President-elect Donald Trump this week transferred his entire stake of shares in Trump Media to a revocable trust of which he is the sole beneficiary, regulatory filings revealed Thursday evening.

Trump did not receive any money for the gift of his 114,750,000 shares of Trump Media stock to the Donald J. Trump Revocable Trust on Tuesday, according to a filing with the Securities and Exchange Commission.

Because Trump is the beneficiary of the trust, he now “indirectly” owns the Trump Media shares he transferred, the SEC filing noted.

The president-elect’s son, Donald Trump Jr., is the sole trustee of the trust, and has sole voting and investment power over securities held by the entity, according to a separate SEC filing Thursday.

Trump Media, which trades under the DJT ticker, closed at $35.41 per share Thursday, making the value of the transferred stock more than $4 billion.

Trump, who is set to be sworn in as president for a second non-consecutive term on Jan. 20, had been the largest individual shareholder in the social media company, which operates the Truth Social app. His stake represented nearly 53% of the company’s outstanding shares.

CNBC has requested comment on the transfer from spokespeople for Trump and for Trump Media.

The SEC filing on Thursday said that after the Trump transferred his shares, he “directly owned 0 shares of Trump Media & Technology Group Corp. and indirectly owned 114,750,000 shares of Trump Media & Technology Group Corp.”

“The reporting person [Trump] is the settlor and sole beneficiary of the Trust,” the filing said.

The type of transfer Trump used this week is not new for the president-elect, although the dollar value of his shares outpaces the value of any assets he previously moved.

Before his first inauguration as president in 2017, Trump made similar transfers to the same revocable trust.

At that time, Trump transferred various real estate holdings, assets and liabilities to the trust, according to reports produced by Mazars, which then was his accounting firm.

He also made transfers to the trust in February 2016, when he was campaigning for president.

Trump has not held an executive position in Trump Media, whose shares began public trading earlier this year after the then-privately held company merged with a public company, Digital World Acquisition Corp.

Trump has nominated two Trump Media’s board members to high-level positions in his administration.

Trump tapped former pro-wrestling mogul Linda McMahon as his pick for education secretary, and Kash Patel, a former Trump White House official, to become the next FBI director.

Trump also recently named Trump Media CEO Devin Nunes to chair the President’s Intelligence Advisory Board.

That position does not require Senate confirmation.

Trump has said that Nunes, who previously represented a California district in the House of Representatives, will remain CEO of Trump Media.

Troubled discount furniture and home decor retailer Big Lots will initiate going-out-business sales at its remaining locations after a deal to find a purchaser fell through.

Big Lots said in a release Thursday that it no longer anticipates being able to complete a previously announced agreement with a private equity group to salvage the company.

However, it said, it continues to work toward completing an alternative transaction with the group, Los Angeles-based Nexus Capital Management, or another party.

In September, Big Lots filed for Chapter 11 bankruptcy reorganization after having suffered continuous losses. The Columbus, Ohio-based firm has announced hundreds of store closings this year.

The brick-and-mortar retail landscape in general took another series of blows in 2024, with 49 retail bankruptcies (including those of automobile dealers and direct-to-consumer brands) in the United States, compared with 25 retail bankruptcies tracked in 2023, according to data from Coresight Research, a consumer insights group.

Coresight has confirmed more than 7,300 store closings this year, led by Family Dollar, with 718, followed by CVS, with 586, and Big Lots, with 580.

That compares with 4,627 store closings across the retail industry by this time last year, Coresight said.

The fate of President Joe Biden’s landmark climate legislation, the Inflation Reduction Act, is in the hands of the incoming Republican-controlled White House, Senate and House of Representatives.

At the White House level, President-elect Donald Trump has already nominated three people to posts in his administration who are likely to be key to the future of the IRA, if they are confirmed by the Senate: hedge fund executive Scott Bessent as Treasury Secretary, oilfield services company Liberty Energy CEO Chris Wright to lead the Department of Energy, and at the Interior Department, North Dakota Gov. Doug Burgum.

Any full repeal of the IRA would have to be passed by both chambers of Congress, where Republican lawmakers so far have been reluctant to completely discredit the law’s benefits. House Speaker Mike Johnson, R-La., told CNBC in September that he would use “a scalpel and not a sledgehammer” on the IRA.

There’s a good reason for this approach: As of late October, roughly three quarters of the clean energy investments that have been made with IRA funds benefitted congressional districts that backed Trump in the 2020 presidential election, according to a Washington Post analysis of data from the Massachusetts Institute of Technology and the clean energy think tank Rhodium Group.

But what future Trump Cabinet members would do is also “pretty profoundly important” to the future of the massive legislation, said Tanuj Deora, a former director for clean energy at the Biden administration’s Office of the Federal Chief Sustainability Officer. The agencies hold considerable power over the interpretation and implementation of the IRA’s programs and incentives, like tax credits and business loans. 

