Three years ago, Bitcoin evangelist Jimmy Song publicly bet Ethereum investor Joseph Lubin that decentralized applications (dapps) running on the Ethereum blockchain would not get much traction.
Why it matters: There's a big question in blockchain culture: Whether Bitcoin is the only crypto creation that ever mattered or whether the decentralized future will feature lots of blockchains that are useful in different ways. New data points toward the latter.
Shares for Meta, Facebook's parent company, jumped more than 12% in after-hours trading on Wednesday after beating Wall Street expectations on earnings, despite macroeconomic factors that have dogged the ad market.
Yes, but: The company missed revenue expectations, bringing in $27.9 billion compared to the $28.2 billion that was expected. CEO Mark Zuckerberg also told investors that the company will need to be more disciplined about investments moving forward, given slowed revenue growth compared to the pandemic.
Outdoing yourself is going to be hard this year — especially if you’re a company whose business benefited from pandemic-induced conditions.
Driving the news: Google parent company Alphabet reported an 8% drop in quarterly profit as two crown jewels in its business showed signs of slowing growth from last year.
When the government releases new GDP data Thursday morning, it is likely to show weak economic growth — but for quirky reasons that don't matter much in terms of the outlook for the months ahead.
Why it matters: Economic growth is slowing as the initial post-pandemic bounceback fades. But the underlying growth trend in the first three months of the year is likely to be stronger than the headlines suggest.
Boeing's CEO said Wednesday the manufacturer should have not agreed to former President Trump's proposed deal to build two new Air Force One aircrafts.
Driving the news: “Air Force One — I'm just going to call a very unique moment, a very unique negotiation, a very unique set of risks that Boeing probably shouldn't have taken,” CEO Dave Calhoun said during a quarterly earnings call.
Bill Hwang, the founder of the family office whose messy collapse cost banks billions last year, was arrested and hit with federal criminal charges Wednesday.
Why it matters: It could be one of the most high-profile white-collar prosecutions in recent memory.
Thoma Bravo is leading a $60 million investment in Vivian Health, joining IAC (NASDAQ: IAC) as an investor in the health care-exclusive online jobs marketplace, the parties tell Axios exclusively.
Why it matters: As America's population ages, the health care industry is facing a major labor crisis. Vivian helps employers fill their jobs more efficiently, and provides health care professionals with improved access to attractive job opportunities.
A federal judge on Wednesday denied Elon Musk's request to scrap a 2018 settlement with the Securities and Exchange Commission that required some of his tweets to be preapproved.
Why it matters: The decision means Musk could remain barred from freely tweeting about Tesla despite reaching an agreement to buy Twitter for $44 billion.
Mattel, the toymaker behind Barbie and Hot Wheels, has spoken with private equity firms L Catterton and Apollo Global Management about a possible sale, per the Wall Street Journal.
Why it matters: This could be part of a major reshuffling of the U.S. toy market, with rival Hasbro battling activist investor Alta Fox over its own future.
The Federal Reserve may be on a mission to cool the economy, but Americans are still feeling pretty good about their job prospects.
The big picture: The share of adults making less than $50,000 per year who are worried about losing income over the next month hit its lowest point (12.4%) since May 2020, when Morning Consult first began surveying Americans on the topic, according to the latest data out Wednesday morning.
Homebuyers in Tampa need to earn 48% more now than they did a year ago in order to afford the median-priced home, according to a Redfin analysis released Wednesday morning.
Why it matters: This is an obvious hit to affordability for buyers. While wages are up in the U.S. since last year — around 6% higher — they're certainly not rising this fast.
DJI, the world's largest commercial drone manufacturer, said Wednesday it will temporarily halt business in Ukraine and Russia over concern that its drones are being used for military purposes.
Why it matters: It's a rare instance of a Chinese company ceasing business in Russia over the invasion of Ukraine.
Ev Williams, a co-founder of Twitter and its former CEO, said on Tuesday night that he's "excited to see what happens" with Elon Musk at the helm.
Yes, but: He also cautioned that he has "respect for the people who have been shepherding" the company, "especially on the trust and safety side."
Why it matters: These comments, made during a Fortune Magazine dinner in San Francisco, are Williams' first since Musk first offered to buy Twitter two weeks ago.
