Good morning!
I’m back from vacation and reporting for duty, though I see I left your morning curiosities in good hands with my colleagues.
The latest entity to implement restrictions on the use of TikTok? The social media platform itself. The company announced Wednesday that “in the coming weeks” it will automatically set a one-hour daily screen time limit for users under the age of 18. It’s a safeguard that comes as concerns mount over the platform’s potentially harmful effects on young users, but they can also easily keep on scrolling by punching in a passcode once they hit the 60-minute limit.
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BREAKING NEWS
A Senate Committee is weighing whether to subpoena interim Starbucks CEO Howard Schultz to testify about alleged efforts to block employee unionization efforts at the caffeine giant.
Former President Donald Trump accused Fox News billionaire chairman Rupert Murdoch of “aiding & abetting the DESTRUCTION OF AMERICA” after admitting as part of a $1.6 billion defamation lawsuit that he wished the network took a harder stance in denying Trump’s claims that the 2020 election was rigged.
BUSINESS + FINANCE
Rihanna is further expanding her beauty and lingerie empire with a new collaboration with Puma, representing a homecoming of sorts for the billionaire who once served as the sportswear brand’s creative director.
China’s manufacturing sector unexpectedly expanded at its fastest pace in more than a decade last month, and the country’s economic rebound pushed up U.S.-listed stocks on Wednesday including Alibaba, fast-food company Yum Chin and games company Pinduoduo, despite a broader market dip.
WEALTH + ENTREPRENEURSHIP
To mark the start of March, Forbes updated our ranking of the top ten richest people in the world, which currently includes six self-made Americans, a French luxury goods tycoon and French cosmetics heiress, a Mexican telecom magnate and an Indian industrialist.
TECH + INNOVATION
Revolut, a fintech giant that is one of Europe’s most valuable startups, hit a major milestone when it reported on Wednesday turning its first-ever annual profit in 2021. The London company’s success was largely fueled by heightened consumer interest in crypto and the rise of digital services during the pandemic.
PHARMA + HEALTHCARE
Pharmaceutical giant Eli Lilly said it will cut prices of its most commonly prescribed insulin products by 70% and will cap out-of-pocket costs for the drugs at $35 per month.
SPORTS + ENTERTAINMENT
It’s been a year since the Atlanta Braves won the World Series, but the team still pulled off a banner year in 2022 as Braves Holdings posted on Wednesday record revenue of $588 million for last year, a majority of which was generated by the team. Still, profit fell 36% year-over-year, fueled in part by higher player salaries and retail operating costs.
A California court on Wednesday ordered the head of the Saudi Arabian sovereign wealth fund to appear in court as part of a lawsuit brought by the PGA Tour against its Saudi-bankrolled rival LIV Golf.
Daily Cover Story
How TikTok And Bill Nye Are Winning The Edutainment Wars
TOPLINE For decades, Bill Nye has pushed for his entertaining science content to be considered equally educational, going as far as to make that argument before the Federal Communications Commission back in 1994.
He may have been ahead of his time with his Emmy Award-winning show of the 1990s, for which he had a rule that he would never do a bit longer than one minute and 49 seconds. Today, the 67-year-old Cornell-educated engineer is seeing newfound success by applying the same logic to sharing videos on TikTok to his 9.2 million followers. His most popular videos range from 13 to 90 seconds long.
Nye’s digital reach speaks to a trend that one venture capitalist calls “Harvard meets Hollywood,’’ in which investors and entrepreneurs are embracing the idea that education should be entertaining and delivered in small bites.
WHY IT MATTERS “Gen-Z has a reputation for short attention spans, but modern humans have never been great at spending a long time on any one task (I’m sure we all remember zoning out during 60-minute lectures),” Forbes Senior Education Reporter Emma Whitford says. “Now that edtech entrepreneurs and venture capitalists are taking entertaining and gamified learning more seriously, your kids’ coursework may include more games, videos and interactive projects to keep their attention and stoke their passion for learning.”
MORE A Computer Can Now Write Your College Essay—Maybe Better Than You Can
FACTS AND COMMENTS
The nation’s elite private colleges and universities have started announcing their 2023-24 tuition rates, revealing a pattern of price hikes to the tune of about 4% or more.
$82,406: The total list price for undergraduate attendance at Stanford University in 2023-24 following a 7% price bump.
$83,263: The total published cost of attendance for undergraduates at Duke University in 2023-24 after a 4.9% tuition rise.
$83,880: The total term bill at Yale University, thanks to a 3.9% increase.
STRATEGY AND SUCCESS
An overwhelming 84% of Americans who sold a home for the first time in the past two years wish they had done something differently, according to a recent survey. Those rookie mistakes can be costly when selling one of life’s biggest financial assets. From pricing the house incorrectly to listing a home at a poor time, these are the top four regrets that first-time home sellers can look to avoid.
VIDEO
This Multimillion Dollar Brand Built Robots To Scoop Cat Poop So You Don’t Have To
QUIZ
What did U.S. intelligence agencies rule out as the culprit behind “Havana syndrome,” the inexplicable illness reported by hundreds of U.S. officials around the world since 2016?
A. Environmental causes
B. Stress
C. Actions by a foreign government
D. Undiagnosed medical conditions
Check if you got it right here.
ACROSS THE NEWSROOM
Learn more about the world of crypto by instantly signing up for Forbes‘ CryptoCodex email newsletter, sent every weekday.
BEYOND THE NEWSROOM
- Register for the 2023 Forbes Equal Pay Day Forum, an in-person event where business leaders will explore how to close systemic gaps. The event takes place on March 15 from 5 p.m. to 7:30 p.m. E.T. in New York City.
- Save the date: The 2023 Forbes CIO Summit will take place virtually and in-person in Dana Point, California on April 11-12. Join us as top CIOs discuss fostering resiliency in their organizations to navigate current challenges like the pandemic, new supply chains, labor shortages, a crypto crash and more.
- Coming up: The Forbes Under 30 Summit Africa is coming back for a second time to the world’s greatest growth market. From April 23-26, join some of the greatest minds from around the world in Gaborone, Botswana for this can’t-miss event. Register now.
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