TRG Fast Facts
By TRG Advisors on March 28, 2025
Weekly data-driven insights on the markets and economy
Student loan delinquencies surge
Student loan delinquencies are set to reach record highs, with more than 9 million borrowers potentially seeing their credit scores drop in the first quarter of this year, according to new data released Wednesday. The 2025 Student Loan Update revealed that 15.6% of federal loans were past due at the end of last year, totaling over $250 billion in delinquent debt. The Trump administration’s actions, including closing the Department of Education and halting income-driven repayment applications, could further complicate debt management for borrowers.i
Consumer confidence declines
Consumer confidence has continued to decline in March, with the Conference Board reporting the lowest future conditions index in more than a decade. The monthly confidence index of current conditions fell to 92.9, marking the fourth consecutive monthly contraction. Future expectations dropped even further, with the index plummeting to 65.2, signaling potential recession concerns.ii
Napster’s new era
Napster, once notorious for enabling free song downloads, was acquired by Infinite Reality on Tuesday for $207 million. The 3D technology company plans to use Napster for marketing in the metaverse, creating virtual spaces for music fans to enjoy concerts and buy merchandise. Infinite Reality CEO John Acunto believes Napster’s iconic brand will disrupt the streaming space by fostering connected musical communities.iii
Hyundai’s U.S. expansion
On Monday, South Korean automaker Hyundai announced a $21 billion investment in U.S. onshoring, which includes a $5.8 billion steel plant in Louisiana. The plant will employ more than 1,400 workers and produce next-generation steel for Hyundai’s U.S. auto plants to manufacture electric vehicles. This investment is part of Hyundai’s strategy to navigate tariffs by increasing localization.iv
23andMe files for bankruptcy
Genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in a Missouri federal court on Sunday night. CEO Anne Wojcicki has resigned, with Joseph Selsavage stepping in as interim CEO. A representative from 23andMe said there will be no changes to the way the company stores, protects or manages customer data through the sale process, and it will continue operating business as usual.v
Snow White: More sleepy than happy
Disney’s “Snow White,” a live-action retelling of the classic fairytale that cost around $270 million to make, opened to a modest $43 million at the domestic box office last weekend. Analysts suggest that the controversies surrounding the film, including casting choices and cultural debates, likely impacted its initial performance.vi
iWallace, Alicia. “Student loan delinquencies are nearing a record high as Trump prepares to shutter Education Department.” CNN, 26 March 2025, https://www.cnn.com/2025/03/26/economy/student-loan-debt-ny-fed/index.html. Accessed March 26, 2025.
iiCox, Jeff. “Consumer confidence in where the economy is headed hits 12-year low.” CNBC, 25 March 2025, https://www.cnbc.com/2025/03/25/consumer-confidence-in-where-the-economy-is-headed-hits-12-year-low.html. Accessed March 26, 2025.
iiiLeswing, Kif. “Napster pioneered music sharing over 25 years ago. It just got bought for $207 million.” CNBC, 25 March 2025, https://www.cnbc.com/2025/03/25/napster-pioneered-music-sharing-25-years-ago-bought-for-207-million-.html. Accessed March 26, 2025.
ivMody, Seema. “South Korea’s Hyundai announces $21 billion U.S. investment.” CNBC, 24 March 2025, https://www.cnbc.com/2025/03/24/south-korea-hyundai-us-investment.html. Accessed March 26, 2025.
vCapoot, Ashley. “23andMe files for bankruptcy, Anne Wojcicki steps down as CEO.” CNBC, 24 March 2025, https://www.cnbc.com/2025/03/24/23andme-files-for-bankruptcy-anne-wojcicki-steps-down-as-ceo.html. Accessed March 26, 2025.
viBacon, Auzinea. “‘Snow White’ box office more sleepy than happy.” CNN, 23 March 2025, https://www.cnn.com/2025/03/23/business/snow-white-box-office-controversy/index.html. Accessed March 26, 2025.