynamic. I have eight children, one of whom I'm the stepfather to. My youngest kids are 2 and 5 years old, and my oldest is 47.
I grew up in a little terraced house in the middle of Stoke-on-Trent, and I had next to nothing. I don't want my kids to have next to nothing, but I don't want to overcorrect the way that some rich people do.
For my older kids, when I was building my businesses, there was less time on a day-to-day basis, but it was quality time. I've always made quality time an absolute priority: almost never missing a sports day or prize-giving, things that were important.
Now, we do most of the parenting and don't have nannies. I have two housekeepers who help out, but school is the real answer, from 9 a.m. until 4 p.m. That gives them discipline, entertainment, interest, and education.
Flying economy and shopping at Primark
Everybody wants to be spoiled, but it's very important that we keep our kids' feet on the ground, so we are very controlled about how we approach luxury.
For instance, when we go on the superyacht for a family holiday, that's mainly a treat for me. The adult children have to make their own way to the boat. The younger ones travel in economy with Modesta — I'll take business class most of the time — and we take the budget airline easyJet. We have to demonstrate to them what normal life is like.
They have virtually no designer clothes — maybe some that they got as presents, but we buy them clothes from Zara and Primark. If you go to Gucci and pay a thousand pounds, are the kids any happier? No, they're not. Do they end up having a very spoiled attitude? Yeah, they probably do.
When we take them to a restaurant, they'll have chicken nuggets and chips, and the younger ones share a plate. I hate wasting food. I always remember, when one of my daughters was young, we went to a restaurant, and she asked, "Daddy, would you really mind on this occasion if I had steak and chips?" You see kids out there just ordering lobster, and my kids would never dream of it.
When it comes to spoiling, one early mistake we made was buying them too much at Christmas. Not expensive gifts, but too many of them. They'd scramble through all the boxes and end up playing with a cardboard box. Now, we take a much more frugal approach; two or three Christmas presents are more than enough.
Our financial support is a very frugal help line that encourages them to achieve their own success. It supports them while they're in school so they can focus on being good students. It doesn't pay for them to go out to nightclubs or have expensive meals. My support is very much related to the effort they put into their lives.
My adult children are all busy making their own careers. One of my daughters is a psychotherapist, one works in real estate, and another works at a bank. One of my sons is a musician, writing and producing songs, and another is getting his real estate license.
The golden rule
The one thing I always do is that no matter what happens in your child's life, you're constantly telling them you love them.
No matter how much I have to punish them, it's always followed by, "Well, of course, I love you, darling. I love you very much, but I have to discipline you because you have to grow up to be meaningful, good people."
That's been consistent: I don't really want anything from them in life other than for them to be happy and leave the world a better place than they found it.
What does it matter if they're rich, if they're unhappy? What does it matter if they're an Olympian, if they're unhappy?
If every kid could grow up to aspire to those goals, which of course is very difficult to achieve, what a wonderful life for our children, but also what a wonderful place for the world to be.
Two consumer bankruptcy attorneys said they're seeing more young clients.
Catherine Falls Commercial/Getty Images
Two consumer bankruptcy attorneys said they're seeing more younger clients.
The lawyers cited rising living costs and stagnant wages as drivers of the trend.
They also said they're seeing more clients with massive debt, thanks to online gambling.
For some young adults crushed by heavy debt loads, bankruptcy has emerged as an escape hatch.
Two consumer bankruptcy attorneys told Business Insider they've seen a noticeable uptick in Gen Z and young millennial clients, ages of 25 and 35, in recent years — with one saying their share has increasedseveralfold.
The lawyers pointed to soaring living costs, lagging wages, and the ease of racking up credit card debt as key forces behind the trend. Factors like buy now, pay later loans and online betting are accelerating the rate at which some young people spiral into debt, they said.
"We're definitely seeing more young filers, and it's not because they're irresponsible," said Florida bankruptcy attorney Chad Van Horn. "It's because they entered adulthood during one of the most financially distorted environments in decades."
Personal bankruptcy filings in the United States have been on the rise since their COVID pandemic-era low in 2022. Still, they remain far short of the post-Great Recession peak in 2010, when cases topped about 1.5 million.
More than 533,000 individual bankruptcy cases were filed last year, according to the American Bankruptcy Institute, citing data from Epiq Bankruptcy Analytics.
Nearly 333,000 of those 2025 filings were Chapter 7 cases — the most common form of personal bankruptcy — which can erase most unsecured debts, including credit card balances or medical bills.
Chapter 13 filings, which involve a repayment plan to pay down some or all debts, accounted for just over 200,000 cases.
"What we're seeing is sort of the hangover from several years of government stimulus and all the various economic things that have driven up costs and expenses while keeping wages fairly flat," said Ed Boltz, a North Carolina bankruptcy attorney.
High consumer debt for young filers
Although there's no comprehensive, official data source tracking the ages of bankruptcy filers in the US, both Boltz and Van Horn said young adults are now showing up in greater numbers than before, pushing Van Horn's firm to rethink how it markets to clients.
"It's extremely surprising," said Van Horn, adding that 30% to 35% of his firm's roughly 4,000 clients last year were between the ages of 25 and 35. Historically, he said, that age group made up just 5% to 10% of the caseload.
The surge in younger clients has forced Van Horn's law firm to change its marketing strategy, the attorney said.
"We need to be where the 25 to 35 year olds are because they're not necessarily in the same place that the 55 year old is getting their information from," said Van Horn.
As Business Insider has previously reported, a wave of recent TikTok videos shows young people championing bankruptcy as a way to wipe out massive amounts of debt. Some called bankruptcy the "best" decision they've ever made.
Boltz said his firm handled about 2,000 bankruptcy cases in 2025, with about 20% of clients in the 25 to 35 range. He noted that it's unclear whether young adults now represent a larger share of filers overall or whether the increase reflects the broader rise in cases.
Even so, Boltz said his firm has seen the greatest growth in bankruptcy filings from young adults and seniors in recent years.
Young filers often carry significant student loan debt, which is generally not dischargeable in bankruptcy. They also face escalating housing and living costs that put more strain on their budgets, the attorneys said.
Ready access to credit cards, personal loans, and buy now, pay later programs has compounded the problem, making it easy for young people to rack up debt quickly, they said.
"That formula is just a bad formula for Gen Z," said Van Horn, who explained that many once relied on gig work to close budget gaps. "But a lot of them are burning out, and that work isn't paying what it used to."
He said substantial consumer debt is a common factor among his younger clients. And for some, online sports betting has become a major contributor to that debt.
Gambling debts are also on the rise
Both Van Horn and Boltz told Business Insider that they've been seeing a growing number of young clients — men in particular — with tens of thousands of dollars in credit card debt accumulated through online gambling.
"The gambling is really the one that has in the last year, year and a half, really taken off," Boltz said, adding, "We've started to see people with $20,000, $30,000, $40,000 of fairly rapid credit card that they've incurred" through online betting.
Van Horn said he's increasingly seen younger people get "addicted to gambling," a trend he believes is being amplified by a culture of FOMO or fear of missing out.
It's the idea, he said, that "everybody's making money, everybody's having fun" and then "you get involved, and you lose all your money."
Popular sports betting companies like DraftKings and FanDuel have recently stopped accepting credit card deposits for bets. DraftKings ended the practice in August, and FanDuel followed earlier this month.
