Axios

We often hear the American Dream is dead. But whatever you think of immigration, every year people come here from around the world in pursuit of that dream.

Why it matters: People across borders and oceans still view the U.S. as the place to come to build a better life for their children.

It hasn't been a great year for the 0.00001%. The fortunes of Russian oligarchs have been frozen; crypto fortunes have been destroyed; and five billionaires — Bernard Arnault, Elon Musk, Mark Zuckerberg, Jeff Bezos, and Changpeng Zhao — have each lost more than $50 billion this year alone.

Why it matters: Even the most chipper tycoon might feel a pang of humility upon seeing an 11 (or 12)-figure sum evaporate from his personal balance sheet.

In what CEO Brian Chesky calls "the biggest change to Airbnb in a decade," the home rental company introduced a sitewide makeover Wednesday that makes it easier to find offbeat and niche properties.

Why it matters: As travel companies gear up for the summer rush — which will be intensified this year by pent-up post-COVID demand — Airbnb is trying to differentiate itself and give consumers fresh options.

A new report on the future of travel envisions that biometrics could eliminate airport security hassles, making the days of removing your shoes and belt before you board obsolete.

Why it matters: Flying was a far more pleasant experience before today's onerous passenger screenings became necessary. If facial recognition and other technology can handle security checks invisibly, airports can one day become enjoyable social and retail hubs.

Elon Musk has agreed to pay $44 billion for Twitter, which is much more than it's worth. His actions indicate that he doesn't want to pay that much — he still wants the company, just not at that price. So the big question in the markets is: Will he end up buying the company, and, if so, how much will he end up paying?

Why it matters: At stake is the future of one of the most consequential social networks in the world.

• And on a purely financial level, Twitter shareholders have a direct interest in how much they're going to end up getting paid. On top of that, Tesla shareholders have an indirect but similarly large financial interest in what happens.

Maple-flavored foods are trending these days — as are snacks made from cauliflower and burgers made from anything but meat, judging from a list of the Specialty Food Association's favorite new products.

Why it matters: The winning products — which include a breadfruit pancake and waffle mix, a salted caramel hot chocolate and a vegan cheese made from carrots — point to the flavors and products that will be on the menu in mainstream restaurants and in home kitchens.

There’s no better proof of Twitter’s impact on public conversation and markets than one tweet moving billions of dollars in market cap across three different companies in a matter of minutes.

Driving the news: Elon Musk’s tweet that his pending Twitter takeover deal was “temporarily on hold” sent Wall Street on a wild ride Friday. Investors were already beginning to grow skeptical of Musk’s bid, but the possibility that he could walk sent Twitter’s shares tumbling more than 20% before the market opened.

It's going to be a pricy summer for American travelers as increased demand and rising prices have driven up costs for travel and summer activities.

Driving the news: “Definitely every single category is more expensive now than it was this time last year,” Sally French, a travel rewards expert at NerdWallet, told The Washington Post.

No area of the economy has been spared from shortage issues, including the cap-and-gown industry. 

Catch up quick: Herff Jones, Balfour and Jostens are among the makers of graduation regalia that are working overtime to ship robes, caps, hoods and tassels to grads in time for ceremonies, the Wall Street Journal reports.

Companies are shedding workers as they adjust to a new post-pandemic normal.

Why it matters: The upper hand that workers have gained over the past two years may be on the verge of weakening as economic uncertainty sets in.

Catch up quick: Used car dealer Carvana this week laid off 12% of its employees due to a slowdown in business. 

• Collectively, Robinhood and Peloton are making thousands of cuts this year, as the popularity of their products has faded. 
• Thrasio, a buzzy e-commerce startup, replaced its CEO and reportedly is planning to cut up to 20% of its staff, according to Insider.

Between the lines: Businesses that grew too quickly during the pandemic are having to cut back because economic conditions have changed so much.

• Investors, similarly, have been recalibrating their own projections, causing markets to spin wildly. 

The big picture: Through April, this has been the lowest start to the year in terms of total layoffs in the country since 1993, Andrew Challenger, senior vice president at outplacement firm Challenger, Gray & Christmas, tells Axios.

Yes, but: “I am getting prepared to be busier the next few months,” Challenger says.

• “Labor’s always a kind of slow [and] lagging indicator of what’s happening in the overall economy,” he added.

Go deeper: 

• Tech's new season of shrinking
• Layoff rumblings roil startup land

Before dawn on Friday the 13th, Elon Musk may have murdered his Twitter takeover.

