Forbes Daily: Hostile Trump-Zelensky Exchange Signals Foreign Policy Shift

President Donald Trump wants to sell $5 million “gold card” visas. But most billionaires surveyed by Forbes aren’t interested.
Forbes spoke with 18 billionaires around the globe, and 13 said they would not be interested in purchasing a gold card visa, which would offer permanent residency and work authorization in the U.S. “If you’re a billionaire, you don’t need it,” says one Canadian billionaire.
Wealthy people can already invest in the U.S. from abroad, plus there are tax implications. The U.S., unlike many countries, taxes citizens on their international income, which several billionaires said was a major drawback. And some said they would prefer other pathways to citizenship that don’t come with the hefty price tag, like extraordinary ability visas or marriage.
President Donald Trump and Ukrainian President Volodymyr Zelensky meet in the Oval Office at the White House on February 28, 2025 in Washington, D.C.
Andrew Harnik/Getty Images
Ukrainian President Volodymyr Zelensky said Sunday he would still sign a minerals deal with the U.S., despite the heated Oval Office exchange Friday with President Donald Trump and Vice President JD Vance. Zelensky has since been embraced by leaders in the EU, Germany and Sweden, who all reaffirmed their commitment to Ukraine. In an X thread, Zelensky said he was grateful for U.S. support, but that a ceasefire deal without security guarantees for his country was not enough.
MORE: A top spokesperson for Vladimir Putin lauded the Trump administration for “rapidly changing all foreign policy configurations,” which “largely aligns with our vision” in new comments that aired Sunday. And a CBS News/YouGov poll found 41% of Republicans view Russia as either “friendly” or an “ally.”
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BUSINESS + FINANCE
Inflation slowed to its lowest level in seven months in January, according to a key measure of price changes released Friday morning, but the Federal Reserve’s favored inflation metric remains stuck above policymakers’ goal. The Commerce Department’s personal consumption expenditure index rose 2.5% from January 2024 to last month, though Americans’ personal saving rate was the highest since June as consumers pulled back on spending.
Stocks staged a Friday comeback, but still closed out February in the red as the market’s post-election bump wobbled amid investors’ wavering faith in President Donald Trump’s economic policies. Tesla was by far the biggest loser last month among the roughly 100 U.S. public companies valued at $100 billion or above, declining 28%.
TECH + INNOVATION
Chime, the largest digital bank in America, grew its revenue to $1.7 billion in 2024, Forbes has learned. While that marks a roughly 30% increase from 2023, it wasn’t profitable for the year. Still, the bank reached 8 million active customers, and such positive trends suggest that Chime is on track with plans to go public.
Companies like OpenAI and Perplexity have made lofty claims that their AI-powered search engines, which scrape information from the web to generate summarized answers, will provide new sources of income for publishers by directing more readers to their sites. But the reality is starkly different—AI search engines send 96% less referral traffic to news sites and blogs than traditional Google search, per a new report shared exclusively with Forbes.
MONEY + POLITICS
Elon Musk’s Starlink is reportedly on the brink of securing a $2.4 billion FAA contract, heightening concerns about potential conflicts of interest involving the billionaire’s companies and his service as President Donald Trump’s cost-cutting czar. The deal would add to the $30 billion in public funds Tesla and SpaceX have received over the past 15 years, according to Forbes analysis.
SPORTS + ENTERTAINMENT
Anora dominated the Oscar awards ceremony Sunday night by winning five prizes including best picture, its lead Mikey Madison won the best actress prize, while Adrien Brody took home the best acting honor for his role in The Brutalist. Anora director Sean Baker, who also won best director, spoke about movie theaters in his acceptance speech, “During the pandemic, we lost nearly 1,000 screens in the U.S., and we continue to lose them regularly. If we don’t reverse this trend, we’ll be losing a vital part of our culture.”
The Washington Nationals, Major League Baseball’s only team without either stadium naming rights or a jersey patch deal, have hired a marketing agency to take both sponsor slots to market. Hopes are high that contracts can be signed this year, and together the partnerships could be worth more than $20 million annually to the Nationals, Forbes estimates.
