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The senior population is skyrocketing as baby boomers peak and nursing homes start to see more residents.
Still, the labor force is struggling to keep up with that demand, primarily due to low wages and the difficulty of the caregiving jobs.
Experts say senior caregiving is fast-growing segment that has potential to grow further if allotted the appropriate resources.

Maskot | Maskot | Getty Images

In November 2022, Beth Pinsker’s 76-year-old mother began to get sick.
Ann Pinsker, an otherwise healthy woman, had elected to have a spinal surgery to preserve her ability to walk after having back issues. What Ann and Beth had thought would be a straightforward recovery process instead yielded complications and infections, landing Ann in one assisted living facility after another as her daughter navigated her care.

Eventually, by July of the following year, Ann died.
“We thought she’d be back up to speed a few weeks after hospital stay, rehab, home, but she had complications, and it was all a lot harder than she thought,” Beth Pinsker, a certified financial planner and financial planning columnist at MarketWatch who has written a book on caregiving, told CNBC.
It wasn’t Pinsker’s first time navigating senior care. Five years before her mother’s death, she took care of her father, and before that, her grandparents.
But throughout each of those processes, Pinsker said she noticed a significant shift in the senior caregiving sector.
“From the level of care that my grandparents received to the level of care that my mom received, prices skyrocketed and services decreased,” she said.

It’s evocative of a larger trend across the sector as the senior population in the U.S. booms and the labor force struggles to keep up.
Recent data from the U.S. Census Bureau found that the population of people ages 65 and older in the country grew from 12.4% in 2004 to 18% in 2024, and the number of older adults outnumbered children in 11 states — up from just three states in 2020.
Along with that population change came other shifts, including increased demand for care for older people.
According to the U.S. Bureau of Labor Statistics, the prices for senior care services are rising faster than the price of inflation. In September, the Consumer Price Index rose 3% annually, while prices for nursing homes and adult day services rose more than 4% over the same period.

But the labor force hasn’t necessarily kept up with the surge.
The demand for home care workers is soaring as the gap widens, with a projected 4.6 million unfulfilled jobs by 2032, according to Harvard Public Health. And McKnight’s Senior Living, a trade publication that caters to senior care businesses, found that the labor gap for long-term care is more severe than any other sector in health care, down more than 7% since 2020.

‘A critical labor shortage’

That shortage is primarily driven by a combination of low wages, poor job quality and difficulty climbing the ranks, according to experts.
“This is coming for us, and we are going to have this create an enormous need for long-term care,” Massachusetts Institute of Technology economist Jonathan Gruber told CNBC.
Gruber said the country is entering a period of “peak demand” for aging baby boomers, creating a situation where rising demand and pay do not sufficiently match up, leading to a “critical labor shortage.”
On top of that, the jobs at nursing homes are often strenuous and vary in skills depending on the specific needs of each senior, he said, leading nursing assistants to be staffed in difficult jobs that often only pay slightly more than a retail job, despite requiring more training.
According to the BLS’ most recent wage data from May 2024, the average base salary for home health and personal care aides was $16.82 per hour, compared with $15.07 per hour for fast food and counter workers.
“If we can create a better caring system with an entitlement to all care for those who need it, that will free millions of workers to make our economy grow, so this is a drag on economic growth,” Gruber said.
Pinsker said she saw that shortage play out firsthand. At one of the assisted living facilities she toured for her mother, she noticed nurses wheeling residents into the dining hall for lunch at 10:30 a.m., an hour and a half before lunch would be served, because the home did not have enough caregivers to retrieve them at noon.
“They were bringing them in one at a time, whoever was available, seating them in rows at their tables, and just leaving them there to sit and wait,” Pinsker said. “This was their morning activity for these people in this nursing home. … They just don’t have enough people to push them around. That’s what a staffing shortage looks like in real time.”
Pinsker said her mother was placed in a nursing rehab facility, unable to walk or get out of bed, and that her facility had zero doctors on the premises. Most often, she said the facility was just staffed with business-level caretakers who change bedpans and clothing.
“They don’t have enough doctors and registered nurses and physical therapists and occupational therapists and people to come and check blood pressure and take blood samples and that sort of stuff,” she said. “They’re short on all ends of the staffing spectrum.”

Filling the gap

Gruber said there are three directions he thinks the country could go in to solve the labor gap: Pay more for these jobs, allow more immigration to fill the jobs or set up better career ladders within the sector.
“It’s not rocket science — you’ve either got to pay more, or you’ve got to let in way more people. … There are wonderful, caring people all over the world who would like to come care for our seniors at the wages we’re willing to pay, and we just have to let them in,” Gruber said.
He’s also part of an initiative in Massachusetts focused on making training more affordable for nurses to be able to climb the career ladder and pipelines to fill the shortages, which he said helps staff more people.

