Rite Aid (NYSE:RAD), under the leadership of Jeffrey Stein, filed for Chapter 11 bankruptcy on Monday. The pharmacy chain has been grappling with financial difficulties for some time. This move is seen as an attempt to restructure its debts and emerge as a more competitive player in the retail pharmacy sector.
In the realm of activist investing, Starboard Value has set its sights on News Corp (NASDAQ:NWSA). The investment firm is reportedly pushing for changes within the media conglomerate. Specifics about the proposed changes or the response from News Corp have not been disclosed yet.
On the international front, tensions continue to rise over the ongoing Israel-Hamas conflict. Wealthy donors, including Jon Huntsman (NYSE:HUN) Jr., Marc Rowan, and Ken Griffin, are expressing their discontent with institutions over what they perceive as weak responses to anti-Israel sentiments and antisemitism. In response to comments by Web Summit founder Paddy Cosgrave on Israel's actions, tech executives such as Adam Singolda and David Marcus have decided to protest against the summit.
However, not all are in agreement with this approach. Former Treasury Secretary Larry Summers and Neal Berger, president of Eagle’s View Capital Management, have voiced their caution against punishing students for their views on this delicate matter.
Meanwhile, in U.S. politics, a potential rematch between President Joe Biden and former President Donald Trump is brewing for the 2024 elections. Jeffrey Katzenberg is co-chairing Biden's campaign while Representative Jim Jordan has been nominated as the Republican candidate for House speaker.
In sports-related business news, British billionaire Jim Ratcliffe is in negotiations to acquire a minority stake in Manchester United. Ratcliffe is one of the wealthiest people in Britain and already owns French football club Nice.
In entertainment news, pop star Taylor Swift has made waves with a record-breaking concert film. Details regarding the film's content or release date have not been disclosed.
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