Twitter's ex-CEO Parag Agrawal and two other former executives accused the social media company in a lawsuit Monday of failing to reimburse them for more than $1 million in legal expenses.
Driving the news: Agrawal, former Twitter chief legal officer Vijaya Gadde and ex-chief financial officer Ned Segal, who were fired after Elon Musk took over the platform allege the company "refused to acknowledge its obligations and to remit payment of any invoices," per the filing.
The State Department said on Mondaythat Secretary of State Tony Blinken has formally determined Wall Street Journal reporter Evan Gershkovich was "wrongfully detained" by Russia.
Why it matters: The formal determination transfers supervision of the case to the State Department's Office of the Special Presidential Envoy for Hostage Affairs, which will work with other government and non-government agencies and organizations to "develop a strategy to secure" Gershkovich's release.
Recurrent, a venture equity-backed digital media company, has sold its food website Saveur to an investment group led by Kat Craddock, the publication's longtime editor, according to an internal note sent to staff by CEO Alex Vargas.
The big picture: Recurrent hasn't been immune to some of the broader economic headwinds hitting the media industry. The company laid off dozens of staffers last year.
For months, consumers have been steadily marking down near-term inflation expectations, a sign of confidence in the Fed's war on price pressures. That changed in March.
Driving the news: For the first time since October, median inflation expectations in the year ahead rose — by a half-percentage point to 4.7%, according to the New York Fed's latest survey.
Given the pandemic distortions to our collective sense of time, 2019 can feel like either a decade ago or a month ago. Either way, the labor market is showing shades of 2019.
But understanding the resemblance — and the crucial differences between now and four years ago — is key to understanding where things go from here.
Why it matters: The high-water mark of the longest expansion in history was 2019, which featured a strikingly healthy job market and low inflation. The question now is whether the remainder of 2023 can keep the former while returning to the latter.
Last month we reported that Stifel poached three top venture bankers from Silicon Valley Bank, while the FDIC was still seeking a buyer.
Fast forward: Last week Axios spoke with two of them, Jake Moseley and Matt Trotter, about the last days of SVB, the decision to leave, and how they believe the venture debt market has been forever changed. Some excerpts from our conversation follow:
Investors are betting that the Fed will keep raising interest rates after jobs data in March showed the economy could very well be on track for a "soft landing."
Driving the news: Yields on short-term Treasury notes, heavily influenced by expectations for what the central bank will do with monetary policy, shot higher after the data was released Friday.
During COVID, China agreed to a plan to help poor countries that could no longer repay their debts. Now, pressure is building on Beijing to keep its word.
Driving the news: At this week’s big meetings of the International Monetary Fund and World Bank in Washington, analysts, investors and governments are looking for progress on stalled talks under the G20's "Common Framework" — a relatively new roadmap for creditors to work out the debt defaults of a growing group of lower-income nations.
Elon Musk’s impulsive reactions to competitive products or opinions he dislikes are having an outsized impact on the media industry, which represents some of Twitter’s most hyper-engaged users.
Why it matters: Musk has forced news companies to choose between their commercial interests and their values. Until now, business needs have won out, but the industry is beginning to reach a breaking point.
Tesla will open a "Megafactory" in the Chinese city of Shanghai, the electric vehicle maker announced Sunday.
The big picture: The factory "will initially produce 10,000 Megapack" battery units per year, equal to about 40 gigawatt hours of energy storage, to be sold globally, the Chinese state news agency Xinhua first reported on Sunday.
