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Plus: How A Chicago Private Equity Firm Scored The Biggest Exit Of 2025

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Good morning,

Thanks to TikTok and other social media apps, finding “dupes” of high-end products is easier than ever. Now, Lululemon is taking Costco to court over the issue.

The popular athletic wear brand sued the retailer for selling products that allegedly rip off some of its most popular items at a cheaper price point. Dozens of brands have sued over dupes, but it’s not just about proving a product was copied: The creators must show that a copycat product could confuse customers into thinking they’re buying the real thing.

Still, many shoppers are intentionally seeking out fake products, one trademark lawyer told Forbes, which makes it much harder to prove brand confusion.

Let’s get into the headlines,

Danielle Chemtob Staff Writer, Newsletters

Follow me on Forbes.com

Who are the richest people in the world today?
FIRST UP
After a marathon negotiation session to convince GOP holdouts, the Senate advanced President Donald Trump’s One Big Beautiful Bill, with Vice President JD Vance casting the tie-breaking vote. There are several key additions and omissions from earlier versions, including a softening on credits for wind and solar projects as well as more rural hospital funds. House leadership said it will vote on the Senate version Wednesday.

In passing the bill, the Senate approved more than $1 trillion in cuts to Medicaid over the next 10 years and changes to federally funded health insurance programs that would leave nearly 12 million people without coverage, according to an estimate from the Congressional Budget Office. Republicans defending the cuts say they are aimed at reducing abuse, waste and fraud, as most of the Medicaid cuts come via new work requirements for some recipients.

Co-CEOs Collin Roche (left) and Dean Mihas (right) are leading the second generation in charge of 45-year-old private equity firm GTCR.   GTCR
Featured Story
How This Chicago Private Equity Firm Scored The Biggest Exit Of 2025
Read Article
While private equity managers hoping for a dealmaking bonanza under President Donald Trump’s administration have been sorely disappointed, GTCR has bucked the trend with a series of gaudy exits.

The Chicago-based firm’s $45 billion in assets under management pale in comparison to Wall Street’s biggest players like Blackstone, Apollo and KKR, but none of its peers made off with a deal like GTCR’s and FIS’ sale of Worldpay to Global Payments for $24.25 billion, announced in April and expected to close in the first half of 2026. GTCR bought a 55% stake in the Cincinnati-based payment processing firm from FIS at an $18.5 billion valuation in July 2023, and flipped it in less than two years for double the equity it invested. 

This comes during a time when the average holding period for the private equity industry crept up to more than six years in 2023 and 2024, a signal that many firms are struggling to find buyers for their businesses. And since the Worldpay deal, GTCR announced two more smaller sales in May, offloading lab equipment firm Antylia Scientific and insurance software business Itel for more than $1 billion each.

The flurry of activity means GTCR is expected to return a reported $5 billion in proceeds to investors this year, building on a strong track record for its recent flagship funds.

WHY IT MATTERS
“It was a slow first half of the year for private equity, but there are always going to be winners and losers on Wall Street, and GTCR is one under-the-radar firm that seized the spotlight,” says Forbes staff writer Hank Tucker. “Its success could make pension funds and endowments hopeful that a rebound is coming for the buyout firms in their portfolios, even while rumors are circulating that some institutions are trying to sell stakes of their private equity investments at discounted prices.” 
MORE
BUSINESS + FINANCE
After President Donald Trump and Tesla CEO Elon Musk sparred again over his signature spending bill, Musk’s net worth plunged by $9.5 billion on the company’s more than 5% stock decline. Tesla shares are down 13% since the end of May, just before Musk and Trump’s public feud began. Musk remains the world’s richest man, but saw the biggest daily loss of any billionaire tracked by Forbes Tuesday.

MORE: Tesla is expected to report a major drop in electric vehicle sales today, and Musk’s meltdown over the legislation raises the possibility that the intemperate billionaire is once again courting new risks for his companies, which have received at least $30 billion in federal support since 2010. Typically bullish on Tesla, analyst Dan Ives called it a “soap opera that remains an overhang on Tesla’s stock.”

TECH + INNOVATION
EQT, Europe’s largest buyout fund, is shaking up its venture arm amid plans to increase investments in American startups. The $315 billion asset manager promoted investor Carolina Brochado to head up venture and growth investments from a new outpost in New York and announced the departure of four partners.
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MONEY + POLITICS
Just months after slashing funding for U.S.-funded international broadcaster Voice of America, President Donald Trump’s media company is testing a global rollout of its streaming platform, raising conflict-of-interest concerns. Truth Social parent company Trump Media & Technology Group said the beta test of its streaming platform, Truth+, aims to expand beyond North America.
SPORTS + ENTERTAINMENT
Paramount says it has agreed to pay President Donald Trump $16 million to settle a lawsuit filed over a 60 Minutes interview aired last year of former Vice President Kamala Harris, which Trump alleged was edited to make the Democratic candidate appear more competent. As part of the settlement, Paramount said that 60 Minutes will release transcripts of all interviews with presidential candidates moving forward.
SCIENCE + HEALTHCARE
President Trump’s One Big Beautiful Bill Act—assuming the version Senate Republicans passed on Tuesday becomes law—would cut the legs out from under the renewable energy industry. The biggest hit: The bill would phase out federal tax credits that have for years enabled wind and solar developers to offset 30% or more of project costs. Ironically, these impacts will hit especially hard in Republican areas: 78% of renewable energy projects underway are located in Red districts.
FACTS + COMMENTS
As political divisions in the U.S. continue to grow, a majority of Americans believe politically motivated violence is now a major problem, a new poll shows:

76%

The share of Americans who believe the issues dividing the nation pose a serious threat to democracy, according to the NPR/PBS News/Marist poll

 

25

The number of attacks and plots targeting elected officials, candidates and other government employees from 2016 to 2025, according to the Center for Strategic and International Studies

 

Three times

The number of politically motivated attacks and plots against government agents in just the past five years is three times higher than those in the previous 25 years combined

STRATEGY + SUCCESS
Underperforming the market can cost thousands of dollars of gains in just a few years—so be sure to avoid some of these common mistakes. Don’t try to time the market, and invest consistently each month. Don’t put all of your investments into one stock or sector, and if you do pick individual stocks, take the time to research them. Lastly, build an emergency fund before you start investing so you don’t have to dip into your investments during market downturns.