For Care.com CEO Brad Wilson, an overwhelming demand for senior care made it clear to the employment company that it needed to set up a separate category of job offerings. Care.com, which is most known for listing child care service jobs, met the demand and rolled out senior care options, as well as a tool for families trying to navigate what would work best for their situations and households.
Wilson said the company sees senior care as a $200 billion to $300 billion per year category. Now, it’s the company’s fastest-growing segment.
“We’ve heard from families that it’s an enormous strain as they go through the senior care aspect of these things, because child care can be a little bit more planned, but sometimes your adult or senior care situation is sudden, and there’s a lot to navigate,” he said.
Care.com is also increasingly seeing demand rise for “house managers,” Wilson said, who can help multiple people in a single household, as caregiving situations evolve.
“I can’t underscore enough … this is the most unforeseen part of the caregiving journey, and it’s increasingly prevalent,” he added.
And as the senior population booms, so too does the so-called sandwich generation, whose members are taking care of both their aging parents and their young children. Wilson said his family is in the thick of navigating caring for older family members while also raising three children.
“By 2034, there will actually be more seniors in this country than children,” Wilson said, citing Census Bureau statistics. “Senior care is in a crisis. It’s actually the very much unseen part of the caregiving crisis today, and we’re really trying to bring some visibility to it and share that we have solutions that can help people.” More

Byron Trott has helped many of America’s largest family-led companies grow from cash-starved startups to financial titans.
Through his firm, BDT & MSD Partners, Trott has advised Patagonia founder Yvon Chouinard and former Boston Celtics owner Wyc Grousbeck and represented Shari Redstone of Paramount.
Warren Buffett once called him “the rare investment banker who puts himself in his client’s shoes.”

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
In 1989, Byron Trott was working at Goldman Sachs in the private wealth management division when he paid a visit to Jack Taylor, the founder of Enterprise Rent-A-Car Company.

“Jack was there with his son, Andy, who was running the company,” Trott said. “And they said to me, ‘Sport, I don’t know who told you we have any money, but we are 10 to 1 levered on our business.’ Now, 36 years later, they are one of the model companies of the world, with significant excess cash. And the next generation will not only be maintaining the legacy of Enterprise, Alamo, National Enterprise mobility, but also the legacy of compounding wealth outside the business.”
Part banker, part psychologist and part entrepreneur, Trott has helped many of America’s largest family-led companies grow from cash-starved startups to financial titans. The Walton, Koch, Pritzker, Wrigley, Pulitzer, Heineken and Mars families have all turned to him for advice and guidance. Warren Buffett once called him “the rare investment banker who puts himself in his client’s shoes” and added that “it hurts me to say this — he earns his fee.”
As the ultimate wealth whisperer, Trott has built one of the most valuable networks in banking. And he is at the center of a revolution in private wealth and finance. As the fortunes of business owners like the Taylors have skyrocketed and their family offices have become sophisticated investment firms, wealthy families are buying, selling and building ever larger companies. The 500 largest family businesses globally generated $8.8 trillion in aggregate revenue and employ 25.1 million people, according to EY.
Trott and his newly expanded firm, BDT & MSD Partners, are quickly becoming the trusted partners to today’s rapidly diversifying families. Formed from the 2023 merger of Trott’s merchant bank with Michael Dell’s family office spin-off, MSD Partners, BDT & MSD Partners helps family-led companies invest in each other, raise capital and diversify their fortunes in other industries.
The firm advised Patagonia founder Yvon Chouinard on his transfer of the company to a special trust and nonprofit. It represented Shari Redstone in the $8 billion merger of Paramount Global with David Ellison’s Skydance Media. And it advised Wyc Grousbeck in his record-shattering sale of the Boston Celtics for $6.1 billion and David Rubenstein’s purchase of the Baltimore Orioles.

“The big advantage we have is we’ve been doing it for so long, for so many of these families and business owners,” Trott told Inside Wealth. “It allows us to really learn through them, their challenges, their objectives, and solve the things that they want to solve. When you add that up over three or four decades, it allows us to be more impactful advisors to the next family that comes to us to get our advice.”
Adds co-CEO Gregg Lemkau: “We always call ourselves long-term investors in a short-term world. The public markets are focused on a quarter, maybe a couple of quarters. Family capital is focused on decades and generations, and that’s how they invest in their businesses.”

