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Key Takeaways
Open-minded people don’t assume their default way of thinking is automatically the right one. When something collides with their perspective, they don’t dismiss it — they want to know more.
Making time for in-person team building is an expense, to be sure. But having your employees feel genuinely connected, even across oceans? That’s priceless.
Don’t leave room for misinterpretation. Write down what your company stands for, and make sure everyone sees it.
“I don’t like him. He’s rude.” That was the chatter I was hearing about our newest hire, an IT whiz from Ankara in my native Turkey.
Dismayed as I was to hear this assessment, I wasn’t totally surprised. The person who made it was American; exactly the sort of eternally upbeat, outgoing person the country’s reputation is built upon. Our new hire, on the other hand, was more introverted and subdued — he was polite, but not overly focused on pleasantries.
What was happening here wasn’t a difference in personality as much as culture. I experienced this myself when I first moved to the U.S. — people were so friendly, it was almost unnerving. It took me a while to realize the friendliness wasn’t fake. Nor was it the same thing as closeness. Americans will ask how you’re doing, mean it for the few seconds it takes to respond and move on. In Turkey, you don’t ask unless you have the time to actually hear the answer. It took time for me to understand this and adapt to it.
Jotform has offices across five countries; even within those offices, our teams are incredibly diverse. Our strength comes from our differing backgrounds and perspectives, but they can also lead to moments of friction, like the one with our new hire. As leaders, it’s incumbent on us to build a culture that leverages these differences rather than suffers from them. Here’s how.
Hire open-minded people
Hiring is one of the areas I refuse to delegate completely — it’s just too important. By the time we’ve narrowed the field to a handful of candidates for a position, it’s clear that any one of them has the qualifications needed to do the job well. But when making a final hiring decision, I want to learn more about how they think.
One of the key qualities I always look for? Open-mindedness.
Open-minded people don’t assume their default way of thinking is automatically the right one. When something collides with their perspective, they don’t dismiss it — they want to know more.
To find this, I like to ask candidates to tell me about a time they were proven wrong. Do they get defensive and shift blame, or do they walk me through what changed their mind? The answer tells me whether they’ll bring that same flexibility to a teammate who does things differently than they expect.
Get your teams together
There are several reasons that I have my teams work in-office, not the least of which is that remote workers tend to struggle more with isolation and stress than onsite workers, and experience lower overall well-being.
That’s in part because so much is lost when we interact only through screens. Nonverbal communication, like body language and tone of voice, make up the bulk of how we present ourselves to others, much of which get flattened out online. If you recall the feeling of emptiness and exhaustion that often accompanied a pandemic-era online happy hour or team-building exercise, you know what I’m talking about.
At my company, we have what we call Jotformers Week, in which employees from nearly two dozen countries gather together for several days of camaraderie. And because no one likes forced fun, we ask what would make the experience meaningful for participants, ensuring everyone has a say in how the time is spent.
These retreats build a sense of cohesion, filling in the gaps that time and distance tend to create. A tone that seemed cold over Slack gets clarified over dinner. A silence that may have seemed disagreement turns out to be the way someone gathers their thoughts. Our American team quickly found out that our new Turkish IT hire only seems stern; he actually has a quietly wicked sense of humor that regularly has the group in stitches.
Making time for in-person team building is an expense, to be sure. But having your employees feel genuinely connected, even across oceans? That’s priceless.
Leave less room for interpretation
In the absence of information, people will make it up, the saying goes. Ambiguity tends to breed misunderstandings, which can quickly erode the culture you’ve worked so hard to create.
Don’t leave room for misinterpretation. Write down what your company stands for, and make sure everyone sees it. Reinforce it regularly in visible forums like company-wide newsletters and all-hands calls.
Also, be clear about expectations. At Jotform, I encourage employees to sign off on nights and weekends. When they take PTO, I tell them to delete Slack off their phones and truly take time to refresh and recharge. This way, no one has to spend their family vacation stressing about whether they’re expected to check in — they already have the answer, no interpretation or guessing needed.
Not only does this practice create a sense of psychological safety, it also closes the gap where cultural misunderstanding tends to take root. The rule is just the rule, the same for everyone reading it.
Misunderstandings happen, especially when you have a culturally diverse team. Good leaders encourage their employees to approach differences with curiosity, create opportunities for team-building and reduce ambiguity.
