America’s top-selling yogurt brand is doubling down on its U.S. production.
Chobani CEO Hamdi Ulukaya will invest $1.2 billion in a facility in upstate New York that will produce 1 billion pounds of the brand’s yogurts, creamers and other products. The company and the New York governor’s office are calling it the nation’s largest investment in natural food manufacturing, and Ulukaya says the production plant is just the start.
The company is one of the largest independent and privately held brands in the consumer packaged goods industry, with $3 billion in annual revenue. That success has paid off for Ulukaya, an immigrant from Turkey who owns the majority of the business, who is now worth an estimated $2.4 billion.
FIRST UP
Tesla CEO Elon Musk said he would significantly cut back on his time working with DOGE starting next month, as his controversial White House role starts to weigh on Tesla’s economic performance. The EV maker reported its worst quarterly profit since 2021 on Tuesday, and revenue in its core automotive business plunged 20% year-over-year. Still, Musk said he would continue to spend a day or two per week on government matters “for as long as the president would like me to do so, and as long as it is useful.”
President Donald Trump said Tuesday he “has no intention of firing” Jerome Powell from the Federal Reserve, seemingly shutting down speculation he would attempt to remove Powell from his post as Trump has grown increasingly critical of Powell’s more cautious monetary policy stance. As recently as last Thursday, Trump attacked Powell on Truth Social for not lowering interest rates and saying “Powell’s termination cannot come fast enough!”
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BUSINESS + FINANCE
U.S. stock futures and global markets rose early Wednesday after President Donald Trump said he expects trade talks with Beijing could lead to “substantially” lower tariffs on Chinese goods, marking the first major sign of a potential de-escalation in the ongoing trade war between the world’s two largest economies. Trump’s comments came hours after Treasury Secretary Scott Bessent expressed concerns that the high tariff rates both countries had imposed on each other was essentially halting trade between the U.S. and China.
TECH + INNOVATION
Axon, America’s biggest police tech provider, is stepping up its competition with rival Flock Safety, announcing a suite of new products this week including two AI-powered license plate readers and car surveillance technologies. The launch comes after a public falling out between the two companies, which ended their partnership that allowed cops to easily share data between the two vendor systems.
MONEY + POLITICS
A top producer at CBS News’ 60 Minutes resigned, telling staff he can no longer run the program in an “independent” fashion, as the company faces a high-profile legal battle with President Donald Trump. Shari Redstone, controlling shareholder of CBS parent Paramount, is reportedly in favor of settling Trump’s $10 billion 60 Minutes lawsuit in the hopes of completing its multi-billion dollar merger with Skydance.
TRENDS + EXPLAINERS
Pope Francis’ funeral will take place Saturday, the Vatican announced, and several world leaders—including President Donald Trump—announced their plans to attend. But Francis’ funeral will be different after he revised various papal funeral rites and rituals to cut back on much of the associated pomp and pageantry.
The White House said it “can and will” go after the salaries or tax refunds for the millions of Americans who are in default on their student loans, following an announcement Monday from the Department of Education. The government can withhold federal payments like tax refunds or Social Security, and can have up to 15% of borrowers’ salaries withheld by their employers. Just 38% of borrowers are in repayment and up to date on their student loan payments, the Department noted.
DAILY COVER STORY
The Health Care Stock Fund With An Ulterior Motive
Michael Taylor manages an unusual stock fund, and takes no salary for it.
All of the 0.5% fee revenue, after overhead, for the Simplify Health Care exchange-traded fund is donated to the Susan G. Komen Breast Cancer Foundation.
Private businesses that give away all profits and also succeed as businesses are scarce; the Newman’s Own food branding operation, which has donated $600 million to children’s causes, is unusual. A philanthropic aim would seem to be even more out of place on Wall Street, where “greed is good” is the mantra.
“This is the first true impact-investment ETF,” brags Taylor, 52, who retired young and prosperous from a hedge fund career. “I have the luxury of not having to receive money for my efforts.” So far the fund has sent $250,000 to Komen. He picked Komen, he says, because it can effectively invest money in medical research—some $10 million a year, recently.
Customers of the Simplify fund aren’t making any sacrifices. The actively managed ETF, which opened in late 2021 and has attracted $132 million in assets, averaged a 5.3% annual return from inception through mid-March, per YCharts, matching the return of the giant Health Care Select SPDR fund, which passively tracks an index.
MORE How Investors Can Win The Inflation Race
FACTS + COMMENTS
A number of companies have laid off workers due to the potential market impact from President Donald Trump’s tariffs. The latest is Volvo Group and its subsidiary Mack Trucks, which will cut hundreds of employees:
Up to 350: The number of positions Mack Trucks told Forbes it would cut at its Lehigh Valley Operations Center in Pennsylvania
2.8%: The annual rate at which the International Monetary Fund said the global economy would likely decrease
177,000: The number of jobs some analysts estimated would be slashed in the U.S. after Trump announced a 25% tariff on all Canadian imports in February
STRATEGY + SUCCESS
With early retirement on the rise, it’s critical that potential retirees avoid several key mistakes. Don’t forget to consider a phased retirement, which can help with the transition and provide some financial stability. It’s also crucial to diversify your retirement income beyond sources like Social Security and a 401(k), and create a mix of taxable and tax-advantaged accounts.
VIDEO
QUIZ
An old social media trend is making a comeback on TikTok to raise awareness for mental health. What does the trend involve?
A. Dumping a bucket of ice on your head
B. Eating a really spicy pepper
C. Eating Tide PODS
D. Consuming a spoonful of cinnamon
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