The crypto-based prediction market Polymarket has allowed users to fund their accounts with credit cards since 2024.
"We are seeing a lot more where we have clients who are very young, mid 20s, early 30s, who overwhelmingly tend to be men, who have run up pretty massive credit card debts gambling," said Boltz.
"The apps are explicitly designed to part you from your money."
Are you a young person who has filed for bankruptcy or is considering filing for bankruptcy? Contact this reporter via email at nmusumeci@businessinsider.com.
Caleb Hammer says he doesn't see Americans' overspending woes going away anytime soon.
Caleb Hammer via YouTube
YouTuber Caleb Hammer drags people for their poor financial decisions on his show "Financial Audit."
He revealed the one mistake he sees people make the most — and why it's not entirely their fault.
He also shared what he splurges on, having paid down his own debt.
YouTuber Caleb Hammer has built a career digging into people's poor money decisions on his show, "Financial Audit."
He says there's one mistake he sees most consistently.
"It's the cars," he said during a wide-ranging interview with Business Insider. "People are obsessed with getting whatever big truck or SUV that has the new year on it. And they say it's the safety features, because, you know, we were making cars one year ago that were just killing everyone. So you've got to get the 2027 Ford F-150 Turbo edition."
Hammer, who also sells a budgeting app, Dollarwise, and financial education courses, conceded that it's not entirely people's fault that they fall into the car trap.
"You need to have a car to have a job, and you need to have a job to have a car," he said. "We have that endless loop because we have horrible public infrastructure in this country. We built everything around the car. So people are stuck in that loop."
Still, he said, people will also try to justify spending beyond their means on their "dream car."
"It doesn't make sense," he continued.
Hammer, 31, speaks from experience. He once racked up $120,000 in debt by paying for college, a car, and some impulse buys. He taught himself about money management, which inspired him to start his show.
Now, he has a mortgage and a modest amount of debt, and has shifted his priorities. He spends on the occasional dinner out, his dogs, and hiring good people for his company.
"I still love McDonald's," he said. "I try not to get it, and my girlfriend doesn't want me to because it's bad for me. But at least I can afford it."
Hammer said he doesn't see the financial situation of everyday Americans improving anytime soon, especially with the rise of buy-now-pay-later services.
"With Klarna being baked into everything and Afterpay, unfortunately, I have a feeling the show's going to be going till I'm done," he said.
Working from home will conserve fuel by removing commutes, the IEA says.
Maxim Konankov/NurPhoto via Getty Images
The International Energy Agency released new guidance for people and governments as oil prices soar.
First on the list of recommendations: Work from home if you can.
The IEA also suggests minimizing air travel and driving more slowly on the highway.
The International Energy Agency, one of the world's most important energy groups, has issued 10 measures for governments, businesses, and households to take immediately as oil prices soar.
First on the list: Work from home where possible. This will reduce the use of oil used on commutes,the IEA wrote on its website on Friday.
Other measures the IEA suggests include reducing highway speed limits by at least six miles per hour, car sharing, cutting air travel, and using public transport more.
The IEA said that cutting down on business flights "can quickly ease pressure on jet fuel markets."
The agency also suggests switching to electric cooking and shifting bi-fuel and converted vehicles from liquefied petroleum gas (LPG) to gasoline where possible.
The price of Brent crude, the international oil benchmark, is around $106 per barrel on Friday, having risen to nearly $120 a barrel on Thursday following an attack by Iran on a major liquefied natural gas complex in Qatar.
The war in the Middle East continues to disrupt global supply chains, sending oil prices above $100 a barrel for the first time since 2022.
"The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market. In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe," IEA Executive Director Fatih Birol said in a statement.
The IEA advises governments and businesses on how to ensure energy systems are stable, sustainable, and affordable. The agency comprises 32 member countries, including the US and the UK.
It warned that the new measures, while potentially effective, cannot completely offset the disruption to the energy markets caused by the war.
"They can play a meaningful role in lowering costs for consumers, reducing markets strains and preserving fuels for essential uses until normal flows resume," it said.
Some countries have already taken measures to reduce energy use, especially those reliant on oil from the Middle East. The Indian government said in early March that non-domestic supplies from imported LPG were being prioritized for essential sectors.
The spike in crude has led to rising fuel costs for Americans. Although the US has not issued any guidance on how to lessen the impact, Business Insider's Sarah E. Needleman and Tim Paradis reported that some companies are allowing employees to work more from home.
Nations across the world are taking steps to mitigate the impact of oil price spikes.
These include flexible working arrangements and reducing non-essential journeys.
Countries heavily reliant on Middle Eastern oil are particularly vulnerable to the war's impact.
Governments around the world are urging people to cut back on energy use amid surging oil prices.
Brent crude, the global benchmark, has climbed above $100 a barrel for the first time since 2022 and has held there for nearly two weeks.
The spike follows violent attacks on ships in the Strait of Hormuz since the outbreak of the Iran war and strikes on gas-related infrastructure, raising fears of prolonged disruptions to a route that carries roughly 20% of the world's supply chain.
In response, countries are rolling out measures to conserve fuel and protect domestic supplies. Thailand, for example, has said it will halt fuel exports to maintain its own energy demands, while other countries are asking citizens to pare back their consumption.
Here are some of the steps governments and international organizations are telling people to take.
International Energy Agency
Jonathan Raa/NurPhoto via Getty Images
The International Energy Agency, one of the world's most important energy groups, has issued 10 measures it says governments, businesses, and consumers can take immediately to help ease the impact of disruptions in oil markets.
These include working from home, avoiding air travel, and encouraging the use of electric cooking equipment.
Other steps include reducing highway speed limits by at least six miles per hour, car sharing, cutting air travel, and using public transport more.
The IEA said in the report that "the demand-side measures highlighted in the report cannot match the scale of disrupted supply."
However, it said "they can play a meaningful role in lowering costs for consumers, reducing markets strains and preserving fuels for essential uses until normal flows resume."
Philippines
Philippine Presidential Com. Office/Anadolu via Getty Images
The Philippines has taken several measures in order to bring down energy use, including a four-day workweek for government staff and orders to cut the use of electricity and fuel costs in government agencies.
Government offices were told in early March to implement flexible working arrangements where practical, turn off lights and computers during lunch breaks, and adjust air conditioning unit thermostats to no lower than 75 degrees.
President Ferdinand Marcos Jr. said in a video message that the four-day workweek would be temporary and does not include emergency services.
"With the expected global oil price increase, the government is preparing measures to reduce its impact on Filipino families," the Facebook caption for the video said.
The Philippines is vulnerable to disruptions caused by the conflict, as it "relies on the Middle East for almost 90% of its oil supply," according to ING Think.
On March 18, Marcos said that the country is seeking alternative sources of petroleum products and asked the public not to worry.
"We are trying to find different methods to provide subsidies to give assistance," said Marcos in a press address. "The problem is that oil prices are very volatile. We can't anticipate them. So we are still adjusting right now."
Australia
Australia
Claudio Galdames/Anadolu via Getty Images
While no official rationing has been implemented in Australia, local media in at least two of the country's states reported that some fuel stations had begun limiting the amount of fuel customers can buy.
In comments to the media on Monday, March 9, Australia's energy minister Chris Bowen said that there is no shortage of fuel in Australia, but there are "some supply chain issues which are really being caused by a spike in demand of people seeking to buy extra diesel."