Key Takeaways
Open-minded people don’t assume their default way of thinking is automatically the right one. When something collides with their perspective, they don’t dismiss it — they want to know more.
Making time for in-person team building is an expense, to be sure. But having your employees feel genuinely connected, even across oceans? That’s priceless.
Don’t leave room for misinterpretation. Write down what your company stands for, and make sure everyone sees it.
“I don’t like him. He’s rude.” That was the chatter I was hearing about our newest hire, an IT whiz from Ankara in my native Turkey.
Dismayed as I was to hear this assessment, I wasn’t totally surprised. The person who made it was American; exactly the sort of eternally upbeat, outgoing person the country’s reputation is built upon. Our new hire, on the other hand, was more introverted and subdued — he was polite, but not overly focused on pleasantries.
What was happening here wasn’t a difference in personality as much as culture. I experienced this myself when I first moved to the U.S. — people were so friendly, it was almost unnerving. It took me a while to realize the friendliness wasn’t fake. Nor was it the same thing as closeness. Americans will ask how you’re doing, mean it for the few seconds it takes to respond and move on. In Turkey, you don’t ask unless you have the time to actually hear the answer. It took time for me to understand this and adapt to it.
When I last covered Nebius Group(NBIS -6.67%) in mid-October, the stock was near $165, and I said I was still waiting to buy. Shares have kept falling since then.
Even after jumping about 7% on Nov. 3, the stock is near $152 as I write — off about 47% from June 18, when it closed at a record $286.69.
Two more things have changed. The artificial intelligence (AI) cloud provider announced a $3.5 billion financing facility from Citigroup on Oct. 22. And it’ll post third-quarter results on Thursday, Nov. 12, before the open.
Image source: Getty Images.
The bull case
The strongest argument for the stock is Nebius’ own target. Management expects to finish 2026 with annualized run-rate revenue of $7 billion to $9 billion. (Nebius multiplies a quarter’s last month of AI cloud revenue by 12 to get it.) At the end of June, it was $3.0 billion.
That seems like a big jump. But Nebius has arguably been growing at close to the pace it needs.
Showing how fast the company is scaling, Nebius’ run-rate revenue went from $1.25 billion at the end of 2025 to $1.9 billion in March, a gain of around 54%. Growth then sped up a little, with run-rate revenue climbing 56% to $3.0 billion by the end of June. Second-quarter revenue, meanwhile, jumped 454% year over year. Two more quarters at the recent pace would take run-rate revenue to around $7 billion, the low end of the company’s range.
And Nebius has topped a goal like this before, finishing 2025 above its own forecast for $900 million to $1.1 billion in run-rate revenue.
What’s more, pricing might help it go further. Deals Nebius signed in the second quarter averaged over $20 million in annual contract value per megawatt of capacity, compared with around $12 million across its 2026 base. Most of them were signed for capacity due late this year, so the bigger boost might show up in 2027 revenue.
Demand doesn’t look like the problem, either.
“We could sell our entire 2027 capacity on these terms today,” founder and CEO Arkady Volozh said in his second-quarter letter to shareholders.
Valued at around $44 billion, Nebius trades at about 5.5 times the annualized revenue it’s targeting by year-end, using the midpoint. If management pulls it off, I think that price is modest for a company growing so fast.
The bear case
The problem is what all this costs to build. Nebius expects capital expenditures of $20 billion to $25 billion this year, and it spent around $8.1 billion on equipment and other capital purchases in the first half. That leaves around $12 billion to $17 billion to spend in just six months.
So far, Nebius has filled much of that gap with outside money. It sold 12.7 million shares in the second quarter at an average price of around $224. It raised about $5.75 billion with convertible notes in August. And the new Citigroup facility lasts for just 364 days, so it will have to be repaid or replaced within a year.
Yes, customer prepayments help. Nebius expects to collect over $9 billion of them this year.
But with the stock around $152, any extra share sales could dilute current holders more than the second-quarter sales did. And if lenders become more cautious about AI data center projects, the rest of the build-out could cost more to fund.
Revenue is also concentrated. Three customers accounted for 59% of second-quarter revenue, and Microsoft alone has a contract worth up to $19.4 billion.
NBIS – Nebius Group
$141.52-$10.12 (-6.67%)
NASDAQ · As of 4:00 PM ET 11/04/26
Is Nebius stock a buy before Nov. 12?
The lower price helps a bit. In October, I put Nebius at around 15 times the revenue it expects for 2026. It’s about 14 times that revenue now, using the midpoint of its $3.0 billion to $3.4 billion outlook.