A priority for Republicans going into 2025 is extending the expiring provisions of the Tax Cuts and Jobs Act of 2017. Trump is looking to extend the tax cuts within his first 100 days in office next year.

This extension would cost $4.6 trillion over the 10-year budget window, according to estimates from the Congressional Budget Office.

“In addition, Trump promised another seven to eight trillion in tax breaks during the last few weeks of the [presidential] campaign,” said Keith Martin, co-head of projects at the law and lobbying firm Norton Rose Fulbright.

The money for all this has to come from somewhere, however, and experts say provisions of the IRA are the most likely candidates for potential cost-savings. In an interview with the Financial Times last October, Bessent called the IRA “the Doomsday machine for the deficit,” suggesting that Trump could dismantle it to cut spending.

The IRA contains a range of targeted tax incentives designed to drive clean technology and energy production across the country.

Among them, the renewable energy tax credits, especially those for carbon capture technologies, domestic manufacturing and the green economy job transition are well-liked by Republicans, Martin said, and likely to be safe from any potential repeal efforts. 

But the current phase-out dates for the IRA tax credits are likely to be accelerated, experts predict, and the Trump transition team is already in talks to completely dismantle a $7,500 consumer tax credit for electric vehicles.

Most of the final rules governing implementation of the IRA tax credits have either been finalized or are expected to be by the end of the year.

But there is still considerable fear that the remaining money could be rescinded, frozen or “awarded in ways that are aligned with a shift in priorities” in a new administration, said Julie McNamara, deputy policy director of the Union of Concerned Scientists.

“Theoretically, a future Treasury could reverse course on interpretation and implementation, but that would take a long time and would need to be justifiable and defensible if challenged in the courts,” she added.

The more immediate concern, experts say, is the future of the Department of Energy’s Loan Programs Office (LPO), which provides financing for green projects. While Wright has yet to voice an opinion on the LPO, several Republicans have called for scaling it back or doing away with it altogether.

As of November, private companies were seeking more than $300 billion in funding applications from the LPO. Beneficiaries of the loan program have included Tesla, whose CEO Elon Musk is co-heading Trump’s outside advisory council, the so-called Department of Government Efficiency.

The Inflation Reduction Act expanded the LPO’s lending authority and eligibility requirements for projects.

“I think that a lot of the private sector is very concerned about the loan program,” said Claire Broido-Johnson, co-founder and president of Sunrock Distributed Generation, a financier and developer of commercial-scale solar projects. “Everybody’s trying to slam as many projects as they possibly can into this process before the administration changes.”

With the boom in AI data centers, domestic manufacturing and electrification, the U.S. is facing “a significant challenge in meeting a growing demand for energy,” said Frank Macchiarola, chief policy officer of the American Clean Power Association, which represents renewable energy interests in Washington.

This demand can only be met by an “all-of-the-above” energy policy, Martin says, especially if Trump is planning to reduce energy prices by 50% within his first year, as he promised.

Trump’s potential Cabinet officials in the energy space are consistent with that message, according to both Macchiarola and Deora.

“Burgum has a pretty clear track record in being supportive of all kinds of energy investment and given the very real need for more energy infrastructure of all types, it seems hard to imagine that somebody of his background and his business competence and his governance competence would try to suppress any reasonable technology from being deployed as quickly as possible,” Deora said. 

North Dakota is one of the leading states in wind energy, utilizing the source for more than one-third of the state’s electricity.

As for Wright, although he has denied the existence of a climate crisis, he worked in the solar industry as well as oil and gas, according to Trump’s statement announcing his nomination.

“He’s not necessarily against any technology, he’s just going to be for certain technologies,” Deora said. 

Ultimately, an all-of-the-above approach to energy would effectively defeat the purpose of climate policy, even though it might sound reassuring to sectors that would be negatively impacted by a targeted attack on renewables.

“Climate change isn’t about how many solar panels we put up. Climate change is how much carbon dioxide and methane that we do not admit,” said Deora.

“The concern isn’t about whether we keep business and keep solar developers happy. This is really about, are we going to produce more fossil fuels?”

Malls used to be the destination for the buzziest stores. Now they’re home to the hottest restaurants.

The slow death of department stores and rise of online shopping have hurt U.S. shopping malls, particularly over the last decade. The once-essential shopping centers have seen their numbers drop from a peak of 2,500 in the 1980s to roughly 700 these days, according to Coresight Research.

But now many in the retail industry say that rumors of the mall’s demise have been greatly exaggerated. Many Gen Z consumers prefer to shop in person and love the mall experience. Creative solutions from developers have turned empty department stores into housing, bringing consumers even closer to stores.

And landlords are devoting more square footage to restaurants and bars, which have become a bigger draw to visit malls.

“It’s been a big shift,” said David Henkes, senior principal at Technomic, a market research firm focused on the restaurant industry. “It used to be that the shopping occasion drove people to the mall and then maybe you grabbed a bite to eat. In a lot of ways, that’s been flipped on its head. Now, the dining options drive people there, and then you’re hoping that they’re going to do a little shopping while they’re there.”

