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Plus: Judy Faulkner Made $7.7 Billion From Healthcare Software. Here’s Her Unusual Plan To Give It Away

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Forbes
Good morning,

The child care crisis has many costs for parents, including missing hours of work, according to a new index from professional services firm KPMG.

An estimated 1.2 to 1.5 million workers, largely women, either shorten working hours or miss work entirely each month because of child care access, equating to as much as 1.4 billion lost work hours each year. Losing even just one hour of work each week can cost a household $780 to $1,504 in income annually.

Lost productivity also impacts businesses, and the number of employees leaving the workforce due to child care costs reached a post-pandemic high last month.

Let’s get into the headlines,

Danielle Chemtob Staff Writer, Newsletters

Follow me on Forbes.com

Who are the richest people in the world today?
FIRST UP
JASON REDMOND/AFP via Getty Images
Boeing reached a tentative agreement with its striking union workers Saturday, potentially ending a five-week-long strike with the union’s vote of approval scheduled for Wednesday. The deal includes a 35% wage increase over four years, increases to 401k contributions and a $7,000 ratification bonus. Boeing has lost an estimated $1 billion a month over the strike according to a Standard & Poor’s estimate cited by CNN, and the aerospace firm also announced layoffs last week.

The Department of Transportation is investigating Tesla’s Full Self-Driving system, another regulatory hurdle as the company positions its future as autonomous driving. Regulators are looking into the system’s ability “to detect and respond appropriately” to low visibility conditions and “any updates or modifications” from Tesla to improve performance during such instances.

DAILY COVER STORY
Epic founder and CEO Judy Faulkner  Guerin Blask for Forbes
Judy Faulkner Made $7.7 Billion From Healthcare Software. Here’s Her Unusual Plan To Give It Away.
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TOPLINE
In 2015, Judy Faulkner, founder and CEO of medical records giant Epic Systems, signed the Giving Pledge, a commitment by the world’s wealthiest people to give away the majority of their money to charitable causes. But she didn’t formalize her philanthropic plans until 2019 when she established Seattle-based Roots & Wings.

Over the past five years, Roots & Wings has quietly given away $200 million to 320 organizations focused on various aspects of early childhood development. Faulkner’s youngest daughter, Shana Dall’Osto, who runs the family foundation, told Forbes it has been ramping up grant-making as Faulkner, who Forbes estimates is worth $7.7 billion, wants “to do more of her giving while she’s living.” Within the next few years, Dall’Osto estimates Root & Wings will start granting around $100 million annually to organizations across the country focused on health, education and well-being of kids and their families.

Throughout her career, Faulkner has bucked convention in how she conducts business, and now she and her daughter are also taking a unique approach to philanthropy. Rather than forcing nonprofits through a labor-intensive vetting process and then dictating how grant money can be used, Roots & Wings operates on the idea that the organizations doing the work know best. 

The term for this practice is trust-based philanthropy—a growing movement to shift the traditional top-down power dynamics that have defined centuries of charitable giving, most prominently practiced by MacKenzie Scott, who has so far given away $17.3 billion without restrictions.

WHY IT MATTERS
Dall’Osto hopes other funders will follow suit and let nonprofits take charge instead of getting bogged down in bloated bureaucracy. “It’s better to get the money into the community, and it’s better to fund a bunch of organizations and take the risk that maybe one might not be as successful as possible,” she said. “But the majority of them will do good things and will continue to help and save lives.”
MORE
BUSINESS + FINANCE
San Francisco startup TomoCredit’s CEO says the company switched from a credit card to a subscription service that boosts your credit score to serve a “broader client group” in 2023. But before it dropped its credit card business, TomoCredit defaulted on a $30 million line of credit and was subsequently hit with a lawsuit. It’s another odd chapter in the saga of TomoCredit, which has been the target of a surge in consumer complaints from people who’ve had trouble canceling their Tomo subscriptions. 

The Federal Reserve has successfully achieved a soft landing and the current market rally should continue into 2025, according to Michael Arone, chief investment strategist at State Street Global Advisors. In an interview at last week’s eighth annual Forbes/SHOOK Top Advisor Summit, Anore noted that “inflation is headed in the right direction” and predicted that corporate profit levels will reach levels never before seen in the U.S. next year. 

TECH + INNOVATION
In 2020, former U.S. Army officer Bryan Allen admitted to stealing an estimated $2 million in military weaponry and equipment. Most of the loot was never recovered, but an FBI investigation found a California resident selling items they had acquired from Allen online, often using Facebook via its Messenger app. The case is another example of how dealers continue to use Meta’s platforms to advertise and sell guns and gun parts, despite the company cracking down on weapons sales across its sites.

Nvidia reached an all-time high share price last week, but it has much more room to grow, according to Bank of America analysts, who upped their price target for the AI darling, saying a “generational opportunity” is still ahead for the company in AI accelerators. Bank of America projects the total addressable market for the technology will grow from $45 billion in 2023 to $117 billion this year to $363 billion by year’s end—and Nvidia maintains a 75% market share.

MONEY + POLITICS
Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty Images
Many billionaires spend their money supporting candidates, but former Microsoft CEO Steve Ballmer believes he can make his mark on politics by combating misinformation—in a strictly nonpartisan way. Ballmer has poured over $100 million into USAFacts, a nonpartisan civic initiative that collects, cleans up and publishes reams of official data about everything from the economy and education to crime and immigration.

Every day up until the election, Elon Musk announced Saturday he will randomly give $1 million to a swing state voter who signs a petition supporting the First and Second Amendments, in an initiative that at least one election lawyer has said is “clearly illegal.” Musk endorsed former President Donald Trump in July after the first assassination attempt on his life, he gave about $75 million to his own pro-Trump super PAC in the third quarter and has also been campaigning both in person and on his social media platform X.

SPORTS + ENTERTAINMENT
illustration by Alice Lagarde for Forbes; Photo from Left: Le Francois Nel/Getty Images; Steph Chambers/Getty Images; Thearon W. Henderson/Getty Images; Mitchell Leff/Getty Images
LeBron James is No. 1 on Forbes’ 2024 list of the NBA’s Highest-Paid Players for the 11th straight year, collecting $48.7 million in salary for the 2024-25 season and an estimated $80 million annually from endorsements, licensing, memorabilia and other business endeavors. The NBA’s 10 top earners raked in a total of $787 million, beating  2022’s record of $751 million.

Nearly 26 years after releasing its first best-selling video game Half-Life, Valve has become one of the most consequential companies in the nearly $250 billion video game industry. Its increasingly reclusive cofounder and president Gabe Newell is worth an estimated $9.5 billion, and legal filings reviewed by Forbes show the company has sustained a more than 40% operating profit margin for a decade.

TRAVEL + LIFESTYLE
Germany’s newest travel ambassador speaks 20 languages and aims to convince you to visit the country—but she’s actually AI-generated. “Emma made her debut on Thursday as the German National Tourist Board’s “inaugural AI influencer project,” but the initial reaction from travel writers, bloggers and influencers has been decidedly negative.
TRENDS + EXPLAINERS
Stock trading platform Interactive Brokers Group introduced election forecast contracts last week, becoming the first major U.S. financial institution to offer customers the ability to place bets on political races. Thomas Peterffy, founder and chairman of Interactive Brokers and one of the 25 wealthiest Americans, argues that election forecasts are a way of teaching people to think rigorously about probabilities in their everyday lives.

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FACTS + COMMENTS
Shares of CVS fell Friday after the company replaced its chief executive