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With companies staying private for longer rather than going public, the patient capital from wealthy families has become more sought after than ever. BDT & MSD was part of a funding round for Kim Kardashian’s Skims, when it reached a $5 billion valuation. Deals are common between BDT & MSD clients, with one family investing in another’s company or lending their expertise for co-investments.
Along with advice, the firm has about $70 billion under management spread across private capital, private credit and real estate. Fully 95% of its investors are active business owners, family offices or foundations.
With Dell as the chairman of the firm’s advisory council and the largest investor in its funds, BDT MSD has also quickly become a force in tech. It recently launched a tech fund that raised more than $800 million in just three months and closed in September. Its network of tech clients and partners includes Daniel Ek of Spotify, the Collison brothers of Stripe, Ryan Smith of Qualtrics, and Joe Gebbia of Airbnb.
Mixing young tech founders with the most storied American dynasties has created a new kind of cultural and financial alchemy.
“There is a real magic to having these two worlds come together,” Lemkau said. “The next generation technology founders are so curious about how these businesses have been able to last and be durable and create families around that. And the families are so focused on what’s going on in technology.”
Wealthy families are also turning to the firm for advice on starting and running their family office. After seeing different models for family offices over decades, including the success of Dell’s, Trott and Lemkau said the best family offices share one trait: a clear objective.
“The key is to have real clarity on what the purpose of the family office is,” Lemkau said. “And then it’s about setting up the incentives for the team that’s running that family office to align with those objectives.”
The hottest trend for family offices is direct investing, or buying stakes or companies directly rather than with a private equity fund. It is also filled with perils, since many family offices lack the proper due diligence or professional teams to assess private companies. BDT & MSD, which specializes in direct deals, said families should first learn about direct investing first with a top fund, and then gradually progress into direct deals.
“Direct investing is not easy,” Trott said. “The core principles that we tend to live by is you have to have great people, with high integrity, and experience that matters.”
At the heart of all of the largest family businesses and deals, however, are families — usually complicated ones. Advising them on succession, inheritances, raising kids of wealth, passing along values and philanthropy is where BDT & MSD’s decades of experience is paying off.
Trott and Lemkau said the dominant trend with the next generations of wealth holders is the importance of values-based or social-impact-based investing and careers. While families that own large companies used to expect or even require their kids to take over the family businesses, many of today’s next-gen inheritors want to forge their own path.
“In the old days you were raised to take over the family business,” Trott said. “The great thing about this generation, the rising generation, is that they care dearly about impact. They want to impact the world. That’s very consistent across families.”
 The firm also holds regular client gatherings for both children and parents, where families can confide in each other and share experiences, successes and failures. Common questions include how much to leave your kids and when to start teaching them about investing and even whether kids should be able to fly private or be forced to fly commercial.
Trott said the secret to successful family wealth is not about material things – but about values.
“It’s not the house they live in or the jets or the planes or the cars they drive,” he said. “It’s the people in the house and in those cars that are teaching them how to have high integrity, a North Star.” More

Value players are attracting both the wealthy and the cash-strapped.
Walmart and T.J. Maxx both raised their full-year sales forecast, while others like Target, Home Depot and Lowe’s cut their profit outlooks and spoke about consumer hesitance and uncertainty.
The results are raising questions about the strength of retail sales this holiday season and the economic outlook for 2026.

Sign at the entrance to a Walmart in Venice, Florida(L), and a T.J. Maxx store in Pinole, California.
Getty Images

As more major retailers post earnings, one theme is clear: Value players are winning both the wealthy and the cash-strapped.
Walmart and TJX, T.J. Maxx’s parent company, stood apart from the pack this week by hiking their full-year forecasts and expressing optimism about the start of the holiday season. Both said sales have grown as they win shoppers across the income spectrum, in the same week other major U.S. retailers Home Depot, Lowe’s and Target cut their profit outlooks and said they saw consumer reluctance to make large purchases.

