Behind the Business with Michelle Toh

Joining us this week is The Points Guy founder Brian Kelly.

He turned what started as a personal blog while working at Morgan
Stanley into one of the world’s leading travel media platforms — shaping
how millions of consumers spend, earn and think about travel.

In our special new segment, “3 Pressing Questions,” Brian weighs in on
hot topics shaping travel today, and explains how he built a top creator
business that sold for tens of millions of dollars.

From why flights feel so expensive right now, to how industry shifts
could affect your wallet, to common mistakes to avoid when booking a
trip, Brian breaks down what’s worth paying for today.

In this conversation, we dive into:

00:00: Introduction
01:28: Starting The Points Guy as a side hustle
05:57: Why the points game isn't dead
06:38: How points really drive US airlines
11:28: How to get started in the points game
16:38: Selling The Points Guy
18:22: Advice to other entrepreneurs on building a brand
23:24: Stepping down as CEO and being honest about your own strengths
24:27: When should we expect airfares to come down, if at all?
25:22: Industry consolidation — outlook for United, American, Delta, Spirit and JetBlue
26:36: 'Debundling' of airline prices and how carriers are working to 'maximize every single square centimeter on the plane'
29:16: With current volatility, should we be booking all our flights ahead now?
30:30: Creating a 'couch' in economy: Brian's take on airlines' new cabin concepts
33:12: 5-star hotels, cruises and yachts: Where Brian sees the best value in luxury travel right now
35:10: Tips and tricks to make the most of your trip
38:31: Brian's biggest travel recommendation this summer
39:53: How US airlines compare to those abroad
42:04: How Brian's son Cooper became the youngest person to ever visit all 7 continents
45:07: Long-term view: Brian's end game
47:01: Rapid-fire round

🚀 Season 2 of Behind the Business is here, featuring the leaders of
brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton,
Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes
Thursdays.

👇🏼 SUBSCRIBE + FOLLOW:
YouTube: https://bit.ly/YTBTB
Apple Podcasts: http://bit.ly/3IFGuIA
Spotify: https://bit.ly/SpotiBTB
Amazon Music: http://bit.ly/4pPZZPp

🎙️About Behind the Business

Behind the Business is a Webby Award-winning, thoughtfully produced
video podcast grounded in the belief that business is in fact personal.
This is not a fawning interview show. We pair deep research with
thorough interviews — asking the real questions and avoiding fluff,
while keeping it fun! What’s the toughest day you’ve ever had at work?
How do you mentally prep for a big event? Or what’s a pinch-me moment
you’ll never forget? In each episode, guests get into it all. Each
episode also connects guests with audience members who send in a
question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a
longtime reporter at CNN. She's covered top stories in global business,
including the chip and trade wars, world-leading IPOs, the corporate
response to Russia's invasion of Ukraine, Europe's energy crisis and
China's property problems. Previously, she was with FORTUNE. She has
reported for The New York Times, TIME and South China Morning Post.

Find her on Instagram: / bymichelletoh
TikTok: / behindthebusinessshow

#Travel #Blogger #Entrepreneur #Startup #Founder #CEO #Leadership #CareerStory #CreatorEconomy #BusinessPodcast
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Joining us this week is Poppi co-founder Allison Ellsworth, who takes us behind the rise of one of America's fastest-growing beverage brands — from a kitchen counter experiment to a nearly $2 billion acquisition by PepsiCo.

In this conversation, we dive into:

00:00 Introduction
01:15: Growing up in a household of entrepreneurs, gaining confidence as a dancer and working cleaning bathrooms
03:28: Starting Poppi inside Allison's kitchen
05:11: The trial-and-error process
06:26: Allison's previous life working in oil and gas
07:31: Starting to sell at farmer's markets and being discovered by Whole Foods
08:49: Going all in— the truth behind the "overnight success,” including at one point almost losing their home and selling both cars
12:44: Product breakthrough after Allison's co-founder husband snuck sugar in
15:04: Pitching on "Shark Tank" while nine months pregnant
23:16: The rebranding and relaunch as Poppi
29:39: "Embarrassment is the most under-explored emotion when it comes to success"
30:45: The "black ops" budget/ playbook that helped Poppi stand out in one of the world's most competitive industries
33:05: Why Poppi gave equity to employees, advisors and ambassadors like Alix Earle — and how it actually fueled the company's growth
36:59: The rise of prebiotic sodas and competition like Olipop
40:55: Landing the PepsiCo deal — a landmark sale that underscored the rise of challenger brands in consumer goods
43:43: The emotional reality of handing over the company she and her husband built
44:15: What's next for Allison
47:36: Audience question
48:57: Rapid-fire round

🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes Thursdays.