Yelp found that 17 of the 25 most popular mall brands, based on consumer interest, were restaurants, according to a report published in October.

Going back 10 or 20 years ago, restaurants accounted for only about 5% to 10% of general leasing area in malls operated by Brookfield Properties, according to Chris Brandon, the company’s senior vice president of leasing for eating and drinking retail. That would typically include a food court and several full-service restaurants. That’s changed in recent years.

“It’s increased an incredible amount over the last five to 10 years,” Brandon said. “In some of our shopping centers, we’re seeing 20% to 30% of the total [general leasing area] being dedicated to food, and that’s 100% by design.”

Brookfield’s portfolio of 129 malls include Tysons Galleria in McLean, Virginia; Christiana Mall in Newark, Delaware; and First Colony Mall in Sugar Land, Texas. Its mall restaurant tenants include more than 540 full-service eateries and around 2,000 fast-casual establishments.

More than half a century ago, the Paramus Park shopping mall in New Jersey opened a food court on its second floor, becoming the first example of a successful mall food court in the U.S. A decade later, food courts had become of a staple of the American mall, helping the expansion of chains like Sbarro, Mrs. Fields and Auntie Anne’s.

Full-service chains like the Cheesecake Factory, TGI Fridays and California Pizza Kitchen also became mall mainstays.

But those familiar names are no longer the only options for shoppers. These days, malls offer a much wider selection of eateries and refreshments, from regional restaurants to local chefs and emerging bubble tea chains.

“What malls are looking for tend to be more high end, what we might call a ‘contemporary casual’ restaurant,” Henkes said. “It’s not fine dining, per se, but it’s sort of that notch up from just traditional casual.”

Those contemporary casual eateries include upscale options like Korean barbeque, steakhouses or sushi. While price points vary, a meal at these new mall eateries will likely cost upward of $30 per person, if not more.

For James Cook, head of retail research for real estate firm JLL, the expansion in dining options offers an experience that’s familiar — but still elevated.

“The distinction that I make is that I’m not necessarily dressing up nice to go to a mall,” he said. “This is a restaurant where I could pay more money, but not necessarily feel like I have to wear a suit jacket or anything like that.”

The pandemic also made malls a more attractive option to restaurateurs.

During lockdowns, operators saw their traffic disappear. Even when consumers started dining out and commuting again, restaurants in central business districts still struggled to attract diners, given the new hybrid workforce and other changes to consumer behavior. But malls bounced back.

“Even today, foot traffic to suburban malls is back above pre-pandemic levels, where in the cities and the city centers, foot traffic has not returned,” JLL’s Cook said.

That foot traffic also appeals to emerging chains that are looking to expand quickly. Restaurant companies like Sweetgreen and Mendocino Farms have opened new locations in malls as they seek to grow their sales and brand awareness.

“The one thing that our properties can offer is scale, and scale really quickly. If they’re used to doing X in their food truck, now they’re doing X times two or three,” Brandon said.

For example, Din Tai Fung, a Taiwanese restaurant chain, has honed in on malls for its U.S. expansion, according to Alison Lin, Yelp’s head of restaurants. Upcoming locations will open in Scottsdale Fashion Square in Arizona and Brea Mall in Southern California, according to the chain’s website. Din Tai Fung ranked second in Yelp’s report on most popular mall brands by consumer interest. (Din Tai Fung declined to comment).

As malls devote more space to food and drinks, food courts have been supplemented by a newer, more upscale alternative: food halls.

Like food courts, food halls offer an array of dining options, usually from stalls, with general seating available once diners have purchased and picked up their food and drinks.

But unlike food courts, the halls typically offer more expensive options, usually touting ties to local chefs and promising more interesting cuisine than that found at a food court. While a food court sells fare from national chains, food halls typically stick to local vendors that have few locations.

“A food court is to give you a burger, fries or a slice of pizza to keep you shopping longer at the mall,” Cook said. “A food hall is part of the experience.”

Oftentimes, food halls feature multiple vendors. But Eataly is one exception.

The Italian chain sells itself as a trip to Italy, without the plane ride. Its large locations feature full-service restaurants; artisanal groceries; quick-service counters that sell gelato, pizza and espresso; along with cooking classes. Eight of Eataly’s 13 U.S. locations are in malls, with more on the way next year.

Eataly’s North American CEO Tommaso Bruso joined the company last year after two decades in the fashion industry, leading mall brands like Benetton and Diesel.

“People go to the mall for shopping, but also they go for a cultural experience,” Bruso said, adding that Eataly has found success with consumers both in and outside of malls.

But food halls haven’t won over everyone. Brandon said that food courts have performed better for Brookfield’s malls. He pointed to Chick-fil-A and Panda Express as two tenants that typically see strong sales in food courts. In 2023, the average annual revenue for a mall location of a Chick-fil-A was $4.5 million; the chain’s best-performing mall restaurant raked in nearly $19 million in annual sales, according to franchise disclosure documents.