In an interview with CNBC, Walmart CFO John David Rainey said the big-box retailer has seen “value-seeking and choiceful” spending patterns by consumers for the past several quarters. He said “it stands to reason, if there’s a little incremental strain on the consumer, they’re only going to become more so, they’re going to look for more value.”
And TJX CEO Ernie Herrman said the company, which includes Marshalls and Home Goods, has seen a “strong start” to the holiday quarter and is “convinced that consumers will continue to seek out value.”
Shares of both Walmart and TJX rose on Thursday, even as the three major U.S. stock indexes turned negative.
The performance of the two retailers, which are both strongly associated with compelling deals, jumps out at a moment when investors, industry watchers and economists are trying to predict retail sales during the critical holiday season and the outlook for the U.S. economy next year. Their performance could bode well for other off-price chains, such as Ross and Burlington, and value-focused players, including Dollar General, Dollar Tree, Five Below and Costco, which will report their most recent earnings in the coming weeks.
In recent months, a mix of factors have made it difficult to gauge how retailers and the broader economy will fare in the months ahead. That includes jitters about the job market following major layoffs at companies including Amazon, Verizon, UPS and Target, and concerns that the stock market has been propped up by artificial intelligence companies, contributing to the risk of an bubble. A prolonged government shutdown also muddied the waters by delaying the release of recent jobs and inflation data.

There have also been contradictions between what consumers say and do. Consumer sentiment has tumbled to nearly the lowest level ever, even as retail sales grew stronger in October, according to the CNBC/NRF Retail Monitor.
That’s led to murky holiday expectations. For example, the National Retail Federation predicted that holiday sales will grow by 3.7% to 4.2% year over year and top $1 trillion for the first time, while consulting firm PwC said consumers plan to cut their holiday spending average by 5% compared to the year-ago holiday season.

Home Depot, Lowe’s and Target put their thumbs on the scale this week. All three lowered their full-year profit forecasts and spoke of pressure on their businesses as customers hesitate to take on bigger projects or make pricier purchases.
For Home Depot and Lowe’s, the lack of consumer confidence may prolong a period of conservative spending driven by lower housing turnover. For more than two years, they have seen customers take on smaller home improvement projects rather than splurges like remodels and renovations that cost more or require financing. That pattern has held, even though they cater to U.S. consumers who typically own a home and have benefitted from home equity gains.
Lowe’s CEO Marvin Ellison said even homeowners are “not immune” to feeling shaken by news headlines about the government shutdown, higher tariffs and other policy changes that could hit their wallets — which could encourage price-sensitivity and procrastination on purchases. He said the home improvement retailer has focused on ways it can move the needle with its own strategies, such as expanding its merchandise assortment and attracting more home professionals as customers.
Target, which has faced some struggles of its own making, expects shoppers will watch prices and make trade-offs during the holiday season, such as spending more on gifts and less in other areas like decor or food, Chief Commercial Officer Rick Gomez said on a call with reporters. The retailer has cut prices on 3,000 food and home essentials and tried to attract shoppers with low opening price points, such as $1 Christmas tree ornaments.
At Walmart, Rainey told CNBC the company has “been gaining [market] share among all income cohorts, but as we noted for several quarters, they’re more pronounced in the upper-income segment.”
For TJX, Herrman said the company’s focus on value is a competitive edge. He said on the company’s earnings call that it’s blend of “brand, fashion, quality and price sets us apart from many other retailers and has served us extremely well through many kinds of retail and economic environments over the course of our nearly 50-year history.”
In a research note, retail analyst and Telsey Advisory Group CEO Dana Telsey said TJX’s repeated earnings beats “highlight the strength of its value-focused proposition, which continues to resonate with consumers amid an increasingly price-sensitive environment.”
Customers of all incomes are coming to TJX’s stores and website, but lower-income shoppers drove sales growth in most of its geographies in its latest quarter, CFO John Klinger said on an earnings call.
While Walmart and TJX have weathered cracks in the economy better than many other retailers, they’re not immune to economic weakness.
Walmart’s Rainey said that despite its strong sales forecast for the year, the retailer has spotted “pockets of moderation” among low-income shoppers as they feel more pinched than other customers. On the company’s earnings call on Thursday, he referred to the sharp disparity in wage growth between high- and low-income U.S. consumers.
He also told CNBC that the retailer noticed a pullback by customers who stopped receiving Supplemental Nutrition Assistance Program, or SNAP, benefits during the government shutdown. But Rainey said, “that’s starting to rebound now that people are receiving those funds again.”
“We’re seeing the same things that that others are, and we’re keeping a watchful eye on it,” he said on the company’s earnings call. “But again, I think Walmart is better insulated than just about anybody.”

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Gap blew away expectations for company-wide comparable sales, which grew 5% during the quater after its viral “Better in Denim” campaign with Katseye.
CEO Richard Dickson told CNBC economic data points might point to consumer pressure, but the company’s customers are still shopping.
Gap’s athleisure brand Athleta was an eyesore for the quarter, with sales down 11%.