United Kingdom
The AA provides breakdown cover, as well as finance, insurance, leisure and lifestyle services, in the UK.
Ian Forsyth/Getty Images
The president of the AA, the UK's largest motoring organization, advised drivers on Monday, March 9, that although they "should not change their refuelling habits," they could "consider cutting out some non-essential journeys and changing their driving style to conserve fuel."
Edmund King, AA's president, added: "Any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.
"There will be gradual increases in pump prices, but this shouldn't happen overnight as fuel has been purchased at previous prices."
Keir Starmer, the UK prime minister, said that the government would support citizens during the oil price spike.
"No matter the headwinds, supporting working people and their families with the cost of living is always top of my mind," he said.
Thailand
Thai Prime Minister Anutin Charnvirakul
Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images
Prime Minister Anutin Charnvirakul urged citizens not to stockpile fuel. His comments came after long lines formed at gas stations across the country last week.
In early March, Anutin and the country's energy minister gave assurances that the diesel price would be capped for at least 15 days. He said that the Commerce Ministry was closely monitoring oil prices to prevent customer exploitation.
"Stockpiling fuel is dangerous. If you store it at home, it could accidentally cause fire — it could lead to all sorts of problems," he said. "There is no need to do that today."
India
Narinder NANU / AFP via Getty Images
The Indian government invoked emergency powers on March 10to divert liquefied petroleum gas supplies away from industrial users and toward households.
This was an expansion of previous measures. On March 9, India had ordered oil refineries to produce more LPG and said it was prioritizing that supply for households.
India's Ministry of Petroleum and Natural Gas said in a tweet on Monday that non-domestic supplies from imported LPG were being prioritized for essential sectors, such as hospitals and educational institutions.
Vietnam
Nhac NGUYEN / AFP via Getty Images
Vietnam has urged local businesses to encourage employees to work from home in order to save fuel.
This comes after the country said it would remove tariffs on fuel imports.
Pakistan
Muhammed Semih Ugurlu/Anadolu via Getty Images
Pakistan has ordered measures to conserve fuel and reduce government spending, including implementing a four-day work week, having half of public sector employees work from home, and closing schools for two weeks.
Other measures include a pause on salaries for cabinet ministers and cutting government spending by 20%, Prime Minister Shehbaz Sharif announced on March 10.
Sri Lanka
tktk
Ishara S. KODIKARA / AFP via Getty Images
Sri Lanka has made Wednesdays a public holiday to conserve fuel as the country braces for potential fuel shortages, according to the BBC.
"We must prepare for the worst, but hope for the best," President Anura Kumara Dissanayake said on March 9.
The shortened workweek will apply to schools and universities, but "essential" services like hospitals will keep the lights on.
Denmark
Kristian Tuxen Ladegaard Berg/NurPhoto via Getty Images
Denmark is urging citizens to reduce fuel.
"What the Danes should please, please, please do is that if there is any energy consumption that you can do without, if it is not strictly necessary to drive the car, then don't do it," Lars Aagaard, Denmark's energy and utilities minister, said during an interview with a local broadcaster on Wednesday.
"Firstly, it can be felt in the private wallet, and secondly, it can help stretch our reserves so that they last longer," Aagaard added.
Bangladesh
Mohammad Ponir Hossain/REUTERS
Bangladesh's university students just got an early start to their Ramadan holidays, thanks to fuel conservation measures.
The country announced by mid-March that main colleges could cancel classes until later in the month. The government has shut down campuses completely to save electricity and has started imposing temporary blackouts for other facilities.
Egypt
KHALED DESOUKI/AFP via Getty Images
Egypt is enforcing some lifestyle changes to conserve gas and oil.
For a country that is used to shopping and dining well into the night, malls, restaurants, and retailers are being asked to shut down at 9 p.m. on weekdays starting on March 28.
The country also announced plans to turn off illuminated billboards and reduce public lighting, and to close government buildings by 6 p.m.
Spain
A woman refueling gasoline at a Plenergy low cost gas station in Madrid.
Marcos del Mazo/LightRocket via Getty Images
Spain's government has approved a $5.8 billion aid package to ease the economic effects of the war in the Middle East, Bloomberg reported.
The plan includes reducing VAT on electricity and gas from 21% to 10%, slashing the special electricity tax from 5% to 0.5%, and suspending the tax on electricity production, Prime Minister Pedro Sánchez said.
A subsidy of 20 cents per liter of fuel is being introduced for transport operators, farmers, and fishmongers, while the government will cover 80% of the electricity-grid charges for energy-intensive industries.
Nancy Hagans, president of the New York State Nurses Association, at a recent union rally.
Paul Frangipane/Photo by Paul Frangipane, Courtesy of the NY Nurses Association
Nancy Hagans is an intensive care unit nurse in NYC and union president.
She told Business Insider about how health tech has changed during her 39-year career.
Each shift is intense, but Hagans said nursing is the most rewarding job she's ever done.
This as-told-to essay is based on a conversation with Nancy Hagans, a nurse in the intensive care unit at New York City's Maimonides Medical Center and president of the New York State Nurses Association. The union ended a 41-day strike in February, securing raises and layoff protections for staff. This conversation has been edited for length and clarity.
I wake up 5:30 a.m. each morning, say my daily prayer, have a cup of coffee, and arrive at work at least half an hour early.
I've been a registered nurse for the past 39 years, and most of my work is in the surgical intensive care unit. I start my shift by greeting the night nurses and checking on my patients, but there's rarely a routine day at the ICU — it could be quiet one minute and the next minute, everything is happening. My hospital is a trauma center, so I could walk into an emergency before I even put my coat down.
I decided to become a nurse because I'm from Haiti, and my Haitian patients were discriminated against. Going to the hospital was very hard, and I wanted to be in a situation where I could make a difference for immigrant communities.
The profession is extremely rewarding. The nurse is the first person patients see when they walk in, and the last person they see when they leave. In stressful situations, the patient depends on their nurse. I may have to walk away, wipe my eyes, and take a deep breath, but then I go back to their room and think: What is it that I could do to make this person better? How can I alleviate their anxiety?
If you're nervous, odds are the patient is nervous, and the family is nervous. I have to be the advocate for my patients. It's my job to make sure they are receiving the proper medications and are seen quickly by the doctors. Every patient is a VIP, and I treat them with the highest quality of care — regardless of their religion, background, and immigration status.
Technology has changed throughout my career, and I welcome the help. When I first became a nurse, I had to do everything myself. I calculated medication doses and hand-wrote patient reports. Computers are much faster at organizing these treatment notes, doing math, and protecting sensitive information. It's not a replacement for the human touch, but it helps us document our care more effectively and spend more time with patients.
When it comes to care, we are not going to cut corners. We're not going to stop fighting for our patients, our colleagues, our pay, and safe staffing ratios at our workplaces — because more nurses means better care. I need people to know that nurses are the front line, they're the backbone of every hospital. The medical field can't operate without us. We keep our patients alive.
I would encourage students to think about nursing as a profession. About a year-and-a-half ago, I ran into a former patient in a supermarket. Standing in the aisle, this former patient told me, "You don't remember me, but I could never forget you."
Some shipping companies, including FedEx, are willing to help their customers obtain IEEPA tariff refunds.
