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After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

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A British startup called Uncommon is seeking to create lab-grown bacon, and just raised $30 million to further its efforts.

Why it matters: Venture capitalists continue to plug big money into cultivated meat startups, even though the products themselves remain illegal in every country but Singapore.

The U.S. FDA last fall completed its first pre-market consultation of cultivated food, focused on poultry developed by VC-backed "unicorn" Upside Foods.

 It found the product to be safe for human consumption, and found similarly for a subsequent startup, but there still are numerous steps before it could hit store shelves, including a full USDA inspection.

Other challenges: As TechCrunch notes, cultivated meat startups face scaling challenges, as well as regulatory ones. Uncommon is seeking to utilize an mRNA-type technique that enables "cells to make proteins from its own internal functions."

Deal details: Balderton Capital and Lowercarbon Capital co-led the $30 million Series A round, and were joined by Redalpine, East Alpha and OpenAI founder Sam Altman and his brother Max.

Lab-grown bacon startup Uncommon raises $30 million

There are more cultivated meat startups than countries that allow their products to be sold.

Alternative fake meat

Whats Next

Axios What's Next

The embrace by General Motors and Ford of Tesla's charging standard in future electric vehicles is a clear win for consumers, making charging easier and more accessible.

But it's also a win for Tesla, the EV industry's 800-pound gorilla, which seems to have scored a landmark victory in its effort to make its charging standard the dominant one.

Why it matters: The EV pioneer faces increasingly stiff competition from traditional automakers. But Tesla is dictating the terms — and reaping the lion's share of the benefits — of America's historic shift to electric vehicles.

Driving the news: GM announced Thursday that, starting early next year, its EV owners will be able to use Tesla's network of 12,000 Superchargers (with the help of an adapter).

Starting in 2025, GM will adopt Tesla's connector design — essentially tossing the Sony/Betamax dispute to Tesla, as Ford did when it made a similar announcement two weeks ago.

GM said the agreement with Tesla complements its ongoing investments in charging, building on the more than 134,000 Level 2 chargers and fast-chargers currently available to GM EV drivers through its Ultium Charge 360 initiative.

The intrigue: GM's and Ford's moves could trigger a chain of falling dominos — with other carmakers embracing Tesla's technology as well, essentially digging a grave for the engineering standard agreed to by most automakers in 2012.

Meanwhile Tesla reaps a bonanza: By opening its growing network to other car brands, the company will qualify for EV charging tax credits under the 2021 infrastructure law.

Details: GM consumers will pay competitive rates for electricity at Tesla Superchargers, a GM spokesman said.

It's fair to assume they'll pay a premium over Tesla's own customers, though. 

Also unclear is how much data Tesla will be able to collect about GM owners' charging habits. (Terms of the GM-Tesla deal were not announced, including how much GM will pay Tesla for access to its network.) 

The big picture: The shift to electric vehicles, which currently account for around 7% of new car sales, is picking up steam, fueled largely by government incentives.

EV buyers can get federal tax credits of up to $7,500 on vehicles built in the United States, if the batteries meet certain sourcing requirements. 

Manufacturers, meanwhile, can get up to $45 per kilowatt-hour (kWh) for battery packs made in the U.S., which translates to tax credits of roughly $2,700 to $4,500 per vehicle.

No company is better positioned than Tesla to exploit these EV-friendly policies.

Its first-mover advantage on domestic EV and battery production, along with its dominating 61% share of total EV sales, translate to a windfall that is at least three or four times larger than what other carmakers can expect.

Tesla (and its battery partner Panasonic), for example, could pocket about $1.8 billion in production tax credits this year alone under the 2022 Inflation Reduction Act, according to Benchmark Mineral Intelligence.

CEO Elon Musk told investors earlier this year that the value of such credits could become "very significant" and potentially "gigantic" in future years.

Plus, Tesla's entire Model 3 lineup now qualifies for the full $7,500 federal consumer tax credit, helping make its vehicles more affordable. 

The biggest worry among competitors is that Tesla will weaponize those lucrative incentives to further slash vehicle prices.

Musk already told analysts he's willing to sacrifice profit margins if it means selling more cars.

Tesla has already cut Model 3 prices about 20% since the beginning of 2023, which has Ford CEO Jim Farley warning of an EV price war. 