Shoppers walk past a GAP fashion retail store on Oxford Street on October 30, 2025 in London, United Kingdom.
John Keeble | Getty Images News | Getty Images

Apparel retailer Gap said Thursday its comparable sales rose 5% during the fiscal third quarter, driven by strong revenue at its namesake brand after its viral “Better in Denim” campaign with girl group Katseye. 
Putting aside pandemic-related spikes, the rise in comparable sales is the strongest growth for Gap since its fiscal 2017 holiday quarter and is well ahead of Wall Street expectations of 3.1%, according to StreetAccount. 

In an interview with CNBC, CEO Richard Dickson said the company hasn’t needed to discount as often to sell products, it’s winning customers from all income cohorts and it’s seeing a “great start” to the holiday shopping season. 
“While external data points to macro pressure, particularly on the low-income consumer, our customers are finding our price value, [and] our styles are breaking through the competitive landscape,” said Dickson. “Our product is resonating. So we’re very confident as we head into the holiday season.” 
Shares of Gap rose 5% in extended trading Thursday.
Here’s how the largest specialty apparel company in the U.S. performed during the quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG:

Earnings per share: 62 cents vs. 59 cents expected
Revenue: $3.94 billion vs. $3.91 billion expected

The company’s net income during the three months ended Nov. 1 declined nearly 14% to $236 million, or 62 cents per share, compared with $274 million, or 72 cents per share, a year earlier. 

Sales rose to $3.94 billion, up 3% from $3.83 billion a year earlier. 
For Gap’s fiscal year, which is slated to end around early February, the company is now guiding to the high end of its previously released sales forecast, expecting sales to rise between 1.7% and 2%, in line with analyst expectations. It previously expected sales to rise between 1% and 2%.
The company is now expecting its full-year operating margin to be around 7.2%, compared to its previous range of between 6.7% and 7%. The forecast includes the impact of tariffs, estimated to be between 1 and 1.1 percentage points. 
Comparable sales across Gap, which owns its namesake banner, Old Navy, Athleta and Banana Republic, have been positive now for seven straight quarters. Under Dickson, the company has been as focused on boosting profitability and fixing operations as it has been on reigniting cultural relevance, which has led to sustained sales growth across the portfolio. 
Gap’s profitability had been growing, too, as a result, but now that it’s facing tariffs, the retailer’s gross margin and net income are both taking a hit. During the quarter, Gap’s gross margin fell 0.3 percentage points to 42.4% but still came in higher than expectations of 41.2%, according to StreetAccount. 
The 14% decline in Gap’s net income was primarily related to tariffs, finance chief Katrina O’Connell said in an interview. 
Gap’s better-than-expected results come as apparel sales remain generally soft across the industry and consumers pull back on nice-to-have items like new clothes in favor of necessities.
Aside from clear value players like Walmart and TJX Companies, earnings so far this season have been muted, with some companies blaming macroeconomic conditions and expressing caution about the holiday season. 
Dickson said Gap’s varied portfolio gives it a hedge in uncertain economic times because it can capture shoppers in a variety of different places. 
“Our portfolio appeals to a wide range of consumers, which is giving us great flexibility in today’s environment,” said Dickson. 
Here’s a closer look at how each of the company’s brands performed:

Gap 

Gap’s namesake brand has been the focus of Dickson’s turnaround strategy since he took the helm as CEO just over two years ago.
During the quarter, comparable sales rose a staggering 7% – more than double the 3.2% gain analysts had expected, according to StreetAccount. Revenue rose 6% to $951 million.
During the quarter, Gap released its viral “Milkshake” campaign, featuring the early-aughts Kelis song and members of the Katseye pop group. The campaign helped sales, but Dickson said Gap brand’s growth is “a story about consistency” and a mix of better product, marketing and partnerships. 

Old Navy 

Sales at Old Navy, Gap’s largest brand by revenue, rose 5% to $2.3 billion with comparable sales up 6%, far better than the 3.8% that analysts surveyed by StreetAccount expected. The company said it saw growth in key categories like denim, activewear, kids and baby. 

Banana Republic 

The elevated, work-friendly brand is still in turnaround mode but saw sales grow 1% to $464 million during the quarter with comparable sales up 4%, better than the 3.2% gain analysts had expected, according to StreetAccount.
This was the second quarter in a row Banana reported positive comparable sales, which the company attributed to better marketing and product. 

