Dollar Tree Is Raising Its Price Cap to $7: ‘The Macro Environment Has Gotten in Our Way’

Discount chain Dollar Tree is raising its price cap to $7 in stores nationwide as inflation continues to affect shoppers across the globe.

“This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” said CEO Rick Dreiling on a company earnings call. “This expanded assortment will offer Dollar Tree shoppers a wider range of choices across a variety of categories, including food and snacks, beverages, pet care, personal care, and more.”

The cap originally shifted from $1 to $1.25 in 2021 before bumping to $5 this past June.

Dreiling explained that though some items on shelves might be priced at the higher end of the spectrum, the “vast majority” would remain priced at the chain’s “entry-level fixed price point,” which is $1.25.

In the same Q4 2023 earnings call earlier this month, Dreiling noted that inflation and reduced benefits from the government have affected the chain’s lower-income customer base and that the company’s “fastest-growing demographic” of shoppers are making $125,000 or more a year.

“Over time, you will also see us fully integrate multi-price merchandise more into our stores so our shoppers will find $5 bags of dog food next to our traditional $1.25 pet treats and toys, and our $3 bags of candy will be found in the candy aisle,” he said. “This is the next exciting chapter of the Dollar Tree value story: new items, more choices, and more savings.”

Eventually, the chain wants to get to a $10 price cap but is focusing on ending with a net positive 2024 before upping the price cap again.

“We’re continuing to march toward that goal. However, the macro environment has gotten in our way, and we are dealing with high, high shrink numbers. We’re dealing with big mix shifts,” Dreiling told investors.

Dollar Tree, which owns Family Dollar, announced this month that it would be shuttering 1,000 Family Dollar locations over the next few years, 600 of which are expected to shutter in the first half of fiscal 2024.

In February 2024, a plea agreement with the FDA cost the company $41.6 million after it was found that the chain was storing items in an unsafe manner in one of its major warehouses. In 2023, the company settled a class action for $1.35 million from employees claiming they worked in hazardous conditions.

Dollar Tree was down over 5.85% year over year as of Wednesday morning.

https://www.entrepreneur.com/business-news/dollar-tree-is-raising-its-price-cap-again/471763

These 10 Cities Are the Richest in the U.S. — Here’s How Many Millionaires And Billionaires Live in Each

About 5.5 million high-net-worth people call the U.S. home — and they represent 37% of the world’s millionaires.

A 2024 USA Wealth Report, published by global wealth advisory firm Henley & Partners in partnership with New World Wealth, establishes exactly where money is concentrated in America by ranking the country’s wealthiest cities. The report breaks down the number of millionaires, centi-millionaires (who make over $100 million), and billionaires in those wealth hubs.

The number of millionaires in the U.S. rose by 62% over the past 10 years, according to the report.

Some of the usual suspects (New York, Los Angeles) topped the list, but there were some surprises. For example, Austin, Texas, which came in at No. 10, had the highest rate of millionaire growth from 2013 to 2023, at 110%. And although the Bay Area didn’t take the top spot, it has the most billionaires.

Here are the top 10 wealthiest cities in America.

