Why it matters: The dip in Musk's wealth comes as Tesla’s stock has fallen by nearly 60% this year, and more than 25% since his official takeover of Twitter.
Former FTX CEO Sam Bankman-Fried continues to decline to testify in front of the U.S. Senate Banking Committee, and his lawyers are refusing to accept a subpoena, according to a new statement from Sens. Sherrod Brown and Pat Toomey.
Why it matters: Bankman-Fried has agreed to testify in front of the House Financial Services Committee on Tuesday.
FTX Group's new chief John J. Ray III eviscerated the former leadership of the now bankrupt crypto exchange, outlining their "unacceptable management practices."
Driving the news: The collapse of FTX appeared to stem from "the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals," Ray said in prepared remarks for the House Financial Services Committee hearing on Tuesday.
Y Combinator co-founder Paul Graham last week tweeted that automation is enabling founders to grow successful companies with fewer people, adding that "in the limit case you're left with just the founders."
This came in the wake of OpenAI, led by Graham protégé Sam Altman, releasing a generative AI tool that eventually could enable engineers to do more in less time.
A big question is if the venture capital market on the verge of a counterintuitive dichotomy, whereby the number of tech startups grows but the amount of required monies shrinks.
Amgen on Monday said that it's agreed to buy rare disease drugmaker Horizon Therapeutics for $27.8 billion in cash.
Why it matters: This is the year's largest pharma merger. It's also the richest acquisition ever for Amgen, which gets access to blockbuster thyroid eye disease drug Tepezza.
The wave of dissatisfaction visible in the demonstrations across China in recent weeks is also showing up in polling data.
Why it matters: Chinese confidence during the pandemic was one of the big economic forces continuing to drive the global economy forward. Now it's slumping, and it's hard to see what can replace it.
Treasury Secretary Janet Yellen expects to see a reduction in inflation in the U.S. in 2023, according to her interview with CBS' "60 Minutes" that broadcast Sunday.
What they're saying: "I believe by the end of next year, you will see much lower inflation if there's not an unanticipated shock," Yellen told CBS' Norah O'Donnell in their interview.
Bad weather along the Gulf Coast prevented fuel tankers from delivering jet fuel to Orlando International Airport, the airport said Sunday.
Why it matters: The airport'sfuel reserves are lower than normal and could continue to decrease, potentially causing delays or flight disruptions over the next few days.
By the numbers: Wages spiked fastest in essential, low-wage jobs in the service and care industries during the pandemic — peaking at 12.3% year-over-year growth at the beginning of 2022.
As the world opens back up, wage growth in these sectors is falling fastest, notes Nick Bunker, an economist at the Indeed Hiring Lab.
The bottom line: Wage growth remains strong — and well above 2019 levels — but the rapid gains workers made during the pandemic are slowing.
"As demand has faded and workers' interest has returned, the competition [among employers] has faded," says Bunker.
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