When you add state tax incentives for EVs, Tesla's once luxury-priced vehicles are downright cheap.

One example: A Model 3 starts at $40,240, but in California — the nation's largest EV market — the price may fall to $25,240 after the $7,500 federal tax credit and another $7,500 state tax rebate, depending on income and other requirements, per Reuters. 

That puts it at less than a Toyota Camry, which starts at $26,320.

The bottom line: Other automakers are racing to catch up on EVs, but Tesla is still in charge. 

How Tesla is calling the shots in the EV shift

Moves by GM and Ford to adopt Tesla's charging standard are a watershed.

Illustration of the Tesla logo with multiple dollar signs in the middle

Electric vehicles

Markets' "mission accomplished" message on inflation

This backdrop is important ahead of the FOMC's rate decision next week.

Inflation

Markets

Axios Markets

Data: Gusto; Note: From payroll data of about 300,000 small and midsize businesses using Gusto's platform; Chart: Axios Visuals

Plenty of teenagers are nabbing summer jobs this year and the pay is way better than you'd think.

Why it matters: The surge of young folks into the workforce has been happening for the past few years and at first seemed like a pandemic blip —but turns out it's a trend with some legs.

Hourly workers are still very much in demand in the sectors where teens tend to work — retail, restaurants, or summer gigs at the pool or beach. 

Some of those jobs used to go to older workers — think an older semi-retired guy working part time at the Home Depot. But those folks exited the labor market in the pandemic, boosting demand for younger workers.

The big picture: Employment rates for teens are expected to rise this summer from last year, according to a team of labor economists who put out an annual summer job forecast.

Wage growth among the youngest workers has been steeper than for other age groups. In April, wages for those aged 16-24 were up 11.5% from last year, compared to 6.6% for those 25-54, according to data from the Atlanta Fed.

Gusto, which handles payroll for about 300,000 small and midsize businesses, says the average hourly wages for teens (aged 15-19) on its platform hit $14.89 in May — up a whopping 41% since January 2020.

Teens are forecast to make up 18% of all hires this summer, per Gusto's report. It's the highest level in the four years they've been tracking the data. In June 2019, that share was 2%.

For example: As soon as school let out this year in Birmingham, Alabama, job applications from high schoolers started coming into Tortugas Homemade Pizza — and owner Matt Vizcaino was happy to hire them.

He hadn't seen many applicants over the spring. People "can be a little bit pickier in choosing a job than they used to be," he said. He's had to raise pay by about 15%. Starting pay for a teen without experience is $12 an hour.

Hiring mostly teenagers means that Vizcaino has to do a bit more management work than would be typical with older workers, but "I'm not gonna say no to having a decent staff again."

Zoom out: The share of teens with jobs had been steadily declining for decades before the pandemic — notching lower after the recessions in 2008 and 2001. The line is moving the other way now, as the chart below shows. 

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The extra-tight labor markets of the past few summers drove a surge of teens to work and is "really showing itself to be a much clearer long-term trend — of more teens working not only during the summer but during the school year," says Luke Pardue, chief economist at Gusto.

Yes, but: There is a dark side to the increased demand for teen workers, a worrying increase in companies relying on illegal child labor.

Worth noting: Pardue says that while strong demand is driving the surge, the teens he's talked with also really want to get out there and work — particularly after the isolation of the pandemic years.

"To be able to work with people again is really nice," says James, a 16-year-old living near Dallas who just started working at Chik-fil-A for $12 an hour. "A very good start," he tells Axios.

It's hot jobs summer for teens

The allure of higher wages is bringing more teens into the workforce.

By expanding work requirements for food stamp recipients, the debt ceiling agreement secured a landmark shift in a longstanding congressional clash over SNAP.

Why it matters: It could trigger a series of unprecedented changes to America's federal food assistance system as legislators gear up to reauthorize the farm bill. 

The latest: At a House Agriculture Committee hearing Wednesday on the upcoming farm bill, several witnesses testified in favor of further bolstering restrictions on SNAP, with some advocating for regulating the type of foods allowed.

"SNAP's lack of dietary guidelines often leaves its recipients in poor health, limiting their ability to work and escape poverty," said witness Angela Rachidi, senior fellow and Rowe Scholar at the American Enterprise Institute.