👇🏼 SUBSCRIBE + FOLLOW:
YouTube: https://bit.ly/YTBTB
Apple Podcasts: http://bit.ly/3IFGuIA
Spotify: https://bit.ly/SpotiBTB
Amazon Music: http://bit.ly/4pPZZPp

🎙️About Behind the Business

Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

Find her on Instagram: / bymichelletoh
TikTok: / behindthebusinessshow

#Poppi #PepsiCo #Acquisition #Entrepreneur #Startup #Founder #CEO #Leadership #CareerStory #WomeninBusiness #FemaleFounder #BusinessPodcast
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Joining me this week is RJ Scaringe, founder & CEO of Rivian, the electric automaker backed by Amazon and Volkswagen.

RJ has wanted to build cars for as long as he can remember — telling his father at age 10 that he hoped to one day start an automotive company.

Years later, in 2009, he took the leap. There was "no money, no team, no technology, no suppliers, no brand and no production infrastructure," as he puts it.

Now, as the company launches a new vehicle, doubles down on AI and autonomous driving, and charts a path to steady profitability, RJ takes us through the lessons from building an automaker from the ground up — and one of the world's most closely watched EV companies.

In this conversation, we dive into:

00:00 Introduction
01:26: Early beginnings
07:06: Starting Rivian from a clean sheet in 2009, post-recession
12:31: Navigating skepticism and 'comically bad' investor meetings in the early days
16:04: Meeting Jeff Bezos and securing Amazon's investment
17:24: Entering the market with its first two vehicles, the R1T and R1S
21:57: Launch of the R2 this year
25:22: Near-term challenges: supply chain risks
31:19: Challenges in EV sector and RJ's outlook
33:35: Balancing Wall Street's short-term expectations with long-term vision
37:00: Rivian's intended path to steady profitability
38:42: Why Rivian developed its own AI chip
40:42: Self-driving vehicles
47:43: Teaming up with Volkswagen
48:20: RJ's new venture, Mind Robotics
52:27: Factory automation
53:47: RJ's end game
56:29: Rapid-fire round

🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes Thursdays.

👇🏼 SUBSCRIBE + FOLLOW:
YouTube: https://bit.ly/YTBTB
Apple Podcasts: http://bit.ly/3IFGuIA
Spotify: https://bit.ly/SpotiBTB
Amazon Music: http://bit.ly/4pPZZPp

🎙️About Behind the Business

Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

Find her on Instagram: / bymichelletoh
TikTok: / behindthebusinessshow

#Autos #EVs #Entrepreneur #Startup #Founder #CEO #Leadership #AutonomousVehicles #SelfDrivingCars #Robotics #Mobility #Manufacturing #SupplyChain #WallStreet #AI #Technology #CareerStory #BusinessPodcast
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“An estimated 30-35% of the global economy are black and gray markets.”

That’s the world our next guest, Mariana van Zeller, has spent years investigating.

From online scam centers to black-market oil, the Peabody Award-winning journalist has built a career going where few reporters can.

"Trafficked" — her hit Nat Geo series — regularly breaks records at the Emmys.

In this conversation, we dive into:

00:00: Introduction
01:18: The "hidden third" of the global economy
02:15: Growing up in Portugal and the path to journalism
03:50: Fighting her way into Columbia University
05:56: Covering 9/11 and finding her calling
09:20: Reporting from Syria and entering the world of black markets
14:34: How "Trafficked" is made
17:09: Navigating danger and censorship

22:23: Dream story
23:17: Her toughest story and most dangerous assignment
34:08: Why her sources agree to be interviewed, even if it could implicate them
36:47: What actually reduces crime
40:17: Why "Trafficked" ended despite its huge popularity — and what's next, including "The Hidden Third" podcast
44:55: Audience question: How to distinguish a good story from a great one
46:01: Rapid-fire round

🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes Thursdays.