1. New York City

^{Credit: Getty Images}

Millionaires: 349,500

Centi-millionaires: 744

Billionaires: 60

Millionaire growth % from 2013 to 2023: 48%

2. Bay Area

Millionaires: 305,700

Centi-millionaires: 675

Billionaires: 68

Millionaire growth % from 2013 to 2023: 82%

3. Los Angeles

^{Credit: Getty Images}

Millionaires: 212,100

Centi-millionaires: 496

Billionaires: 43

Millionaire growth % from 2013 to 2023: 45%

4. Chicago

Millionaires: 120,500

Centi-millionaires: 290

Billionaires: 24

Millionaire growth % from 2013 to 2023: 22%

5. Houston

Millionaires: 90,900

Centi-millionaires: 258

Billionaires: 18

Millionaire growth % from 2013 to 2023: 70%

6. Dallas

Millionaires: 68,600

Centi-millionaires: 125

Billionaires: 15

Millionaire growth % from 2013 to 2023: 75%

7. Seattle

^{Credit: Getty Images}

Millionaires: 54,200

Centi-millionaires: 130

Billionaires: 11

Millionaire growth % from 2013 to 2023: 72%

8. Boston

Millionaires: 42,900

Centi-millionaires: 107

Billionaires: 8

Millionaire growth % from 2013 to 2023: 55%

9. Miami

Millionaires: 35,300

Centi-millionaires: 164

Billionaires: 15

Millionaire growth % from 2013 to 2023: 78%

10. Austin

^{Credit: Getty Images}

Millionaires: 32,700

Centi-millionaires: 92

Billionaires: 10

Millionaire growth % from 2013 to 2023: 110%

https://www.entrepreneur.com/business-news/what-are-the-richest-cities-in-the-us-new-report/471729

A Rare Piece of ’80s Apple Nostalgia Owned by Steve Jobs Just Sold for a Record Price at Auction

An Apple relic used by co-founder Steve Jobs fetched a massive amount of money at auction over the weekend.

An Apple Computer business card from 1983 signed by Jobs with the original Apple rainbow logo and the address of the original Apple HQ at 10260 Bandley Drive in Cupertino, California sold for $181,183 through Boston-based RR Auction.

The business card was said to be in “extremely rare, perfectly graded” condition, with Jobs listed as the Chairman Board of Directors. There’s a faint stain on the front of the card and a tape stain on the back.

RR Auction said it has auctioned off 10 Steve Jobs business cards but this was the oldest of the lot.

Tonight at @RRAuction, the record for the most expensive business card.

This Steve Jobs signed card sold for $181,183. pic.twitter.com/GhgEA615KR

— Darren Rovell (@darrenrovell) March 22, 2024

“This offered Apple Computer business card represents our second from that elusive time frame, but it is made exponentially rarer by the presence of Jobs’s bold, neatly placed signature,” the auction house said. “Less than five Jobs-signed Apple Computer business cards—from any period—have successfully passed PSA/DNA authentication.”

The “Steve Jobs and the Apple Computer Revolution” auction also included an original Apple-1 computer signed by company co-founder Steve Wozniak that sold for $323,789, and an Apple computer from 1976 signed by Steve Jobs sold for $176,850.

It’s not the first time old items of Jobs’ have pulled in an impressive amount at auction.

In 2022, a pair of Jobs’ used brown suede Birkenstock sandals sold for $218,750 at an auction in New York, making them the most expensive pair of sandals ever sold at auction.

Apple had a relatively strong fiscal Q1 2024, noting that quarterly revenue had reached $119.6 billion, a 2% increase year over year.

Apple was up over 7% year over year as of Tuesday afternoon.

https://www.entrepreneur.com/business-news/steve-jobs-apple-business-card-sold-at-record-breaking-price/471723

Gen Z Is Turning to Side Hustles to Purchase ‘the Normal Stuff’ in ‘Suburban Middle-Class America’

Gen Z, the generation designated by the U.S. Census as born from 1997 to 2013, has been standing out in the workforce for the wrong reasons: 74% of managers find the generation harder to work with than others, according to a Resume Builder survey, and 57% of Gen Z is willing to abandon the standard 9-to-5 entirely to become a social media influencer, according to a Morning Consult survey.

But a new report from The Washington Post found there is one area where Gen Z is willing to put in the extra work: online side hustles, including building revenue from social media.

The outlet spoke to several Gen Z side hustlers making up to $8,900 a month, or six figures per year, doing everything from making financial advice videos to offering trip planning services.

The effort, the report notes, is because Gen Z came of age during the 2008 financial crisis, spent crucial years of school remotely during the pandemic, and observed recent waves of layoffs as entry-level workers. Now, they’re trying to adjust to higher costs of living that appear to outpace wages.

“Things have changed to be able to just afford the normal stuff in suburban middle-class America,” Colin Stroud, a 24-year-old based in Columbus, Ohio, told The Washington Post. “You have to do extra stuff to do that.”

