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The 1st trillionaire
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Plus: Who is Kevin Warsh?
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<table align="center" bgcolor="#FFFFFF" border="0" bordercolor="#FFFFFF" cellpadding="0" cellspacing="0" class="table100" style="background-color:#FFFFFF;max-width:600px;margin:0px auto" width="600">
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<td style="font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<table border="0" cellpadding="0" cellspacing="0" class="dragndrop edited" height="100%" style="table-layout:fixed;" width="100%">
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<table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 #9B9B9B;height:5px;width:100%;text-align:center;color:#9B9B9B;margin:0 auto;background-color:#1C4397;border-left-width:0;border-right-width:0">
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<td class="td100" colspan="3" style="padding:5px 5px 5px 30px;width:50%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
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</a>
</td>
<td class="td100" colspan="3" height="1" style="width:50%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NzAwMzAwNzUuMDkwMTI2NX0:1vmrgB:UOEmjZ0huhb6cr4pjZUR_egFZV5TbidCt1geQooKWko" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
</td>
</tr>
<tr class="trpad30" style="padding-top:15px;padding-bottom:15px">
<td class="td100" colspan="4" style="padding:15px
30px;vertical-align:middle;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<div>
<span style="color:#888888">
Monday, February 2, 2026
</span>
</div>
</td>
<td class="td100" colspan="2" height="1" style="width:33.3333%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NzAwMzAwNzUuMDkwMjE2Mn0:1vmrgB:2w7brToIMbNWJiFi8oROz4eIVBhGRPEpkgHlRlCssXg" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
</td>
</tr>
<tr>
<td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
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</a>
</td>
</tr>
<tr class="trpad30" style="padding-top:3px;padding-bottom:3px">
<td class="td100" colspan="2" height="1" style="width:33.3333%;height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<img src="https://inboxflows.com/_/image/http%253A%252F%252Feditor.ne16.com%252Fspacer.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cCUzQSUyRiUyRmVkaXRvci5uZTE2LiIsInRpbWUiOjE3NzAwMzAwNzUuMDkwNTUxNH0:1vmrgB:3vOksNenH63AVgKT8tXzPcpishu0JBbWvaEuYoH8Vuk" style="mso-hide:all;display: none;width:0px;height:0px;border:0;"/>
</td>
<td class="td100" colspan="4" style="line-height:1.5;text-align:right;vertical-align:middle;padding:3px
30px;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<span style="color:#888888">
Hubert Vestil/Getty Images for SXSW
<span class="ql-cursor">
</span>
</span>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today, even-more-extreme wealth gets a countdown clock, the Fed succession tilts toward obedience, Big Tech shows which machines still mint cash, and inequality starts compounding at birth.
<span class="ql-cursor">
</span>
</span>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td align="center" class="td100" colspan="6" style="width:100%;padding-top:10px;padding-bottom:10px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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<table align="center" border="0" cellpadding="0" cellspacing="0" style="border:0 #9B9B9B;height:1px;width:100%;text-align:center;background-color:#888888;color:#9B9B9B;margin:0 auto;border-left-width:0;border-right-width:0">
<tr>
<td style="font-size:1px;mso-line-height-rule:exactly;line-height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
</td>
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</table>
</div>
</td>
</tr>
<tr style="padding-top:5px;padding-bottom:5px">
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<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
<span style="font-size:18px;color:#168DD9">
HERE'S WHAT YOU NEED TO KNOW
<span class="ql-cursor">
</span>
</span>
</h2>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Wall Street is grading who can fund the future.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Apple and Meta showed cash engines can finance buildouts, while Microsoft and Tesla asked for patience, sharpening Wall Street’s focus on
</span>
<a data-linktext="when spending turns into margins." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
when spending turns into margins.
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px
20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Washington has opened a path for U.S. oil in Venezuela.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
But while licenses and legislation may be new, the hesitation is old, with majors
looking for rules and security before committing to fields
</span>
<a data-linktext="they could lose again." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
they could lose again.