But price wasn’t the biggest thing holding me back. The year-end target needs the next two quarters to grow about as fast as the past two, while Nebius funds capital spending of around seven times this year’s expected revenue.
The third-quarter report should give the September run-rate. A figure around $4.6 billion would keep Nebius on track for the low end of its target. Anything well under that might put the year-end target out of reach.
My call is to wait another week for that number. Nebius is growing extremely fast, and I think the stock might look cheap in hindsight if management delivers. Sure, waiting could mean paying a higher price if the quarter is strong. With the report so close, I’m willing to run that risk.
Credit: @lexfridman
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A contribution to a parent-owned 529 plan is the best gift of stock for most kids, since it grows tax-free for education and counts for no more than 5.64% on the FAFSA.
A UGMA or UTMA custodial account lets you give real shares of a favorite company, but the child takes full control of the account at 18 or 21 in most states.
Family members can now add up to $5,000 a year combined to a child’s Trump Account, which stays invested in U.S. stock index funds until the child turns 18.
Ask a parent what their kids want for Christmas and you’ll usually get a long sigh first. Most parents are already buried in toys, and a child who opens 20 holiday gifts is usually down to one or two favorites by mid-January.
A share of stock is a better gift for most kids. It won’t clutter the house, and it can keep growing long after the toys are gone. As a millennial parent, I’m personally tired of the plastic junk too.
Giving stock in 2026 comes with more choices than it did a year ago. Families can give through a 529 plan, a custodial account or the new Trump Accounts that opened to contributions on July 4, 2026. Here’s how each one works, ranked in the order we’d pick them.
Ask which accounts the child already has before you buy anything. Adding to an existing 529 plan or custodial account beats opening a duplicate, and our article on how to gift money to a 529 plan lists the questions to ask.
How Do You Gift Shares Through A UGMA Or UTMA Account?
How Do You Give Money To A Child’s Trump Account?
Can You Give A Framed Share Of Stock?
How Much Stock Can You Give Without Gift Tax In 2026?
When Should You Send A Stock Gift For Christmas?
How Can You Teach Kids About The Stock They Own?
What Is The Best Way To Give Stock To A Kid?
The best way to give stock to a kid in 2026 is a contribution to their 529 plan. The money goes into stock and bond funds, and the growth is tax-free when it pays for education. A parent-owned 529 also has the smallest effect on financial aid, as our breakdown of how a 529 plan affects the FAFSA shows.
A UGMA or UTMA custodial account comes second because it lets you give real shares of a company the child knows, such as Disney or Apple. The trade-off is control, since the child gets the account as a young adult. Our list of the best custodial investment accounts compares where to open one.
The Trump Account is third. It’s a solid long-term gift, but the money is locked until 18 and counts against the child on the FAFSA.
$19,000 per giver before a gift tax return, or $95,000 with a five-year election
Parent asset, up to 5.64%
No, the owner keeps control
2. UGMA/UTMA
Giving shares of a specific company
The child, managed by a custodian
No account limit, gift tax rules apply
Student asset, 20%
At 18 or 21 in most states, up to 25 in some
3. Trump Account
Long-term, retirement-style investing
The child, managed by a parent
$5,000 per child per year, all family and employer money combined
Student asset, 20%
At 18, when it becomes a traditional IRA
Source: IRS, U.S. Department of Education. The College Investor.
Why Is A 529 Plan The Best Gift Of Stock?
A 529 plan is a tax-advantaged education account, and most plans invest in stock and bond index funds. Earnings grow tax-free, and withdrawals for qualified costs such as tuition and room and board are tax-free too. That tax break is the main edge in any 529 plan vs. brokerage account comparison.
Small gifts add up in a 529. I have two kids, and both have 529 plans that we’ve funded with cash they received for birthdays and Christmas. Each account now holds several thousand dollars. Steady gifts like these are how families reach our 529 savings targets by age.
A parent-owned 529 is a parent asset on the FAFSA, assessed at no more than 5.64%. A grandparent-owned 529 plan isn’t reported on the FAFSA at all, which makes it a strong choice for grandparents with larger gifts. A child with a disability may also have an ABLE account that accepts gifts the same way.
How To Give Money To A Child’s 529 Plan
Most state 529 plans have a gifting page, and many use Ugift, which gives the family a code to share with relatives. You enter the code and pay from your bank account. The money goes straight into the child’s plan. Our article on gifting money to a 529 plan walks through each method.