Athleta 

Both revenue and comparable sales at Athleta were down a whopping 11% to $257 million, an eyesore on Gap’s otherwise better-than-expected results.
Dickson has repeatedly said Athleta is in a reset year, but how long that reset will take remains unclear.
“We have been disappointed in the trend. We understand there’s a lot of work to do, but I really do believe in the brand,” said Dickson. “I believe in the leadership and we will continue to build this brand for the long term. It does deserve it.” More

CrowdStrike CEO George Kurtz has acquired a 15% stake in Toto Wolff’s ownership entity of the Mercedes-AMG Petronas F1 Team.
Kurtz will serve as a technology advisor, guiding Mercedes on data, analytics and cybersecurity as F1 increasingly relies on AI-driven development.
The move deepens Silicon Valley’s push into F1, as U.S. interest climbs with Netflix shows, Apple’s blockbuster F1 movie, a growing American fan base and a Cadillac-sponsored team joining the grid.

Mercedes-AMG Petronas F1 CEO and team principal Toto Wolff is bringing in new team ownership, selling a portion of his holdings to CrowdStrike founder and CEO George Kurtz, the executives told CNBC Thursday.
Kurtz’s personal acquisition expands a partnership between the auto racing team and software provider that dates to 2019. It also expands the tech industry’s push into global motorsport. The financial terms of Kurtz’s investment were not disclosed, but a person familiar with the matter told CNBC the deal values the Mercedes team at $6 billion.

“You have all these new fans coming in,” Kurtz said. “The reason why CrowdStrike is involved in Formula One is [because] there is a return… We perfected that, and we want to bring that to the United States, to the tech market, and have other partnerships that can exploit that and make the best of Formula One.”
Mercedes said Thursday that Kurtz acquired a 15% minority interest in Wolff’s controlled ownership entity, which represents one third of the team — making Kurtz’s share 5%. Mercedes-Benz and chemicals giant INEOS each also own one third.

Mercedes’ British driver George Russell races during the first practice session for the Las Vegas Formula One Grand Prix on November 16, 2023, in Las Vegas, Nevada. 
Angela Weiss | AFP | Getty Images

Kurtz will become a technology advisor for Mercedes F1, helping broaden the team’s work in data analytics as the sport becomes increasingly tech-driven with more simulation-heavy and AI-led development processes. He’ll join a committee that includes Mercedes-Benz CEO Ola Källenius, INEOS founder Jim Ratcliffe and Wolff. Governance of the team remains unchanged.
The team said Kurtz will also focus on expanding its U.S. and global tech partnerships. CrowdStrike provides AI-powered protection for the team’s infrastructure.
“[I] couldn’t be more excited about something that’s been in the making for a bit, and it really comes off the heels of a long-term partnership that we have at CrowdStrike with Mercedes,” Kurtz said in an interview with CNBC Thursday.

Kurtz is unusual among billionaire investors in that he’s a competitive racer himself. He has won major endurance events, including the 24 Hours of Le Mans race, Petit Le Mans, the Six Hours of the Glen and the Indianapolis 8 Hour, and secured multiple series titles in 2023.
The ownership shuffle comes as Mercedes tries to climb back toward the top of motorsport after falling behind McLaren and Red Bull in recent seasons. The team won eight straight constructors’ titles from 2014 to 2021 but hasn’t won since. A 2026 regulations and engine overhaul has raised expectations for a turnaround.
“We’re the only sport that combines the cutting-edge technology, science and the gladiator in the car and the people’s business,” Wolff said. “Next year, particularly, you know, these challenges that come towards us are huge. We will be having an engine that is 50% electric with 100% sustainable fuel, a car that will generate its downforce while, at the same time, maximum downforce, while at the same time trying to save, you know, some of the electric energy.”
F1’s popularity in America continues to surge, fueled by Netflix’s “Drive to Survive” docuseries, Apple’s blockbuster “F1: The Movie” release, three U.S. races on the calendar and the addition of a Cadillac-sponsored team next year.
Disclosure: CNBC is a sponsor of the McLaren Formula 1 racing team. Sara Eisen is a member of the McLaren Advisory Board. More

Hyundai Motor has ambitions to increase the off-road capabilities of its vehicles in the U.S., based on a new “Crater” SUV concept revealed Thursday by the automaker.
The rugged compact vehicle mixes Hyundai design characteristics with off-road capabilities reminiscent of American SUVs such as the Jeep Wrangler, Ford Bronco and GMC Hummer.
Hyundai said the concept vehicle is meant to showcase the automaker’s “commitment to designing even more versatility and emotion” into future Xtreme Rugged Terrain (XRT) vehicles.

