Forbes Daily: Dollar Tree’s Spectacular Fall Comes in ‘Tough’ Environment

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Good morning,

One of the biggest names in retail could soon become a family business again.

Brothers Erik and Peter Nordstrom, whose great-grandfather founded Nordstrom in 1901, have submitted a bid to take the company private, in a deal that values ​​the department store chain at about $3.8 billion, just above its market capitalization. The family coalition would take a 50.1% stake in the company, with the remaining shares held by Mexican retail group El Puerto de Liverpool.

Still, a $3.8 billion valuation is a far cry from the company’s peak market cap of more than $15 billion in 2015, highlighting the challenges facing brick-and-mortar retailers. It’s been nearly a decade since the Nordstrom family last appeared on Forbes“List of the richest families in America.

FIRST OF ALL

President Joe Biden is reportedly preparing to block plans to build a plant by Japan-based Nippon Steel. US Steel to be acquired for $14.9 billion, Shares of the 123-year-old American company fell more than 20% Wednesday afternoon. The Biden administration is concerned the acquisition could threaten national security, but US Steel CEO David Burritt said a deal failure could jeopardize the company’s Pittsburgh headquarters.

The fortune of billionaire Nvidia CEO and co-founder Jensen Huang has fallen by more than $10 billion since Tuesday, as shares of the chip giant have tumbled amid a tech selloff. Huang was worth $93.1 billion as of Wednesday afternoon, dropping from 14th to 17th place. Forbes“List of billionaires in real time.

MORE: An Nvidia spokesperson said Wednesday that the company had not been subpoenaed by the Justice Department, contrary to Bloomberg’s claims. reports Tuesday that the company has received a subpoena Antitrust regulators say Nvidia could make it harder for buyers to switch chip suppliers, while penalizing those who don’t buy its AI chips exclusively, Bloomberg reported.

BUSINESS + FINANCE

Dollar Tree suffered its worst day on Wall Street in more than two decades as the discount chain missed expectations in its second-quarter earnings report. Dollar Tree Chief Operating Officer Mike Creedon attributed the poor results to the reality of “navigating the one of the most challenging macroeconomic environments “It’s the worst we’ve ever seen,” as many retailers have pointed out, due to the weakness of the American consumer.

Zach Pandl, head of research at Grayscale Investments, the world’s largest crypto asset managersaid Forbes He said the outlook for bitcoin this year is positive, thanks to capital flowing into new products that provide access to more investors and improved U.S. policy around cryptocurrencies. He said the expected “achieved interest rate cuts” from the Federal Reserve in its fight against inflation will weaken the U.S. dollar while benefiting assets like bitcoin.

WEALTH + ENTREPRENEURSHIP

Alice Walton, the only daughter of Walmart founder Sam Walton, became the world’s richest woman for the first time since May 2022 on Wednesday, as the retail giant’s stock hit an all-time high. With an estimated fortune of $89.2 billion, Walton, 74, surpassed L’Oréal heiress Françoise Bettencourt Meyers to become the world’s 18th richest person, according to Forbes’ real-time tracker.

TECHNOLOGY + INNOVATION

On Monday morning, Bolt founder Ryan Breslow thanked a group of investors for signing a deal that would reinstate him as CEO of the payments company, which announced in August plans to raise $450 million at a whopping $14 billion valuation. But some of the 13 shareholders who he said he didn’t support him In fact, this was done and BlackRock and other investors decided to stop the fundraising.

MONEY + POLITICS

Biden administration accuses Russia of trying to influence presidential election through an alleged disinformation campaign called “Doppelganger”, Years after U.S. authorities determined that Russia tried to influence the 2016 and 2020 elections, the Justice Department announced Wednesday that it has seized 32 internet domains allegedly supported by the Russian government and Russian state media used to influence voters in the United States and elsewhere.

Former Rep. Liz Cheney (R-Wyo.) said Wednesday that she will vote for Vice President Kamala Harris in the upcoming presidential election, doubling her stake. public opposition to former President Donald TrumpConservative Cheney stressed that her intention to vote for Harris was due to the “danger of Donald Trump,” and her remarks come after Harris said last week that she would put a Republican in her cabinet if elected.