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
The card networks had good news and caught bad politics.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Mastercard and AmEx looked strong on
spending and buybacks, but the market is chewing on how fast a credit card cap rate
</span>
<a data-linktext="could dent the businesses." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
could dent the
businesses.
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="width:100%;padding:10px 20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Starbucks wants scripted warmth; baristas want staffing.
</strong>
<span style="background-color:#FFFFFF;font-family:Helvetica
Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
Executives are crediting a “connection” model for more visits, while union baristas say the mandate turns warmth into extra work
</span>
<a data-linktext="on understaffed shifts." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
on understaffed shifts.
</a>
</div>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td align="center" class="td100" colspan="6" style="width:100%;padding-top:10px;padding-bottom:10px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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auto;border-left-width:0;border-right-width:0">
<tr>
<td style="font-size:1px;mso-line-height-rule:exactly;line-height:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
</td>
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</table>
</div>
</td>
</tr>
<tr>
<td class="snippet td100" colspan="6" style="width:100%;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
<table border="0" cellpadding="0" cellspacing="0" class="dragndrop" height="100%" style="table-layout:fixed;" width="100%">
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<td class="td100" colspan="6" height="24" style="width:100%;background-color:#EFF5F8;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;color:#000000">
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</td>
</tr>
<tr style="padding-top:5px;padding-bottom:5px">
<td class="td100" colspan="6" style="padding:5px 20px;width:100%;vertical-align:middle;text-align:center;background-color:#EFF5F8;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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SPONSORED
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<a aria-label="Linked image" style="color:#168DD9;" target="_blank">
<img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Feditor.ne16.com%252Fquartz-leadership%252FTBG_Light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlZGl0b3IubmUxNiIsInRpbWUiOjE3NzAwMzAwNzUuMDkwODQxM30:1vmrgB:ZXU5g42ArAS91pO_rSTEWWaalpx8KMQkxJwaONhUOb8" style="width:100%;max-height:338px;display:block;max-width:600px;vertical-align:middle;border:0;" width="600"/>
</a>
</td>
</tr>
<tr style="padding-top:10px;padding-bottom:10px">
<td class="td100" colspan="6" style="padding:10px 20px;font-family:Arial,Helvetica,sans-serif;color:#168DD9;line-height:1.5;width:100%;background-color:#EFF5F8;vertical-align:top;font-size:12px;mso-line-height-rule:exactly">
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<span style="font-size:24px;color:#000000">
Switch to SuperMobile from T-Mobile. Get iPhone 17 Pro on us
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</span>
</span>
</h2>
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<div>
<span style="background-color:rgba(0,0,0,0);color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:16px">
SuperMobile gives your business what it needs: unlimited premium data on America’s largest 5G network, intelligent network performance, and a **
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5-year price guarantee.*Plus if you switch to SuperMobile right now, you can get a free iPhone 17 Pro (with a qualifying plan) to run your business.
