Elon Musk defended his multi-billion dollar Tesla pay package in a Delaware courtroom Wednesday — dismissing claims that he had a role in putting together the largest ever corporate compensation deal.
Main takeaways: His testimony was consistent with what he’s talked about in the past — including his views about the SEC, being a CEO and, more recently, finding a new leader for Twitter.
In a remarkable interview conducted over Twitter DMs, disgraced former crypto CEO Sam Bankman-Fried distanced himself from the very positions he was best known for, including his support for regulation and effective altruism.
Why it matters: The interview, conducted by Vox's Kelsey Piper, is just the latest stunner in Bankman-Fried's fast fall from grace.
Uncomfortably high inflation remains President Joe Biden’s “top domestic priority,” White House Council Member of Economic Advisors Jared Bernstein tells Axios on Wednesday, especially because consumer demand remains strong.
Why it matters: Recent data suggests that price pressures in the U.S. economy – which the Federal Reserve has been trying to defeat with higher interest rates – may finally be moderating. Bernstein tells Axios’ Courtenay Brown that, while the Biden administration was reluctant to call a peak, inflation appears to be heading in the right direction.
Elon Musk on Wednesday told a Delaware judge that he plans to "reduce my time at Twitter and find somebody else to run Twitter over time."
Driving the news: Musk's recent focus on Twitter, which he took ownership of three weeks ago have sparked frustration amongst Tesla investors. One of them is suing Musk over the size of his Tesla compensation package, and the Delaware hearing was part of that lawsuit.
The U.S. House took a groundbreaking, bipartisan step Wednesday to limit the use of non-disclosure and non-disparagement agreements to silence survivors of workplace sexual misconduct.
The latest: The Speak Out Act now heads to President Biden's desk after passing the House 315 -109; it had passed the Senate unanimously in September.
Toyota is debuting updated versions of the Toyota Prius hybrid car at the L.A. Auto Show amid growing speculation that the automaker — long vaunted for its sustainable vehicles — is falling behind on EVs.
Why it matters: Toyota is the world's largest automaker and one of the most efficient companies on the planet. When it takes a step, the ground rumbles.
Top esports team TSM found itself in the midst of two of tech's biggest storms as it suspended its $210 million naming rights deal with failed crypto exchange FTX.
Driving the news: TSM announced the deal's suspension today, but initially said it was unable to remove one of the core things FTX paid for, the exchange's name in the team's Twitter handle.
Grayscale Bitcoin Trust, or GBTC, traded Thursday at a record 42% discount to the underlying value of the bitcoin it holds.
Why it matters: Many saving and investing platforms have been offering Grayscale crypto funds to customers who request exposure to digital assets. As the biggest U.S. investment fund to offer exposure to bitcoin, it would seem like a natural choice.
Actor Kevin Spacey has been charged with seven more sexual offenses in the United Kingdom, police announced Wednesday.
The big picture: Spacey, a two-time Academy Award winner, has faced a number of sexual assault charges in recent years, leading to multiple court appearances.
Ticketmaster will host another round of presales Wednesday for Taylor Swift's upcoming Eras Tour after Swifties drove historic demand that caused significant technical problems Tuesday.
The big picture: A multi-step process limited how many people could buy tickets to Swift's first tour in five years on Tuesday, which led to ticket scams and outages. Presales will resume Wednesday afternoon.
Genesis Global Trading's crypto lending unit is the latest to suspend services amidst the fresh market rout kicked off by the public implosion of FTX.com.
Elon Musk has given an ultimatum to Twitter employees to either embrace the new "extremely hardcore" work environment or leave the company.
Why it matters: The memo comes as Musk has clashed with Twitter employees both behind-the-scenes and on social media. It is another controversial move in the dramatic saga that's unfolded since Musk announced his takeover bid.
Another week, another round of weaker-than-expected inflation data.
The big picture: Finally, official data is showing a clearer inflation peak in the rearview. Judging from the market response, investors want to believe it's not just another head-fake.
A bill limiting the use of nondisclosure agreements to silence victims of workplace sexual harassment and assault appears poised to become law in the U.S. The Speak Out Act already passed the Senate unanimously in September and is likely headed for a House vote Wednesday.
Why it matters: If it passes, it's a win for victims of mistreatment — and not only for those who want to speak publicly but for their colleagues who might be unaware that others are facing harassment or assault.
Incompetence — or the perception of it — has its benefits as a legal defense, especially if you might face charges of fraud, experts tell Axios.
Why it matters: The notion casts an interesting light on Sam Bankman-Fried's recent chat with the New York Times, in which he repeatedly describes FTX's sudden collapse into bankruptcy as an outgrowth of his own distraction, over-extension and performance as a CEO.
The number of people who couldn't get to work last month because of child care issues shot up to the highest since the government has tracked the data, reports Abha Bhattarai in the Washington Post.
Why it matters: The data underscores how important child care is to a functioning economy, especially at a time — like this "tripledemic" fall — when more people are getting sick.
Thieves are stealing paper checks from mailboxes, "washing" them with nail polish remover, and filling in new amounts and payees — causing endless grief for victims and their banks, which typically foot the bill.
Driving the news: The black market for "glass" — pilfered checks sold online, with a guarantee they'll clear at the bank — is growing more widespread and sophisticated.
Starbucks is serving up its popular Red Cup Day with a free reusable cup giveaway Thursday.
The big picture:The coffee giant is tapping into the lure of a freebie — a limited-edition collectible cup with a holiday or fall drink order — to capitalize on holiday cheer and help the environment.
Why it matters: Nearly every ingredient in the classic Thanksgiving feast is more expensive between inflation, supply chain interruptions and the avian flu, according to the American Farm Bureau's annual Thanksgiving dinner survey.