Benoit Tessier/Reuters
If you made an overseas purchase in 2025, the government may owe you money.
The Customs and Border Protection could start rolling out IEEPA tariff refunds as soon as April.
Some shipping companies are willing to help you obtain IEEPA tariff refunds.
If you made an overseas purchase last year that required shipping, the federal government may owe you money.
After Trump ended the de minimis exemption last year, purchasing an item straight from an international vendor, regardless of the item's value, meant incurring International Emergency Economic Powers Act tariffs.
Now, thanks to a ruling by the Supreme Court that overturned Trump's IEEPA tariffs, and a ruling by the Court of International Trade ruled that all tariffs paid under IEEPA must be returned, buyers may be able to collect a refund.
The Customs and Border Protection said in a declaration on March 6 that it could start rolling out refunds as soon as April, after some technological updates to its system. The CIT estimates that the CBP owes $165 billion in duties that must be refunded with interest, with about $650 million accruing each month.
Even though Trump introduced a new 10% "global tariff" under Section 122, meaning that overseas purchases will continue to face an extra charge, some shipping companies told Business Insider they are willing to help consumers claw back what they paid under the IEEPA.
From FedEx to USPS, here is what different companies are saying about refunding tariffs paid by individual consumers.
Some companies are willing to help
FedEx was the first company to file a lawsuit with the CIT to secure "a full refund" after the Supreme Court decision.
A spokesperson for FedEx told Business Insider that the lawsuit was "on behalf of our customers" and that the company is committed to returning tariff costs.
"Our intent is straightforward: if refunds are issued to FedEx, we will issue refunds to the shippers and consumers who originally bore those charges," the spokesperson said.
"When that will happen, and the exact process for requesting and issuing refunds will depend in part on future guidance from the government and the court," the spokesperson added.
Similar to FedEx, UPS told Business Insider that the company will support customers in obtaining IEEPA tariff refunds after a process is established by relevant agencies.
"We remain focused on keeping shipments moving and helping ensure our customers can fully exercise their rights throughout this complex process," said a UPS spokesperson.
Morgan & Morgan alsofiled a proposed class action lawsuit in March against FedEx to recover the costs of import duties and fees associated with IEEPA in a legally binding manner.
"While FedEx has stated publicly that they plan to return those funds to their customers, the company did not make any legally binding statements to that effect in their complaint," said Morgan & Morgan in a statement to Business Insider, "Nor have they mentioned any plan to refund the significant ancillary fees they charged for processing those tariffs."
Other major companies
USPS is one of the most popular and affordable methods of shipping small goods, but it can be complicated as a government-owned entity.
USPS has been collecting tariffs for items via its prepaid "Delivered Duty Paid" service, mostly to avoid surprise fees and a buildup of abandoned small items at the border. Unlike FedEx or UPS, it is an independent agency that belongs to the executive branch of the federal government.
Though USPS pays for its own operations and is not funded by taxpayers, it is legally complicated for federal agencies to sue each other in court because they are part of the same legal entity, so it is unknown if USPS could obtain refunds for shippers or receivers through legal means. According to the Department of Justice website, a government agency can sue another only if it can prove a concrete adversity of interest.
A USPS spokesperson told Business Insider that the CBP is responsible for questions regarding the "disposition of tariff monies."
The CBP and shipping company DHL did not respond to requests for comment.
Jerome Powell will lead his second-to-last Federal Reserve meeting as chair this week.
Kevin Dietsch/Getty Images
The Federal Reserve will announce its March interest rate decision on Wednesday afternoon.
It's likely the FOMC will hold rates steady, especially as the Iran war has sent oil markets into chaos.
The Fed will also release its first economic projections of 2026.
It's been a tumultuous few weeks for the US economy, and the Federal Reserve is paying attention.
The central bank will announce its second interest-rate decision of 2026 on Wednesday afternoon, with CME FedWatch predicting a near-total chance of a rate hold based on market moves. The Fed cut rates three times in the second half of 2025, and has penciled in at least one rate cut for the new year. For consumers, these policy decisions affect inflation, the job market, and borrowing costs.
At the March meeting, Fed leaders will consider the dismal February job growth report, steady inflation rate up through last month, first-quarter business outlook, and the budding energy and oil crisis in Iran. This is also Jerome Powell's second-to-last meeting as chair. He's set to be replaced by ex-Wall Streeter and Trump appointee Kevin Warsh in May if Warsh is confirmed by the Senate.
Here's what you need to know ahead of the decision.
The Fed has a near-total chance of holding rates
It's likely that the Fed will take a conservative approach to monetary policy in March. Holding rates steady could help control inflation. The ongoing Iran war has raised the price of gas and oil — something that's likely to impact everything from plane tickets to grocery costs over the next several months unless the situation improves. The February consumer price index, released March 11, increased 2.4% year over year, the same rise as in January. However, this figure doesn't yet reflect the spike in energy prices, as the overwhelming majority of the data predate the start of the conflict.
The Strait of Hormuz — a major trade throughfare between the Persian Gulf and the Gulf of Oman — has been largely closed by Iran's leadership since early March. The move is cutting off about 20% of global oil production, causing market volatility. Oil prices recently surged past $100 a barrel, and while they've calmed slightly, the key commodity is still far more expensive than it was before the war.
Mark Hamrick, senior economic analyst at Bankrate, told Business Insider the oil shock "creates a real problem for consumers in the broader economy at a time when affordability challenges have already been first and foremost in terms of the major issue that voters and consumers have been railing against."
Oil isn't the only commodity choked off by the closure of the Strait — the hit to fertilizer prices could soon cause food costs to rise if the war continues.
The job market, meanwhile, is showing clear signs of weakness. The disappointing February jobs report showed that US lost 92,000 jobs that month. The unemployment rate also inched up to 4.4%. This is a contrast from January growth and the central bank's optimistic employment outlook at their last meeting.
"The January report saw a really stark reversal from the slow movement in 2025, and there was a lot of expectation that this momentum would continue and keep pace. And that was not the case for February," Nicole Bachaud, an economist at ZipRecruiter, said.
Cory Stahle, an economist at Indeed Hiring Lab, advised people to look at the broader job market trend after the US got one good January report and a bad one in February. Still, as Stahle pointed out, the US basically hasn't created jobs in the past six months.
The Fed will also release its quarterly economic projections on Wednesday, offering a window into its rate decisions for the remainder of the year. With a recent track record of policy disagreements among Fed leaders, it's possible there will be a wide range of predictions.
What the Fed's decision means for consumers
Fed decisions impact mortgage and credit card rates, auto loans, inflation, and job market churn over time. Lower rates may juice a sluggish job market, at the risk of pushing consumer prices higher. Powell and the Federal Open Market Committee will weigh which side of their dual mandate to prioritize. The bank's inflation goal is 2%.
If the Fed holds rates, Americans' finances will remain largely unchanged. Mortgage, auto, and credit rates tend to fluctuate alongside the federal funds, though it takes a pattern of decisions before interest rates change noticeably for consumers. Businesses and job seekers hoping for cheaper borrowing and a hotter labor market might have to wait until later this year.
Powell said at the last Federal Open Market Committee press conference in January that America's economy is coming into the year "on a firm footing," but "policy is not on a preset course, and we will make our decisions on a meeting-by-meeting basis."