Backer is a 529 gifting platform where parents set up a page and share a link with family. In our family, it’s the main way grandma and grandpa give money to our kids. Our Backer review explains how it works with existing state plans.
Gift of College sells physical and digital gift cards that the family redeems into a 529 plan, which gives you something to put under the tree. The buyer pays a purchase fee, so compare it with a free online contribution first. Our Gift of College review covers how redemption works.
Upromise is a free cash back program that sweeps shopping and dining rewards into a linked 529 plan. It works well for grandparents who want to add a little all year.
How Much Can You Give To A 529 Plan In 2026?
You can give up to $19,000 to one child’s 529 plan in 2026 without filing a gift tax return, and a married couple can give $38,000. A five-year election lets one person put in $95,000 at once and spread it over five years for gift tax purposes. That election has to be reported on IRS Form 709, as our article on 529 plan contribution limits explains.
How Do You Gift Shares Through A UGMA Or UTMA Account?
To give real shares to a child, the shares go into a custodial account set up under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA). An adult custodian manages the account, but the money legally belongs to the child from day one. Our breakdown of the pros and cons of UGMA accounts covers the rules.
If the child already has a custodial account at your brokerage, the gift is usually quick. If not, the parent can open one online with the child’s Social Security number and birth date. Teens 13 to 17 can also use a teen brokerage account, which works differently from a UTMA.
You can transfer shares you already own or send cash for the parent to invest. Shares you own carry your original cost basis to the child, so the child owes tax on the full capital gain when they sell.
How To Gift Stock At Fidelity, Schwab, Vanguard And Robinhood
Each major broker handles stock gifts a little differently. Open the box for your brokerage to see the steps, or check our list of the best online stock brokers if you don’t have an account yet.
Confirm the child has a Fidelity custodial account, or ask the parent to open one online.
For a gift to another Fidelity account, fill out the Transfer Between Existing Fidelity Accounts form.
For a gift to an account at another firm, use the Transfer Shares as a Gift form with the receiving firm’s name and account number.
Sign the form and upload it to Fidelity, or mail it.
Fidelity lists both forms on its how to gift shares page. Gifts of $10,000 or less to another Fidelity account don’t need a signature guarantee and take one to four days, according to Fidelity’s account services FAQ. Our Fidelity review covers its custodial accounts.
Charles SchwabFractional Shares From $1
Open a Schwab One Custodial Account online with the child’s birth date and Social Security number.
Fund the account online.
Buy most U.S.-listed stocks or ETFs by dollar amount or number of shares, starting at $1 with fractional shares.
To move shares you already own into the child’s account, call Schwab for the right transfer form.
Schwab markets this as a way to give the gift of ownership in a favorite company. Our Charles Schwab review covers fees and account types.
VanguardOnline Gift Tool, 1 To 3 Days
Log in and start a gift from a Vanguard nonretirement account. Retirement accounts can’t send gifts.
Choose a number of shares or a dollar amount, then pick a cost basis method.
Enter the child’s Vanguard account number. For an account at another firm, enter the firm’s name, its DTC number and the account name and number.
Submit the gift at least three business days before the last business day of the year if it needs to count for 2026.
Gifts take one to three business days inside Vanguard and up to five to seven days for outside firms, according to Vanguard’s stock gifting page. Our Vanguard review covers its custodial account options.
RobinhoodGifting Link, No Account Needed
The parent opens a Robinhood custodial account (UTMA) in the app or on the web.
The parent shares the gifting link from the custodial account’s dashboard.
You use the link to send cash, stock or ETFs, even if you don’t have a Robinhood account.
A custodian who moves shares from their own Robinhood account into the custodial account can’t move them back.
Robinhood’s custodial account gifting link is the simplest option for relatives who don’t invest. Our Robinhood review covers the rest of the platform.
What To Know Before You Give Shares To A Custodial Account
A custodial gift is permanent. The child takes full control at the state’s termination age, which is usually 18 or 21 and as late as 25 in some states. The child can spend the money on anything at that point. That loss of control is the biggest difference from a 529 plan, where the owner decides how the money is used.
Investment income in the account is taxed to the child. In 2026, the first $2,700 of a child’s unearned income gets favorable treatment, and anything above $2,700 is taxed at the parents’ rate under the kiddie tax.
