Axios

Ilya Sutskever, the OpenAI co-founder who departed from the company last month, unveiled a new AI firm focused on developing "a safe superintelligence."

Why it matters: Sutskever was among the OpenAI board members who voted to fire CEO Sam Altman last November amid concerns over communication, and trust.

Families of those killed in Boeing 737 MAX crashes said in a letter to the Justice Department on Wednesday that the company should be criminally prosecuted and fined $24 billion for committing "the deadliest corporate crime in U.S. history."

The big picture: The aerospace giant has faced increased scrutiny along with several federal investigations since the two crashes that killed 346 people in 2018 and 2019.

McLaren Racing CEO Zak Brown wants to double the percentage of staffers from underrepresented communities, the majority being women, from roughly 20% to 40% by the end of the decade, he told Axios on Wednesday.

Why it matters: The goal comes amid the rapid growth of Formula One in the U.S. and increased fandom around the sport.

X is in conversations with sports leagues about producing more docuseries on the platform, CEO Linda Yaccarino told Axios.

Why it matters: The ambition comes as X seeks to win back ad dollars with its CEO and Elon Musk in attendance at the annual advertising confab.

The WNBA expects to work with Disney in its new media rights agreement and is seeking more brand deals, the league's SVP and chief growth officer Colie Edison told Axios.

Why it matters: The ongoing negotiations come amid the WNBA's recent historic highs for TV ratings and game attendance.

CANNES, France — Elon Musk clarified the "Go f**k yourself" comment he made to advertisers last year in much more measured remarks on Wednesday at the Cannes Lions International Festival of Creativity.

Why it matters: His appearance at the annual ad conference this week is seen as an attempt to win back ad dollars to X.

The growth of Juneteenth as a paid day off for private companies has severely slowed three years after it became a federal holiday, according to a survey from Mercer.

Why it matters: The day celebrating Black emancipation from enslavement gained traction in 2020 amid discussions of racial injustice following the death of George Floyd in Minneapolis.

Dollar Tree failed to adequately remove recalled applesauce pouches from its store shelves, the Food and Drug Administration said Tuesday.

Why it matters: The recalled WanaBana apple cinnamon fruit puree pouches were linked to reports of illnesses in dozens of children last fall who were found to have "elevated blood lead levels," per a warning letter the FDA sent to Dollar Tree.

Team USA will be in the fashion capital of the world, donning classic and preppy, American-made uniforms.

Driving the news: Ralph Lauren unveiled on Tuesday Team USA's uniforms for the open and closing ceremonies of the 2024 Paris Games.

Electric vehicle startup Fisker filed for bankruptcy protection late Monday with plans to sell its assets after recently suspending production.

Why it matters: It's the second bankruptcy for an EV company founded by former BMW and Aston Martin designer Henrik Fisker, whose vehicles have earned critical plaudits for their design but have failed to generate commercial success.

On Thursday, Apple was the most valuable company in the world. On Monday, it was Microsoft. On Tuesday, for the first time ever, it was Nvidia.

Why it matters: Nvidia is a relative newcomer to the world of megacaps: It only broke through the $1 trillion barrier in mid-2023. Now it has eclipsed all of its competitors, thanks to broad excitement about artificial intelligence — which is overwhelmingly powered by Nvidia's chips.

Netflix wants fans to chill together IRL at its "house" — a new 100,000+ square foot retail space that lets shoppers feel like they're inside the worlds of hit shows like "Bridgerton" and "Squid Game."

Why it matters: Like Disney, Netflix has amassed massive fanbases for its original content — intellectual property that can be parlayed into a portfolio of businesses.

Boeing CEO Dave Calhoun in his first appearance before a Senate panel Tuesday since a mid-flight accident with a 737 MAX 9 earlier this year said the company's culture is "far from perfect" but is improving.

Why it matters: The Alaska Airlines accident and multiple recent misconduct allegations from former and current employees have renewed intense scrutiny on the aerospace giant.

A Houston-based land acquirer in one of the country's highest-producing oil basins launched an initial public offering Monday, in what looks like an indirect play on the crypto-mining sector.

Why it matters: LandBridge's IPO will test the market — and regulatory appetite — for crypto-adjacent deals, with other more crypto-y public debuts waiting in the wings since the last bull market.

Increased immigration to the U.S. is expected to drive higher economic growth and labor supply, grow federal revenues and shrink deficits over the next 10 years, according to new Congressional Budget Office estimates on Tuesday.

