Jersey Mike’s upcoming IPO is set to show investors the true meaning of “breadwinner.”
The market debut could bring around $742 million in proceeds to existing shareholders, according to an SEC filing, with the sub sandwich chain planning to raise $1.09 billion with shares priced at $21 to $25 each. Since its 1956 founding, Jersey Mike’s has expanded to over 3,000 domestic locations and posted 20 consecutive years of positive sales growth at locations open at least a year.
Blackstone, which holds a majority stake in the firm, will remain in control after the IPO, limiting the influence of public shareholders.
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First Up
- A federal judge temporarily blocked the $110 billion merger between Paramount Skydance and Warner Bros. Discovery, and Paramount could lose billions if the deal continues facing delays or ultimately falls through.
- Shares of Google parent Alphabet surged Monday amid reports that it is planning to deploy a new chip to make its Gemini models more efficient, enriching cofounders Larry Page and Sergey Brin by a combined $15 billion.
- Mark Zuckerberg overtook Michael Dell to become the world’s fifth-richest person as Dell’s stock price sank, though shares of the hardware firm have gained nearly 200% this year.
Tech + Innovation
You’ve heard of health tech wearables like watches and rings—but what about sittables? That’s what startup Casana is betting will be the next billion-dollar opportunity with its smart toilet seats, which have sensors that can scan vitals like blood pressure, heart rate and blood oxygen, and then connect the results to a phone app. The company has raised $46 million, and launched its first product this week.
Money + Politics
President Donald Trump meets with Canadian Prime Minister Mark Carney in 2025.
Photo by Anna Moneymaker/Getty Images
President Donald Trump signed an order imposing 50% tariffs on a range of Canadian goods—including wine, dairy, cement, furniture, and ice hockey gear—a move that Canadian Prime Minister Mark Carney says violates the trade agreement between the U.S., Mexico and Canada. While stopping short of threatening retaliatory tariffs, Carney said Canada is ready to “engage intensively to address outstanding issues with the U.S.”
Science + Healthcare
Jeffrey Greenberg/Universal Images Group via Getty Images
After a Taylor Farms lettuce sample turned out to be a false positive for cyclospora, federal investigators have taken several steps back in identifying the cause of the cyclosporiasis outbreak that has sickened thousands. Tracing such outbreaks is difficult because the parasite is hard to detect on produce, but investigators said they were still working with Taylor Farms, and stopped short of clearing them entirely.
MORE: Cyclosporiasis can affect anyone, but to protect yourself, wash your hands, as well as raw food, when preparing to eat to reduce the risk. The only way to eliminate the parasite from produce is by cooking it until it reaches a temperature of 158 degrees Fahrenheit.
Daily Cover Story
The U.S. Bank Market Is A Fortress. Nubank’s Billionaire CEO Has An Invasion Plan.
illustration by Macy Sinreich for Forbes; images by Donald Iain Smith/Getty Images; NELSON ALMEIDA/Getty Images
For foreign banks and digital upstarts, the U.S. consumer banking market has come to look more like a trap than an opportunity. But one of the industry’s savviest competitors, Brazil-based Nubank, has decided to test the terrain that has chewed up so many others.
In January, Nubank received conditional approval for a federal U.S. banking charter. The milestone set off a regulatory timer: Nubank must inject equity capital into its U.S. bank by February 2027 and open its doors by the middle of next year.
The innovative digital bank might just have the best shot yet at cracking the U.S. market—and plans to do so without compromising the financial discipline and results that have earned it a $68 billion market cap, up from $38 billion when it went public on the New York Stock Exchange in December 2021. Launched as a credit card in 2014—an era when five slow-moving, fee-happy banks had cornered 80% of the Brazilian market—it has gone on to attract 115 million customers there. It has 15 million more in Mexico, plus nearly 5 million in Colombia. Last year, Nubank brought in $16 billion in revenue and turned that into an impressive $3 billion in net profits, helped by a digital-first model that keeps servicing costs low.
David Vélez, Nubank’s 44-year-old cofounder and CEO, is the second-richest person in Colombia, with a $13 billion fortune. He has acknowledged there’s “much, much bigger” consumer banking pain for newcomers to address in emerging markets than the U.S. Yet he chuckles at the idea that Nubank can’t succeed here.
WHY IT MATTERS Vélez recalls that 13 years ago, when he was walking around São Paolo, he counted 93 bank branches on Faria Lima Avenue, the city’s banking hub. Local experts and investors pointed to those storefronts and said, “There is no problem to solve here. What are you doing?” He later heard the same arguments before entering Mexico and Colombia, but discovered that experts’ impressions didn’t match what most consumers felt and experienced. “It’s funny how the story repeats itself as we’ve launched in every new country,” Vélez says.
MORE How This New Fintech Billionaire Is Cashing In On Cross-Border Payments
Facts + Comments
Taco Bell’s foot traffic dropped off dramatically after the cyclosporiasis outbreak was initially linked to the restaurant chain’s lettuce supplier. After blaming Taylor Farms, the CDC said on Sunday that the brand’s lettuce returned a false positive for the cyclospora parasite:
19%: The decline seen in Taco Bell’s customer visits on July 17 compared with the chain’s average Friday traffic in 2026
About 10%: The decline in shares of Taco Bell parent firm Yum! Brands since July 10, when reports first connected the chain to the outbreak
Over 1,600: How many cyclosporiasis cases the CDC has attributed to Taco Bell restaurants in five states
Strategy + Success
As smaller, more frequent rounds of layoffs become increasingly common, it’s important to assess your risk. Look beyond your performance review and pay attention to how leaders are discussing the future of your department. And keep strong documentation that makes it easy for higher-ups to understand your value.
Video
Quiz
The Odyssey became Christopher Nolan’s best-performing global box office opening over the weekend, surpassing which of his previous films?
A. “The Dark Knight Rises”
B. “Oppenheimer”
C. “Inception”
D. “Interstellar”
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