Leadership changes are imminent
Trump has nominated Warsh, a former bank executive and central bank governor, to succeed Powell as Fed chair. Warsh has a reputation for hawkish monetary policy and for being tough on inflation, and it's unclear whether he will follow through on Trump's request for more rate cuts.
Matt Colyar, an economist at Moody's Analytics, said the inflation story will be interesting to follow.
"You got a Fed chair tapped because he got the job because of his stated intention of lowering interest rates, and now you're going to get an inflationary shock that's going to push up prices with no real clear end game in sight," Colyar said about the oil shock and spillover effects from the Iran war.
Warsh's nomination is shadowed by tensions between the central bank and the White House. Fed Governor Lisa Cook's case was heard by the Supreme Court earlier this year after Trump accused her of mortgage fraud, which her legal team denies. Powell also announced in January that the Department of Justice launched a probe — which is still ongoing — into the Fed's handling of construction at its Washington, DC, buildings.
The probe sparked major concerns about political pressure on interest rates and Fed independence. Last week, federal judge James Boasberg squashed two subpoenas from the DOJ as part of the probe.
"A mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning," Boasberg said.
Senators from across the aisle, including retiring North Carolina Republican Thom Tillis, who sits on the Senate Committee on Banking, Housing, and Urban Affairs, have signaled that they will oppose a confirmation vote for Warsh or any of Trump's Fed picks because of the DOJ probe. These confirmation hearings have not yet been scheduled, though Powell's term ends May 15.
The president hopes to see a rate cut sooner rather than later.
"Where is the Federal Reserve Chairman, Jerome 'Too Late' Powell, today?" Trump posted on March 12. "He should be dropping Interest Rates, IMMEDIATELY, not waiting for the next meeting!"
People love to complain about baby boomers, including that they have a lot of stuff. They're hoarding all the houses, they're keeping all the money, they're materialists who have accumulated an exorbitant amount of possessions. There are a couple of problems with these gripes: For one, no generation is a monolith, and everybody amasses things over the course of their lives, so back off. But more importantly, youths and slightly-beyond-youths, the stuff pileup is actually to your benefit.
The golden age of boomer estate sales is upon us, and while you probably don't want all the wedding china that's about to flood the market, there's a lot of other neat stuff you can pick up. Think knickknacks for Gen Z maximalists, midcentury modern decor, and so much silver that one estate seller says the weighing it all makes her team "feel like drug dealers." Over the next couple of decades, baby boomers' stuff has to go somewhere, and that rehoming process is increasingly taking place at estate sales.
"I call it the tsunami of stuff," says Julie Hall, the director of the American Society of Estate Liquidators. "It's cresting."
There are … a lot of baby boomers. America's over-65 population reached 55.8 million in 2020, and an additional 42.4 million are in the 55-64 age group (which, yes, catches some Gen Xers). This adds up to nearly 100 million people who have amassed a large amount of possessions — stuff they bought, stuff they got from their own parents, stuff their kids stuck them with.
"They kept everything," says Sarah Hersh, one of the owners of Ben Hersh Estate Sales in New Jersey. Boomers were the first American generation to come up in an era of mass production and blatant consumerism, and many of the things they bought were built to last. "When we go into these houses of the boomer generation, they're packed to the rafters with stuff from the mid-century to current."
You can't take it with you, and there are plenty of people willing to scoop up the stuff you've left behind.
Many elders would prefer to keep all of this stuff in the family, but their kids, grandkids, nieces, and nephews don't want to inherit much, or simply don't have the space. Enter the estate sale — pop-up limited-time museums of a person's life, where everything on the premises is for sale.
"Boomers were an era of collectors. They believed in entertaining, and they believed their possessions had value, so they were proud to amass large collections of things to display to the world," Hersh says. "We don't really live like that anymore, but those things make for excellent inventory for resellers and the new younger generation of consumers who are into that vibe."
Gen Z likes the appeal of sustainability, plus they're into "cottagecore" and "grandmacore" aesthetics. Millennials and Gen X want midcentury modern and utilitarian pieces.
I recognize estate sales can sound a bit morbid at first, but not all offloadings come after a funeral. There are actually four Ds to estate sales: downsizing, divorce, decorating, and, yes, death. That latter one may give you the heebie jeebies, but as the saying goes, you can't take it with you, and there are plenty of people willing to scoop up the stuff you've left behind.
Janelle Stone, a high-end estate liquidator, operates out of what she calls the "mecca of estate sales" — Dallas — and sees her line of work as a goldmine. After decades of minimalism in fashion and design, maximalism is back. She's started buying plate hangers to put dishes on display again and marvels at 20-something shoppers grabbing various tchotchkes. Furs have gone "insane," she says, and the same goes for vintage fashion. Customers will wait in line for two hours for a Herend porcelain starfish they've scoped out online prior to the sale. "You're never going to completely clear a house, but it's pretty amazing," she says. "People know what they want, and they come and buy."
It's a huge moment for sterling, given the increase in the price of silver, which hit an all-time high of over $120 per ounce at the start of the year. (It's since come back down but is still in the $85 range.) Stone tells me it's affected how they price it — they can't be as aggressive, because nobody can afford to pay $16,000 for an eight-piece silverware set, and the smelters are so inundated they might not even take it. Hence the drug dealer analogy: "We have to weigh it out. I mean, we look like drug dealers with our gram scales and baggies everywhere," she says.
Hersh, in New Jersey, concurs on the popularity of sterling silver and vintage clothes, and adds that vintage collectibles, jewelry, toys, and electronics are also a big draw.
Not everything is flying off the estate sale shelves. Hersh says midcentury modern furniture still sells, but "it's not as strong as it was." Few buyers are into china, etched crystal, and glass. The big brown furniture that's long sat in baby boomers' and the silent generation's homes often goes unwanted.
"A general rule of thumb is the bigger and heavier and darker a piece is, the more likely it's going to remain there and not be sold," Hall says. Younger generations tend to prefer smaller, portable pieces. Hersh tells me clear glass isn't a popular seller "no matter what you do."
I recently witnessed this for myself at an estate sale in Long Island, New York. It was a lazy Sunday, so I showed up during the last hour of a five-hour sale. The first thing I noticed when I walked into the kitchen was two sets of china, one of which looked very similar to the set my mother has. Around the corner was a big brown hutch filled with stacks of crystal and clear glassware, and there was more in the basement. My main thought was we should shut down Ikea immediately and never buy new dishes or glasses again.
The internet has changed and accelerated the scale of the estate industry, just as it has every other part of the economy. Everyone can look up what everything costs, so sellers have to do their research and can't simply guesstimate a fair price anymore. Sellers often post what's available online ahead of time, so buyers can pinpoint exactly what they want before they show up in person.
And then there are the resellers — technology has given birth to a plethora of resale platforms, from eBay to Depop to Whatnot, and droves of people eager to turn flipping used stuff into a side hustle or even a full-time gig. Most of the estate sellers and aficionados I spoke to for this story had tales about this development. Hersh tells me resellers are "vicious," and on certain sales, flipped me up the first 50 people in line. "They are like elbowing each other out of spaces to get to stuff," she says.
Hall points out that the resellers are generally a positive for estate sales — after all, the goal is to get rid of everything in the house, and who cares if someone plans to put it on eBay for triple the price. But they can be pushy, asking for deals. "Resellers sometimes want more of a bargain, and a lot of times we cannot give it to them on the first day," she says. "It's not for the faint of heart."