Committee chairman Glenn Thompson (R-Pa.) hinted at a continued focus on work requirements, too: "Let’s move from states going out of their way to keep employable individuals idle and disengaged, and spend more time fostering connections with employers and education providers."

The other side: "I would say to those who are saying we should require SNAP recipients to have healthier diets, maybe one of the things we can do is expand the benefit," said Rep. Jim McGovern (D-Mass) in the hearing.

"You try having a healthy diet on an average of about $6 per person per day. It's awfully hard."

Meanwhile: Center for Law and Social Policy senior policy analyst Parker Gilkesson tells Axios she's "shocked" that Republicans managed to successfully incorporate work requirements into the debt ceiling agreement, which "pushed the needle" in a years-long congressional dispute.

Past farm bill negotiations saw the House GOP advance proposals to significantly rework and cut funding for SNAP, but provisions to expand work requirements were met with bipartisan rejection.

"If this was what they were able to do before the farm bill, than I am very concerned over what they're going to try to include in the farm bill," says Gilkesson — like limitations on what food can be purchased with SNAP dollars. 

What to know: The debt-limit legislation's enactment increased the age limit for work requirements from 49 to 54 for able-bodied adults without dependents. 

Yes, but: It also boosted program eligibility, by issuing work requirement exemptions for veterans, youth aging out of foster care and people experiencing homelessness.

Zoom out: Umailla Fatima, health policy analyst at UnidosUS, a Hispanic civil rights and advocacy organization, tells Axios that while the SNAP changes coming out of the debt deal weren't all bad, it "opened the door" to an increased drive for more work requirements in the farm bill. 

"These requirements really mean that eligible families can lose benefits, even if they're working," says Fatima, noting a likelihood of added burdens in navigating food stamp verification systems, which already cause reported enrollment difficulties. 

What we're watching: Because of the exemptions, the CBO projects the number of people eligible for SNAP will slightly increase after 2025, when the requirements introduced by the debt deal are in full effect.

Of note: Dottie Rosenbaum, senior fellow and director of federal SNAP policy at the Center on Budget and Policy Priorities, warns that these figures are uncertain.

According to a new CBPP report she co-authored, nearly 750,000 adults are at risk of losing their SNAP benefits because of the work requirements.

"We don't have very good data about how many people will be really losing eligibility. What we know is how many people will have their benefits put at risk," says Rosenbaum.

Between the lines: SNAP is a program where benefits are federally funded, but states are responsible for determining eligibility, so how implementation of the new rules will play out remains to be seen. 

FNS deputy under secretary Stacy Dean, whose agency administers federal nutrition programs, told reporters that the program's new exemptions "have to be offered and secured by states," per Politico. 

restrict the type of foods allowed via SNAP dollars

added challenges to navigating verification systems

Debt deal sets stage for stricter SNAP rules

It could trigger a series of unprecedented changes to America's food stamp system.

Food security

When I was trying to recruit her away from The Washington Post to run client partnerships for Axios, Jacquelyn Cameron had a blunt request. She wanted me to teach her to be a CEO.

Why it matters: Jacquelyn's direct ask — Hey, help me do your job! — launched some of the most productive monthly mentoring sessions of my life.

We meet at least once a month — often over Zoom, sometimes in person. We waste little time with small talk, other than gossip about media competitors. We dig deep into the engineering of Axios and media operations.

The success of these sessions got me thinking about the other lens of mentoring: What makes a great mentee?

To be blunt, it's not simply wanting a "connection" or a closer relationship with someone with power or success. It's not checking the box of merely seeking mentorship or advice, either.

Think of it in terms of working out. Just going to the gym is useless. Going to the gym and half-assing it is useless, too. But if you go to the gym, know your goals and work your tail off to achieve them, it's magically transformative.

Let's use Jacquelyn as a template for being a Master Mentee:

Hunger. Jacquelyn had a remarkable career before taking this gig, shining at The New York Times, Politico and The Post. But she was adamant during our recruitment process about wanting to be smarter, better and even more successful. She takes a long view of her career arc.

