Forbes Daily: Immigration Protests Spark California Enforcement Face-Off
Dave's Hot Chicken is known for bringing the heat—and an unlikely group is reaping the rewards from the restaurant chain's success.
The fried chicken company said last week it sold 70% of its business to private equity giant Roark Capital—which also owns brands like Subway, Dunkin' and Buffalo Wild Wings—at a $1 billion overall valuation. Its four cofounders struggled to pull together $900 to launch the first Dave's popup, but they'll now each pocket around $80 million pre-tax.
Timing was key for Dave's. Chicken overtook beef as the most popular meat in the U.S. in 2010, and the trend is boosting other chains like Raising Cane's and Wingstop. Still, the company says it isn't worried about competitors. 'I went into a Popeye's and had their spicy chicken sandwich and said, 'We're going to be rich,'' says CEO Bill Phelps.
Demonstrators protest outside a downtown jail in Los Angeles following two days of clashes with police during a series of immigration raids on June 8, 2025.
Protests against President Donald Trump's immigration raids broke out Friday and continued through Sunday in Los Angeles, leading Trump to deploy National Guard troops—a move criticized as 'inflaming tensions' by California Governor Gavin Newsom and Los Angeles Mayor Karen Bass. At least 60 people were arrested in San Francisco by early Monday after protesters gathering in solidarity with Los Angeles clashed with police.
Despite questions around economic uncertainty in the wake of Trump's tariffs, the U.S. job market was relatively strong in May, according to a monthly report from the Labor Department. The positive data came after an earlier report last week showed the weakest monthly private sector job growth in more than two years, and stocks ended the day on a high note.
Analysts worry Elon Musk's dust-up with President Donald Trump could further weigh on the already-beleagured Tesla, and on Thursday, a group of Goldman Sachs analysts cut their prediction for the company's sales. The analysts slashed their forecast for second-quarter Tesla vehicle deliveries to 365,000, which would be an 18% decline from the same period last year—the weakest quarterly delivery growth since at least 2015.
The fight cost Elon Musk, with his fortune falling by $27 billion Thursday, but he's still come out ahead from his relationship with President Donald Trump. The world's richest man is still $145 billion richer than he was before endorsing Trump last July, worth $394 billion as of late Friday.
A SpaceX Falcon 9 rocket launches from the Kennedy Space Center, carrying the Intuitive Machines Moon Lander Athena as part of NASA's Commercial Lunar Payload Services initiative.
The biggest casualty of the feud could be NASA: Last week, Trump considered canceling Musk's government contracts, and Musk responded that SpaceX would decommission its Dragon spacecraft, though he later reversed course. NASA relies heavily on SpaceX for its operations—the company's rockets launched more than half of NASA's space missions last year—and while the agency has other partners in aerospace, many are years behind SpaceX in terms of development.
MORE: While SpaceX has made itself indispensable to the government, some types of contracts could still be vulnerable for cancellation if Trump follows through on his threat. And the administration could make a greater impact by steering new business to others and reorienting its plans.
The Maryland man whom the Trump Administration mistakenly deported to El Salvador was returned to U.S. custody, despite the White House previously insisting it could not bring him back. The administration indicted Kilmar Abrego Garcia on charges of transporting undocumented immigrants after repeatedly claiming without evidence that he belonged to gang MS-13, which he and his family have denied him having any association with.
Temi Fagbenle and the Golden State Valkyries have attracted 10,000 season-ticket buyers—around the same number the Warriors have in the same arena.
The WNBA's Golden State Valkyries are near the bottom of the Western Conference standings in their inaugural season as they start from scratch, but the Bay Area team has already guaranteed itself success on its balance sheet. Forbes estimates the team has locked in at least $20 million in sponsorship revenue this season and is projected to earn another $35 million from its 10,000 season-ticket holders and various premium ticket packages—figures that dwarf what any other WNBA team can generate.
Venture capital veteran Theresia Gouw
Venture capitalist Theresia Gouw is a woman of many firsts. Born in Indonesia to parents of Chinese descent, Gouw immigrated to the U.S. when she was 3 years old. She later became the first person in her high school to attend Brown University, the first female partner at venture capital powerhouse Accel and cofounder of one of the first female-led VC firms in Silicon Valley.