The Hyundai Crater concept SUV was revealed at the LA Auto Show on Thursday, Nov. 20, 2025.
Michael Wayland / CNBC

LOS ANGELES — Hyundai Motor has ambitions to increase the rugged, off-road capabilities of its vehicles in the U.S., based on a new “Crater” concept SUV revealed Thursday.
The rugged compact vehicle mixes Hyundai design characteristics with off-road capabilities reminiscent of American SUVs such as the Jeep Wrangler, Ford Bronco and GMC Hummer.

“Crater began with a question: ‘What does freedom look like?’ This vehicle stands as our answer,” SangYup Lee, head of Hyundai global design, said in a release. “It is a vision shaped by our unending drive to explore — to inspire our customers to explore deeper and embrace the impact of adventure.”

Hyundai Crater SUV concept vehicle

Hyundai said the concept vehicle, which made its global debut Thursday at the LA Auto Show, is meant to showcase the automaker’s “commitment to designing even more versatility and emotion” with future Xtreme Rugged Terrain vehicles.
Hyundai declined to discuss the potential of producing a vehicle like the Crater, calling it a “design exploration.” Automakers routinely use concept vehicles to gauge customer interest, showcase future technologies and signal the direction of a vehicle or brand.
Hyundai currently offers XRT versions of its Ioniq 5 EV, Tucson compact crossover, Santa Cruz compact pickup and Palisade crossover SUV.

Hyundai Crater SUV concept vehicle

The Crater concept was conceived at Hyundai’s America Technical Center in Irvine, California, the company said.

Automakers have ramped up their offerings of vehicles that can go off road or are inspired by them as a way to attract new buyers and boost profits. It’s relatively easy for companies to make those models by adding more capable parts and features to current vehicles.
“Crater Concept explores the next evolution of Hyundai’s rugged XRT design with even more toughness and capability to reflect U.S. customer desires,” Hyundai said in the release.

Hyundai Crater SUV concept vehicle

Hyundai has been aggressively growing its U.S. vehicle lineup and sales in recent years. The automaker is on pace through the third quarter of 2025 for its fifth consecutive year of record retail sales.
From 2019 to 2024, the Hyundai brand’s sales increased 21.5% to more than 836,800 units last year. Including its Genesis luxury brand and Kia, which operates separately in the U.S., Hyundai’s domestic sales are up 29% during that time to more than 1.7 million vehicles. More

Bath & Body Works missed third-quarter earnings estimates in what it called “disappointing” results on Thursday.
CEO Daniel Heaf announced a turnaround plan to revitalize the business, including exiting from categories like haircare and men’s grooming and refocusing on the company’s core products.
Shares of the company plunged to a new 52-week low.

Sale signs inside the Bath and Body Works store in Edmonton. On Thursday, January 6, 2022, in Edmonton, Alberta, Canada.
Artur Widak | Nurphoto | Getty Images

Bath & Body Works Inc. stock plunged Thursday after the company reported “disappointing” third-quarter earnings and slashed its full-year outlook, citing “macro consumer pressures.”
Shares sank nearly 25% on Thursday and hit a new 52-week low. The stock has plunged more than 50% this year.

CEO Daniel Heaf announced a turnaround plan for the company, with expectations of $250 million in cost savings by 2027, aimed at attracting younger consumers and recentering the company’s focus to its core products.
“Our third quarter results were below expectations, and we are lowering our outlook for the remainder of the year reflecting current business trends and continuation of recent macro consumer pressures,” Heaf said in a statement. “While this is disappointing, we are acting swiftly and decisively to position the business for sustainable, long-term growth.”
Here’s how the company performed in the third quarter, compared with Wall Street’s estimates, according to a survey of analysts by LSEG:

Earnings per share: 35 cents adjusted vs. 39 cents expected
Revenue: $1.59 billion vs. $1.63 billion expected

Bath & Body reported net income of $77 million, or 37 cents per share, for the quarter ended Nov. 1 compared with $106 million, or 49 cents a share, last year. Adjusting for one-time items including pretax gains, the company reported earnings of 35 cents a share.
The company also slashed its yearly guidance due to “current business trends.” It also expects fourth-quarter revenue to be down in the high single digits compared with Wall Street estimates of an increase of 1.5%. The guidance, pulling on “recent negative macro consumer sentiment” and tariff impacts, also revised net sales guidance for the full year to low single digits.