Even with more competition than ever for shoppers, The Cheesecake Factory has managed to stay on top. And it’s showing how restaurants can help a broader mall.

The chain, known for its comprehensive menu and towering columns, was ranked No. 1 in Yelp’s mall brand report.

It’s been a rocky year for the company. Like many restaurants, the chain has struggled to attract diners, many of whom have pulled back their restaurant spending. In its latest quarter, the company’s same-store sales grew just 1.6%. Activist investors have also been putting pressure on the company to spin off its smaller brands, like North Italia. (The Cheesecake Factory declined to comment.)

Still, the company is outperforming the broader casual-dining category, based on metrics provided by industry tracker Black Box Intelligence.

Shares of the Cheesecake Factory have risen 43% this year, outstripping the S&P 500′s gains of 27% over the same period.

While fellow mall staples like California Pizza Kitchen and TGI Fridays have filed for Chapter 11 bankruptcy in recent years, the Cheesecake Factory has escaped the same fate.

And it’s maybe even helped its landlords’ finances. Enclosed malls with a Cheesecake Factory location are more likely to be current on their loan payments, according to a Moody’s Analytics report from 2023. Author Matt Reidy, director of commercial real estate economics for Moody’s, said it was more likely the result the company’s strong site selection, rather than cheesecakes saving a mall.

Still, Reidy said having one of the restaurant’s locations helps. And Brookfield’s Brandon agrees.

“My god, are they productive. It’s pretty incredible what they’re able to do, and they’re a valued partner of ours. We have dozens of leases with them, and we truly value them as a tenant,” he said.

When athleisure brand Vuori launched in 2015, it was headquartered in a garage, sold only men’s shorts and couldn’t get investors to give it the time of day. 

Now, the Carlsbad, California, retailer is expanding globally, backed by a string of marquee investors including General Atlantic, SoftBank and Norwest Venture Partners, after raising $825 million in November in a funding round that valued the company at $5.5 billion.  

It’s become the envy of incumbents such as Lululemon, Gap’s Athleta and Levi’s Beyond Yoga, and it’s poised to be one of the retail industry’s biggest IPOs when it eventually files to go public, which people close to the company say it plans to do.

“It’s a notable deal for the category it’s in … you haven’t seen many deals in that market at all over the last couple of years, and the deals that have happened have been more, I’d say, challenged, or more at value-oriented situations,” Matthew Tingler, a managing director in Baird’s global consumer and retail investment banking group, said of the recent funding round.

“Vuori’s bringing a lot of excitement and growth to the market,” added Tingler, an expert in the athletic apparel space who wasn’t involved in the transaction. “In ways, they’ve been taking share in that athleisure market broadly … they’re challenging the legacy players of Athleta and Lululemon.” 

As Vuori went from a no-name brand to one of the most highly valued private apparel retailers on the planet, it saw robust sales growth and consistent profitability, winning over consumers in a crowded space with its coastal California take on athleisure.

“Vuori competes on a differentiated product, a differentiated brand, a differentiated store experience, differentiated materials,” Vuori CEO and founder Joe Kudla told CNBC in an interview. “If you were to just survey our customer base [and ask], ‘Why is Vuori so special?’ They would tell you it’s because of our product, it’s because of the comfort, the textile, the fabrics we work with, and the fit. We are all about product, product, product, and that’s ultimately what results in great performance in our industry.” 

Despite its success, Vuori faces challenges ahead. The company operates in a crowded athleisure space that analysts aren’t sure will grow as quickly as it has in the past. Some see it as one of the fastest-growing apparel categories, while others expect it to slow as consumers look to dress up after years of dressing down.

Customers also seem to be worrying about whether Vuori’s products will stay the same as it scales and faces the demands of being a publicly traded company.

“If you go look at message boards right now, the thing that consumers of Vuori are most concerned about is, is the quality of the fabric going to fall?” said Liston Pitman, a strategy director with Eatbigfish and an expert in challenger brands. “Are they going to water down the brand that I love as an exchange for growth?”

Plus, Vuori faces the same issues as other consumer discretionary companies. Retailers have been forced to work harder to win customer dollars, and demand has been unsteady as consumers think twice before buying things that may be wants rather than needs.

Since it is still private, not much is known about Vuori’s financial performance. But analysts estimate that it generates around $1 billion in annual revenue, and the company says it has been profitable since 2017. 

While its sales are a fraction of the $431 billion global athleisure market, Vuori has seen steady growth and has outperformed the overall sportswear market at least since 2020, according to data from Euromonitor and sales estimates from Earnest. As of the end of October, Vuori has grown sales by 23% so far this year at a time when the overall sportswear market is expected to grow by 4.3%. Last year, it grew 44% while the sportswear market expanded by only 2.4%. 