'The American dream is so central to my personal story,' she told Forbes in 2023.
She now has another 'first' to add to her list. Gouw is America's first woman billionaire venture capitalist, worth an estimated $1.2 billion. Much of her fortune stems from her 15-year tenure at Accel, where she was part of the team that led that firm's lucrative early bet on Facebook (now called Meta).
She now runs Acrew Capital, an early-stage venture capital firm that she cofounded in 2019. Acrew raised $700 million in October to invest in data and security, health and fintech startups, bringing the firm's assets under management to $1.7 billion—with an emphasis on diversity, especially through its Diversify Capital Fund.
Women made up just 17% of VC decision makers in 2024, per a PitchBook report. Things likely won't move toward parity anytime soon. On President Donald Trump's first day in office, he issued an executive order mandating the termination of all federal DEI programs that have supported women, people of color, individuals with disabilities and others. In addition, some of the world's biggest companies with powerful corporate venture capital arms, including Google, Meta and Goldman Sachs, have rolled back DEI initiatives.
WHY IT MATTERS How Gouw will respond to the new political environment isn't clear, but for many years she has been a strong advocate for DEI, doubling down on the practice in several ways: starting Acrew, with a founding investment team that's 83% women or people of color; spearheading an initiative to bring historically Black colleges and universities into the VC world; cofounding DEI-focused fund of funds First Close Partners (now with $30 million in assets); and cofounding All Raise, a nonprofit that helps female founders and investors in Silicon Valley network and find mentors.
MORE America's Richest Self-Made Women
President Donald Trump's 'Big, Beautiful Bill' that passed the House could cause millions to lose coverage through changes to the Affordable Care Act, according to the Congressional Budget Office. It also institutes work requirements for SNAP and Medicaid that would take effect in 2026:
Approximately 7.8 million: The estimated number of people who could lose Medicaid coverage
$715 billion: How much the bill aims to slash in Medicaid, along with $300 billion in SNAP, also known as food stamps
71%: The share of working-age adults on Medicaid who were working full or part time or in school, while an additional 12% were caregivers, according to a 2023 report
There's no perfect time to start a side hustle, but simply getting off the ground with skills you already have can put you on the path to success all the more quickly. Here are some side hustles to consider: service-based, like pet sitting or a cleaning business; creative-based, such as selling artwork online; or a fully digital business, like social media marketing and freelancing.
Bettors are placing wagers on the relationship breakdown between President Donald Trump and Elon Musk. What were the odds on Polymarket that the two would publicly reconcile by July?
A. About 10%
B. About 30%
C. About 50%
D. About 70%
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
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CBS News
18 minutes ago
- CBS News
Downtown L.A. curfew goes into effect after California Gov. Gavin Newsom addresses ICE protests
California Gov. Gavin Newsom delivered a statewide address on Tuesday in the wake of immigration operations that sparked days of protest in Los Angeles and the deployment of hundreds of National Guard and U.S. Marines troops to the area by President Trump. "Trump, without consulting California leaders, commandeered 2,000 of our state's National Guard members to deploy on our streets illegally and for no reason," Newsom said. "This brazen abuse of power by a sitting president enflamed a combustible situation, putting our people, our officers and even our National Guard at risk." The speech came on the heels of Mayor Karen Bass' decision to implement a curfew in downtown Los Angeles after five nights of unrest in the city center, and an emergency motion for a temporary restraining order filed by the state in its lawsuit to block further deployment of troops. That curfew resulted in dozens of arrests on Tuesday, with law enforcement swarming the impacted area as soon as it went into effect. Sporadic arrests followed. It was unclear how many were made in all. Since Friday, when the first operations took place in several downtown locations, protesters have taken to the streets to denounce the arrest of dozens of people. In some instances, protests have escalated into violent clashes that left an aftermath of destruction, including graffiti, looting, vandalism and debris. The next night, Mr. Trump declared that the National Guard would be deployed to Los Angeles to help quell the turmoil, despite opposition from California politicians who said it was largely unnecessary. That order was then followed by the deployment of 2,000 