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**5-year price guarantee excludes taxes & fees. Full terms at T-Mobile.com *Exclusions like taxes and fees apply
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</td>
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<td class="td100" colspan="6" style="width:100%;background-color:#EFF5F8;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000">
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</td>
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<tr style="padding-top:5px;padding-bottom:5px">
<td class="td100" colspan="6" style="line-height:1.5;width:100%;padding:5px
20px;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
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COMMA CHAMELEON
</span>
</h2>
</td>
</tr>
<tr>
<td class="td100" colspan="6" style="padding-right:30px;padding-left:30px;line-height:1.5;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
<div>
<span style="font-size: 16px">
The next number capitalism wants to break is $1 trillion — personal, liquid-ish, and attached to a living person. And that could happen sooner than later.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Economists are circulating timelines that put a first trillionaire on the board by 2027, possibly sooner. The most discussed route runs through two levers: SpaceX going public at a $1.5 trillion valuation, and Tesla hitting the performance incentives tied to Elon Musk’s giant pay
package.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Musk isn’t the only plausible name in the mix, but he’s the clubhouse leader entering 2026; he has the most shots on goal and the loudest fan section.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
There’s also Amazon founder Jeff Bezos, Nvidia CEO Jensen Huang, and Adani Group chairman Gautam Adani as other potential future trillionaires, though the gap between “in play” and “in the club” remains canyon-wide.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Regardless of who it is, a first trillionaire would change global business culture.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
A $1 trillion personal fortune would turn executive compensation into a brighter target, because equity rewards ownership at a velocity wages can’t touch, which turns every boardroom discussion about “alignment” into an awkward exercise in scale. Add AI adoption and weakening labor protections, and the gap between productivity and pay starts looking structural rather than
cyclical.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
But even if the “first” happens, the “second” probably won’t be right behind him.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
One expert says it would be an “exception case” because personal fortunes hit limits companies don’t — dilution, taxes, forced selling, scrutiny — and says getting to $1 trillion likely takes roughly 15% to 25% exposure to a multitrillion platform with minimal exits, making the trillionaire threshold less a new era than a very
specific, very public stress test.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Once a personal fortune crosses $1 trillion, the same equity math that boards approve, courts uphold, and investors cheer suddenly has a face — and everyone else gets to see exactly how far ownership can stretch beyond work.
</span>
<a data-linktext="Quartz’s Brian O’Connell has more on how 12 zeroes have stopped sounding theoretical." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
Quartz’s Brian O’Connell has more on how 12 zeroes have stopped sounding theoretical.
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<strong style="font-family: Georgia, serif; font-size: 20px">
The
future of tech, decoded.
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Semafor Technology
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unpacks the ideas, innovations, and power shifts redefining the global tech landscape. From AI and machine learning to the startups and policies shaping
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THE WARSH CYCLE
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<span style="font-size: 16px">
President Donald Trump finally ended his four-month, reality-TV audition for the next Fed chair, nominating former Federal Reserve governor Kevin Warsh on Friday morning to succeed Jerome Powell when his term ends in
May.
</span>
</div>
<div>
<br/>
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<div>
<span style="font-size: 16px">
Of course, Trump’s pitch was pure showman: Warsh, 55, is “central casting,” the president said, predicting he’ll be “one of the GREAT Fed Chairmen.” Trump almost gave him the job before he gave it to Powell, telling Warsh in 2020, “I could have used you a little bit here.”
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
The money people will wait and see. Warsh has the kind of résumé that signals “markets may relax” while also whispering “politics may not.”
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
He started at Morgan Stanley in 1995, joined the Bush administration in 2002, and served on the Fed’s Board of Governors from 2006–2011 as its liaison to Wall Street. During the crisis, he helped broker Bear Stearns’ sale to JPMorgan Chase.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
But Warsh’s louder calling card is attitude. He built a reputation as an inflation hawk, recently urged lower rates — and has been openly scolding the institution he’s now being asked
to run.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
In a November op-ed, he wrote: “Inflation is a choice, and the Fed’s track record under Chairman Jerome Powell is one of unwise choices.” That’s a neat fit for a president who has demanded faster rate cuts — and used immediate cuts as a kind of loyalty test.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
If confirmed, Warsh would preside over a 12-member Federal Open Market Committee that’s divided over the pace of cuts, which means the chair’s real job starts
after the sound bites end — under a president who keeps pushing for speed, volume, and immediate results.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
Now, though, Warsh’s nomination will hit the part of Washington that doesn’t clap on cue. He needs the Senate Banking Committee and then a full Senate vote, and Sen. Thom Tillis, holding a tie-breaking vote on the panel, has vowed to block any Fed nominee until the Powell investigation wraps.
</span>
</div>
<div>
<br/>
</div>
<div>
<span style="font-size: 16px">
But if inflation is a
“choice,” then every future spike becomes a referendum on the chooser — and every cut becomes a question about who’s holding the pen. A Fed chair can survive bad luck; surviving your own thesis takes something more.
</span>
<a data-linktext="Quartz’s Niamh Rowe has more on the
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</a>
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