Retail analyst Randy Konik, a managing director with Jefferies, said Vuori and fellow upstart Alo Yoga have been so successful in part because they’re taking share from Lululemon, which he said has alienated its primary customer base as it has expanded into new categories. 

“Five years ago, Alo and Vuori were … nothing burgers, and that’s when Lululemon was growing 20% a year, whatever it is, or more. Today, you look at the numbers and you’re like, wait a second, the business is flat,” said Konik, referring to Lululemon’s largest market, the Americas. “It’s not growing, and yet it’s coinciding with the hypergrowth of Alo and Vuori. So … in my opinion, the data proves that that is a market share issue.”

Analytics firm GlobalData found that Lululemon’s customers are now spending more at Vuori than they did previously. In 2018, 1.2% of Lululemon’s customers shopped at Vuori, but that number grew to 7.8% as of the end of November.

Last week, the longtime category leader gave a cautious outlook for the all-important holiday shopping season as it contends with slowing growth and product missteps. It wasn’t asked about the competitive threats it’s facing but acknowledged that its core customer is slowing down. 

Vuori’s valuation and interest from private equity come as investors flee the consumer sector. Its success has left some industry observers scratching their heads and wondering: How can a leggings and joggers company be worth this much, in this economy? Analysts say it comes down to Vuori’s business model, its ability to grow profitably and its product assortment, which has resonated with shoppers.

Kudla said the company was laser focused on growing profitably from the beginning because it really didn’t have another choice. Unlike other direct-to-consumer brands that were raising piles of cash at the time, investors weren’t interested in the mens-only brand that Kudla was pitching.

So he was forced to bootstrap the company using funding from family and friends. 

“We developed a working capital model that would self-fund the business, and so we were built very counter to the trend of the time, and that resulted in a really great business with a lot of discipline,” said Kudla, who was a CPA for Ernst & Young before he got into fashion. “I managed the entire business through this complicated spreadsheet, so every decision that I made, I could forecast the cash-flow impact six months from today.” 

To save money, Kudla didn’t pay himself for two years, ran the business out of a garage and hired employees who were willing to trade equity for compensation. Perhaps most importantly, he developed partnerships with his suppliers, which alleviated the cash-intensive burden of acquiring inventory and paying for it up front. 

“I started treating our suppliers like they were investors in the business, and really helping them see the vision for what we were building,” said Kudla. “I was able to convince our early factory partners to give us really great terms so that I could receive the inventory, sell it, collect cash from my wholesale partners, or sell it direct to consumer and then pay for the inventory, and that strategy ultimately led me to building a working capital model that self-funded our growth.” 

While Vuori started out as a purely online business, Kudla wasn’t precious about partnering with wholesalers at a time when many founders in the direct-to-consumer space were against the idea. By getting his products on the shelves at REI in the brand’s early days, he was able to build awareness and acquire customers in a way that didn’t drain Vuori’s balance sheet. 

“We got profitable in 2017, we started generating free cash flow … there was no institutional capital involved in our business, no venture money involved in our business, until 2019, when we were already very profitable and on a pretty strong growth trajectory,” said Kudla. 

Years later, Kudla’s approach almost feels prescient. Many of the DTC peers that Vuori came up with are now teetering on the edge of bankruptcy, unable to make the unit economics of their business work. Investors no longer have patience for companies that have no path to profitability.

Now, most brands and retailers recognize that selling only online often doesn’t work. It has proven critical to partner with wholesalers and open up stores, alongside building direct channels online.

“I like how [Vuori is] going about growth,” said Jessica Ramirez, senior research analyst at Jane Hali & Associates. “With REI, it was one of their top accounts, and I feel like it was a different way of going into wholesale, but very targeted wholesale, so knowing that that is a customer that would be purchasing a particular kind of activewear.”

Vuori’s investment from General Atlantic and Stripes in November is further evidence of a robust balance sheet. The deal was structured as a secondary tender offer, which allowed early investors to sell their shares and cash in. None of it went to the balance sheet, and Vuori didn’t need new funding for its aggressive growth plans, which include expanding into Europe and Asia and having 100 stores by 2026, said Kudla. 

“We’re going to continue growing the business the same way we’ve always grown the business, which is very calculated with a lot of discipline,” he said. 

In many ways, the brands jostling for share in the crowded athleisure space can blur together. They all sell leggings, they all sell sports bras, and they’re all looking to win over consumers with their unique blend of comfort, style and performance. The same can be said for the broader apparel industry, which is why having products that stand out separates the industry’s winners and losers.

Fans of Vuori say the brand’s quality, fit, fabric and comfort are what sets it apart from competitors and keeps them coming back. Meanwhile, product missteps at Lululemon have been blamed for a sales slowdown in its largest region, the Americas. 

In the three months ended April 28, Lululemon’s comparable sales in the Americas were flat after the company failed to offer the right color assortment in leggings and the sizes that customers desired. 

