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President Donald Trump hosted a dinner for top investors in his meme coin at the Trump National Golf Club outside Washington, D.C., a mostly anonymous group of attendees who have collectively thrown hundreds of millions of dollars at the president’s controversial cryptocurrency. The president’s $TRUMP token, which traded as high as $74.34 when it launched in January, fell to $14.44 on Thursday, and protestors outside called the dinner “corruption embodied.”
The suspect in the killing of Israeli embassy staffers outside the Capital Jewish Museum in Washington, D.C., was charged with two counts of first-degree murder and other criminal counts Thursday afternoon. While the shooting is believed to be an isolated incident, additional security is being deployed to Jewish sites in places like New York City and Paris.
JPMorgan Chase CEO Jamie Dimon warned there’s a chance the U.S. economy will experience “stagflation”—a combination of economic stagnation and increasing inflation—as a result of the restructuring of global trade and “remilitarization of the world.” The rare phenomenon cannot be countered with typical economic measures because acting against inflation can worsen the economy, while trying to boost growth can exacerbate price increases.
Producing social media content takes work, but small businesses are starting to see the payoff. A new study from Verizon shows 81% of small businesses are creating content instead of just buying ads, and while Facebook is still the favorite platform, 58% are using TikTok.
After declaring bankruptcy in 2002, the once-revolutionary Napster is making a comeback. Infinite Reality, which until recently had been pitching itself as a metaverse shop, acquired Napster in a $207 million deal in March, and now is rebranding itself as Napster, a provider of “AI-powered digital experiences.” It’s the latest chapter in the puzzling saga of Infinite Reality, which Forbes published an investigation about in April.
Large healthcare systems often have lots of data and a variety of tools to manage it, but a new software platform called Gravity from digital health startup Innovaccer is designed to be a one-stop shop: almost like a web browser, but for health tools and data instead of the internet. The launch comes after the San Francisco-based company raised $275 million, valuing it at $3.45 billion.
A federal judge halted the Trump Administration’s efforts to gut the Department of Education, blocking the mass firing of about half of its workforce and ordering the government to rehire staff while the litigation moves forward. The judge ruled that the government does not have the authority to get rid of the department without congressional approval, and noted that the staff reductions have left “the agency incapable of performing many of its core, statutorily mandated functions.”
A Department of Health and Human Services investigation found that Columbia University violated federal civil rights laws by not taking adequate action against harassment of its Jewish students. Columbia has been a key target in the Trump Administration’s crack down on pro-Palestinian protests across major U.S. educational institutions, and earlier this year, the administration cut $400 million in grants and contracts to the university.
In the latest escalation of its feud with Harvard University, the Trump Administration removed Harvard’s ability to enroll foreign students, a move the school called “unlawful.” The Ivy League university has been at odds with the federal government since it refused to comply with a list of demands, which included making “meaningful governance” reforms and allowing the school to be monitored by Trump Administration officials.
Now that the House has passed the legislative package to enact President Donald Trump’s tax and immigration agenda, it faces new hurdles in the Senate. Some Senators have cited concerns about the bill increasing the federal deficit, as it is expected to add $3.8 trillion to the deficit over the next decade, according to an estimate from the Congressional Budget Office. Republicans can afford to lose just three votes.
DAILY COVER STORY
In the four years since the NCAA begrudgingly began to allow its athletes to profit off their name, image and likeness, big-time college sports have quickly become a bidding war for top players.
Naturally, not every university has the wherewithal to keep up, and even the ones that do are fighting for a competitive edge. A handful of institutions believe they have found an answer that goes beyond dollars and cents: all-star alumni like Las Vegas Raiders defensive end Maxx Crosby and NBA veterans Stephen Curry, Trae Young and Terance Mann, who have officially rejoined their alma maters as assistant general managers to help recruit new talent.
The reinforcements give colleges a new tool to build—and preserve—their rosters in an era complicated by NIL money and also laxer transfer rules, which allow athletes to seek better compensation from rival schools without having to sit out seasons if they switch programs. The payments can be enticing, exceeding $1 million for stars in smaller sports.
That’s where the personal touch of an alum like Mann comes in.
“As long as the landscape stays this way,” he tells Forbes, “colleges should find somebody that will help them recruit, raise money and be an ambassador all in one, and I think eventually we’re going to see most of them doing it.”
WHY IT MATTERS “As antitrust lawsuits dismantle the NCAA’s longstanding commitment to amateurism, big money is finding new outlets into college sports, and every school is trying to figure out the best way to contend in this new world order,” says Forbes Staff Writer Justin Birnbaum. “Some programs, able to expand their budgets by tens of millions of dollars annually, will look to sway recruits by paying their athletes directly. Others will have to get more creative. Deputizing a pro athlete as a recruiter is one example, but other strategies will likely emerge soon as well.”
MORE Sports Sponsorship Is Reaching Record Highs, Led By Shohei Ohtani And MLB
FACTS + COMMENTS
The House approved President Donald Trump’s sweeping spending bill Wednesday, making last-minute changes to move up the start date for Medicaid work requirements and prohibit Medicaid for gender-affirming care. Millions of people stand to lose Medicaid benefits under the legislation:
72 million: The number of people enrolled in Medicaid as of December
Over 7.6 million: Approximately how many people would lose Medicaid benefits over the next decade, according to the nonpartisan Congressional Budget Office, before the revisions made Wednesday
From 90% to 80%: The reduction in federal matching funds that states receive under the Affordable Care Act for those that provide health care for undocumented migrants, according to the Kaiser Family Foundation
STRATEGY + SUCCESS
If you’re angling for your next promotion, start by being direct with your manager. Ensure the quality of your work stands out, and show true leadership by collaborating with your team. It’s also important to track your accomplishments, including metrics, and share them with your manager to prove the business case for your promotion.
VIDEO
QUIZ
OpenAI announced it purchased the startup of famous tech designer Jony Ive, who will now curate new devices for the AI giant. Which of the following iconic products did Ive previously help create?
A. Sony Walkman
B. Microsoft Surface
C. iPhone
D. BlackBerry
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.