The Boston-based synthetic biology leader Ginkgo Bioworks will go public via the SPAC company Soaring Eagle Acquisition.
Why it matters: The deal — one of the biggest yet in the SPAC space — values Ginkgo at an implied $15 billion, and will channel funding into CEO Jason Kelly's plans to turn the company into the Amazon Web Services (AWS) of synthetic biology.
NFT — or non-fungible token — is the newest entry in the Merriam-Webster dictionary.
Driving the news: "Over the past several months, NFT has rocketed into popular culture. ... When a new word makes its way into the world's lexicon, our ears ... perk up," says editor-at-large Peter Sokolowski.
A showdown between courts in Texas and Wuhan over an intellectual property dispute demonstrates how China is working hard to present itself as a champion of intellectual property (IP) protection.
Why it matters: As China's global influence continues to grow, its domestic regulatory and legal regimes are gaining more international sway as well.
The Biden administration has reached agreements with ride-sharing companies Uber and Lyft to offer free rides to coronavirus vaccination sites through July 4, the White House announced Tuesday.
Why it matters: The free rides, starting in the next two weeks, are part of the Biden administration's push to administer at least one vaccine dose to 70% of U.S. adults by Independence Day.
A record number of open jobs were posted by U.S. employers in March, AP reports, citing a Labor Department report released Tuesday.
Why it matters: Despite a high number of employers seeking workers, April's jobs report found that fewer people were hired than expected. The economy added a mere 266,000 jobs last month while forecasters had floated gains close to 1 million.
Virginia Republicans on Monday night nominated Glenn Youngkin, former co-CEO of The Carlyle Group, to take on Terry McAuliffe in the year's only open-seat governor's race.
Why it matters: Private equity candidates can become proxies for the industry, and how the public views it.
The Washington Post has named Associated Press executive editor Sally Buzbee as its new executive editor, effective June 1.
Why it matters: Buzbeereplaces legendary editor Marty Baron, who retired at the end of February. She will be the first woman to lead the newsroom in The Post's 144-year history.
Amid the creator economy boom, most platforms have begun to launch features to help creators make money, including tipping features, grants and creator funds or revenue share programs.
Why it matters: Like other social media trends, most companies are copying each other in an effort to court creators from different platforms.
TikTok is testing a tool for brands to recruit employees, sources tell Axios.
Details: The pilot program is designed to help people find jobs on TikTok and connect with companies looking to find candidates. It's also meant to help brands use TikTok as a recruitment channel.
A slew of new crypto media companies have gained enormous traction over the past year, thanks to the digital currency craze taking over Wall Street.
Why it matters: “For the first time ever, crypto has become relevant to the global macro-economic conversation, and therefore, the investment conversation," says Jason Yanowitz, co-founder of Blockworks, a financial media brand catered to investors.
Blockworks, a financial media brand catered to investors, anticipates bringing in $8-10 million in revenue this year, while being profitable, executives tell Axios.
Why it matters: It's the latest crypto media company to see success amid Wall Street's digital currency boom.
Crop prices like corn, wheat and soybeans have hit highs not seen in almost a decade. And they’re likely to stay that way for a while, sparking jitters over food inflation.
Why it matters: Higher prices are a boon for farmers following years in the doldrums — and after supply chain chaos early in the pandemic. But they will bleed through to consumers at the grocery store and in restaurants.
Loyalty to Amazon above all else is partly what propelled Dave Clark to become the company’s retail CEO, according to a new book on Amazon and its founder.
Why it matters: “Amazon Unbound” by Bloomberg journalist Brad Stone devotes a full chapter to the origin story of Amazon’s delivery and logistics network, which Clark has helped build since the early 2000s.
Jeffrey Housenbold, who recently stepped down as a managing partner of SoftBank Vision Fund, has formed a new SPAC with Sukhinder Singh Cassidy, who was president of ticket resale firm StubHub until it was acquired last year by Viagogo.
Why it matters: The death of SPACs has been greatly exaggerated.
In the post-GameStop world, shorting equities is still too risky for many hedge fund managers.
Why it matters: With the equity market too buoyant to bet against, investors have turned to the high-yield bond market for shorts, with a view that prices there are also inflated.
"We are on the cusp of a global pandemic," said Christopher Krebs, the first director of the Cybersecurity and Infrastructure Security Agency, told Congress last week. The virus causing the pandemic isn't biological, however. It's software.
Why it matters:Crippling a major U.S. oil pipeline this weekend initially looked like an act of war — but it's now looking like an increasingly normal crime, bought off-the-shelf from a "ransomware as a service" provider known as DarkSide.
Decades of failures around diversity and inclusion finally caught up with Hollywood Monday, when NBC made the unprecedented decision not to air the Golden Globes next year following backlash against the group that hosts the show.
Why it matters: NBC has been airing the event exclusively for decades. Its decision to pull back speaks to how big the backlash against the Hollywood Foreign Press Association (HFPA) has become.
China's population increased 72 million over the past 10 years to 1.41 billion in 2020, with an annual average growth rate of 0.53%, data published by the country's National Bureau of Statistics Tuesday shows.
Why it matters: It's the slowest population growth for over half a century. The birth rate also dropped for the fourth consecutive year in 2020, with 12 million babies born, raising the prospect of a "demographic crisis that could stunt growth in the world’s second-largest economy," per the New York Times.
California Gov. Gavin Newsom (D) extended a drought emergency declaration to cover 41 of the state's 58 counties on Monday.
Why it matters: Most of California and the American West are experiencing an "extreme" or "exceptional" drought, per the U.S. Drought Monitor. Newsom and other officials are concerned California could experience a repeat of the catastrophic 2020 wildfire season.