more National Guard troops and 700 U.S. Marines to the area as the protests continued, something Newsom called "fanning the flames even harder." "The President, he did it on purpose. As the news spread throughout L.A., anxiety for family and friends ramped up and protests started again. By night, several dozen lawbreakers became violent and destructive, they vandalized property, they tried to assault police officers," Newsom said. "This situation was winding down and was concentrated in just a few square blocks downtown. But that, that's not what Donald Trump wanted." "What we're witnessing is not law enforcement — it's authoritarianism. What Donald Trump wants most is your fealty, your silence, to be complicit in this moment," Newsom said. "Do not give into him." Los Angeles police and protestors face off in Downtown L.A. on Tuesday, June 10, 2025 in Los Angeles, CA. Jason Armond Curfew issued During an evening press conference, Bass said that since demonstrations have continued to escalate into violence, resulting in dozens of arrests and more than 20 businesses looted, she would impose a curfew. "The curfew will be in place tonight from 8 p.m. to 6 a.m.," she said. "We certainly expect for it to last for several days." It runs for one-square mile in the downtown area from the 5 Freeway to the 110 Freeway and from the 10 Freeway to where the 110 Freeway and 5 Freeway merge. "The city of Los Angeles is a massive area, 502 square miles," Bass said. "The area of downtown, where the curfew will take place, is one square mile ... Some of the imagery of the protest, of the violence gives the appearance as though this is a citywide crisis and it is not." Protesters gather in front of California National Guard soldiers and LAPD officers guarding the Edward R. Roybal Federal building as protests continue in Los Angeles on June 10, 2025 in Los Angeles, California. / Getty Images Demonstrations continue Tuesday Dozens gathered once again Tuesday, but police were quick to close in on the growing crowd near the Metropolitan Detention Center. With the CBS Los Angeles helicopter overhead, multiple people were seen being detained and loaded onto buses by officers. At around 4 p.m. a small crowd moved towards the 101 Freeway, briefly entering southbound lanes before they were met by the California Highway Patrol. Some officers stopped traffic as others formed a skirmish line to prevent the pedestrians from moving further into the road. Despite law enforcement blocking offramps and onramps for the thoroughfare, the crowd was able to gain entry through a hole that had been cut in a chainlink fence. On Sunday, hundreds of demonstrators flooded the same stretch of freeway, where they clashed with CHP officers. At around 7:30 p.m. CBS News Los Angeles reporters said that tensions again escalated outside of the Edward R. Roybal Federal Building, where people in the crowd began hurling projectiles towards a line of National Guard troops stationed out front. When the curfew went active 30 minutes later, dozens of LAPD officers arrived outside of the building, which prompted much of the crowd to begin leaving the area. Still, dozens of people attempted to hang around, resulting in their arrests. It's unclear exactly how many people were taken into custody. With the CBS News helicopter overhead, a group of dozens were seen still moving through the area, some stopping to tag the side of buildings and Metro buses. By 11 p.m. most of the people who had previously gathered downtown appeared to have left the area. A crowd of protesters outside of the Edward R. Roybal Federal Building in downtown Los Angeles on June 10, 2025. KCAL News How it started The protests began Friday night after several immigration raids took place in the Westlake District, downtown and South LA. The CBS News Los Angeles helicopter flew over the locations where crowds quickly formed, and protesters attempted to prevent federal agents from placing individuals into vans. One of the 45 people arrested that day was local union leader David Huerta. The protests that took place over the weekend were declared unlawful assemblies and people were ordered to disperse and clear the area. In each case there were small pockets of the demonstrations that turned chaotic, which included hundreds of people converging on the 101 Freeway to block traffic on Sunday afternoon. That same day, several Waymo vehicles were torched to the ground by one group of people. The day prior, hundreds of demonstrators clashed with law enforcement in Paramount and Compton. Reporters on the ground saw as law enforcement and troops dressed in riot gear attempted to clear crowds by using tear gas, beanbag rounds and flash bangs into crowds to try and disperse people. Department of Homeland Security Secretary Kristi Noem posted on X that people who "lay a hand" on law enforcement officers will be prosecuted to the full extent of the law. So far, nearly 400 people have been arrested in the series of demonstrations, Newsom said on