On the FAFSA, a custodial account is a student asset assessed at 20%. A $10,000 custodial balance raises the child’s Student Aid Index by $2,000, compared with no more than $564 for the same money in a parent-owned 529.
How Do You Give Money To A Child’s Trump Account?
You give to a Trump Account by contributing through the official Trump Accounts app after the parent claims the child’s account. Family members, friends and employers can add up to $5,000 a year per child combined, and the money is invested in low-cost U.S. stock index funds. Our Trump Accounts article covers the full rules.
Trump Accounts began accepting contributions on July 4, 2026. Treasury also started opening an account for every eligible child under 18 with a Social Security number on or about October 1, 2026. Those automatic accounts can’t take money from relatives until a parent claims the account, as we reported in our coverage of Treasury’s auto-open plan.
How To Give To A Trump Account This Christmas
Ask the parent first. Confirm the parent has claimed the child’s account in the Trump Accounts app.
Check the family total. The $5,000 cap covers every contributor combined, so ask how much others have already given in 2026.
Contribute through the app. Use the official Trump Accounts app or the contribution option the parent shares from it.
Keep a record. Save the date and amount in case you need it for gift tax purposes.
The $1,000 federal deposit for babies born from 2025 through 2028 doesn’t count toward the $5,000 cap. Parents still have to file Form 4547 to get it, as our article on claiming the $1,000 Trump Account deposit explains.
Most family contributions won’t need a gift tax return. The IRS created a safe harbor for Trump Account contributions in June 2026, so they count toward the annual gift tax exclusion like other gifts.
The Trump Account ranks third because the money is locked until 18 and limited to index funds. The FAFSA treats it as a student asset at 20%, and withdrawals are taxed like a traditional IRA. Our comparison of Trump Accounts vs. 529 plans shows where each one wins.
Can You Give A Framed Share Of Stock?
Yes. GiveAShare sells one real share of stock registered in the child’s name, delivered with a framed, personalized certificate. It’s the gift to pick when the child should have something to unwrap, and our GiveAShare review breaks down what it costs.
This year’s standout is SpaceX, which went public on the Nasdaq on June 12, 2026. GiveAShare sells a registered SpaceX share with a limited-edition IPO certificate, shown above in a black frame with an engraved plaque.
A GiveAShare gift costs the share’s market price plus a $39 service fee, and frame upgrades add more. The fees are large next to the value of one share, so treat it as a keepsake rather than the main investment. Our roundup of where to buy a real framed stock certificate covers other sellers.
The framed certificate ships within two business days, and the ownership paperwork follows in about 3 to 7 weeks. A Surprise Date option holds registration until a date you choose, such as Christmas morning. Unique Stock Gifts sells a similar framed share if you want to compare prices.
How Much Stock Can You Give Without Gift Tax In 2026?
You can give up to $19,000 to each person in 2026 without filing a gift tax return, and married couples can give $38,000 by splitting gifts. The limit applies per recipient, so a grandparent can give $19,000 to every grandchild. Our gift tax rules article has more examples.
Gifts above $19,000 require IRS Form 709, but you won’t owe gift tax until your lifetime gifts pass $15 million. Your gifts to one child all count toward the same $19,000, including 529, custodial and Trump Account contributions. Shares count at their market value on the day of the gift. Our article on 529 plan contribution limits shows how a five-year election fits in.
Tuition you pay directly to a school doesn’t count toward the $19,000 at all. That makes direct tuition payments a useful extra tool for grandparents helping with college.
When Should You Send A Stock Gift For Christmas?
Start a stock gift by early December so it lands before Christmas and counts for 2026. Brokerages value a gift on the day they process the transfer, so a gift that settles in January counts toward your 2027 limit. Opening a new custodial account adds time, since the account has to be open and funded first.
Submit 3 business days before the last business day of the year
Robinhood Gifting Link
Depends on payment method
Ask the parent to share the link
GiveAShare Framed Share
Frame ships in 2 business days, registration in 3 to 7 weeks
Have the child’s legal name and an adult custodian ready
Trump Account
Depends on the parent claiming the account
Confirm the account is claimed in the app
Source: Fidelity, Vanguard, Robinhood, GiveAShare, U.S. Treasury. The College Investor.
Ask for account details right after Thanksgiving, then send the gift by mid-December. If the parents haven’t opened an account yet, a 529 gifting page or a Gift of College card still works as a last-minute gift on Christmas Eve.