In early July, Lululemon launched its new Breezethrough leggings, designed for hot yoga classes, but ended up yanking them from the shelves after it received complaints about the product’s unflattering fit. Its lack of desirable new products is also limiting how much Lululemon’s core customer is spending with the brand, the company said when reporting fiscal third-quarter earnings Dec. 5. The company said it expects its assortment to be back in line with historical levels in 2025, which Truist anticipates will be the “key driver” for better U.S. sales, especially as it laps easier comparisons from the year-ago period. 

“It seems that they’ve snoozed on where the customer is going … you have to remember that today’s consumer isn’t necessarily a loyal consumer,” said Ramirez.

“Fabric does matter, movement matters … if someone you know mentions there’s another brand that, ‘Oh, you know it held me in better, or I was able to run quicker, I didn’t sweat as much, I didn’t feel as gross,’ these very, like, small things that do matter in your performance, people will give them a try.”

— Additional reporting by Natalie Rice

Grubhub will pay $25 million to settle charges it misled customers about the cost of their delivery and drivers about how much they could earn on the food-delivery platform.

The Federal Trade Commission and the attorney general for the state of Illinois accused Chicago-based Grubhub of engaging ‘in an array of unlawful practices’ designed to ‘deceive’ diners and workers alike about the cost of doing business on the platform.

The agencies said they had uncovered messages that demonstrated Grubhub’s allegedly illicit tactics, including an internal message from a former executive stating that the tactic of adding service fees in a way that was “misleading, eroding trust,” and “truly more expensive” for consumers.

The upshot was often a final price sometimes more than double what it originally advertised to a platform user, the agencies said.

Grubhub also allegedly engaged in false advertising to attract drivers, citing hourly pay rates ‘well above what drivers could realistically expect to earn,’ according to a release accompanying the civil complaint.

Finally, Grubhub falsely advertised restaurants on its platform that had not signed up with it. According to the complaint, Grubhub has, over the course of its existence, as many as 325,000 unaffiliated restaurants on its platform, the agencies said.

In addition to the settlement payment, Grubhub must also make changes to its platform that include telling consumers the full cost of delivery, honestly advertising pay for drivers, and only listing restaurants that have given their consent.

“Our investigation found that Grubhub tricked its customers, deceived its drivers, and unfairly damaged the reputation and revenues of restaurants that did not partner with Grubhub — all in order to drive scale and accelerate growth,” FTC Chair Lina M. Khan said in a statement.

“Today’s action holds Grubhub to account, putting an end to these illegal practices and securing nearly $25 million for the people cheated by Grubhub’s tactics. There is no ‘gig platform’ exemption to the laws on the books.”

In a statement, Grubhub acknowledged the settlement and said it would make changes to its operations, but denied the charges.

‘While we categorically deny the allegations made by the FTC, many of which are wrong, misleading or no longer applicable to our business, we believe settling this matter is in the best interest of Grubhub and allows us to move forward,’ it said.

The agencies had sought a $140 million judgment against the company, but reduced it to what Grubhub is able to pay, the agencies said. If Grubhub is found to have misrepresented its financial position, the full penalty will apply, they said.

Grubhub is set to be sold to Wonder Group, a food delivery and takeout service headed by Marc Lore, the former head of Walmart’s eCommerce unit.

Starbucks Workers United said Tuesday that 98% of union baristas have voted to authorize a strike as they seek a contract with the coffee giant.

Bargaining delegates are set to return to negotiations with Starbucks on Tuesday in the last scheduled session of the year with the goal of agreeing on a “foundational framework.” Starbucks and Workers United have spent hundreds of hours this year at the bargaining table, and both sides have put forward dozens of tentative agreements, the union said in a press release.

However, hundreds of unfair labor practice cases still have not been settled, and the union said Starbucks has not yet proposed a comprehensive package that would address barista pay and other benefits.

In a statement to CNBC, Starbucks disputed the union’s characterization and said the company remains committed to reaching a final framework agreement.

“It is disappointing that the union is considering a strike rather than focusing on what have been extremely productive negotiations. Since April we’ve scheduled and attended more than eight multi-day bargaining sessions where we’ve reached thirty meaningful agreements on dozens of topics Workers United delegates told us were important to them, including many economic issues,” the company said in the statement.

The strike authorization shows that relations between the two sides may again be cooling, after thawing in late February when both parties said they found a “constructive path forward” though mediation. Prior to that point, Starbucks had fought the union boom that swept across its company-owned locations for more than two years. The company’s attempts to curb the union movement led to backlash from some consumers and lawmakers, culminating with former CEO Howard Schultz testifying on Capitol Hill.

Starbucks CEO Brian Niccol, who joined the company in September, committed to bargaining in good faith in a letter addressed to the union in his first weeks on the job.

Niccol announced on Monday that the company would double its paid parental leave, starting in March. However, baristas will reportedly receive a smaller annual pay hike next year than they have in previous years, following a sales slump at its U.S. locations.

More than 500 company-owned Starbucks cafes have voted to unionize under Workers United since the first elections that took place in Buffalo three years ago.