My recent estate sale experience included this very cool basement bar, and a lot of unwanted items.
Emily Stewart/Business insider
Maddy Brannon, an estate sale influencer based in Washington, DC, says she prefers to hit up estate sales later in the day so she doesn't have to duke it out with the pros. She stumbled into the market when she and her husband were looking to furnish their home, and now she uses her experience to pass along useful tips to the noobs.
"You don't need to be the first person at the estate sale unless you saw something on the listing you absolutely have to have," she says. She's not sure if it's the "Disney World effect" or what, but people worry about long lines and feel like they must be first in at all costs. Plus, later in the day, you're more likely to get a discount.
Brannon's other pieces of advice included going during the week to avoid crowds and making sure you understand the rules of getting in — for some sales, waiting in line isn't enough. Instead, the executor will call you in by name or number. And don't shop off the "hold" table, where shoppers place items they want to buy. "People get really upset about that," she says.
There's genuinely something quite nice to all of this, albeit awkward. We spend our lives accumulating things and, over time, getting attached to them. Getting rid of them can be emotionally fraught, especially if we'd hoped our loved ones would want them or believed they'd hold more value than they do. For many people, it's a hard pill to swallow that their kids don't want their prized tea set, but acknowledging that is also permission to let it go.
There's a peculiar sense of intimacy to estate sales — you walk through someone's home, touch their things, look through their drawers, and get to make up stories about them based on their possessions. The golden age of estate sales isn't just about the "goldmine" of inventory or the "vicious" hustle of the resale market, it's about the way we experience life through tangible items — and how those things can live multiple lives, even ones we're not involved in.
So next time you see an estate sale nearby because your boomer neighbors are finally selling their family home and moving to a condo in Florida, instead of begrudging that it took so long, pop over to see if you can pick up a vintage Le Creuset.
Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy.
Ukrainian President Volodymyr Zelenskyy speaks at an event in Paris.
Alain JOCARD / AFP via Getty Images
Russia has clawed back about 10% of its 2026 oil trade deficit this month, Zelenskyy said.
Two weeks of war in the Middle East earned Moscow about $10 billion, he said, citing Ukrainian intel.
The Trump administration is also easing sanctions on Russian oil for about 4 weeks.
Ukrainian President Volodymyr Zelenskyy said on Sunday that Russia had earned $10 billion in two weeks of the US-Israeli war with Iran.
That's about 10% of what Moscow has lost in the oil trade so far this year, he said in a post on X.
Zelenskyy wrote that Ukrainian intelligence reports indicated that global oil sanctions and Kyiv's strikes on Russian energy infrastructure had pushed Moscow's deficit for 2026 to over $100 billion.
"Now we see they have made around 10 billion over two weeks of the war in the Middle East," Zelenskyy wrote. "This is really dangerous. It gives Putin more confidence that he can continue the war."
"The situation around Iran brings him more money," Zelenskyy added of Russia's president, Vladimir Putin.
His remarks come as oil prices skyrocketed in the weeks after the US and Israel launched Operation Epic Fury on February 28. Both have heavily bombed Iran's oil infrastructure, which produces crude primarily for Asian markets, while Tehran's retaliatory strikes have also damaged energy facilities in the Middle East.
More critically, Tehran is effectively stalling traffic in the Strait of Hormuz, a vital shipping lane for about a fifth of the world's oil, with a string of attacks on commercial ships plying the waterway.
Russia, meanwhile, stands to gain from rising oil prices as one of the world's largest exporters, though its dominance has been partially stymied by Western sanctions to punish and inhibit its full-scale invasion of Ukraine.
The Trump administration also announced on Friday that it was temporarily easing those sanctions to relieve the global oil supply, allowing trade of Russian crude for roughly four weeks.
In his post, Zelenskyy also warned that easing sanctions would be "helpful" to Putin.
Oil and gas are crucial pillars of the Russian economy, even as it faces global sanctions, and much of the government's revenue comes from taxing these industries.
In January and February, for example, Moscow said it earned about $$10.2 billion in both months from oil and gas revenue, down 47% year-on-year when accounting for currency swings. Its total revenues for the same period were about $58.7 billion, its finance ministry said.
Fewer early job exits suggest companies are getting better at matching workers with the right roles, according to a Goldman Sachs analysis.
Yellow Dog Productions/Getty Images
Hiring has slowed, but firms are getting better at matching workers to jobs, according to Goldman Sachs.
The economists found that fewer early job exits suggest both sides finding better matches.
Tools like LinkedIn and AI may help firms avoid bad hires, reducing churn in the labor market.
Hiring has slowed sharply across many advanced economies, but companies may simply be getting better at picking the right people, according to Goldman Sachs.
That's due in part to a decline in short-term job separations: workers leaving or losing jobs soon after being hired. That decrease suggests firms and workers are increasingly finding better matches from the start, even as labor markets cool after the post-pandemic hiring surge.
"Most of the pullback in churn reflects a decline in job separations within one or two quarters after hiring, a pattern that suggests that workers and firms have gotten better at identifying 'good' matches over time," Goldman's economists wrote in a Tuesday note.
Historically, short-term separations have been common because some hires turn out to be poor matches between employers and workers. However, they have steadily fallen across developed economies over the past two decades, and the decline accelerated after the pandemic.
The trend is borne out by US Census Bureau data and Canadian labor force data.
Fewer bad hires
The decline appears broad across industries. It's explained by changes in the workforce composition, suggesting a structural shift in how workers and firms form job matches.
"In our opinion, the best explanation of the decline in short-term separations is that increased information and improved screening processes have increased both firms' and workers' ability to identify 'good' matches," wrote the Goldman economists.
Platforms such as LinkedIn, Glassdoor, and Indeed give workers insight into company culture and working conditions before they accept a role. At the same time, employers are increasingly using digital screening tools — including AI — to evaluate candidates and screen applicants.
Those tools may help reduce hiring mistakes, the economists wrote.
Better matches mean fewer early job exits — and less need for companies to hire replacements.
The shift could also make the labor market more efficient overall. With fewer failed job matches, there is less frictional unemployment — the type of joblessness that occurs when workers move between jobs.
Goldman's analysis comes amid debate about the current labor market, which some economists describe as a "low hiring, low firing" environment.
In such an environment, a further drop in hiring could push unemployment higher more quickly because displaced and younger workers have fewer opportunities.
Oil futures climbed on Sunday as the Iran war showed no signs of slowing down.
David McNew/Getty Images
Oil climbed on Sunday as the US and Israel's war with Iran entered its third week.
The near closure of the Strait of Hormuz continues to disrupt the global oil supply chain.
Higher oil prices mean higher prices for Americans at the pump and in other goods.
Oil futures climbed in early trading on Sundayas the US and Israel's war with Iran entered its third week, disrupting the global supply chain.
Brent oil reached $106.33, up nearly $3 from when the market closed on Friday. West Texas Intermediate hit $101.19 on Sunday.
For Americans, surging oil prices mean spending more at the pump. The national average price for gasoline hit $3.69 on Sunday. Gas prices have surpassed $3 in all 50 US states for the first time since 2023.
The International Energy Agency said last week the war has caused the largest oil market disruption in history, and that global oil supply will drop by 8 million barrels per day in March.
