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- Page 84
🍋 Private Equity Goes Retail
Private equity firms are going after slightly rich retail investors ($1-$5million). Starbucks' founder Howard Schultz established a $100 million fund targeted toward "diverse business as vehicles for fostering a more inclusive economy." Meanwhile, Wells Fargo is pausing their diversity rules, after a report came out that said staff held fake interviews with minority candidates. Janet Yellen said the US is currently staring down "unacceptable levels of inflation." (lmao OK I think we all knew that)
🍋 Re"Defy"ned Fast Food
JetBlue is hoping that persistence pays off and beefing up its offer to take over Spirit Airlines. They raised the break-up fee to shareholders, if regulators block the deal, to $350 million, or $3.20 a share. Restaurants are raising fees as well, to fight inflation. There's been a "service fee" or "temporary fee" added to bills at places like Macaroni Grill. UK is testing out the four-day work week for six months with 3,000 employees. Elon Musk is trying to get out of the Twitter deal and Taco Bell is innovating (what?) with their “DeFy” restaurants.
🍋 $50 Million Fat Finger
Lululemon crushed Q1 earnings and raised 2022 guidance. Pandemic postponed weddings are hit by an inflation pandemic, costing guests as much as $20k. Tougher economic times might be here to stay according to Goldman President John Waldron: "This is among -- if not the most -- complex, dynamic environments I’ve ever seen in my career.” Some good news though, is that White House interns are being paid for the first time in recent history.
🍋 Musk Goes Full Karen
Sheryl Sandberg is gone, and "There's a storm comin' Harry"- Jamie Dimon. Elon Musk is going full Karen and asking all employees to spend a minimum of 40 hours per week in the office. Johnny Depp won his defamation case against his ex-wife, Amber Heard and the jury awarded him $15 million in damages. (while the nation lost $150 billion in productivity).
🍋 Jonas Bros Want to Text You
Taco Bell is running out of of Mexican Pizzas (supply chain issues duh). Janet Yellen admitted she was wrong on inflation. No companies or SPACs went public on US exchanges last week, the first week like this in over two years. Jonas Brothers are launching a new subscription media company called Scriber.
🍋 Magic In The Hamptons Is Over
US gas hit a record high. WeWork has its 3rd CFO in less than year. President Biden and Fed Chair Powell are scheduled to meet today to discuss the Fed's campaign against inflation and the risk of a recession. Hamptons rental market is facing an unexpected chill as Americans head to Europe for summer travels.