Market Beats | Whoop Valuation Hits $10.1 Billion; Former FBI Agents Sue Director Patel and DOJ; US Private Equity Firms Are Betting on Japan’s Fast Food; US consumer confidence unexpectedly rose in March; Rivian Spinoff Also Hits $1B Valuation; Oil Declines as US and Iran Signal Potential Resolution; Tariff Refund Portal to Handle 63% of Initial Claims.

—— Whoop Valuation Hits $10.1 Billion; Former FBI Agents Sue Director Patel and DOJ; US Private Equity Firms Are Betting on Japan’s Fast Food; US consumer confidence unexpectedly rose in March; Rivian Spinoff Also Hits $1B Valuation; Oil Declines as US and Iran Signal Potential Resolution; Tariff Refund Portal to Handle 63% of Initial Claims.

1. Whoop Valuation Hits $10.1 Billion

HWhoop Inc., the maker of popular screenless fitness bands, has reached a $10.1 billion valuation after raising $575 million in a Series G funding round. The milestone marks a significant step toward an initial public offering for the Boston-based company, which reported being cash flow positive in 2025 with a 103% surge in subscriptions. Led by Collaborative Fund, the round included participation from the Qatar Investment Authority, Mubadala Investment Co., Abbott Laboratories, and GP Bullhound.

The funding also drew high-profile individual investors, including sports icons Cristiano Ronaldo, LeBron James, and Rory McIlroy. Founder and CEO Will Ahmed stated that the new capital will strengthen the company’s balance sheet and support an ambitious R&D roadmap.

Since its 2021 valuation of $3.6 billion, Whoop has aggressively expanded its market presence, and the latest infusion will be used to bolster marketing, retail offerings, and international growth.

______

2. Former FBI Agents Sue Director Patel and DOJ

Former FBI agents filed a lawsuit in Washington on Tuesday against the FBI, Director Kash Patel, and Attorney General Pam Bondi, seeking class-action status for employees fired since January 2025. The complaint alleges that the bureau conducted mass firings based on “perceived political affiliation” without providing due process. The plaintiffs accuse agency leadership of using their power to root out political enemies, stating that the defendants’ mission is “retribution.”

The lawsuit describes the affected individuals as non-partisan, career employees with strong performance records, some of whom worked on high-profile investigations involving President Donald Trump before his second term. The agents claim these terminations violate First and Fifth Amendment rights protecting political beliefs and guaranteeing due process.

In addition to seeking class certification, the former agents are calling for the reinstatement of all affected employees.

______

3. US Private Equity Firms Are Betting on Japan’s Fast Food

While Japan is legendary for its Michelin-starred dining and traditional kaiseki, US private equity firms are betting hundreds of millions of dollars on the country’s appetite for American burgers and fried chicken. Carlyle Group acquired KFC’s Japanese operations for ¥135 billion, and Goldman Sachs purchased Burger King Japan for ¥70 billion, with Wendy’s Japan now also attracting potential buyers. This surge is driven by demographic shifts, such as the rise of single-person households, and an inflationary environment where consumers view fast food as an affordable treat.

Data shows that while Japan’s $227 billion restaurant sector has seen stagnant growth, the burger and fried chicken segments have expanded by over 7% annually since 2018—outpacing local favorites like ramen and beef bowls. Investors see a “blue ocean” in Japan compared to the saturated US market, believing there is significant room to scale.

Despite stiff competition from convenience stores and trendy newcomers like South Korea’s Mom’s Touch, PE firms plan to drive growth by introducing premium menu items and elevating the dining experience.

______

4. US consumer confidence unexpectedly rose in March

US consumer confidence unexpectedly rose in March as more upbeat views of current business and labor conditions offset a slight decline in future expectations. The Conference Board’s gauge increased to 91.8 from a revised 91 in February, surpassing the median economist estimate of 87.9. Despite the uptick, overall sentiment remains subdued compared to recent years, as consumers remain cautious regarding job prospects and persistent price pressures.

The survey highlighted a spike in inflation expectations, driven largely by rising energy costs tied to the ongoing conflict involving the US, Israel, and Iran. While the share of consumers stating jobs are “hard to get” reached a five-year high of 21.5%, those saying jobs are “plentiful” also saw a modest increase to 27.3%.

In terms of spending intentions, more respondents plan to purchase major appliances in the coming months, while interest in home buying and vacation travel has softened.

______

5. Rivian Spinoff Also Hits $1B Valuation

Oil prices declined after Iran and the US signaled a potential opening toward resolving the conflict that has severely disrupted global energy shipments. West Texas Intermediate (WTI) futures fell as much as 3% to trade near $101 a barrel, reversing an earlier 3% gain. The shift followed reports from Iranian state media that President Masoud Pezeshkian expressed readiness to end the war, provided Iran’s demands—including a multi-front ceasefire and recognition of sovereignty over the Strait of Hormuz—are met.

US President Donald Trump further cooled market tensions by telling the New York Post that the US military presence “is not going to be there too much longer,” referring to the campaign as an “obliteration.” The conflict, now in its fifth week, has effectively choked off vital supplies passing through Hormuz, sending energy costs soaring.

With US gasoline prices topping $4 a gallon for the first time since August 2022, the energy crisis has become a significant political risk for the White House during this midterm election year.

______

6. Oil Declines as US and Iran Signal Potential Resolution

US Vice President JD Vance remains the top choice among conservative voters to be the Republican Party’s presidential nominee in 2028, according to a straw poll at this week’s Conservative Political Action Conference (CPAC). Vance secured 53% of the support from attendees, marking his second consecutive year at the top of the poll. However, Secretary of State Marco Rubio has emerged as a significant challenger, with his support surging to 35%.

The results suggest a shift in the political landscape, as Vance’s support dropped from 61% last year, while Rubio rose sharply from just 3%. Rubio has taken a central role in the Trump administration as a key architect of interventionist foreign policy, including the conflict in Iran. Other prospective candidates, such as Florida Governor Ron DeSantis and Senator Ted Cruz, trailed significantly with single-digit support.

While the 2028 primary season is still nearly two years away, these findings signal an increasingly competitive field within Trump’s inner circle to become the party’s next standard-bearer.

______

7. Tariff Refund Portal to Handle 63% of Initial Claims

An online government portal designed to provide refunds on tariffs struck down by the US Supreme Court will handle claims for approximately 63% of the 53 million import entries at issue upon its initial launch. In a declaration submitted Tuesday, a Trump administration official from US Customs and Border Protection informed a judge that the government cannot process the remaining one-third of entries immediately, and provided no specific timeline for subsequent phases.

The agency previously indicated to the US Court of International Trade that it aims to have the first phase of the refund system operational by mid-April. The government estimates that importers paid over $166 billion in tariffs under executive orders declared unlawful by the Supreme Court in February. Officials have also committed to paying interest on all approved refunds.

The initial phase will focus on claims for tariffs that have not yet become “final,” a status typically reached more than a year after goods enter the country.

______