Forbes agreed to sell itself in a deal that makes it look like the iconic magazine brand is staying in American hands. But two sources familiar with the deal tell Axios the takeover may actually be substantially paid for by foreign investors.
Why it matters: The deal structure has the effect of obfuscating how much money foreign groups may put in, which could help alleviate any regulatory concerns.
Lim Chow Kiat, the CEO of Singapore's sovereign wealth fund GIC, downplayed Sequoia Capital’s investment in now-bankrupt crypto exchange FTX, insisting in an interview with Axios that “it’s the total portfolio” that matters.
Why it matters: Sequoia Capital, in which GIC is a limited partner, found itself with egg on its face when allegations of fraud and misappropriation of customer funds first emerged amid FTX’s collapse.
One of the most notable characteristics of the pandemic was that the truth became elusive and unknown — which meant that all of us were wrong even more frequently than usual.
Confession: My own biggest error was believing that economic growth wouldn't get back on track unless and until the virus was under control.
For the first time in decades, the forces shaping the world economy look inflationary.
Why it matters: We're seeing a reversal of the economic trends that, pre-pandemic, helped put downward pressure on consumer prices. That might make it more difficult (and possibly more economically painful) to get inflation back down to policymakers’ desired level, and keep it there.
The amount we spend on gifts for mom is reaching record highs.
The big picture: Consumers plan a total of $35.7 billion on Mother’s Day this year, nearly $4 billion more than last year, per the National Retail Federation’s annual holiday survey.
Austin Russell, the CEO of electric vehicle technology company Luminar Technologies, has entered an agreement to acquire an 82% stake in Forbes.
Why it matters: Forbes' majority owner, a Hong Kong-based investment firm called Integrated Whale Media, has been trying to sell the company for years.
Elon Musk vaulted Linda Yaccarino into one of the most visible leadership positions in the world Friday when he named her Twitter's new CEO.
Why it matters: While the appointment of the former NBCUniversal ad chief reflects continued progress in gender representation at the corporate top, experts also see the move as thrusting another woman onto a "glass cliff."
The NFL's Washington Commanders have entered into an agreement to be bought by a group led by Philadelphia 76ers co-owner Josh Harris, both parties announced Friday.
Why it matters: The move brings an official sale one step closer after months of bidding — a sale that would conclude the tumultuous decades-long run of owner Dan Snyder.
The White House on Friday said it would tap current Federal Reserve official Philip Jefferson to be second-in-command at the central bank, and nominated economist Adriana Kugler to fill the open governor position on the Fed board — filling two crucial policymaking roles.
Why it matters: The new appointments come as the economy faces a tricky backdrop: persistently high inflation and banking system jitters. The Fed faces a big decision in the coming weeks about when to stop raising interest rates, which have increased at a rapid clip over the past year.
Driving the news: Yaccarino will "focus primarily on business operations" in the role as CEO, Musk wrote, adding that he would be in charge of product design and new technology.
The organization that builds tools for managing decentralized autonomous organizations has fallen into discord on Discord over the management of its own decentralized autonomous organization (DAO). TL;dr: "Autonomous" is winning out over "decentralized" right now.
Why it matters: Blockchain projects propose bold new experiments in coordinating how humans interact with each other, but those experiments also illuminate the fact that humans are pretty complicated.
THG, a British online retailer of beauty and nutrition products, rejected a nonbinding takeover offer from private equity firm Apollo Global Management, adding that there is "no longer any merit in continuing to engage," sending its stock plunging.
Why it matters: THG, formerly known as The Hut Group, is becoming a poster child for not accepting the new valuation environment.
Bank stocks keep wobbling — and short sellers are catching a collective stink eye from politicians, regulators and executives.
Why it matters: Curtailing the maneuvers of short sellers, who try to make money on falling stock prices, could undermine the ability of financial markets to value companies.
Taylor Swift's 52-night, 20-city tour through the U.S. is breaking attendance records — and poised to be one of the highest-grossing tours of all time.
But the Eras Tour's influence and impact extends beyond just ticket and merch sales.
Linda Yaccarino, NBCUniversal's veteran advertising sales leader, is in talks to become Twitter's CEO, a source familiar with the conversations tells Axios.
Why it matters: Yaccarino is considered one of the most formidable advertising sales leaders in the industry, and she would bring a level of professionalism and experience to Twitter's ad sales efforts that the company has lost since Musk took ownership.
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