How Can You Teach Kids About The Stock They Own?
The lessons that come with a gift of stock matter more than the share itself. Show the child how to look up their company’s stock price, or read the annual report together when it arrives. Our financial literacy resources have more ideas for every age.
A money book is a good add-on to any stock gift. These are our picks by age, and our list of the best personal finance books has more for older teens.
The Young Entrepreneur’s Guide To Starting And Running A Business
Steve Mariotti
Ages 15-17
The Money Savvy Student
Adam Carroll
Ages 18+
I Will Teach You To Be Rich
Ramit Sethi
Picks by The College Investor.
Gift Of Stock FAQs
Can You Buy Stock For A Child Without A Custodial Account?
Yes, with a framed share from GiveAShare, which registers the share to the child with an adult custodian. You can also contribute to a 529 plan the parent owns. A child under 18 can’t hold a regular brokerage account alone, though some investment accounts for teens let a parent and teen share one.
Can Grandparents Give Stock To A Grandchild?
Yes. Grandparents can contribute to a 529 plan, give shares through a custodial account or add to a Trump Account. A grandparent-owned 529 plan isn’t reported on the FAFSA, which is why our article on how grandparents can save for college favors it.
Can You Gift Fractional Shares Of Stock?
Yes, inside a custodial account at a broker that sells fractional shares, such as Schwab. GiveAShare sells only whole shares. Our article on buying fractional shares lists brokers that offer them.
Does A Gift Of Stock Affect Financial Aid?
It depends on the account. A parent-owned 529 counts for up to 5.64% on the FAFSA, while custodial accounts and Trump Accounts count as student assets at 20%. Our article on 529 plans and financial aid runs the numbers.
Who Pays Taxes When A Child Sells Gifted Stock?
The child pays the tax, based on the giver’s original cost basis. Gains and dividends above $2,700 a year can be taxed at the parents’ rate under the kiddie tax rules.
Editor: Clint Proctor
Reviewed by: Claire Tak
The post How To Buy Stock As A Gift For A Child (The Guide For Parents And Family) appeared first on The College Investor.
Update 11/4/26: Offer is back at $5 on a purchase of $50+. Can be done 3x. Expired 11/30. Valid online or in store. (ht karmafuture)
The Offer
Check your Citi cards for one of these offers at Home Depot:
Earn 15% Back on any purchase. One-time use. Online or in-store. Maximum reward of $30 statement credit. Expires 7/31/26.
Earn $5 Back on a purchase of $50 or more. Minimum of $50 or more in a single-receipt purchase, one-time, online and in-store, with maximum reward of $5 statement credit. Expires 7/31/26.
MortgageDepot is pleased to announce that we are officially licensed to do business in California, marking another important milestone in our continued nationwide expansion.
With this expansion, MortgageDepot continues to strengthen its presence across the country, providing access to a wide range of mortgage solutions and helping more borrowers navigate the home financing process.
We look forward to growing our presence in California and continuing to serve homebuyers across the nation.
Near the end of his victory speech in Detroit early Wednesday, Senator-elect Abdul El-Sayed returned to the line that carried his campaign: “It shouldn’t be this hard to see a doctor in the richest, most powerful country in the world.”
El-Sayed defeated Republican Mike Rogers in Michigan’s open Senate race on a night when Democrats captured both chambers of Congress. He arrives in Washington as one of the country’s most prominent advocates of Medicare for All, a public, universal, single-payer system, and as the co-author of a detailed plan for how it would work.
The issue resonated with voters in both parties. In the NBC News Exit Poll, which surveyed more than 79,000 voters, 85% said they were very or somewhat concerned about healthcare costs. Sixty-one percent said the federal government should play a bigger role in helping Americans get it.
Democrats campaigned on healthcare costs across the country, but the party is split on the fix. Many moderates want to strengthen the Affordable Care Act, which expanded coverage through Medicaid and subsidized private marketplaces. For El-Sayed and other progressives, Medicare for All remains the gold standard, and a single public payer would replace much of the private insurance business that sustains some of America’s largest companies.
UnitedHealth Group is No. 3 on the 2026 Fortune 500 and the biggest healthcare company on the list. CVS Health, which owns Aetna, ranks No. 6, and Elevance Health ranks No. 18. El-Sayed has singled out the industry before: in 2022, in written testimony to the Senate Budget Committee, he noted that UnitedHealth’s second-quarter profit in 2020 nearly doubled from a year earlier.