Stroud stated that he and his wife went from living paycheck to paycheck to making $3,000 last month with side hustles alone. He gained an audience after posting on LinkedIn about how to fly to Hawaii for “free” on credit card rewards points, and now makes money charging clients for consultations and trip planning.

“Despite a strong labor market, many young people are struggling to find work, which could prevent them from achieving their financial goals, like renting their first apartment or paying down student loans,” said Courtney Alev, a consumer financial advocate at Credit Karma, in a March report from the company. “As a result, Gen Z is getting creative about ways to make money with many turning to social media and online platforms to earn some extra cash.”

According to the Credit Karma report, 47% of Gen Z stated that they made more money on social media than they did working a traditional 9-to-5 job.

The respondents used money from online side hustles to save money, invest, and travel.

Nearly half of Gen Zers and millennials who responded to another survey, this one by Lending Tree, stated that they always plan to have a side hustle.

The same survey showed that 80% of Gen Z and millennials with side hustles rely on the extra cash to make ends meet and that more than half of Gen Z ages 18 to 26 have a side hustle.

https://www.entrepreneur.com/business-news/gen-z-is-putting-in-the-extra-work-on-their-side-hustles/471709

McDonald’s Will Soon Offer Krispy Kreme Doughnuts in Restaurants Nationwide

Breakfast at McDonald’s is about to get a whole lot sweeter.

On Monday, the fast food chain announced that it would be partnering with Krispy Kreme, making three types of Krispy Kreme doughnuts available at certain McDonald’s locations later this year and nationwide by the end of 2026.

Customers will be able to indulge in the famed original glazed flavor, chocolate iced with sprinkles, and cream-filled flavors when the doughnuts officially roll out.

“By making Kreme Krispy accessible to fans nationwide through this partnership, we expect to more than double our points of access by the end of 2026,” said Krispy Kreme President and CEO Josh Charlesworth in a company release. “The partnership accelerates the development of our existing Delivered Fresh Daily channel, creating operating leverage through distribution density and production utilization.”

The partnership was originally tested in roughly 160 restaurants in the Lexington and Louisville Kentucky areas in the pilot run. Charlesworth said that demand for the donuts during this period “exceeded” expectations from both McDonald’s and Krispy Kreme.

Customers will be able to buy one singular doughnut or a pack of six after they are “delivered fresh” to McDonald’s restaurants in the morning. The sweet circles will be able to be purchased throughout the day until they are sold out.

Krispy Kreme will also be giving away one free original glazed doughnut to guests who visit their local Krispy Kreme shop today (March 26) between 5 p.m. and 9 p.m. local time.

The partnership comes during a pivotal time for McDonald’s, which saw weakened business in Q4 of 2023, with U.S. sales rising 4.3% quarterly as compared to a 4.4% estimated increase.

“I think what you’re going to see as you head into 2024 is probably more attention to what I would describe as affordability,” said McDonald’s CEO Chris Kempczinski during a Q4 2023 earnings call.

McDonald’s was up just over 1.7% annually as of Tuesday afternoon, while Krispy Kreme skyrocketed over 28% in just a 24-hour period following the announcement of the partnership.

https://www.entrepreneur.com/business-news/mcdonalds-sweet-new-collab-is-with-krispy-kreme-doughnuts/471711

Compass Agrees to Pay $57.5 Million to Settle Real Estate Commissions Lawsuits

Real estate brokerage Compass agreed to pay $57.5 million in class-action lawsuit settlements from U.S. home sellers on Friday. The antitrust lawsuits allege that the company conspired with other brokerages and trade groups to overcharge home sellers by billions of dollars.

According to the Associated Press, the plaintiffs claim that real estate brokers have been forcing home sellers to pay “artificially inflated” commissions to agents.

Homeowners had to include a compensation offer for buyer’s agents when listing properties for sale on real estate industry databases, as per The Guardian. Not including the offer could allegedly lead to buyer’s agents steering their clients away from the listing.

