Forbes Daily: Bitcoin Gets A Reality Check After Recent Surge
The price of bitcoin reached a record of $124,436 early in the day following a 2.6% gain Wednesday, but by late afternoon it was down more than 4%. The Trump Administration has fueled optimism for the crypto market, as the president has indicated he would reduce regulation and establish a digital asset stockpile similar to the U.S. gold reserves.
Nonetheless, the U.S. does not plan to buy more crypto for its bitcoin reserve, which holds between $15 billion and $20 billion in assets, Treasury Secretary Scott Bessent said Thursday.
Intel had a years-long downturn as it failed to keep up with its competitors in the AI race. NurPhoto via Getty Images
Intel shares skyrocketed shortly before the close of trading Thursday as Bloomberg reported the Trump Administration may take a stake in the chipmaker to help the struggling firm strengthen its domestic manufacturing. Trump recently met with CEO Lip-Bu Tan despite calling for his ouster last week, and the company's stock ended the day with a more than 7% gain, its highest level since March.
Earlier this week, Paramount signed a blockbuster seven-year deal for the streaming rights to UFC for a staggering $7.7 billion. Considering how Paramount has struggled with profitability for years, it's reasonable to wonder how the newly merged company plans to recoup that value. But new owner and CEO David Ellison—son of world's second richest person, Oracle founder Larry Ellison—has made it clear his intention is to reverse that losing trend. And with the addition of UFC, suddenly Paramount is a real player in the sports media landscape and streaming wars. This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here.
In a shift from Tuesday's positive inflation news, wholesale prices increased more than expected in July, according to the Bureau of Labor Statistics. The price of services drove an increase of 0.9% when only 0.2% had been anticipated, and stocks ended the day mostly flat after initially slipping on the news. WEALTH + ENTREPRENEURSHIP
Nike co-founder Phil Knight Getty Images
Nike cofounder Phil Knight became the latest billionaire to give a record-setting amount to an educational institution, as he and his wife Penny gifted $2 billion to the Oregon Health & Science University's Knight Cancer Institute. The largest-ever university donation will roughly double the cancer center's size, according to the Wall Street Journal , and allow the institute to 'transform the way we care for patients while continuing to develop innovative treatments,' says its former CEO Dr. Brian Druker. SPORTS + ENTERTAINMENT
As 12-time NBA all-star Chris Paul plans for his final season, he's following in the footsteps of basketball stars like Michael Jordan and Magic Johnson by launching a new business venture, The Chris Paul Collective. The entity will house all of his businesses and investments, including his minor equity stake in the most valuable franchise in the NWSL, Angel City FC, which Forbes values at $280 million. TRENDS + EXPLAINERS
Members of the National Guard outside Union Station in Washington, DC. Getty Images
President Donald Trump has indicated he would replicate his controversial decision to deploy the National Guard and take control of city police in Washington D.C. in other Democrat-led cities, but in reality, he would face far more legal limitations. The president does not have power to influence local police forces in other cities, though Trump would potentially be able to deploy the military through invoking the Insurrection Act. And a lawsuit over Trump's use of the National Guard in Los Angeles could determine how much power local and state officials have to challenge his moves.
As the Trump administration moves to reduce federal regulations, states run by Democrats are rushing to fill the gap. The latest example came earlier this week, when New York Attorney General Letitia James announced a lawsuit against the company behind popular money transfer app Zelle, alleging it let fraud proliferate on Zelle for several years and didn't do enough to stop it, costing consumers 'hundreds of millions of dollars.' DAILY COVER STORY Meet The Mastermind Behind The $1.9 Billion Poppi Deal
Rohan Oza played a key role in the Poppi deal Ryan West for Forbes
Shark Tank veteran Rohan Oza has been searching for the perfect soft drink for the past 20 years.
Oza, cofounder of Los Angeles-based private equity firm Cavu Consumer Partners, was the chairman of prebiotic soda Poppi and its single largest individual shareholder when Pepsi acquired it in May for $1.9 billion. It's Oza's biggest exit yet, but it's far from his first, having played a key role in some of the largest beverage acquisitions of the past two decades, including Vitaminwater and Smartwater.
On a 2018 episode of ABC's Shark Tank , Oza took a 25% stake in the Austin, Texas-based beverage brand founded by husband-and-wife entrepreneurs Stephen and Allison Ellsworth for $400,000.
Then Oza changed everything. He rebranded Mother Beverage, as the Ellsworths had named it, as Poppi. The liquid went from an apple cider vinegar drink to a prebiotic soda, and the packaging changed from glass to cans. The branding morphed from farmer's-market artisanal to bright, Millennial-friendly colors.
Leading up to Pepsi's acquisition at a 3.3-times-revenue multiple, Forbes estimates that Oza owned about 21% of Poppi and Cavu owned another 37%. That netted him some $250 million (post-tax) directly from the sale and another roughly $50 million through Cavu. Those proceeds—in addition to exits reinvested and his 50% stake in Cavu—add up to an estimated net worth of roughly $500 million.
Such success, says Oza, an immigrant from Zambia who came to the U.S. in 1995, represents his own American Dream. 'There's no consumer audience in the world that is willing to embrace new brands as rapidly as Americans are,' Oza says. 'I came here with a dream. It's full circle.'
WHY IT MATTERS
'The quest for the next hit drink is a tale as old as time, and when it comes to modernizing soda today as demand for healthier options soars, Rohan Oza is the one to watch,' says Forbes staff writer Chloe Sorvino.
MORE How Surfside Became The Fastest-Growing Alcohol Brand In America FACTS + COMMENTS
Taylor Swift announced details about her upcoming album The Life of a Showgirl on Wednesday, drawing over a million viewers to the New Heights podcast on YouTube where the billionaire pop star discussed the record. The show is co-hosted by her boyfriend, Kansas City Chiefs tight end Travis Kelce, and his brother, former Philadelphia Eagles center Jason Kelce:
1.2 million: The number of concurrent viewers the podcast garnered
12: The number of songs on the album, including a title track featuring fellow pop star Sabrina Carpenter
Over 6 million: How many copies sold of Swift's last album, The Tortured Poets Department , one of her most commercially successful records STRATEGY + SUCCESS
Using AI tools like ChatGPT at work can be a great way to boost productivity, but it also comes with risks that are critical for employees to understand. Start by looking into your company's AI policy, and if one doesn't exist, ask for guidance. Be sure to double-check any AI-generated work and add your personal voice or insights so you don't sound too generic. And never enter your company's proprietary information into public AI tools. VIDEO QUIZ
The IRS rolled out technology designed to help taxpayers at its Taxpayer Assistance Centers back in 2011, but a recent audit found only 55% were operational. What kind of technology was it?
A. An AI tax chatbot
B. A self-service kiosk
C. iPads with frequently asked questions
D. Robots to issue taxpayer ID numbers
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
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