1. Americans View $270K Salary as the Benchmark for Success
2. CVS CEO Change Fails to Satisfy Investors
3. UK Antitrust Watchdog Investigates Apple and Google
4. Bitcoin Nears $100,000
5. Former Coatue Partner Launches New VC Fund
6. Private Equity-Backed Food Company Files for Bankruptcy
7. Walmart White-Collar Bonuses Expected to Surge
1. Americans View $270K Salary as the Benchmark for Success
The latest data from the U.S. Social Security Administration shows that the average salary for Americans in 2023 was $67,000.
In Q2 this year, the average balance in 401(k) retirement accounts at Fidelity Investments was $127,100.
A survey by financial services firm Empower found that Americans consider an annual salary of $270,000 and a net worth of $5.3 million as the standard for success.
Less than 40% of respondents considered themselves successful, with 42% of men and 33% of women feeling they had achieved success. Nearly half of the respondents believed they might never reach their personal definition of success, citing lack of savings or income as the biggest obstacles.
Meanwhile, 43% of respondents said their ideal version of success is not about money, with one-third prioritizing health and free time over wealth.
Source：Bloomberg – Americans Say You Need $5.3 Million to Be Considered a Success
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2. CVS CEO Change Fails to Satisfy Investors
CVS announced today that 60-year-old company veteran David Joyner has replaced CEO Karen Lynch, ending her three-year tenure marked by turmoil.
Over multiple quarters, CVS has failed to meet earnings expectations, completed costly acquisitions, and frequently reshuffled its leadership—factors that have frustrated both external observers and investors.
Despite the CEO change, investors remained unconvinced, with CVS stock dropping 5.2%, bringing its total decline this year to 24%.
David Joyner is expected to appoint a new executive team by the end of the year.
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3. UK Antitrust Watchdog Investigates Apple and Google
The UK’s Competition and Markets Authority (CMA) issued a statement today declaring that the current mobile browser market harms businesses and users in the UK. The agency has recommended an antitrust investigation into Apple and Google and plans to introduce stricter digital market competition regulations next year.
The CMA argues that Apple and Google influence consumer browser choices by making Safari and Chrome the default options. Apple’s dominance with Safari, in particular, is seen as stifling browser innovation. Additionally, the financial arrangements between the two tech giants are believed to have a severe impact on market competition.
Beyond the UK, the United Nations (UN) is also investigating Apple and Google for potential antitrust violations.
Source：Bloomberg – Apple, Google Risk UK Probe Over Mobile Browser Dominance
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4. Bitcoin Nears $100,000
Bitcoin surged to $99,500 today, approaching the historic $100,000 mark, fueled by market optimism that U.S. crypto regulations will loosen under Trump’s presidency.
Since Trump’s election victory on November 5, the entire cryptocurrency market has gained significant value.
Yesterday, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, known for his strict crypto regulations, announced he would step down next year—another positive signal for the market.
Incoming Charles Schwab CEO Rick Wurster stated that the company plans to introduce cryptocurrency spot trading once regulatory changes take effect.
Source：Bloomberg – Bitcoin Flirts With $100,000 on Optimism Over US Crypto Outlook
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5. Former Coatue Partner Launches New VC Fund
Sources revealed that former Coatue Management partner Michael Gilroy and tech industry veteran Gokul Rajaram are planning to co-found a new venture capital (VC) firm. They are currently in discussions with major investors and have not yet named the firm.
Their first VC fund is expected to raise between $400 million and $500 million, with formal fundraising beginning early next year. The firm will primarily invest in early-stage fintech and software startups in the U.S.
Rajaram has extensive industry experience, having served on the boards of Coinbase, Trade Desk, and Pinterest.
Source：Bloomberg – Coatue Alumnus Gilroy, Tech Veteran Rajaram to Start VC Firm
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6. Private Equity-Backed Food Company Files for Bankruptcy
Private equity-backed snack maker Hearthside Food Solutions filed for Chapter 11 bankruptcy in Texas today, following last year’s child labor scandal that made it difficult for the company to secure new loans.
Hearthside, which produces frozen chicken rolls and cookies, disclosed that its assets and liabilities stand at $1 billion and $10 billion, respectively.
The company is currently in discussions with creditors and shareholders to restructure its balance sheet. It hopes to eliminate $1.9 billion in debt and raise $200 million in new equity funding after the bankruptcy process.
Hearthside’s parent companies are private equity firms Charlesbank and Partners Group.
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7. Walmart White-Collar Bonuses Expected to Surge
Walmart has informed its U.S. corporate employees that their year-end bonuses could be 20% higher than expected, driven by a strong stock performance and better-than-expected revenue growth. The final bonus amount will be determined when the fiscal year ends in late January.
Sources revealed that Walmart corporate employees receive a base salary with additional bonuses determined by their job level and department, primarily based on company and individual performance.
Walmart is one of the largest employers in the U.S., with over 2.1 million employees globally, including 1.6 million in the U.S.
Source：Bloomberg – Walmart Corporate Bonuses Poised to Surpass Goal on Strong Sales
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.