The year so far has proved to be as bumpy and expensive as Wall Street forecast.
Driving the news: Financial results this week covering the past three months from the country’s biggest banks show how much they’ve benefitted from market volatility.
Elon Musk's non-binding offer to buy Twitter — revealed Thursday morning — didn't inspire enthusiasm in the social media company's shareholders, signaling they're skeptical of whether a deal will get done.
Twitter's stock closed down 1.7% on Thursday at $45.08, well below Musk's offered price of $54.20 per share, or $43 billion in cash.
March's massive theft from a crypto service built to support a video game can be tied to a hacking group associated with North Korea, according to information posted by the Treasury Department.
Details: In March, Ronin announced that roughly $620 million worth of Ethereum and USDC tokens was stolen by a hacker from its network bridge to the Axie Infinity game.
Elon Musk on Thursday may have given Twitter's board of directors ample reason to reject his hostile takeover bid, even though it's at a significant premium to where the company's shares have traded in recent months.
Driving the news: Musk was interviewed on stage at the TED conference in Canada in his first public statements since disclosing his $43 billion offer.
Elon Musk filled in a few more details of his vision for a free speech-first Twitter Thursday after he offered to buy out the company and take it private.
Driving the news: In an onstage interview at the TED2022 conference, Musk said he believes Twitter should follow the laws of the countries it operates in and otherwise not regulate users' speech.
23 ounces of AriZona iced tea is a lot of iced tea — it's 680 ml, or more than 90% of the liquid in a bottle of wine. And you can buy it for 99 cents in gas stations and corner stores across the country, the same price that it's been for 30 years.
Why it matters: The stubborn refusal of the drink's manufacturer to raise prices has everything to do with the fact that it's controlled and owned by a single billionaire, Don Vultaggio, who has no fiduciary duty to maximize profits or shareholder value.
America has inflated away $2.7 trillion of its national debt in the 14 months since President Biden took office.
Why it matters: If you want to find a silver lining in the latest inflation data, look to that fact that despite all his new spending programs, Biden has presided over a national debt that has remained astonishingly flat in real terms.
If you rank the 318 different items in the government's inflation report according to how far they've gone up in price since before the pandemic hit, unleaded regular gasoline comes in at the very top of the list, with a price rise of 62%.
Why it matters: Unleaded regular gasoline is the most salient price in the economy, advertised in two-foot-high numbers on every major road in the country. But it's an extreme outlier when it comes to inflation.
Why it matters: It's becoming increasingly expensive to buy a house — if you can even find one. Over the past three months, mortgage rates have surged at a pace last seen in 1987.
The Benneton family and Blackstone Group offered to buy Italian road and airport operator Atlantia at around a €19 billion equity value.
The family already holds a 33% stake in Atlantia, and recently rejected a nonbinding approach from private equity firms GIP and Brookfield Infrastructure that would have spun off the company's toll road concessions.
Why it matters: The world's richest man — someone who used to be compared to Marvel's Iron Man — is increasingly behaving like a movie supervillain, commanding seemingly unlimited resources with which to finance his mischief-making.
America's favorite silver-maned banker says more volatility is coming.
Why it matters: As head of the country's largest bank by assets, JPMorgan chief executive Jamie Dimon is in a prime position to identify emerging economic developments.
The U.S. spent more on its pandemic relief efforts than other nations. The results have been higher inflation — but also a much more rapid recovery.
That narrative is a key takeaway from the "Economic Report of the President," published Thursday morning, that gives the administration's official analysis of economic conditions.
A new reporturges the U.S. to invest billions of dollars in developing a workforce and infrastructure to support an economy built on biologically engineered and produced materials, medicines, fuel and food.
Why it matters: Proponents of developing the "bioeconomy" say that creating biologically based products will reduce manufacturing's reliance on fossil fuels and bolster supply chains, whilecreating jobs in the process.
Elon Musk offered to buy Twitter for $54.20 a share in cash, or about $43 billion, according to documents filed with the Securities and Exchange Commission Wednesday.
Why it matters: The move, which Musk called his "best and final offer," comes after the billionaire has repeatedly criticized Twitter, disclosed a 9.2% stake in the social media company and backed out of joining its board of directors.
Auto shows are back after a two-year pandemic hiatus, but these days they're focused less on gleaming new models and more on educating consumers about the electric future.
Why it matters: Consumers face a steep learning curve when it comes to electric vehicles, and so far, carmakers and their dealers have done a lousy job explaining important issues like battery efficiency, driving range and charging.
Just days after a verified account for Fox News appeared on former President Trump's social media app, Truth Social, a Fox News spokesperson says the network has nothing to do with the account.
Why it matters: Investors clearly would have viewed Fox News' participation as a boon for the struggling app.
Many homeowners may be shocked to hear it, but the average tax on a single-family home increased just 1.8% last year. That's despite the homebuying frenzy that drove up housing prices 16%, according to a new report from ATTOM, the leading provider of real estate records and property data.
The big picture: Total property taxes collected in 2021 rose only 1.6% nationwide — well down from the 5.4% increase from 2019 to 2020, and the second-smallest rise over the past five years.
A lack of leadership and too much focus on D.C. politics is holding back momentum around unionization, labor advocates familiar with internal workings at the AFL-CIO, the umbrella organization for 57 unions and 12.5 million workers, tell Axios.
Why it matters: With a sympathetic White House, a tight labor market and workers around the country voting to unionize, this should be Big Labor's moment. And grassroots efforts are taking off. But insiders say institutional labor is so far failing to live up to the challenge.
Why it matters: The impounding of the world's biggest superyacht by volume highlights the "wider impact" of penalties imposed by the West on super-rich Russians accused of having having close links to Russia's President Vladimir Putin, per Bloomberg.
It goes without saying that none of us will be blessed with MacKenzie Scott’s astonishing wealth. But all of us have the chance to copy her astonishing generosity.
Why it matters: Scott — who walked away from her marriage with Jeff Bezos with Amazon shares worth tens of billions — has given away a staggering $12 billion in just three years and plans to keep giving until it’s mostly gone.