👇🏼 SUBSCRIBE + FOLLOW:
- YouTube: https://bit.ly/YTBTB
- Apple Podcasts: http://bit.ly/3IFGuIA
- Spotify: https://bit.ly/SpotiBTB
- Amazon Music: http://bit.ly/4pPZZPp

🎙️About Behind the Business

Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

Follow on Instagram: https://www.instagram.com/bymichelletohTikTok: https://www.tiktok.com/@behindthebusinessshow

#investigativejournalism #blackmarket #shadoweconomy #womeninmedia #journalism #documentary #career #careergrowth #careerstory #independentjournalism #independentmedia #founder #founderstory #founderjourney #founders
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The US makes up almost 50% of global market cap. Yet over the past three decades, the number of American public companies has declined dramatically.

So says this week’s guest, NYSE Chief Development Officer Chris Taylor, who joins us for our new “3 Pressing Questions” segment.

After years of a quieter IPO market, there are signs momentum is returning — with a surge in new equity offerings and investors watching the debuts of big names like SpaceX, OpenAI and Anthropic.

We headed to the New York Stock Exchange to unpack:

🌍 What’s really driving global stock markets right now?

🔔 What’s next for the US IPO market as attention turns to companies like SpaceX, OpenAI and Anthropic?

🤖 Are we in an AI bubble?Plus: Chris shares what founders should know if they dream of ringing the bell on Wall Street one day.

We dive into:

00:00: Introduction
03:59: What's actually driving stock markets right now — and where consensus might be wrong
06:29: CEO outlook on global volatility, AI and challenges
08:01: Where some companies are spotting new market opportunities
08:57: Are we in an AI bubble?
10:31: IPO market outlook
12:14: Expected 'mega-IPOs' this year with SpaceX, OpenAI and Anthropic
14:22: NYSE roadmap
15:40: SEC proposal to give companies option to report earnings semi-annually vs. quarterly
17:26: The hardest part of running the exchange
19:46: Jump in overseas demand for US stocks
21:12: How NYSE competes against other exchanges - both in the US and overseas
26:33: Common mistakes companies make before going public
27:58: Future of going public: Will the traditional IPO model remain king?
28:48: Rapid-fire round

NOTE: This interview was recorded ahead of SpaceX's IPO on June 12, 2026. Views and opinions expressed in this episode are for informational purposes only and do not constitute financial, investment or other professional advice.

🚀 Season 2 of Behind the Business is here, featuring the leaders of brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton, Revolve, Lucid Motors, PHLUR, The Points Guy and Away. Catch new episodes every Thursday.

👇🏼 SUBSCRIBE + FOLLOW:
- YouTube: https://bit.ly/YTBTB
- Apple Podcasts: http://bit.ly/3IFGuIA
- Spotify: https://bit.ly/SpotiBTB
- Amazon Music: http://bit.ly/4pPZZPp

🎙️About Behind the Business

Behind the Business is a Webby Award-winning, thoughtfully produced video podcast grounded in the belief that business is in fact personal. This is not a fawning interview show. We pair deep research with thorough interviews — asking the real questions and avoiding fluff, while keeping it fun! What’s the toughest day you’ve ever had at work? How do you mentally prep for a big event? Or what’s a pinch-me moment you’ll never forget? In each episode, guests get into it all. Each episode also connects guests with young founders/ CEOs who send in a question. New episodes every Thursday.

About Michelle Toh
Michelle is an award-winning international journalist, most recently a longtime reporter at CNN. She's covered top stories in global business, including the chip and trade wars, world-leading IPOs, the corporate response to Russia's invasion of Ukraine, Europe's energy crisis and China's property problems. Previously, she was with FORTUNE. She has reported for The New York Times, TIME and South China Morning Post.

#markets #ipos #stocks #stockmarket #stockmarkets #nyse #wallstreet #finance #business #ipos #ipo #ipomarket #usmarket #usmarkets #businessnews #ai #investing #investment #spacexipo #equities #investment
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