Tuesday. Protesters gathered in downtown Los Angeles on June 10, 2025, marking the fifth consecutive day of anti-ICE protests. KCAL News National Guard and military in Los Angeles The Marines began arriving in the LA area on Tuesday morning, a defense official said, joining the thousands of National Guard troops already in the area to respond to the protests. Acting Defense Department comptroller Bryn MacDonnell testified before the House Appropriations Subcommittee on Defense and said the deployment of the National Guard will cost about $134 million. On Tuesday, California Attorney General Rob Bonta asked a federal judge to provide a temporary restraining order to stop Mr. Trump, Defense Secretary Pete Hegseth and the U.S. Department of Defense from using the military and the National Guard to patrol the region and protect federal officers and facilities. The day before Bonta filed a lawsuit against the Trump administration, arguing the orders are unlawful and exceed the federal government's authority under the Tenth Amendment. "President Trump's order calling federalized National Guard troops into Los Angeles — over the objections of the Governor and local law enforcement — is unnecessary and counterproductive. It's also deeply unfair to the members of the National Guard who are hard at work every day protecting our state, preparing for and responding to emergencies, and training so that, if called, they can fight our nation's wars," Bonta said. Bass blamed the unrest in LA on the federal government's involvement, saying that before immigration enforcement actions last week, the city was "peaceful." During a speech at Fort Bragg on Tuesday, Mr. Trump called the protests "a full-blown assault on peace, on public order and a national sovereignty. He said that if it weren't for his calling in the National Guard, L.A. would be "burning to the ground right now" and that the majority of the demonstrations were allegedly "carried out by rioters bearing foreign flags with the aim of continuing a foreign invasion of our country" and that he would "liberate" L.A. Democratic California Sen. Alex Padilla spoke with CBS News' Major Garrett on Tuesday regarding the actions of immigration enforcement and the several days of protests. He said that while the majority of the demonstrations have been peaceful, "the folks that show up after dark and are involved with the looting and the vandalism ... we denounce that." He called the ongoing situation a "crisis of Donald Trump's making." "The increasingly aggressive and cruel tactics of the immigration enforcement is what's prompting the response of people who are passionate about speaking up for our fundamental rights and due process, because the enforcement operations have gone far beyond just the violent criminals or the dangerous criminals that Donald Trump has promised," Padilla said. "It's raking in people who are otherwise innocent, hardworking women and men, children." He also denounced the deployment of military troops to the area. "The National Guard, to your point, it's not only not necessary here, it's counterproductive. Their presence is what's causing people to feel a little bit more on edge," he said. "As things have been quieting down a little bit more each day, now he's capturing that, not with a deescalation, but now potentially sending the Marines. Donald Trump is escalating the situation." Padilla, who grew up in the Pacoima area, served as president of the Los Angeles City Council and represented the San Fernando Valley in the state Senatre, says that the matter is "personal to me." "Los Angeles is my home. I am the proud son of immigrants from Mexico who worked so hard, who sacrificed so much to live their American dream. That's what the immigrant community is fighting for," he said. Protests take place across California Demonstrations have also taken place in cities across California in response to the events in Los Angeles. On Monday, a crowd of over 100 people gathered in Santa Ana outside the complex of federal buildings in the downtown area, some of which threw fireworks towards law enforcement officials who used crowd dispersal methods like smoke-filled canisters and pepper balls in return. The situation was much more peaceful on Tuesday, with a smaller group of people protesting in the same area without incident. "When a peaceful demonstration escalates into rocks, bottles, mortars, and fireworks being used against public service personnel, and property is destroyed, it is no longer a lawful assembly. It is a violation of the law," said a statement from Santa Ana Police Chief Robert Rodriguez. "We will not stand by while our City is put at risk. Santa Ana Police officers, along with our mutual aid partners, are actively working to restore order. We urge everyone to go home." Tensions grew in San Francisco Monday night when police said two small groups of individuals committed vandalism and other criminal acts. Police said multiple people were arrested and detained after refusing to comply.