Walmart has started giving store-level associates body cameras to wear as part of a pilot program at some of its U.S. locations, CNBC has learned. 

It’s not clear how many of Walmart’s stores have the recording devices, but some locations now have signs at entry points warning shoppers that it has “body-worn cameras in-use,” according to witnesses and photos posted online. 

In at least one store in Denton, Texas — about 40 miles north of Dallas — an associate checking receipts was seen wearing a yellow-and-black body camera earlier this month, according to a shopper who shared a photo with CNBC. 

“While we don’t talk about the specifics of our security measures, we are always looking at new and innovative technology used across the retail industry,” a Walmart spokesperson told CNBC. “This is a pilot we are testing in one market, and we will evaluate the results before making any longer-term decisions.”

Walmart, the largest nongovernmental employer in the U.S., is testing the technology after smaller retailers started trying body cameras at their own stores as a way to deter theft. Body cameras and the footage they gather are commonly advertised as a way to prevent shoplifting, but Walmart intends to use the tech for worker safety — not as a loss prevention tool, according to a person familiar with the program.

In a document titled “Providing great customer service while creating a safer environment,” staff are instructed on how to use the devices, according to a photo of the document posted on an online forum for Walmart employees and customers. It instructs employees to “record an event if an interaction with a customer is escalating” and to not wear the devices in employee break areas and bathrooms. After an incident occurs, staffers are told, they are to discuss it with another team member, who can help them log the event in the “ethics and compliance app,” according to the document. 

The body cameras at Walmart come during the thick of the holiday shopping season, when retail employees work long hours and face tough interactions with customers that can be more tense and hostile than usual. 

“There’s too much harassment that goes on throughout the year, but especially during the holiday season … it’s even worse,” said Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union. “Everyone is stressed out. If they can’t find the item they’re looking for, they get upset and whom do they blame? They blame the shop worker.” 

However, it’s unclear whether body cameras actually help to deescalate conflict. Appelbaum, whose union does not represent Walmart employees but includes staff from retailers such as Macy’s and H&M, said the RWDSU is concerned that body cameras are more about surveillance and deterring theft than making employees safer.  

“Workers need training on deescalation. Workers need training on what to do during a hostile situation at work. The body camera doesn’t do that. The body camera doesn’t intervene,” said Appelbaum. “We need safe staffing and we need panic buttons.” 

Bianca Agustin, the co-executive director of United for Respect, a workers organization for Walmart and Amazon staffers, said the group has asked Walmart to provide more training for its employees but that the company hasn’t met those demands. She said body cameras could be part of the solution but cameras alone are “no substitute” for proper training.

“There’s a claim that the body cams are going to promote deescalation just organically. We don’t think that’s true,” said Agustin. “You see a lot of violence against workers already at the self-checkout kiosks when they even are attempting to [deter theft] … there’s a potential that this might hurt that [deterrence] … it also could provoke people.” 

Plus, “there’s already cameras in stores,” said Agustin. 

David Johnston, vice president of asset protection and retail operations for the National Retail Federation, the retail industry’s lobbying arm, provided a different perspective. He said the retailers he works with have said body cameras have helped to reduce conflict because people act differently when they know they’re being recorded, especially when those cameras are directly in front of a person. 

“Many of these body-worn cameras have reverse view monitors on them so … there’s a little video screen that you actually see yourself on camera. That in itself can be a very big deterrent,” said Johnston. “The moment that you see yourself is probably [when] you’re going to change your behavior, and that’s what I think the use of a body-worn camera can do.” 

As customers complain about merchandise being locked up in cases, body cameras are another technique retailers are trying out as they look to deter theft and make stores safer, said Johnston. 

“Walmart’s got tremendous exposure,” said Mark Cohen, former CEO of Sears Canada and former director of retail studies at Columbia Business School. “Walmart’s probably got a sales force that is very unhappy about what they’re exposed to … [and] feel like the store is not doing enough to protect the store and themselves. And this is a test to see whether it has any beneficial effects, both on deterring criminals and salving the anxiety and the irritation of their associates.”

Still, it’s not clear whether associates will feel better wearing body cameras. One longtime retail employee, who spent around a decade working at Hot Topic and has since left the industry, told CNBC that being threatened with violence was a regular part of the job, and they’re not sure body cameras would have stopped it.

“With these people, when they’re in our faces and they’re acting like they’re going to hit us or they’re making threats to meet us in the parking lot, they’re not thinking rationally,” said the former mall employee, who spoke on the condition of anonymity. “Even with a camera facing them, I don’t think they would care in the moment.”

The former employee said a body camera wouldn’t have made them feel safer in those interactions, either, but having a police presence nearby would have helped.

Last year, the NRF’s annual security survey found that 35% of retailers who responded said they were researching body cameras for retail employees or loss prevention staff. While no respondents said body cameras were fully operational, 11% said the retailers were either piloting or testing the solution. 

TJX Companies is one of them. 

