Tesla will test the waters with "a little" paid advertising as CEO Elon Musk's mind has been changed since running Twitter, an ad-driven company.
Why it matters: Musk's reversal comes as Tesla's global dominance in selling electric vehicles faces an onslaught of competition from legacy car brands and upstarts alike.
Elon Musk is calling outthe “laptop class” of workers for their privilege of being able to work from home, as a growing number of companies call staff back to the office.
Why it matters: As CEO of two highly scrutinized firms, Musk’s views undoubtedly influence other business leaders.
The Codex Sassoon — the oldest near-complete Hebrew Bible, dating to 900 CE — sold at Sotheby's in New York on Wednesday for $38.1 million, dashing hopes that it might become the most valuable text ever sold at auction.
Why it matters: Books, even when they're astonishingly rare and of maximal historical and religious significance, never sell for much more than, say, a middling Picasso.
When Vice Media filed for bankruptcy this week, it was one of seven large Chapter 11 bankruptcies in a two-day span that started on Sunday.
Why it matters: That’s a lot — and more are likely on the way. Vice’s bankruptcy documents tell the story in painstaking detail of what happens when the easy-money era comes to an end.
President Biden Wednesday said he was confident the U.S. government would avoid a debt default, expressing a dose of optimism for a deal with Republicans as the U.S. closes in on its self-imposed debt ceiling.
Why it matters: The down-to-the-wire negotiations are unsettling investors already struggling to grapple with higher interest rates and an economic slowdown. An actual default could hammer sentiment and raise the risks to the global economy.
In speeches and public comments this week, Fed officials have agreed that a pause in rate hikes might be here — but outright rate cuts are not on the horizon. Financial markets, however, continue to expect rates to come down.
Why it matters: For the Fed's efforts to slow the economy to have full effect, the markets must believe the Fed will hold rates at a high level until inflation falls back to near 2%.
If markets believe the Fed will eventually back off its interest rate hikes, that belief itself creates looser monetary conditions, cutting against the central bank's goals.
Real interest rates are now at extremely high levels, after rising 5.6 percentage points since April 2022.
Why it matters: So long as inflation expectations continue to decline, real rates will continue to rise — a stealth tightening that could help preclude further actual Fed hikes.
A group of media and investment veterans are launching a new podcast company called DWNLOAD Media that will invest in audio companies, Axios has learned.
Why it matters: The launch puts a spotlight on the podcasting sector, an area that has seen large swings in valuation and investor interest, with the new firm making the case that despite the fluctuations, content remains king.
CNN announced Wednesday that Kaitlan Collins will serve as the network's anchor of a new 9pm show.
The big picture: Collins, 31, who moderated the recent contentious town hall with former President Trump, has ascended quickly at CNN. She previously served as the network's chief White House correspondent, the youngest person to hold the role, and most recently co-hosted "CNN This Morning."
Warren Buffett's investing maxim, "be greedy when others are fearful and fearful when others are greedy," has inspired a longtime crypto denizen to dig in even as others are retreating.
Driving the news: Payments giant Ripple announced it would buy Swiss-based crypto custodian Metaco for $250 million in cash and equity deal.
On Wednesday morning, Sen. Kirsten Gillibrand (D-N.Y.) and Rep. Rosa DeLauro (D-Conn.) plan to reintroduce the Family Act, a bill that would guarantee 12 weeks of paid family leave.
Why it matters: The U.S. is one of only six countries in the world that doesn't guarantee any paid time off to new mothers.
Senators on both sides of the aisle appear to agree on at least one thing: Bank executives shouldn't get to keep millions in compensation after their bank fails.
Why it matters: It's a simple premise, but such executive compensation "clawbacks" are tough to pull off.
Six in 10 employees say they won't work for organizations that fail to speak out against racial injustice, the Edelman Trust Barometer finds in a new special report shared first with Axios.
About the same number — 62% — say companies are "doing mediocre or worse" in living up to their promises to address racism at work and in their communities, the survey says.
Why it matters: The findings suggest that most employees favor diversity and equity initiatives even as Republicans in Congress and officials such as Florida Gov. Ron DeSantis (R) want to punish companies and agencies over what they dismissively call "woke" policies.
/2023/05/16/1684255698521.gif?w=3840)