Heaf said the company is reorienting its strategy to focus once again on core products like body care, fragrances and soaps. The plan, called the “Consumer First Formula,” includes four strategic priorities: creating disruptive and innovative products, reigniting the brand, winning in the marketplace and operating with speed and efficiency.
The company had previously toyed with introducing other products like laundry detergent and shampoo, but Heaf said on a call with analysts Thursday that its efforts have not delivered promising results or attracted younger consumers.
Heaf said the company will be exiting certain categories like haircare and men’s grooming as it refocuses its priorities.
“Over the years, consumers have evolved. They seek greater efficacy, ingredient-led products, modern packaging, emotive storytelling and elevated multi-channel experiences,” Heaf said. “Our competitors have risen to meet those needs. We have not.”
Heaf said on the call that the company is also recruiting influencers to “ignite social buzz” around the company’s products in an attempt to garner attention from new consumers.
Bath & Body Works also plans to revamp its app and website to increase engagement and aid in product discovery. The company will also lower its free shipping threshold in early 2026. More

Starbucks Workers United says it is adding more than two dozen new cities and stores to its strike count, brining the total to 95 stores in 65 cities.
The union, which began organizing in 2021, has threatened the “largest, longest” strike in company history. It began on Nov. 13 and is open-ended.
Starbucks and the union entered into mediation in February, and hundreds of barista delegates voted down the economic package Starbucks proposed in April.
Both sides have pointed blame at the other for failure to reach a bargaining agreement, and say they’re ready to negotiate.

One week into what baristas have threatened to make the “largest, longest” strike in Starbucks’ history, the Workers United union said it is adding more than two dozen new cities and stores to its strike count. 
The union said Thursday it will now be striking at 95 stores in 65 cities, with some 2,000 baristas now engaged in the action. On Wednesday, baristas and allies also picketed and held a rally outside of the company’s distribution center in York, Pa. Starbucks said there were no disruptions to its operations in York.

Workers United said the majority of stores where strikes were held had to close down on the first day of the strike due to staffing issues, and the lack of workers impacted some 50 locations in the days to follow. Starbucks said stores that had issues were often able to reopen quickly and that less than 1% of its locations are experiencing disruption from the strike.
The strike has so far not appeared to dent foot traffic and sales, according to the company and data from Placer.ai. The location intelligence tracking firm’s data show foot traffic on Red Cup Day, when the strike was launched, was up 44.5% compared to the daily average between Jan. 1 and Nov. 14 this year.
In a memo to workers last week, CEO Brian Niccol touted the success of the holiday launch so far.
“Together, we set new records. Last Thursday’s Holiday launch was our biggest sales day ever in North America. Then yesterday, we had our strongest Reusable Red Cup day in company history,” the memo sent Friday said. 

Starbucks workers walk a picket line as they go on strike outside a Starbucks store on Nov. 13, 2025 in the Clinton Hill neighborhood of the Brooklyn borough in New York City.
Michael M. Santiago | Getty Images

The union began organizing at Starbucks in 2021 and says it now represents more than 11,000 workers across more than 550 stores. This week, it said five non-union stores filed for union elections, including locations in the Baltimore, Md. area, Harrisonburg, Va., and Little Rock, Ark. The company last week told CNBC that the union only represents 9,500 workers.

Workers United is seeking new proposals that address its top issues to finalize a contract. Those include improved hours, higher wages and the resolution of hundreds of unfair labor practice charges levied against Starbucks. The two parties have not been in active negotiations to reach a contract after talks between them fell apart late last year. The strikes have not changed that fact so far.
Starbucks and the union entered into mediation in February, and hundreds of barista delegates voted down the economic package Starbucks proposed in April. Both sides have pointed blame at the other for failure to reach a bargaining agreement, and say they’re ready to negotiate.
The strike has threatened to hurt business during Starbucks’ busy holiday season, which typically provides a sales boost and will be key to the chain’s plan to turn around performance in the U.S. under Niccol. Starbucks broke a nearly two-year streak of same-store sales declines in its most recently reported quarter. Past strikes have impacted less than 1% of its stores, the company said.
Starbucks maintains it will be ready to serve customers across its stores this holiday season.
“As we’ve said, 99% of our 17,000 U.S. locations remain open and welcoming customers —including many the union publicly stated would strike but never closed or have since reopened,” Starbucks spokesperson Jaci Anderson said in a statement regarding the strike escalation.
“Regardless of the union’s plans, we do not anticipate any meaningful disruption. When the union is ready to return to the bargaining table, we’re ready to talk,” Anderson said. “The facts are clear, Starbucks offers the best job in retail, with pay and benefits averaging $30 per hour for hourly partners. People choose to work here and stay here—our turnover is less than half the industry average, and we receive more than a million job applications every year.” More