CBS News
19 minutes ago
- CBS News
Sacramento City Council approves revised $1.6 million city budget
Sacramento city leaders have reached the culmination of a months-long process, voting to pass a revised $1.6 billion city budget and close a $62 million funding gap. In the revised budget, the City of Sacramento says it will not lay off any city employees. Though funding for vacant positions was cut, the mayor says no one is out of a job. "We adopted our budget, which was the number one thing cities must do every year. We had to make some tough decisions but by and large, residents won't see any major impacts in their communities," Mayor Kevin McCarty told CBS Sacramento after the vote. " We didn't adversely cut public safety funding from police and fire. The budget also restores money for youth violence prevention funding. However, ahead of the vote, what we heard in public comment was frustration and doubt from most of the public speakers who said the budget doesn't have enough money for the community or youth. Councilmembers Lisa Kaplan and Mai Vange opposed the revised budget. "I don't think we are doing what we need to do to be readily transparent, implement our values, and show a two-year budget when we know the minute this passes, which I know this will, that we are already $60 million in the hole," Kaplan said ahead of the vote. The mayor added that the council will be back to address a deficit next year, saying that the problems aren't over.
New York Times
24 minutes ago
- New York Times
Jimmy Kimmel Calls Trump an ‘Arsonist With a Hose'
Welcome to Best of Late Night, a rundown of the previous night's highlights that lets you sleep — and lets us get paid to watch comedy. Here are the 50 best movies on Netflix right now. Fake News On Wednesday, Jimmy Kimmel, who's based in Los Angeles, mocked the idea that protests against immigration raids have turned the city into 'some kind of totalitarian hellscape' — a notion pushed by President Trump (and some cable news outlets) as he sent in Marines and the National Guard. 'He wants there to be a war going on here, and he doesn't care who gets hurt in it. There's no riot outside. We have more so-called 'unrest' here when one of our teams wins a championship.' — JIMMY KIMMEL 'Not only is it not an apocalypse, they're having a Disney Pixar movie premiere right now, for 'Elio,' a movie about aliens. Don't tell Trump, he'll send the Green Berets in, too.' — JIMMY KIMMEL 'You know, when we had the wildfires that devastated big chunks of our city, he did absolutely nothing. Now that we're in the middle of a nonemergency: 'Send in the National Guard!'' — JIMMY KIMMEL 'Putting out a fire you purposely start doesn't make you a firefighter, it makes you an arsonist with a hose.' — JIMMY KIMMEL 'Yes, nothing calms down a situation like a military invasion.' — DESI LYDIC 'You know, I'm beginning to wonder if Trump is intentionally trying to escalate this situation because more chaos allows him to portray blue states as centers of crime, while positioning himself as the strongman that the country needs to rally around. No, that's silly. I'm sure he's just doing what's best for everyone.' — DESI LYDIC 'Now, as we speak, Trump has sent thousands of troops into downtown L.A. to quell what historians will remember as the Battle of That Video of a Burning Waymo Car They Kept Showing on Cable News.' — STEPHEN COLBERT 'And to those of you in the National Guard who have been thrust into this: When Donald Trump orders you to do something that you know is immoral, try to get your dad's podiatrist to write a note to say you have bone spurs.' — JIMMY KIMMEL 'The president of the United States has been tougher on L.A. than on Russia. Remember that two-week deadline he gave Putin to sit down for peace talks with Ukraine? As of tomorrow, it's two weeks. But, by all means, send the Marines to The Grove.' — JIMMY KIMMEL 'Trump's terrible policy has generated a huge backlash, which he's responded to by overreacting, which is going to generate another backlash. We don't know how this is going to end, but at least we know it'll be a huge waste of money.' — DESI LYDIC 'I just want to say, thank God for President Trump and the heroes at ICE for protecting us from these bloodthirsty fruit stand vendors, spreading their dangerous pineapple chunks and mangos with a squirt of lime all over the city.' — JIMMY KIMMEL The Punchiest Punchlines (Meanwhile on Fox News Edition) Want all of The Times? Subscribe.
