TLDR 

MARKET RECAP → The S&P 500 (VOO) dropped Monday, extending February’s slump and turning negative for the year as Trump’s tariff confirmation heightened economic worries.

KROGER CEO RESIGNS AFTER CONDUCT PROBE → CEO Rodney McMullen resigned over a personal conduct investigation, unrelated to business operations. Meanwhile, Kroger is still reeling from its failed Albertsons merger. 🏪

RAMP HITS $13B VALUATION IN EMPLOYEE CASH-OUT DEAL → Ramp secured a $150M deal, letting employees cash out as its valuation rebounded to $13B—because who needs an IPO when private investors keep the checks coming? 💰

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TODAY’S TOP NEWS

Kroger CEO Resigns After Conduct Probe

🏪 Kroger Chairman and CEO Rodney McMullen resigned following an internal investigation into his personal conduct, which the company said violated its ethics policy but was unrelated to business operations. Ronald Sargent, a longtime board member, stepped in as interim CEO.

🔎 The investigation, initiated on Feb. 21, was led by an independent counsel and overseen by a special board committee. Kroger emphasized that the issue did not involve financial performance, operations, or company employees.

 📉 McMullen’s departure came as Kroger reeled from the failed $24.6B merger with Albertsons, which was blocked due to antitrust concerns. Kroger’s stock dropped more than 3.5% in pre-market trading following the announcement.

TODAY’S TOP NEWS

Ramp Hits $13B Valuation in Employee Cash-Out Deal

💰 Ramp secured a $150M secondary deal, allowing employees and early investors to sell shares at a $13B valuation. The fintech firm's value rebounded sharply from its 2023 down round of $5.8B, signaling renewed investor appetite for high-growth startups.

📉 The move followed a trend of private companies offering liquidity while avoiding IPO pressures. Similar deals from Stripe, DataBricks, and OpenAI highlighted a shift toward private funding as startups navigate high interest rates and uncertain public markets.

🚀 Ramp, which automates corporate expenses and accounting, processed $55B in transactions last year. While CEO Eric Glyman acknowledged IPO discussions, he emphasized that Ramp remains cash-efficient, reducing the urgency for a public offering.

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