1. U.S. Traffic Congestion Worsens Again
2. SpaceX Completes First Commercial Spacewalk
3. Trump Media Stock Soars 30%
4. Manhattan Luxury Condo Secures $120 Million Loan
5. Philadelphia Art College Files for Bankruptcy
6. Ontario Teachers’ Pension Plan to Sell $1.5B in Private Equity Stakes
7. Cloud Firm CoreWeave Plans $500M Secondary Share Sale
1. U.S. Traffic Congestion Worsens Again
According to a new study by traffic analytics firm StreetLight, traffic congestion in the U.S. has returned to pre-pandemic levels after a brief period of relief during lockdowns and widespread remote work.
Total vehicle miles traveled (VMT) increased by 12% from May 2019 to May 2024, reaching a record high.
Most U.S. metro areas have seen VMT growth. In New York, the average vehicle mileage per person rose 14.7%, and congestion increased 1.8%.
As transportation is the largest source of carbon emissions in the U.S., many are calling for systemic reforms.
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2. SpaceX Completes First Commercial Spacewalk
On Thursday, billionaire Jared Isaacman and SpaceX engineer Sarah Gillis made history by completing the first-ever private spacewalk.
Both exited the Crew Dragon spacecraft and tested the flexibility of SpaceX’s spacesuits in open space.
While observing Earth, Isaacman remarked, “The world may be complicated, but it looks perfect from up here.”
The mission’s primary goal was to test how the suits perform in vacuum conditions.
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3. Trump Media Stock Soars 30%
Shares of Trump Media surged up to 30% today after Donald Trump said he has no intention of selling any of his shares, even though his lock-up period ends next week.
The stock later pared gains to 12% as of 3:12 p.m.
Trump owns nearly 115 million shares, accounting for over 60% of the company, with a total value of $2.2 billion.
Trump Media currently has no revenue or profit and is considered a classic meme stock.
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4. Manhattan Luxury Condo Secures $120 Million Loan
The Mandarin Oriental Residences on Manhattan’s Fifth Avenue has secured a $120 million inventory loan from Northwind Group to finance unsold condo units. The development features 65 condominium units.
The project was developed by SHVO and Deutsche Finance America, with backing from Germany’s largest pension and insurance funds.
The building, once Gucci’s former HQ, was transformed into a high-end residential property featuring a rooftop pool.
Construction was completed earlier this year.
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5. Philadelphia Art College Files for Bankruptcy
The University of the Arts in Philadelphia filed for bankruptcy this week, just two weeks after lenders demanded the immediate repayment of $50 million in debt.
According to Chapter 7 filings, the school has $50 million in assets and $10 million in liabilities.
Founded in 1876, the sudden closure sparked outrage from students, parents, and faculty.
The school had a student-faculty ratio of 7.5:1 and offered graduate degrees in music and the arts.
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6. Ontario Teachers’ Pension Plan to Sell $1.5B in Private Equity Stakes
Sources report that the Ontario Teachers’ Pension Plan has hired Jefferies to explore the sale of up to $1.5 billion in private equity stakes.
The fund manages C$255.8 billion in assets, with C$58.5 billion in private equity. Last year, the asset class returned just 3.6%, well below the market’s 16.3%.
Secondary market trading of private equity stakes is rising as LPs seek greater liquidity in today’s environment.
In 2023, LPs sold a total of $60 billion in PE assets.
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7. Cloud Firm CoreWeave Plans $500M Secondary Share Sale
Cloud computing firm CoreWeave is in talks with investors to sell $400–$500 million worth of existing shares, possibly valuing the company at $23 billion.
Based in New Jersey, CoreWeave’s share sale will allow employees and early backers to cash out, rather than issuing new equity. The company is also considering an IPO in 2025.
In May, CoreWeave raised funds at a $19.1 billion valuation, selling $1.1 billion in preferred stock.
Nvidia is both an investor and one of CoreWeave’s earliest hardware partners in AI data centers.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.