Purpose. She knows what she wants: to be CEO one day. Love the confidence. Love the specific purpose more. It is so much easier to mentor someone when you cut the B.S. and just admit your ambition. Then, as a mentor, you know with precision how to help and steer discussions.

Self-awareness. A lot of people who aspire to bigger jobs think they're ready now. She doesn't. Jacquelyn knows her strengths are sales leadership, talent-spotting and relentless effort. She comes to every session armed with very specific questions beyond her daily duties and current core strengths.

Self-confidence. She craves direct feedback about areas of weakness. This is where most mentees fail. They say they want blunt, even brutally honest, feedback — only to turn defensive or deflated when it's given. Jacquelyn lights up — and soaks it in.

Action. I'm ruthless with my time. Deep down, most mentors want to see a real return on their time investment. Jacquelyn scribbles notes, works concepts into her rap with her direct reports, and puts new ideas into practice. She often comes back to previous conversations for more specifics, more direction. That's a great ROI to me.

The big picture... To mentees: Never underestimate the power of learning things you struggle with — or aspire to one day master.

To mentors, never underestimate the good you do for the other person — and for yourself and the organization.

"Honest mentorship also begets a stronger, smarter, more loyal team of talent," Jacquelyn told me when I asked her for permission to write this.

We all need mentors, regardless of our position or vintage. It might be one person, or a constellation of people, who do things well that you wish you did better.

This article originally appeared in Axios Finish Line, our nightly newsletter on life, leadership and wellness. Sign up here.

Axios Finish Line: How to be a master mentee

We all need mentors, regardless of our position or vintage.

Illustration of a woman with a laptop and backpack walking up a giant briefcase with a staircase along the side

Leadership

Major League Soccer has been around for a quarter century, but the red-hot media race for U.S. professional sports rights is fueling its new future, today.

Why it matters: Apple is going all-in, deploying money and a content strategy in an innovative bet that the world’s most popular game can finally make a dent domestically.

Zoom in: Apple’s push goes far beyond the 10-year rights deal it signed last year to stream MLS games in a subscription package on Apple TV+, for which will pay the league no less than $2.5 billion.

The tech giant is also right in the middle of Wednesday's shocking news that Lionel Messi — one of the world’s most popular players — intends to leave Europe to play for MLS club Inter Miami.

Between the lines: Apple will reportedly pay Messi a cut of revenue from new subscriptions to its MLS Season Pass — compensation on top of his team salary and another profit-share arrangement from league partner Adidas.

Front Office Sports called the arrangement from a league-level media sponsor "unprecedented."

Meanwhile, Apple's content strategy for the league doesn't stop with its game streaming, as it also offers short features on players and teams, game previews and weekly analysis.

And on Tuesday it announced a new four-part Apple TV+ documentary series on Messi, produced by SMUGGLER Entertainment.

Be smart: The company will look to capture the same ratings magic that a similar docu-series’ from Netflix has done for F1, another global sport with a niche U.S. following.

"Formula 1: Drive to Survive," now in its fifth season, has been credited with boosting live F1 race viewership on ABC and ESPN networks, according to The Athletic.

The impact: Rumors of Messi's move to Miami already sent MLS ticket prices soaring in the secondary market.

The bottom line: Apple doesn’t share specific subscription numbers, but Eddy Cue, its senior vice president of services, told media last week that MLS Season Pass was already “doing much better than we had forecasted” in its first year, before possibly hinting at what was to come.

“I’m very proud and happy with what we’ve accomplished so far, but I am sure that the best is yet to come.”

Apple making huge push to fuel U.S. soccer bet

It's reported role in the Lionel Messi deal highlights an innovative strategy to boost the sport's following in the U.S.

Apple

Shifts in technology and media are changing the way we play, watch and understand sports. Business models are adapting and social change is forcing those in charge of teams and leagues to reconsider decades-old practices.

Sports

Crypto job seekers are paying for employers' past excesses.

State of play: "This is the brutal correction," Adam Jackson, co-founder and CEO of Braintrust, a talent networking site, tells Axios.

Crypto has been laying off employees in swaths, sometimes by as much as 30% — from big exchanges with thousands of full-time employees such as Coinbase and Kraken, to custodians like Anchorage Digital and data firms like Messari and Nansen.