TRAVEL + LIFESTYLE
“A brand is either trying new things or they're dying,” says Crumbl cofounder Jason McGowan (right, with cofounder Sawyer Hemsley), “The next phase of growth for us is more than just cookies.”
Since cofounders Jason McGowan and Sawyer Hemsley opened the first location of Crumbl in Utah in 2017, the viral cookie company has expanded to more than 1,000 stores, earning $122 million in revenue from franchise royalties in 2023. In January, reports emerged saying Crumbl was considering a sale that would value the company at $2 billion, but analysts believe that amount is just a sugar rush. “All restaurants have to survive the ever-changing whims of consumers, but it becomes much more difficult when you essentially only sell one thing,” says one food industry expert.
DAILY COVER STORY
Small Business Loans Could Be Easier To Get, Thanks To This Entrepreneur
ILLUSTRATION BY EMILY SCHERER FOR FORBES; IMAGE BY MICROSTOCKHUB/GETTY IMAGES
TOPLINE Small Business Administration loans are a great deal. They are federally guaranteed, profitable for banks, and a boon to both entrepreneurs and the overall economy. But bankers hate to make them: Of the 9,000 federally insured banks and credit unions in the U.S., only 16% made any 7(a) loans, as they are known, in 2024.
One big reason small banks say they don’t make 7(a) loans is the expertise and staff needed to navigate—and document compliance with—SBA rules. Mess up that complicated paperwork and both the bank and borrower can suffer delays or even put the SBA guarantee at risk.
Chris Hurn, a big name in small business lending, is betting that small banks want back in on the SBA guarantee, so long as someone else handles the red tape. In January, he launched Phoenix Lender Services, a 40-person team that bills itself as a full service shop that will handle underwriting, servicing and liquidations, so community lenders can offer SBA loans without building an entire back office or risking a ruinous mistake.
By Hurn’s estimate, it would cost a bank between $1.5 million and $2 million to get into SBA lending. To make it all worthwhile, says Hurn, a lender needs to extend about $25 million a year in SBA financing—something fewer than 200 lenders, or under 15% of those who participated in the 7(a) program in 2024 did, according to the SBA’s lender report.
Hurn’s pitch to lenders is simple: Outsource SBA loan servicing and get instant expertise without all the overhead. Phoenix’s fees vary depending on how much servicing a bank wants, but typically range from 1% to 3% of the loan amount, Hurn says.
WHY IT MATTERS “Fewer banks are issuing SBA 7(a) loans each year, even as the total dollar value rises,” says Forbes reporter Brandon Kochkodin. “That’s good for small businesses that secure funding, but the consolidation could be a problem.”
“Underwriting small business loans—especially for startups—is tough, and local banks often have the best read on their markets. Relying on national lenders who don’t know the nuances of a community could make it harder for businesses to get financing. That’s not just bad for small businesses and the markets in which they operate—it’s bad for the broader economy.”
MORE The Best Small Businesses To Buy Now
FACTS + COMMENTS
President Donald Trump said Sunday the U.S. will create a “crypto strategic reserve” that includes major cryptocurrencies like bitcoin and ethereum—boosting crypto prices after an extended selloff had wiped out nearly all of bitcoin’s post-election gains:
Below $80,000: The level the price of bitcoin dipped to Friday, its lowest level since November
About $93,000: Bitcoin’s price as of Monday morning
Bitcoin, ethereum, XRP, solana and ADA: The cryptocurrencies that Trump said will make up the reserve
STRATEGY + SUCCESS
There are a number of practical, financial and cultural reasons behind why a growing number of companies are bringing workers back into the office full-time. Many leaders believe in-person work fosters a strong company culture, though in some cases, companies are using return-to-office mandates as a way to reduce headcount without laying people off. Ultimately, companies that take a flexible approach and prioritize results over presenteeism are more likely to foster a healthy workplace culture and retain talent.
A controversial Oscars kiss from roughly 20 years ago was recreated Sunday on the red carpet. Adrian Brody, who would win best actor later in the evening, was kissed by which best actress award winner?
A. Charlize Theron
B. Halle Berry
C. Hilary Swank
D. Julia Roberts
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
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