Nike shares got a much-needed jolt today after Bill Ackman's hedge fund disclosed a stake in the apparel giant.
Why it matters: Ackman rose to prominence as an activist investor but said in 2022 that he was pivoting to a "quieter approach."
Driving the news: Pershing Square Capital Management yesterday disclosed ownership of 3 million shares of Nike stock at the end of June, worth about $229 million. (That's about 0.25% of Nike's outstanding Class B shares).
As Mars announces its acquisition of Kellanova, nothing epitomizes the homogenization of global snacking quite like the rise of peanut butter in the U.K. — where it has overtaken native English jam.
Why it matters: The U.K.'s legume boom has coincided with an increase in health-conscious consumption, to the point where Whole Earth brand peanut butter now outsells Sun-Pat, the sweetened market leader from 1946 to 2016.
By the numbers: Posh U.K. supermarket Waitrose now stocks 35 different varieties of peanut butter, per the NYT, even if it seems to have soured on the peculiarly British concoction that is Marmite peanut butter.
Misleading, violent and copyright-infringing AI-generated images from a beta version of xAI's Grok-2 are going viral.
Why it matters: Leaders at Google, Meta and Microsoft have all apologized when their bots created problematic images, but "free speech" has overridden other concerns for Elon Musk — who owns xAI and has made its chatbot available to everyone who pays for X.
If re-elected, former president Donald Trump really probably could strip SEC chair Gary Gensler of his place at the head of the agency.
Why it matters: The former president promised to "fire" the American blockchain industry's No. 1 enemy last month in front of a cheering crowd at this year's biggest Bitcoin conference, but there's actually no precedent for a president firing a leader of the agency.
Here's what's new on Peacock, Netflix, Apple TV+, Prime Video, Paramount+ and Max.
What we're watching: A new season of Peacock's "Fresh Prince" reboot, a touching documentary about a unique daddy-daughter dance and a new action-comedy starring Awkwafina and John Cena.
Once the epicenter of the Chicano Movement, Central California is at risk of losing its Latino history amid broad political shifts and lack of preservation.
Why it matters: As the Latino population grows and becomes more diverse in the region, past lessons are being lost, depriving a new generation of activists of stories on how people once battled poverty and inequality — issues that persist in the Central Valley.
Tracie Haas has spent roughly three decades in the pharmaceutical industry — most recently at AbbVie, which spun off from Abbott in 2013.
Why it matters: As senior vice president of corporate affairs, her job is to enhance and protect the reputation of the research-based pharmaceutical manufacturer.
Why it matters: The nation's biggest retailer is aiming to extend its competitive advantage by discounting products at a time when consumers are looking for deals.
Canada Pension Plan Investment Board is promoting Caitlin Gubbels to head of global private equity. She succeeds Suyi Kim, who's been in the role since 2021 and with CPPIB for 17 years.
Why it matters: CPP is one of the world's largest investors in private equity, including both company and fund stakes, with around US$100 billion in assets.
Nonprofit credit unions are buying record numbers of for-profit banks.
Why it matters: Until recently, a nonprofit couldn't own a for-profit — it seems to defeat the whole point — but in recent years the walls between these two worlds have been breaking down. (Think of the Chan Zuckerberg Initiative or Patagonia.)
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