What they're saying: Job experts in crypto tell Axios that employers have the upper hand, though it wasn't too long ago that candidates did.

"2022 crypto was broken, 2023 crypto recruiting is dead," Eve Miller, a crypto technical recruiter, said.

Zoom out: Downsizing is not just happening out of necessity — a penalty for overhiring and for paying outsized salaries to compete — but is also being seized on by bosses as a chance to cut under the cover of layoffs trending across tech, Jackson said.

With fewer roles open and a growing pool of job seekers, startups — firms with 100 people or fewer — are looking for "hustlers" and "self-starters" when it comes to bull-market roles like marketing and sales, crypto startup adviser Ryan Andersen, who specializes in hiring for Layer 1s and Layer 2s, said.

"Some candidates are institutionalized from working at a larger company. Well, at a 50-person startup, you can't delegate, there's no budget for that."

Between the lines: Read skeleton staff with folks carrying the workload of more than just one. Though that's what one might expect at a startup.

Those coming from Big Tech might also find comp packages notably less sweet compared to 18 months ago. (Read more about that below.)

On the bright side: Developers are still in demand — plus privacy guys, cryptographers, and systems engineers, Nako Mbelle, founder and CEO of Fintech Recruiters, tells Axios.

"Anyone building new protocols, Layer 2s — infrastructure is where most of the roles are right now," Mbelle says. "There are still people who want to be Ethereum killers."

Months ago the industry couldn't get enough. "Accelerators went nuts. All of 2021, salaries went nuts. Sales, product, marketing," Miller said.

"I knew things got crazy when companies were willing to offer whatever the candidate asked because it wasn’t based on data, but market demand."

"They raised money and needed to come up with products to market quickly. So 10x their salary — no problem, if they had any knowledge in crypto."

"Engineers in Russia normally making $50K, were making $200K."

The intrigue: Some CEOs have justified cuts, pointing to a hot growth strategy during the 2020 to late 2021 hiring spree, but Miller wonders how true that was in hindsight.

"The crypto startups, the projects that were trying to go from zero to one, NFTs, web3 — there was no headcount, there was no plan."

"They didn't know what they needed — they were just trying to come up with a minimally viable product."

Tokens became a big part of the deal in the crypto world's hiring boom, which was an enticing proposition when prices were high.

Between the lines: Altcoins like solana (SOL), avalanche (AVAX), and polkadot (DOT) are trading at a fraction of where they were at 2021 peaks — down roughly 90%.

"The 2019 talent learned Solidity (the programming language for Ethereum that also works on many other chains built later), and a lot of talent that applied for jobs wanted to get rich," Miller said of those developers who switched from Big Tech to crypto during the recent cycle.

Today, "you throw tokens in there, and a lot are hesitant about taking the risk — well they all can't go back to Big Tech, plus the total packages aren't there," Andersen said, referring to the days when tech offered potential hires equity in the company.

"Candidates want to tell you the tokens are worth X, well, like, no... we're in a bear market, everybody's down right now."

The intrigue: "I like hiring in Europe," he said. "The candidate in New York or SF is gonna try to squeeze $5K to $10K more off the base salary as you get to closing saying 'the cost of living is high' — it's a turnoff to employers."

The bottom line: "The fact that the SEC named a bunch of tokens as unregistered securities has a chilling effect on the space — it's probably making it less attractive for talent," Braintrust chief Jackson said.

Crypto job seekers see new reality: Things had gone "nuts"

"This is the brutal correction," Adam Jackson, co-founder and CEO of Braintrust, a talent networking site, tells Axios.

Illustration of a sad face on a digital, pixelated coin

Cryptocurrencies

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Technology

Owners of General Motors' electric vehicles will have access to Tesla's Supercharger network, the companies announced Thursday, two weeks after Tesla struck a similar deal with Ford.

Why it matters: It's a landmark deal that could jump-start EV adoption.

Driving the news: GM said it will adopt Tesla's connector design into its EVs beginning in 2025. 

Starting in early 2024, GM EV drivers will be able to recharge at at 12,000 Tesla Superchargers in North America using an adapter.

The agreement is similar to what Ford announced in late May.  

GM owners will be able to charge their EVs at Tesla Superchargers

A landmark deal could jump-start EV adoption.