Black Wealth Watch: Pat McGrath Labs Receives Funding, Supreme Court Ruling on Tariffs and More

This week brought significant developments in Black business and economic news, including a crucial funding lifeline for Pat McGrath Labs, a Supreme Court ruling impacting tariffs, a shift in retail dominance, and a historic milestone in the medical field.

Pat McGrath Labs Secures $30 Million in Fresh Financing

Pat McGrath Labs, the renowned beauty brand, has received approximately $30 million in new financing following a Chapter 11 filing earlier this year. The funding includes an immediate $10 million and a commitment of at least $20 million upon the brand’s exit from restructuring. Preview.ph

As part of the agreement, GDA Luma will take a controlling equity stake, and founder Patricia McGrath will transition from CEO to Chief Creative Officer, while remaining a significant equity owner. Details of her equity stake have not been publicly disclosed.

Supreme Court Strikes Down Trump-Era Tariffs

The Supreme Court recently ruled against the use of a 1977 law by the Trump administration to impose tariffs. Six justices determined that the law did not grant the president the authority to enact such tariffs, a decision that could potentially require the government to refund billions to importers. Hypebae

While former President Trump has indicated plans to pursue alternative methods for implementing tariffs, the court’s decision provides immediate relief for businesses, including Black-owned enterprises, that have been negatively impacted by increased costs.

Amazon Surpasses Walmart as the World’s Largest Company

Amazon has overtaken Walmart as the world’s largest company by revenue, posting $716.9 billion in sales for 2025, compared to Walmart’s $713.2 billion. Hypebae Despite this shift, Walmart remains a significant player, achieving a $1 trillion market cap and a 27% growth in U.S. E-commerce sales last year.

This change in leadership has implications for Black entrepreneurs utilizing Amazon’s marketplace, as the company’s growing influence impacts visibility and terms for sellers.

Historic First: All-Black Trauma Team at Johns Hopkins

Johns Hopkins Hospital has achieved a historic milestone with the Halsted trauma and acute care surgery service now led by an entirely Black team: Dr. Valentine S. Alia, Dr. Ivy Mannoh, Dr. Ifeoluwa “Ife” Shoyombo, Dr. Lawrence B. Brown, and Dr. Zachary Obinna Enumah. Hypebae

This achievement is particularly significant considering that Black individuals represent 13.4% of the U.S. Population but only 5.6% of surgeons in training, highlighting the importance of representation in the medical field.