Daily Dozen | Forbes: Bad News Kanye; $20B Adobe Acquisition; 25 Best Places To Retire

A growing number of investors fear the Federal Reserve could increase interest rates by 100 basis points next week. Another tennis legend is walking off the court into retirement. Plus, a sprawling rail strike has been averted—at least for now.

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In The News Today

• Major freight rail companies and unions representing tens of thousands of rail workers struck a “tentative” deal on pay and working conditions that—for now—wards off a nationwide strike that could cost $2 billion per day. The announcement is particularly welcome news for New England, a region facing a winter energy shortage that a strike would only exacerbate. More: until the deal is formally ratified by unions, executives may want to evaluate how a strike and related supply chain disruptions would affect their companies heading into the holiday season.
• A bill that would codify same-sex marriage protections nationwide is on pause in the Senate until after November’s midterm elections, as Democrats struggle to rally enough Republican support amid concerns that the Supreme Court’s next target after Roe v. Wade could be LGBTQ+ weddings. Senate filibuster rules require 10 Republicans to side with all 50 of the Democrats on procedural votes for the measure.

Top Take-Aways

Adobe will acquire design startup Figma for $20 billion in a cash and shares deal, marking Adobe’s largest acquisition ever. Founded by Dylan Field and Evan Wallace, who met at Brown University, Figma is heralded as the Google Docs for designers, with millions of users paying $12 to $45 per editor for its digital whiteboard product. The deal will make Field and Wallace billionaires but investors balked at the 50 times earning price tag for Figma, sparking a sharp selloff of Adobe stock.

The Ethereum blockchain merged with a special-purpose decentralized ledger called the Beacon Chain, concluding a six-year effort that will slash its energy use by 99.9% and help make crypto more mainstream. The switch weighed on other digital assets like ether, solana and cardano in its aftermath, while shares of Coinbase and Robinhood, two companies that offer exposure to ether, surged.

The red-hot inflation report released on Tuesday—the one that sent markets to their worst single-day drop since June 2020—was the final straw indicating to most Wall Street experts that the Federal Reserve will again raise interest rates by 75 basis points or more at its policy meeting next week. There’s also now a growing camp of people that predict it may implement a more aggressive 100-basis-point hike this time, which hasn’t occurred in more than four decades. Forbes breaks down the impact of former Fed chair Paul Volker’s brutal war on inflation.

Tennis legend Roger Federer is following in the footsteps of Serena Williams by announcing his retirement: next week’s Laver Cup will be his final professional event. The 41-year-old Swiss star is an all-time financial champion in the sport, having raked in $131 million in prize money since turning pro in 1998 and earning roughly $1 billion in endorsements and other business endeavors throughout his career. Forbes has ranked Federer as the highest-paid tennis player for 17 years in a row.

Kanye West—who Forbes estimates is worth $2 billion—is looking to exit his 10-year partnership with Gap, claiming the retailer is in breach of contract by not releasing clothing and opening retail stores in line with a previously agreed upon timeline. It’s only the latest public feud for the multi-platinum rapper, as he also butts heads with shoemaker Adidas over the production and sale of Yeezy sneakers. If West similarly vacates his contract with Adidas, which Forbes estimates is worth $1.5 billion, it would drop the star from billionaire status.

A day after Patagonia founder Yvon Chouinard gave away his company to benefit efforts fighting climate change, billionaire Lululemon founder Chip Wilson pledged $75.8 million to buy and protect hundreds of acres of Canadian wilderness. More: Chouniard’s offloading of Patagonia shakes up the ideas of capitalism and consumerism, writes our senior contributor Shelley E. Kohan.

Today’s Must-Read

Bolt’s Ryan Breslow Is Back As CEO Of A New Startup Called Love

The controversial founder and executive chairman of payment company Bolt slides into the CEO seat of an early-stage wellness startup.

In Case You Missed It

Senator Josh Hawley (R-MO) cited Forbes reporting about TikTok employees’ links to Chinese state media while questioning the app’s Chief Operating Officer Vanessa Pappas during a heated hearing convened by the U.S. Senate Committee on Homeland Security and Governmental Affairs. Pappas maintained that no one who “makes a strategic decision” at the social media giant is a member of the Chinese Community Party, though the company does not vet political affiliations of the rest of its staff.

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Tips You Can Trust

• Investors who sell or use crypto and NFTs should keep their eyes peeled for an updated tax form the IRS will use this year inquiring about digital assets. Tax season is already confusing enough, so this guide can point you in the right direction if you’re unclear what you may be on the hook to report when it comes to the digital realm.
• Forbes screened more than 500 locations in the U.S. for everything from climate change risk to availability of doctors to crime to determine this year’s 25 Best Places to Enjoy Your Retirement ranking. We then compared those that made the cut to what they offered in the way of leisure pursuits—from the arts, learning and fine dining to hiking, skiing, sailing and golf. See which locales made the list, from Portlands on both coasts (Maine and Oregon) to Santa Fe, New Mexico and beyond.

Must-Watch Video

The Current State Of Sports Betting With Sportradar CEO Carsten Koerl

Koerl explains how the industry is weathering inflation, the road to satisfying investors’ goal of 25% to 30% growth, and what the future looks like for sports and TV, such as with live sports betting. “You’re going to need to be creative to manage this global business,” he says.

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