Axios

Reddit raised $748 million in its initial public offering on Wednesday, meeting the top of its expected price range.

Why it matters: This is the first social media IPO since Pinterest went public in 2019, and offered some of Reddit's most active users a chance to become shareholders.

Reddit's initial public offering has given Kevin Xu, an active Redditor, access to the inner workings of Wall Street.

Why it matters: Xu rose to fame through Reddit's WallStreetBets channel when he turned $35,000 into over $8 million in about two years through buying and selling common shares only.

Nearly 300 pages of letters from all over the world, detailing what victims actually lost in the collapse of the crypto exchange FTX, was sent Monday to the federal judge handling the criminal case against its founder.

The intrigue: Every unhappy creditor is unhappy in their own way, but many said that being made whole isn't good enough — what they want are their coins.

Hotties, get ready: Megan Thee Stallion is going on tour this summer.

Driving the news: The "Hot Girl Summer Tour" is the H-Town Hottie's first headlining tour, and Memphis rapper GloRilla will join her for all U.S. stops.

Safer sex is back at the Olympics.

Why it matters: The COVID-era "intimacy ban" instituted during the Tokyo Olympics in 2021 is officially lifted.

Total assets in employee share ownership plans exceeded $2 trillion in 2021, and have almost certainly risen since then.

Why it matters: Unions exist to ensure that owners share corporate wealth with their workers. Under an ESOP, where companies are owned and controlled by their employees, that happens automatically.

There's a massive wealth gap between workers in unions and nonunionized workers, across education levels, finds a new analysis from the liberal think tank Center for American Progress shared first with Axios.

Why it matters: Typically, unionized workers earn about 10%-20% more than their nonunion peers, but these wealth gaps are far wider, an indication that the benefits of union membership accrue to workers over time.

Companies expect to give out 4.5% raises this year — a dip from the 4.8% average bump given in 2023, per a new survey of human resources professionals out Wednesday morning.

Why it matters: It's another sign that the job market is cooling but still strong — raises will likely outpace inflation in 2024.

Diogo Mónica, co-founder of crypto custodian Anchorage Digital, is joining Haun Ventures as only its second general partner.

Why it matters: Haun Ventures is one of crypto's most active investors, and Mónica's background should give the firm added credibility with entrepreneurs.

The jackpot for Friday's Mega Millions drawing grew to an estimated $977 million — the 10th-largest U.S. lottery prize ever — up from $893 million Tuesday.

Why it matters: Only five Mega Millions jackpots have been bigger. All of them eventually surpassed $1 billion, lottery officials said in a statement.

Big AI is just going to keep getting bigger: that's the takeaway from this week's onslaught of AI news — and it's barely Wednesday.

Why it matters: Generative AI's disruptive force once looked like it might open a door to new players on the Big Tech chessboard. But AI's high cost and the incumbents' strong hands have dimmed that prospect, and instead we're seeing the industry's giants concentrate more power.

The U.S. Air Force said Tuesday it had tested an air-launched hypersonic weapon in the Pacific Ocean after taking off from the American territory of Guam.

Why it matters: The Pentagon is facing congressional pressure in the hypersonic weapons race following developments by China and Russia, per Defense News.