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What you’ll read?

• Wealth Management Adapts to Rising Athlete Fortunes.

• Banks Sue Federal Reserve Over Stress Test Practices.

• Today in AI & Tech

• Turbulent Year in U.S. Air Travel.

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BUSINESS

Nordstrom to Go Private in $6.25 Billion Buyout.

Nordstrom will become a private company after a $6.25 billion buyout deal by its founding family and Mexican retailer El Puerto de Liverpool. The Nordstrom family will hold a 50.1% stake, with Liverpool owning 49.9%. Shareholders will receive $24.25 per share in cash, and the deal is set to close in early 2025. This marks a new chapter for the 123-year-old retailer, which previously attempted privatization in 2018.

Sixth Graders Shine in Shark Tank-Inspired Entrepreneurship Competition.

Sixth graders at Draper Park Middle School in Utah showcased innovative business ideas, including heated and cooled t-shirts and an all-in-one pet grooming tool, in the “It’s My Business” competition sponsored by Junior Achievement and CNBC. The event, held at JA City in Orem, capped a semester-long entrepreneurship course. Judges, including business leaders and an Olympic gold medalist, awarded the top prize to the Wish Wash Pet Brush team, emphasizing the importance of early financial education for fostering creativity and future success.

Wealth Management Adapts to Rising Athlete Fortunes.

Wealth management firms are expanding their sports and entertainment segments as athlete earnings skyrocket, highlighted by Juan Soto’s $765 million MLB contract. Advisors help young athletes manage unique challenges, such as earning millions early in life, avoiding fraud, and navigating complex taxes. With interests shifting toward tech equity and long-term planning, firms aim to guide athletes in building sustainable wealth and preparing for life after their careers.

Banks Sue Federal Reserve Over Stress Test Practices.

Major banks and business groups, including the Bank Policy Institute and U.S. Chamber of Commerce, have sued the Federal Reserve, alleging that its annual stress test process violates federal law by lacking public input and transparency. While the Fed announced plans to enhance the transparency and reduce volatility of the tests, the changes may not address banks' concerns over capital requirements. Critics argue the opaque process hinders lending and economic growth, with further reforms potentially on the horizon.

CFPB Sues Walmart and Branch for Alleged Worker Payment Mismanagement.

The CFPB filed a lawsuit against Walmart and Branch Messenger, accusing them of forcing delivery drivers in the Spark Driver Program to use costly Branch accounts for payments, often without consent. Drivers faced delays, fees, and threats of job loss, incurring over $10 million in "junk fees." Walmart and Branch denied the claims, calling them factually inaccurate. This is part of broader CFPB actions against companies mishandling financial accounts and fraud investigations.

2025 Prediction: A Surge of Self-Serve CTV Buyers

Roku predicts that 2025 will be a breakthrough year for self-serve CTV advertising. Roku Ads Manager makes it easy to integrate CTV into your 2025 marketing mix. Easily segment your target audience, optimize campaigns in real-time, and drive conversions with interactive ad formats and shoppable ads with a Shopify integration. Roku Ads Manager makes CTV advertising accessible and impactful for businesses of any size.

Discover CTV Performance on Roku

TECH

Today in AI & Tech

Waymo Leads U.S. Driverless Future as GM Exits Robotaxi Race.

Despite GM’s closure of its Cruise robotaxi business after investing $10 billion, 2024 marked significant progress toward a driverless future, led by Waymo. With over 4 million autonomous rides across cities like Phoenix, San Francisco, and Los Angeles, Waymo expanded internationally and introduced next-gen vehicles. Meanwhile, GM shifted focus to personal autonomous vehicles following challenges in the robotaxi space.

AI and Crypto Propel U.S. Tech Stocks to Record Gains in 2024.

In 2024, AI and crypto advancements boosted U.S. tech stocks, with companies like Nvidia and AppLovin leading the way. AppLovin saw a 758% increase in its valuation, driven by AI-powered ad technology, while MicroStrategy’s stock surged 467% thanks to its massive bitcoin holdings. The crypto industry’s growth, fueled by the launch of bitcoin ETFs and Donald Trump’s election win, further accelerated these tech gains.

Other

Ford Supports Trump Inauguration Amid Policy Impacts.

Ford Motor Co. is donating $1 million and vehicles for Donald Trump’s inauguration while preparing for potential impacts from his proposed tariffs and changes to EV tax credits. CEO Jim Farley expressed optimism about discussing policies affecting Ford with the administration. Other companies like Amazon and Meta have also contributed to the inauguration, which has seen substantial corporate donations.

Trump Signals Talks with Putin to End Ukraine War.

President-elect Donald Trump announced that Russian President Vladimir Putin expressed interest in an early meeting to discuss the Ukraine war, which Trump labeled “horrible.” Trump, set to return to the White House, reiterated his pledge to end the war swiftly and hinted at reducing U.S. military aid to Ukraine. Earlier, he called for a ceasefire after meeting Ukrainian President Zelenskyy and French President Macron in Paris.

American Airlines Faces Brief Ground Stop Amid Holiday Rush.

American Airlines grounded its U.S. flights briefly Tuesday due to a network hardware issue tied to critical flight operations, delaying over 1,000 flights and canceling 90 more. The disruption, coupled with storms in Dallas-Fort Worth, impacted its largest hub. The issue, involving a DXC Technology system, was resolved within an hour, and flights resumed as the airline apologized for the inconvenience. Airlines' reliance on patchwork tech systems remains a concern, especially during peak travel periods.

Turbulent Year in U.S. Air Travel.

2024 was a challenging year for U.S. air travel, marked by crises like a Boeing 737 Max door mishap and Spirit Airlines' Chapter 11 bankruptcy. Delta Air Lines and United Airlines emerged as industry leaders with record profits, premium offerings, and expanding networks. Meanwhile, regulatory concerns loomed as FAA leadership faced uncertainty, and airlines grappled with a surge in air travel demand. Despite setbacks like tech outages and fare pressures, optimism for 2025 remains strong among CEOs.

It's a Wrap!

Thank you for joining us in this journey through the latest updates and insights. Your engagement and support mean the world to us. We hope you found this newsletter both informative and inspiring. Stay tuned for more exciting news and stories in our next edition.

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Warm regards,
Sarah