Driving the news: The mercurial Musk at 5:44am ET tweeted: "Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users."

For cryptocurrency, 2021 was a very exciting year. For Coinbase, the best known cryptocurrency company that's publicly traded, it was so-so. Strangely, Coinbase seemed unable to capitalize on frothiness in the very financial market it was built to serve.

Why it matters: There's an old investor adage: in a gold rush, the guy selling shovels gets rich even if there's no gold. Coinbase should be a shovel company, but somehow it hasn't been.

With the whole world talking about stablecoins, we've been keeping an eye on tether, the oldest and largest stablecoin.

• Be smart: Stablecoins are important to traders because they give them an easy way to lock in gains. If you just made a smart trade on a temporary imbalance in the market, you don't want to put those gains in bitcoin, which could drop in value suddenly and wipe out your cleverness.

FTX CEO Sam Bankman-Fried's purchase of a 7.6% stake in Robinhood has sparked a wave of speculation as to what plans "SBF" has for the stock trading company. Axios spoke with him to get a better sense of what he's up to.

Why it matters: The tussle haired billionaire filed a Schedule 13-D form with the SEC to disclose the $648.3 billion purchase. Filing a "D" means he is technically not a passive investor (that's a 13-G) and instead can take an activist position to transform the company by pushing various changes, if he chooses.

It's not a bank run — but it's still a run. What happened to Tether (USDT) on Wednesday night is very similar to what happened to the Reserve Fund in 2008 — an event that worried regulators so much they stepped in with an emergency bailout of all money-market funds.

Why it matters: If a $64 billion money-market fund posed a systemic risk in 2008, it stands to reason that an $81 billion stablecoin poses a systemic risk in 2022.

Adjustable-rate mortgages, which start out with a relatively low rate that jumps after a certain time period, comprised nearly 11% of mortgage applications last week, the highest level since 2008, according to data from the Mortgage Bankers Association.

Why it matters: This is another way the Federal Reserve’s rate hikes are changing markets and behavior.

Following the collapse of the Terra stablecoin on Wednesday, selling pressure briefly forced the world's largest stablecoin — known as Tether — to fall below $1 early Thursday. It's the latest sign of pressure on the supposedly safe coins at the heart of the crypto economy.

Why it matters: While Tether reclaimed its $1 value, the disconnect has focused minds even more sharply on what seems like the growing fragility of the crypto markets in recent days.

Elon Musk tweeted Friday morning that his $44 billion deal to buy Twitter is "temporarily on hold" as he seeks more details on the platform's new estimate that spam and fake accounts make up less than 5% of users.

Why it matters: Musk provided few details, but the tweet from his official account will ignite havoc in the tech and financial worlds. Twitter shares extended their fall in pre-market trading.

Corporate America is facing a flurry of questions about how it provides health benefits in the wake of a leaked U.S. Supreme Court draft that indicates the federal right to abortion could be overturned.

Why it matters: Businesses hoping to use reproductive health benefits as part of efforts to recruit and retain employees would have to be careful not to run afoul of laws should states be allowed to ban abortions.

The roots of the great market crack-up of 2022 — in which a dramatic fire sale is engulfing stocks, bonds, cryptocurrencies and nearly everything in between — have been evident for a while.

The big picture: Workers who watched with awe as their 401Ks soared are now facing the harsh reality that stimulus from Uncle Sam couldn't last forever, and that it came at a cost —namely, soaring inflation.

Meme stocks GameStop and AMC rallied Thursday. Shares of the companies closed up 10% and 8%, respectively, in contrast to the day's relatively flat trading sessions.

• At one point during the day, GameStop shares soared more than 30% and trading was halted for volatility multiple times, while AMC shares reached 20% gains.

This week’s crash in crypto markets has revealed just how much some on Wall Street have come to rely on the "fifth asset class."

Why it matters: “Even those that are vocally outspoken against it are in the back room … figuring out ways they can make money from it,” Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research, tells Axios.

The first time I fired someone, it was a debacle.

Why it matters: I was as subtle as a sledgehammer. My lack of finesse — and dignity in delivery — got me an F.

California will raise its minimum wage to $15.50 per hour for all workers on Jan. 1, 2023, Gov. Gavin Newsom (D) announced Thursday.

Why it matters: Inflation skyrocketed to a 40-year high this past year, leading to soaring prices and hurting low-income Americans in particular.