Kevin Hassett, the US director of the National Economic Council and a top aide to President Donald Trump, said Sunday on CBS News' "Face the Nation" that the US is working to minimize the fallout for American consumers.
"The big problem right now would be energy prices, and we're watching and monitoring closely," Hassett said.
Much of the instability in the oil market stems from the near-closure of the Strait of Hormuz, which Iran controls and through which about 20% of the world's petroleum passes. Trump has called on other nations to help secure the strait, but has so far received either lukewarm replies or none at all.
Attacks on major oil hubs are also likely driving up prices. Trump said late Friday that the US had "totally obliterated" military targets on Iran's Kharg Island, where refineries process almost all of the nation's oil exports.
The president threatened to target oil infrastructure on the island if Iran continued to prevent ships from passing through the Strait of Hormuz. An attack on the key Iranian oil center would further destabilize the global oil market.
In response, Iran said that ports, docks, and "American hideouts" in the United Arab Emirates could be targeted. Fire later broke out near the Port of Fujairah in the United Arab Emirates, the only multipurpose maritime facility on the UAE's east coast and a major oil depot, on Saturday. The local government said an intercepted drone caused the fire.
Any end to the conflict, meanwhile, appears to be a long way off. Iran's foreign minister, Abbas Araghchi, said on Sunday that there has been no discussion of a ceasefire.
"We are only defending our people from this act of aggression," Araghchi said on "Face the Nation."We don't see any reason why we should talk with Americans, because we were talking with them when they decided to attack us, and that was for the second time."
Surging gas prices are already wreaking havoc on the economy.
The Iran war has sent oil prices skyrocketing, with the impact being acutely felt at the pump. The average price of gasoline jumped to $3.63 a gallon on Friday, according to AAA, up from $2.93 last month before Middle East tensions escalated.
What started as oil-market jitters is now hampering household budgets and impacting everything from gig work to office attendance.
Uber and Lyft drivers told us they're getting more selective about which rides they accept as gas prices rise. That's because Uber and Lyft control fares, meaning drivers can't raise prices when their operating costs go up. Some gig drivers are rejecting shorter, lower-paying trips that burn fuel and instead are chasing longer fares that make the math work.
Meanwhile, EV drivers are having a moment. As gas-powered drivers wince at the pump, electric vehicle owners are taking what some have called a "victory lap." Charging costs haven't surged in step with oil prices. This is giving EV drivers, including those on rideshare platforms, a meaningful cost advantage.
Higher gas prices are also playing a role in the return-to-office debate. For people who drive to work, pricier fill-ups mean less money in their pockets for everything else.
"When gas prices spike, commuting effectively becomes a pay cut," one chief operating officer told us.
While a few employers say they're softening their RTO stances amid rising gas prices, the vast majority are unlikely to change their in-office requirements, particularly in a cooling job market where many workers lack the leverage to push back.
Still, average gas prices are a far cry from their record high above $5 a gallon in June 2022, months after the Russia-Ukraine war began.
But the latest increase is a reminder of how quickly surging gas prices can ripple through the economy.
Uber drivers ranked among the gig workers with the highest per-hour earnings in 2025, according to Gridwise.
Justin Sullivan/Getty Images
Pay for gig work varies significantly across apps, a new Gridwise report found.
The report estimated hourly pay rates for ride-hailing, delivery, and other types of gig work.
Taskrabbit, Walmart's Spark, and Uber ranked among the highest-paying apps, Gridwise found.
The gig economy has grown to include apps from Uber to Instacart. They don't all pay the same.
Average hourly pay on the apps varied in 2025, according to data analytics company Gridwise, which analyzed about 1 billion tasks across ride-hailing, delivery, and other gig work apps.
Workers for Taskrabbit, a platform where users hire independent contractors for yard work, home repair, and other physical tasks, earned the highest hourly pay rate at $38.
Gridwise estimated hourly pay for 19 different gig-work apps.
Gridwise
DoorDash's hourly pay was $11, the lowest of the apps Gridwise analyzed.
Some companies say their workers earn higher hourly rates than Gridwise's estimates suggest. A Taskrabbit spokesperson said that its gig workers earn $49 an hour on average, although earnings vary by location. Uber said last year that the company's drivers earn $32 per hourwhile actively working on the app.
Gridwise compiled the estimates for its annual gig mobility report, released last week. The hourly pay data includes base pay, bonuses, and tips that workers received.
The data show that the best-known gig services don't always offer the best pay for workers, Ryan Green, CEO of Gridwise, told Business Insider.
Walmart launched its Spark delivery service as a test in 2018, years after competitors such as DoorDash and Uber Eats. Spark drivers pick up or shop orders at Walmart stores, helping the retailer grow its delivery business quickly.
"They just snuck up on the market and have rapidly grown into this space," he said.
Ride-hailing fares have risen faster than driver pay
Some gig workers have told Business Insider that it's harder to make money on apps like Uber and DoorDash than it was several years ago, due to higher competition and lower pay rates.
Most gig workers are responsible for their own costs, such as car maintenance. As a result, some gig workers have decided to accept only the trips that pay them the most for their time.
The price of gas, which has shot up in the past two weeks after the US started a war with Iran, is the latest cost pressure on ride-hailing drivers.
Uber and Lyft increased prices last year — and passed on a fraction of that hike to the drivers who make their businesses possible.
From December 2024 to December 2025, average customer ride prices on Uber and Lyft rose 9.6%, according to Gridwise. Over the same period, driver gross pay per trip increased 3.6%, and gross pay per hour rose 4.1%.
"We saw a modest increase on the driver side, and a much more substantial increase on the pricing side," Green said.
Last year, Gridwise found that weekly pay on most ride-hailing and delivery apps fell in 2024.
Delivery workers for services like DoorDash also saw an increase in per-hour pay last year — 3.2% — though their working hours on the platform rose about 17%, according to Gridwise.
Were you a gig worker in 2025? Business Insider is gathering information on gig worker earnings for a coming story.
You can contact Alex Bitter at abitter@businessinsider.com or via encrypted messaging app Signal at 808-854-4501.
Million Dollar Sellers, MDS, is a community for top Amazon sellers with $1M+ in annual revenue.
MDS hosts a variety of events throughout the year, some of which are open to the public.
I attended MDS Inspire to observe, ask questions, and try to figure out what these elite sellers obsess over.
When I spoke to the co-founder of the exclusive Million Dollar Sellers club, Eugene Khayman, last year, he likened their member-only events to a family reunion, "where you're actually excited to see everybody there."
Khayman is the chief operating officer of MDS, a community of elite Amazon sellers and e-commerce founders who generate at least $1 million in annual revenue.
The in-person gatherings — where members connect, trade ideas, and swap strategies — are just one piece of the community, but they're a big one. There are multiple MDS chapters in major cities around the world that meet regularly, one member-only summit per year held in exotic locations like Milan (2025) and Singapore (2026), and various events open to the public, like the one I'm attending: MDS Inspire.
On Monday, March 9, I drove from Los Angeles to Las Vegas to spend two days inside the Wynn, surrounded by Amazon sellers doing seven, eight, and even nine figures. My objective was to observe, ask questions, and try to figure out what these elite sellers obsess over, what they're worried about, and what "winning" looks like in e-commerce right now.
