The Daily Money: Big cuts at Best Buy

Good morning! It's Daniel de Visé with your Daily Money.

Addressing "lower business demand," Best Buy has laid off a significant number of employees, including Geek Squad field agents, Amaris Encinas reports.

Home-theater repair technicians and phone support specialists were among those affected by the most recent wave of layoffs at the Richfield, Minnesota-based company, according to the Star Tribune newspaper.

What does the future hold for the big box retailer?

Trump stock plummets, again

Trump Media & Technology Group shares plummeted more than 18% Monday after the company took steps to sell millions of additional shares.

Trump Media, the parent company of social media platform Truth Social, filed to register up to 146.1 million shares for sale, including nearly 115 million owned by Trump, Bailey Schulz reports. Trump Media shares ended the day at $26.61. That's down more than 60% from their peak in late March, after the company made its stock market debut.

The company generated about $4 million in revenue in 2023 -- less than the average Chick-fil-A drive-thru, the Washington Post noted -- while losing more than $58 million. 

Read the story.

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📰 A great read 📰

Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!

If you’re one of many Americans who think you’ll work till 75 or 70, or even 65, think again.

The average American retires at 62. Sixty-two is not particularly old. The average over-50 worker expects to retire at 67, according to Transamerica. The average life expectancy is 77 ½. Our president is running for reelection at 81.

But few of us get to retire when we want.

Here are the stories of seven Americans who retired years earlier than planned, for reasons largely beyond their control.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Daniel de Visé covers personal finance for USA Today.