The FBI on Wednesday morning raided the New York City apartment of Shayne Coplan, the founder and CEO of Polymarket, Axios has learned from multiple sources.
Why it matters: Polymarket is one of the most active prediction betting markets, gaining mainstream attention during the recent presidential election.
Republicans are feeling positive about the economy for the first time in four years, while the Democratic vibes have plunged, per new data from Morning Consult.
Why it matters: Consumer sentiment used to reflect current economic conditions, but for the past several years it's grown increasingly political.
The U.S. government has earmarked more than $36 billion in funding under the CHIPS Act, the vast majority of which has gone to large incumbents like Intel, Micron, and Samsung.
Now a VC-backed startup is getting in on the action.
Driving the news: Akash Systems announced this morning that it has secured $18.2 million in non-dilutive grants, plus $50 million in combined federal and California state tax credits.
Tips make up an increasingly large share of restaurant workers' pay, per data out this morning from Square, the payments company.
Why it matters: The rise of tipping culture means that servers and bartenders are getting tipped more frequently for services — like takeout orders — that used to go without gratuities.
By the numbers: In October, tips made up 23% of restaurant worker pay — up from 14% in 2019, according to Square's report, which examines payroll data.
The big picture: The restaurant business fell off a cliff in the pandemic, but it bounced back fast. Americans went back to dining out, and restaurants scrambled to hire, driving up wages and prices.
In recent months, the industry has seen a slowdown. But overall, restaurants have seen an increase in sales volume over the post-pandemic years that has translated into more customers per hour — and more tips, says Ara Kharazian, research lead at Square.
Reality check: Relying more on tips leaves workers in a more precarious position.
"If you're a restaurant worker who's already in an industry subject to a lot of ups and downs, a large component of your income coming from tips isn't gonna simplify that," says Kharazian.
Between the lines: One of President-elect Donald Trump's more popular campaign proposals was to eliminate taxes on tips.
Looking at this data, that would mean exempting nearly a quarter of restaurant workers' income from taxes — a meaningful chunk.
The Consumer Price Index rose 2.6% in the 12 months through October — a tick up from the prior month — while the measure that strips out food and energy held at 3.3%, the Labor Department said on Wednesday.
Why it matters: The worst of the inflation shock is over, but price pressures look stubborn and further progress on cooling those may be stalling.
More analysts are exploringwhat the Donald Trump-Elon Musk BFF situation means for Tesla, which has a market cap back above $1 trillion in the election's wake.
What they're saying: A Deutsche Bank note titled "to the victor belong the spoils" lays out a few ways Trump 2.0 could help Tesla.
Wonder Group has agreed to acquire Grubhub for $650 million from Just Eat Takeaway, which had struggled for more than a year to find a buyer.
Why it matters: The deal price reflects a dramatic decline from Grubhub's $7.3 billion valuation in 2020, and is the latest transaction in a food delivery sector that continues to struggle post pandemic.
A new Trump administration is expected to challenge traditions in the famous James Brady Press Briefing Room, sources told Axios.
Why it matters: Confidants of President-elect Trump are considering changes that would give newer, MAGA-aligned voices access to daily press briefings.
Kraft Heinz said Tuesday it's pulling Lunchables meals from the National School Lunch Program due to flagging demand.
The big picture: The Chicago-based food giant said in a media statement that its decision was not related to a study by U.S. consumer watchdog group Consumer Reports that found Lunchables meal kits for low-income children contained relatively high levels of sodium, lead and cadmium.
President-elect Trump announced on Tuesday that Elon Musk and Vivek Ramaswamy will lead a new Department of Government Efficiency (DOGE) to cut government spending and streamline bureaucracy.
Why it matters: The Musk-Trump political alliance is moving from the campaign into the White House. However, it's unclear what exactly Musk's role will entail — or whether he and Ramaswamy will actually be able to make the kinds of sweeping changes they have proposed.