Day 1: A 4:15 a.m. alarm, 280 miles of highway, and the Wynn maze
My alarm goes off at 4:15 a.m. By 4:30, I've pulled a double espresso shot, and by 5, I'm on the road to Vegas, about 280 miles northeast of LA.
Sin City is popular for conferences because it has the space and hotels built to host crowds. The one other professional event I attended — a real estate conference — was also in Las Vegas.
Kathleen Elkins
A 5 a.m. departure should get me to the Wynn, a massive luxury resort hosting the conference, with enough time to park and check in before the first scheduled event: a 10:30 a.m. opening statement and remarks.
Traffic behaves, and I pull into the self-parking lot just after 9, with plenty of time to collect myself and begin the long, winding journey through ornate hallways, past the casino, and down an escalator. I refer to the event app for directions and, a couple thousand steps later, I reach the conference check-in.
Kathleen Elkins
While waiting to collect my credentials, I meet Jake, who's in from Dallas. He runs a beauty brand and tells me he's here to learn about sales channels outside Amazon. For subscription-heavy businesses like his, Amazon can be complicated.
Kathleen Elkins
The conference area consists of a main room for keynotes and smaller rooms for breakout sessions. Partners providing services in logistics, advertising, and growth have booths set up inside and outside. There's also a barista serving up made-to-order espresso drinks.
Kathleen Elkins
There are plenty of hydration options, too.
Kathleen Elkins
The space spills out onto a patio with more beverages and booths, as well as a "wellness area" offering massages and stretch therapy.
Kathleen Elkins
"Amazon is still king"
At 10:30, Khayman kicks off the conference with a schedule run-through and his "state of commerce" presentation. He said he started doing this a couple of years ago by pulling census data and stitching it together himself. It used to take weeks, but has become dramatically easier with AI.
This year, it took him closer to 15 minutes, "because Claude Cowork did a way better job of analyzing data," he says. AI remains a hot topic throughout the conference, and everyone seems to prefer Claude.
According to Khayman's breakdown, there are 139 brands in the room. The majority are $1 million to $5 million brands, though a healthy percentage do $10 million or more in annual revenue. Around 78% are MDS members.
One main takeaway from the report: "Amazon is still king," he said.
For most sellers, most of their revenue still flows through Amazon, but one in three had built "a meaningful secondary channel," he said, and are driving more than 15% of revenue from somewhere else, like retail, TikTok Shop, or direct-to-consumer.
Kathleen Elkins
The 'signature MDS' event: speed networking
At 11, the "signature MDS" event begins: "Meet N' Speed."
We're each handed a card with five table numbers. Those are the tables we'll travel to for each 12-minute networking round. The groups are small — six or seven people — and lively. Everyone naturally falls into a pattern: go around the table, answer the designated prompt for the round, and build off each other's answers.
It's a smart way to break the ice and allows introverts like me to network more easily than having to walk up to a stranger and start a conversation from scratch.
I meet sellers from all corners of the country: Charleston, Seattle, Boston. The prompts range from "If you had an extra $500,000, where would you deploy it?" to "What's your biggest challenge right now?"
Most sellers agree they'd spend extra capital on inventory or talent acquisition. That leads to a conversation around how to find good employees, and I witness one member connecting another to the hiring agency he's had success with on the spot.
The vibe feels less like a traditional conference and more like friends catching up, especially among members. As we transition tables, people stop to greet each other like old classmates.
At 12, we break for lunch.
Kathleen Elkins
The Mediterranean-inspired spread is impressive. There's sea bass! Attendees use the lunch break to network, while I use it to jot down notes, check emails, and give my social battery a moment to recharge.
Kathleen Elkins
Breakout sessions begin in the afternoon. These are 20- to 30-minute presentations led by members on specific topics, such as scaling on YouTube or breaking into retail.
There are three breakout blocks, with three rooms running at once. Attendees choose the sessions that are most useful to their business. The sessions transport me back to college: you grab a seat, listen to the lecture, take notes, ask questions, and then spill back out into the main hallway.
Between sessions, "coffee chats" take place in a roped-off area. These are scheduled mini-meetings for sellers to connect one-on-one.
Kathleen Elkins
During one of the breaks between breakout sessions, I meet Prudence, an MDS member since 2019, who does eight figures selling a tanning product. She tells me that what she likes about the events is that you always leave with one or two insights that change how you think about your business. Plus, she adds, it's hard to beat being surrounded by people who are smarter than you.
A little before 6, the final breakout sessions end, and we're released back into the main hall for light bites, an open bar, and networking.
Kathleen Elkins
A waiter hands me a glass of champagne. At this point, I've been awake for 14 hours. I retreat to my corner table to take notes (and a few sips of bubbly).
Kathleen Elkins
After happy hour, there's a group dinner for those who signed up.
On my way out, I run into Jake again, and it leads to my favorite interaction of the day with him and his friend Stuart, who's a tennis nerd like me.
I leave a little before 7 p.m., pay $25 to exit the Wynn parking garage, and stop at Whole Foods to grab dinner before checking into my more economical hotel about 15 minutes away.
Day 2: matcha pudding, a hack contest, and the future of live shopping
Kathleen Elkins
On Tuesday, I'm back in the convention center by 9 a.m. and greeted with an elaborate breakfast, including matcha chia seed pudding.
Kathleen Elkins
I meet more sellers, including a member who has been with the group for six years and sells kids' toys with his business partner.
The "hack contest" begins at 9:30, with members taking the stage to share their top business hacks. They're allowed one slide and a few minutes to present. After each pitch, the audience decides who "wins" by applause — the last presenter goes head-to-head with whoever is holding the "streak." One member keeps the streak alive for four rounds.
The main event is a 10:30 a.m. panel featuring Khayman interviewing two sellers and the founder of Outlandish, a company that helps brands scale through TikTok Shop and live commerce.
Kathleen Elkins
After closing remarks and member awards, many sellers stay through the rest of the day and into Wednesday morning for more coffee chats and focus groups. Some conference-goers will merge with another e-commerce conference, Prosper, happening simultaneously in the same conference space.
By the end of my 15 or so hours in the conference hall, the takeaway that stuck with me wasn't one specific tactic or strategy (though I did note that running through most conversations was the importance of leveraging AI and TikTok Shop). It was the atmosphere: being in a room where nearly everyone is a high achiever and willing to swap strategies felt like a cheat code.
The experience also felt different as an observer than it probably does as a seller. If I were attending as a true participant, I'd do things differently: I wouldn't drive on the day of. These are long, high-output days, and I'd want to be well rested to get the most out of them. I'd also network more intentionally. I retreated to my corner table to take notes whenever my social battery dipped, which made sense for reporting, but probably isn't how you maximize a networking-heavy conference like this.
The vibe was professional and enthusiastic. There were photographers, videographers, and even a "swag" table featuring MDS merch. Everyone spoke with confidence and intention. I did feel a bit like an outsider without a $1 million brand, and some of the more strategic lectures went over my head. The room skewed male, and even though everyone was technically a competitor, there was still a sense of trust and camaraderie.
My last interaction happens in the women's bathroom. Bina, whom I'd met during speed networking on Monday, says hello. She's one of the few women in attendance. She lives between NYC and France, has been a member for about a year and a half, and sells in the beauty space.
I get her contact info, then begin to work my way back through the maze that is the Wynn.
Entrar