SPORTS + ENTERTAINMENT

America The ultra-rich continue to perform well at the US Open, World number six Jessica Pegula, the daughter of Buffalo Bills and Buffalo Sabres owner Terry Pegula, beat world number one Iga Swiatek in three sets on Wednesday to advance to the Grand Slam semifinals. Pegula’s victory follows Emma Navarro, the daughter of former Citigroup vice chairman Ben Navarro, who advanced to the semifinals on Tuesday after beating Spain’s Paula Badosa.

SCIENCE + HEALTH

The first mRNA vaccine mpox beat its licensed rivals in easing symptoms and potentially reducing transmission in early testing, a victory for Moderna as it aims to prove itself beyond Covid-19. Health officials are attempt to contain a growing epidemic of MPOX in AfricaBut constraints such as cost, availability or suitability have hampered widespread adoption of already authorized vaccines against the virus.

DAILY COVER ARTICLE

How Nichole Wischoff Used the Internet to Raise $50 Million for Her Venture Capital Firm

TOP LINE In the four years since she began investing, Nichole Wischoff, founder and sole general partner of Wischoff Ventures, has outperformed her class.

She is 40 companies supported to dateinvesting in $5 million and $20 million funds. And on social media, she now has nearly 90,000 followers on X and 40,000 on TikTok (the vast majority gained in recent years) who come to her for a mix of business-building and personal information.

“People ask me how I make a difference. I’m willing to take the most risks,” Wischoff said.

Wischoff is creating a company that will also do the same at the institutional level. Wischoff Ventures Raises $50 Million for Third Fundthe investor said exclusively Forbes—triple its assets under management. The fund will seek to invest between $800,000 and $1.6 million in more than 30 startups, targeting a stake of between 7% and 10%.

Wischoff, which is a generalist fund, said his firm would continue to focus primarily on companies, particularly in the fintech, logistics and manufacturing sectors.

“One of my main goals is to try to bring the physical world online,” Wischoff said, calling his goal “the new supply chain.”

As Wischoff grows her business, she plans to hire more staff, open an office in New York, and split her time there to be closer to more startups. For now, Wischoff plans to remain a rare female solo limited partnerHowever; she said she saw her role as a positive example, even though she historically did not want to be defined by her gender or underrepresented status.

WHY IT’S IMPORTANT “Nichole Wischoff is known in X-rated tech circles for her graceful handling of a powerful Midas List investor who tried to pass her off as a “third-tier VC” last year. But beyond the meme—which she’s cleverly commodified—she’s established herself as one of venture capital’s new up-and-coming managers, despite her humble origins and existence far from the hubs of San Francisco and New York. Emerging success story and another resource for founders in fintech, manufacturing and supply chains,” says Forbes Editor-in-chief Alex Konrad.

MORE Benchmark Raises New $425 Million Fund for AI Startups

FACTS + COMMENTS

Women will soon be able to use a self-administered test to screen for cervical cancer after the FDA approved two products, one of which could be available as early as this month. The self-administered products could help reduce some of the barriers to screening:

21: The age at which women typically begin cervical cancer screening with a Pap test, according to the CDC

More than 11,000: The number of new cases of cervical cancer diagnosed each year in the United States

23%: The proportion of women who are not currently up to date with their cervical cancer screening, according to the National Cancer Institute

STRATEGY + SUCCESS

When transferring an old 401(k), it’s easy and costly to make mistakes. It can be tempting to continually withdraw money You can withdraw money from your 401(k) or cash it out when you change jobs, but that can derail your retirement goals. And make sure you don’t lose track of your old retirement accounts, which is why consolidating them under one plan administrator can be helpful.

VIDEO

QUIZ

The GLP-1 class of drugs like Ozempic and Wegovy have been shown to be effective in treating more than just obesity and diabetes. Which of the following is not one of the conditions they can be effective in treating?

A. Cancer

B. Covid-19

C. Alzheimer’s disease

D. Irritable bowel syndrome

Check your answer.

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Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.