Why it matters: Immigration is a central issue for the 2024 presidential campaign, and the nonpartisan agency's forecasts demonstrate the considerable impact to the nation's economy from the surge in foreign workers.

Forbes sent a letter to the CEO of AI search startup Perplexity accusing the company of stealing text and images in a "willful infringement" of Forbes' copyright rights, according to a copy of the letter obtained by Axios.

Why it matters: Publishers fighting to protect their intellectual property are stuck in a game of whack-a-mole as they confront not just the biggest AI companies, like OpenAI or Google, but also smaller AI startups.

Sports Illustrated turns 70 years old this August, but Minute Media, which now holds the rights to publish under its name, believes its most lucrative days lie ahead.

Why it matters: Minute Media's 10-year publishing deal has already changed the trajectory of the storied sports outlet.

Former Washington Post managing editor Kevin Merida was seen visiting the Post's headquarters and meeting with senior staff on June 5, according to two sources familiar with the matter.

Why it matters: Merida, who stepped down as executive editor of the Los Angeles Times in January, is one of several Post veterans in contact with the paper amid intensifying scrutiny of its new leadership.

Private equity's exit drought has led to a record number of dividend recaps, which is when PE funds pay themselves to kick the debt grenade down the road and into a storm drain.

• A more academic description would be that PE-backed companies issue new debt and use some/most/all of the proceeds to pay shareholders a dividend.

The operator of one of the nation's largest freight railroad networks was ordered to pay nearly $400 million for trespassing on a Native American tribe's land.

The big picture: The railway operator's actions fit into a broader pattern of incursion on indigenous lands by businesses — whether for real estate, pipelines or oil and gas drilling — that rarely result in consequences.

Apple discontinued its Apple Pay Later installment program yesterday, mere months after launch.

Why it matters: The move marks a quick retreat from the BNPL market as Apple seeks to offer installment loans through partners instead.

Driving the news: As first reported by 9to5Mac, Apple will no longer offer loans through Apple Pay Later starting today.

• Any users with open loans can still manage and pay their loans through the Wallet app.

Flashback: Apple officially announced it was entering the buy now, pay later sector two years ago, but its actual rollout was significantly delayed.

• The company didn't begin offering Apple Pay Later to selected users until last March and didn't make the service generally available until October.

Retail sales edged up only slightly in May, and revised data showed shoppers pulled back more than initially thought in April, the Commerce Department said on Tuesday.

Why it matters: Consumers have been more cautious about spending in recent months — a warning sign for the economy and a notable shift from last year when consumer spending boomed.

Tesla topped an annual list of the most made-in-America vehicles for the third consecutive year, while foreign automakers made up the majority of the top 10.

Why it matters: Where vehicles are assembled — and where their parts are from — feeds into the ongoing political debate over tariffs on imported goods, unionized labor and America's business climate.

Wells Fargo grabbed headlines last week after firing workers from its wealth- and investment-management unit for using "mouse jigglers" to fake working.

Why it matters: Those knowledge workers are the latest casualty in the decades-long struggle for managers to measure employee productivity — an effort they often mess up.

America is reaching the pinnacle of a post-shame society forged by Donald Trump and reinforced by powerful patrons.

Why it matters: Nearly 50 years after Richard Nixon resigned before ever being charged with a crime, the GOP is a month away from nominating a convicted felon to be president. Polls suggest the race is extremely close.

Robert Gibbs, a senior corporate communications executive who formerly served as White House Press Secretary during the Obama administration, is joining Warner Bros. Discovery as the communications chief for CEO David Zaslav, a source confirmed to Axios.

Why it matters: Gibbs is an experienced crisis communicator with extensive ties to decision-makers in Washington.

A Texas federal judge on Monday dismissed a lawsuit by ExxonMobil against activist investor Arjuna Capital following the firm's promise not to file any climate change-related shareholder proposals.

Why it matters: Although the oil giant could refile its lawsuit, this ruling is a blow to the company's attempt to get more company-friendly guidance on shareholder resolutions via the court.

GameStop's shareholder meeting, which clocked in at under 20 minutes on Monday, failed to give investors specifics on the company's future growth strategy.

Why it matters: Rescheduled from last Thursday due to a technical issue that was attributed to "unprecedented demand," the event had been viewed as an opportunity for the video game retailer's leadership to explain its turnaround plans.