Compass did not admit to any wrongdoing and stated that the settlement would not affect its operation, per The Real Deal.

“The reason we have chosen to settle is so we can minimize distractions and focus on serving you and your clients,” said CEO Robert Reffkin in an emailed statement obtained by the outlet.

Compass joins Anywhere Real Estate, Keller Williams, and RE/MAX in proposing a settlement. The other three major brokerages agreed to pay a combined $209 million, according to reporting from The Real Deal.

As per the same outlet, Compass’s proposed settlement includes practice changes like creating training materials and refining communication with agents about commissions, which are similar to the other companies’ agreements.

Last week, the National Association of Realtors finalized a $418 million class action settlement that removed sales commission rules for brokers and agents.

https://www.entrepreneur.com/business-news/compass-to-settle-class-action-lawsuits-for-575-million/471654

Jerry Seinfeld Is Now Reportedly a Billionaire — Here’s Where His Wealth Comes From

Jerry Seinfeld has officially joined the ranks of celebrities who can officially call themselves a billionaire.

Over the weekend, Bloomberg reported that thanks to royalties, syndication deals, and other earnings from “Seinfeld,” which premiered in 1989, Jerry Seinfeld is now worth around $1 billion.

In 2019, Netflix reportedly bought streaming rights to the show for an estimated $500 million, while other syndication deals were reportedly worth an additional $465 million — including Hulu’s in 2015, at $160 million for five years of rights.

Seinfeld also boasts an impressive real estate portfolio worth roughly $40 million, including a house in the Hamptons and a massive apartment on Manhattan’s coveted Central Park West.

A 2020 report from Forbes claimed that Seinfeld had earned over $20 million from his stand-up comedy tours and that during Seinfeld’s final season in 1998, he was earning $1 million per episode, which made him the highest-paid television actor at the time.

However, a representative for Seinfeld, Amy Jacobs, told Bloomberg that the report is “inaccurate” without further comment.

“Bloomberg News spoke to more than a half-dozen experts in entertainment and finance, including in television rights investment and valuation, to inform the analysis,” the outlet explained of its Seinfeld wealth analysis methodology. “Earnings from sitcom licensing were calculated assuming Seinfeld received a 15% stake in syndication deals, based on analyst and banker estimates.”

“Seinfeld” aired on NBC from 1989 to 1998 for 180 episodes. The “show about nothing” featured four friends in Manhattan and the absurdity of their daily interactions and conversations. The show’s iconic characters continue to be a part of pop culture decades later.

https://www.entrepreneur.com/business-news/jerry-seinfeld-is-a-billionaire-due-to-a-show-about-nothing/471658

General Motors Hits the Brakes on Sharing Driving Data Amid Lawsuit

General Motors (GM) said on Friday that it has stopped sharing driving behavior data with two key data brokers, according to the New York Times.

Earlier this month, the outlet reported that GM had collected data from its drivers for years under a feedback feature called OnStar Smart Driver, which some drivers said they were unknowingly enrolled in.

GM shared detailed driving information, including when drivers hard braked and hard accelerated, with two global data brokers: LexisNexis and Verisk.

These data firms then sold the data to car insurance companies, some of which used the reports to raise drivers’ insurance rates.

“OnStar Smart Driver customer data is no longer being shared with LexisNexis or Verisk,” G.M. spokeswoman, Malorie Lucich, told the NYTimes in an emailed statement. “Customer trust is a priority for us, and we are actively evaluating our privacy processes and policies.”

Customer Romeo Chicco filed a class action lawsuit against GM and LexisNexis on March 18, after the NYTimes published its report. Chicco claimed that he never enrolled in OnStar Smart Driver and that the data sharing forced him to pay significantly higher insurance rates.

Chicco alleged that GM and OnStar reported his driving behavior to LexisNexis without his consent, and in a way that was “decontextualized” or separated from the driving conditions that he might have experienced.