El-Sayed, 42, holds a medical degree and a doctorate, ran Detroit’s health department from 2015 to 2017, and later directed Wayne County’s Department of Health, Human and Veterans Services. He and co-author Micah Johnson laid out their vision in the 2021 book Medicare for All: A Citizen’s Guide, which offers the clearest picture of how the policy could take shape as progressives grow in Congress.
What El-Sayed’s version of Medicare for All would cover
In the book, El-Sayed and Johnson describe Medicare for All as “an enhanced version of the traditional Medicare program that tens of millions of seniors rely on today,” one that would insure every American for life.
A “core tenet” of the policy, they write, is comprehensive coverage: physician visits, prescription drugs, and emergency services, potentially extending to long-term care, vision, and dental. Patients could see any participating provider, eliminating out-of-network charges.
El-Sayed has also pitched the system as more durable than employer-based coverage. “Turn 26, get a job, lose a job, get married, get divorced: none of these would cost you your health insurance under Medicare for All,” he wrote in the same Senate testimony.
One element has shifted. In a 2020 podcast, El-Sayed said Medicare for All “does away with the private insurance market,” Bridge Michigan reported. During this campaign, he said his version would not ban private plans offered through unions or employers, though his campaign website says Medicare for All “should make those choices redundant and unnecessary.”
He has also sketched how the system would be run. At a July roundtable with Michigan voters hosted by More Perfect Union, El-Sayed said its governance should sit “under, but separate from, the executive branch,” similar to the Federal Reserve, so the program couldn’t “change on a dime” with each new president. He added that Medicare would negotiate prescription drug prices as the buyer for the entire country.
How he would pay for it
El-Sayed and Johnson argue that individual Americans already fund the U.S. healthcare system through taxes, premiums, deductibles, and copayments. Under Medicare for All, they contend, money would flow through the public sector rather than private insurers.
Their financing plan has two parts. The first would “combine existing federal spending on Medicare, Medicaid, and private insurance subsidies into a single stream to be used for Medicare for All.” The authors also float administering the program at the state level, which would free up state money now spent on Medicaid and private insurance.
The second is progressive taxation: a “wealth tax on the richest Americans,” a new corporate tax code, and higher taxes on investment income. The authors also count on savings from lower administrative costs and lower prices for drugs and services, which they attribute to a single payer’s negotiating power.
The middle-class question is unresolved. El-Sayed has said he would “hope” to avoid raising taxes on most Michigan families, including those earning around $100,000 a year, according to Bridge Michigan. Experts told the outlet that middle-class tax increases would likely be necessary, though some households could come out ahead overall.
Why it still faces long odds in Congress
El-Sayed has been blunt about the obstacle. “The biggest challenge is not making the math work. The biggest challenge is not architecting the system. The biggest challenge is creating the political will to get there,” he told the More Perfect Union panel, which included several voters who had backed President Trump.
Public opinion is moving in his direction. In an Axios-Ipsos poll released in October, 43% of Americans supported Medicare for All and 24% opposed it, with 32% unsure.
The policy still has vocal critics, from pharmaceutical companies to the American Hospital Association. They argue that dismantling private insurance would eliminate jobs in healthcare administration and that middle-class families would bear the brunt of higher taxes. They also point to the price tag. A 2018 analysis by Charles Blahous, a former public trustee for Medicare and Social Security, estimated that Bernie Sanders’ Medicare for All proposal would add $32.6 trillion in federal spending over 10 years. Blahous has described that figure as a lower bound that assumes the bill’s cost controls deliver their full savings.
The votes are another hurdle. Democrats will control both chambers in January, but Republicans and many moderate Democrats oppose single-payer. Retiring Kentucky Sen. Mitch McConnell called it an “untested government takeover” in 2019. Any bill would likely need 60 votes to clear a Senate filibuster, plus President Trump’s signature.
Still, El-Sayed won’t be alone. In Maine, Democrat Troy Jackson unseated Republican Sen. Susan Collins after campaigning on Medicare for All and told the American Prospect he would be a “dog with a bone” on the issue. The next test is whether the new progressive senators rally behind a single bill, and whether El-Sayed’s room for private plans becomes a compromise or a fault line.
“Winning a single U.S. Senate seat was never the goal,” El-Sayed told supporters early Wednesday. “The goal is to use that seat to transform our politics.”