Earlier this year, the off-price giant said it had started using body cameras in its stores, which include its TJ Maxx, Marshall’s and HomeGoods banners. On a call with analysts after the company reported fiscal first-quarter earnings in May, finance chief John Joseph Klinger said the devices had been effective in reducing shrink, or lost inventory.

“One of the things that we’ve added — we started to do last year, late towards the year, wear body cameras on our [loss prevention] associates,” said Klinger. “And when somebody comes in, it’s sort of — it’s almost like a deescalation where people are less likely to do something when they’re being videotaped. So we definitely feel that that’s playing a role also.”

In a statement, a TJX spokesperson said the loss prevention associates who have body cameras have gone through “thorough training on how to use the cameras effectively in their roles.”

“Video footage is only shared upon request by law enforcement or in response to a subpoena. Body cameras are just one of the many ways that we work to support a safe store environment. This includes a variety of policies, trainings, and procedures,” the spokesperson said. “We hope that these body cameras will help us de-escalate incidents, deter crime, and demonstrate to our Associates and customers that we take safety in our stores seriously.”

CrowdStrike moved Monday evening to dismiss Delta Air Lines’ lawsuit around the July cybersecurity outage that led to canceled flights and stranded passengers, arguing that the airline’s litigation was an attempt to circumvent the contract between the two companies.

The agreement between CrowdStrike and Delta includes a clause limiting CrowdStrike’s liability and a cap on damages, which the cybersecurity provider says Delta is now trying to skirt. CrowdStrike also argued in its filing that Georgia law prevents Delta from converting a breach of contract into tort claims.

“As an initial matter, Georgia’s economic loss rule specifically precludes Delta’s efforts to recover through tort claims the economic damages it claims to have suffered,” CrowdStrike wrote.

Delta said the July cybersecurity outage cost the company more than $500 million in canceled flights, refunds and passenger accommodations. It is seeking to recoup those costs from CrowdStrike through the suit. But the damage done to Delta’s reputation as a premium carrier can’t yet be quantified, nor has the impact of a Department of Transportation investigation into Delta over the outage.

Delta continues to rely on CrowdStrike services following the outage, likely because it is extremely difficult to change cybersecurity providers in systems as large and complicated as Delta’s. 

Still, CrowdStrike said it moved quickly to try and help Delta — offers the cybersecurity company says were rebuffed. “We are good for now,” one message from a Delta executive cited by CrowdStrike read. The cybersecurity company said its executives were in close contact on the day of the outage.

“Delta repeatedly rebuffed any assistance from CrowdStrike or its partners,” CrowdStrike wrote.

CrowdStrike further argues that Delta’s own practices and systems led to the widespread delays and cancellations, unlike other industry peers who recovered much more quickly from the outage.

“Delta was an outlier. Although Delta acknowledges that it took just hours—not days—for Delta employees to” remediate the outage, CrowdStrike wrote in its filing, “cancellations far exceeded the flight disruptions its peer airlines experienced.”

The cybersecurity company’s stock took a sharp hit after the outage, plunging 44%. It’s since largely recovered from those losses, posting strong quarterly results even after lowering its guidance due to the incident. CrowdStrike has been helped by the relative stickiness of its products, especially at large enterprises.

A Delta spokesperson was not immediately available for comment.

Startup basketball league Unrivaled announced on Monday it’s closed a Series A funding round, raising an additional $28 million before its inaugural season.

“Our players haven’t even taken the court yet and the foundation we are building with our partners unites unparalleled expertise, strategic insight, and an incredible product,” Unrivaled President Alex Bazzell said in a press release. “Together, we’re setting the stage for Unrivaled for years to come.”

The 3×3 women’s hoops league already secured $7 million in a seed round announced in May, meaning the league has received $35 million in total funds in 2024. The latest round was led by the Berman family and also included NBA champion Giannis Antetokounmpo and 28-time Olympic medalist Michael Phelps, among others.

Unrivaled was co-founded in 2023 by WNBA stars Breanna Stewart and Napheesa Collier and advertises that the player-owned organization will give every Unrivaled player “equity and a vested interest in its success,” according to the press release.

The league has signed 36 top players and said it offers the highest average salaries across any women’s professional sports league.

While the Women’s National Basketball Association has seen exponential growth in the last few years, superstar rookies Caitlin Clark and Angel Reese received base salaries just over $70,000, compared with star rookies in the National Basketball Association who received millions their first year.

Unrivaled announced last week it had signed Under Armour as its official uniform partner. It’s also signed an exclusive, multiyear media rights deal with Warner Bros. Discovery to air its games on TNT and truTV, as well as streaming platform Max. WBD participated in the Series A funding round, the league said Monday.

The round also included private investor Marc Lasry, University of South Carolina women’s basketball head coach Dawn Staley, and USC guard JuJu Watkins. Previous investors include soccer phenom Alex Morgan and actor and investor Ashton Kutcher.

The inaugural season begins on Jan. 17.