GM has partnered with LexisNexis since 2019 and with Verisk since 2015.

https://www.entrepreneur.com/business-news/general-motors-stops-sharing-driving-data-amid-lawsuit/471646

Red-Eye Flights Are Coming to a Major U.S. Airline for the First Time Ever — Here’s When to Expect Flight Changes

Southwest Airlines is going into the dark.

Ryan Green, the airline’s chief commercial officer, told attendees at an air travel conference last week that the company was planning on rolling out red-eye flights for the first time in history sometime within the next two weeks, the Washington Post reported.

Green said that he estimated the airline could roll out up to 50 red-eye flights a day, noting that the airline is still working out the scheduling technicalities and related labor decisions before the late-night voyages can begin.

“We have to be maniacally focused on being efficient,” Green told the outlet, explaining that the airline wants to expand the flight offerings without “adding to the cost structure.”

Southwest, which is based in Dallas, has major hubs in Las Vegas, Los Angeles, and Phoenix, making a red-eye flight option appealing to passengers flying to and from these Western U.S. cities.

Red-eye flights are especially popular for cross-country travel, giving passengers the chance to hit the ground running upon landing due to the time zone change.

Southwest saw a net loss of $219 million in revenue during Q4 of 2023, but the airline still managed to break a company record of $6.8 billion in operating revenue during the same period.

“I am very proud of our many accomplishments in 2023, but we have not yet delivered on our financial targets,” said CEO Bob Jordan in an earnings release at the time. “We expect our current initiatives to continue to deliver beyond 2024, and we are actively working on new initiatives. We will be relentless in executing against our plans to drive financial results while enhancing our great hospitality and delivering a reliable and more efficient operation.”

The decision may choose to be challenging in the months ahead — issues at Boeing led to Southwest acquiring fewer Boeing 737 Max planes.

Southwest was down just under 6% year over year as of Monday afternoon.

https://www.entrepreneur.com/business-news/southwest-airlines-is-starting-red-eye-flights-within-weeks/471649

Tennessee Just Passed a New Law to Protect Musicians From a Growing AI Threat — And Even Taylor Swift Has Been a Victim

Tennessee became the first U.S. state to protect musicians from AI that could clone and manipulate their voices, creating deepfakes, without permission.

Tennessee Governor Bill Lee signed the Ensuring Likeness Voice and Image Security (ELVIS) Act into law on Thursday, adding the unauthorized use of a person’s voice to Tennessee’s list of protected rights.

The ELVIS Act ensures that “no one will steal the voices of Tennessee artists,” Lee stated at an event announcing the bill in January.

^{Tennessee Governor Bill Lee. Photo by Jason Kempin/Getty Images}

Deepfakes are synthetic media that replicate the voices, images or other aspects of a person and use those features in new contexts. With the rapid development of generative AI, deepfakes have proliferated, including a viral track featuring the deepfake vocals of Drake and The Weeknd.

Artists like Selena Gomez and Cher have weighed in on the “scary” implications of deepfakes.

“I’m telling you, if you work forever to become somebody — and I’m not talking about somebody in the famous, money part — but an artist, and then someone just takes it from you, it seems like it should be illegal,” Cher told the Associated Press.

Recently, Taylor Swift’s likeness and voice were used for a false advertising campaign for Le Creuset cookware.

The “speed, scale, believability” and “access” that non-technical Internet users now possess to create highly realistic deepfakes have “all sort of combined to create this witch’s brew,” Matthew Ferraro, an attorney at WilmerHale LLP who has been following deepfake laws, told Bloomberg.

“People often talk about the slow, glacial pace of lawmaking, and this is an area where that really isn’t the case,” Ferraro stated to the outlet.

Lawmakers in other states have taken steps to address AI misuse, with at least 10 states in the U.S. enacting deepfake-related laws. Minnesota became the first state to criminalize the use of deepfakes that could influence elections and spread misinformation.

Google and Universal Music are in talks to license artists’ melodies and voices for AI songs, according to an August report from the Financial Times.

https://www.entrepreneur.com/business-news/tennessee-passes-law-protecting-musicians-from-ai-deepfakes/471575