A net art NFT project called Bonkler will soon launch an experiment where bidders on a big NFT will win smaller NFTs, even if they lose the auction for the larger work.
Zoom in: Buyers are dropping an average of 14 ETH (about $24,000) each day for the latest Bonkler NFT, and that's likely to pop if every bid also gets an asset.
Toyota said Tuesday that it's planning electric vehicles that would double the range of models currently on the road.
Why it matters: When the world's largest automaker takes a step, the earth shakes in the automotive industry. The eye-popping range goal illustrates the automaker's intention to compete for EV supremacy despite its previous hesitancy to invest heavily in the space.
The media industry has announced at least 17,436 job cuts so far this year, marking the highest year-to-date level of cuts on record, according to a new report from Challenger, Gray & Christmas.
Why it matters: The level of cuts is worse than at the outset of the pandemic in 2020, when 16,750 job cuts were announced through May.
The biggest takeaway from Tuesday's Consumer Price Index report is clear: Overall inflation is cooling in large part because energy prices have plummeted — a huge relief for consumers.
But the core gauge, which excludes energy and food prices, shows inflation is still running hot.
Why it matters: Much of the optimism for a cooldown hinges on the hope that soaring shelter costs pushing up the index will decelerate or even fall alongside a slew of other goods and services.
But if it doesn't play out as analysts expect, that might keep pressure on the Federal Reserve to continue pushing up rates — even if they do "skip" an increase at this week's policy meeting.
SEC communications known as the Hinman documents dropped Tuesday, evidence crypto firm Ripple hopes is a smoking gun in a whodunnit called "What is a Security."
Why it matters: The internal SEC communications from 2018 show that senior SEC officials explicitly acknowledged that a speech from a fellow director could sow confusion in how the U.S. classifies digital assets.
Penske Media Corporation plans to launch a new media brand Wednesday under its She Media portfolio that's focused on women's health.
Why it matters: To date, PMC has mostly focused on acquiring and building brands in the media and entertainment space. Health represents a significant step to diversify its portfolio.
Limited partners in private equity funds see sunny skies ahead, according to results of a survey taken before this morning's mostly favorable U.S. inflation report.
By the numbers: 71% of LPs believe that 2024 will be a strong vintage year for both North American and European private equity, according to the biannual Coller Capital Barometer report.
Carbon software firm Climate Vault Solutions launched on Tuesday with a $9.4 million Series A round, led by Inclusive Capital Partners Foundation.
Why it matters: The launch comes as companies, organizations and governments move to monitor and manage carbon emissions to get in front of regulation and meet net-zero targets.
The big picture: Large companies with net-zero commitments have more than doubled over the past-two plus years. To monitor that, banks, insurers, private equity firms and investment managers are expected to spend $256 million on climate-tracking software by 2027.
Yes, but: The credibility of net-zero goals, and a company's ability to achieve them, is lagging.
That credibility gap has created an opportunity for startups and big tech companies to develop software and data tools to authenticate the process and help businesses reach their targets.
Microsoft, Salesforce, IBM and SAP have software for ESG planning.
Smaller startups like CarbonChain, nZero, Context Labs and Watershed are focused on developing different ways to collect and manage data around greenhouse gas emissions.
Details: Jason Grant, president and COO of Climate Vault Solutions, said the company's software uses data from government-regulated carbon markets instead of voluntary carbon markets. Voluntary carbon markets have been plagued by controversy and confusion.
“Our clients need to use something where they felt safe,” said Grant.
The startup is also planning to use the funding to double its headcount from 15 employees to 30.
Other investors in the round include King Philanthropies, Valor Siren Ventures and ThirdStream Partners.
What’s next: The company is looking to grow its services to 10 million metric tons of carbon mitigated by 2025, up from the almost 1 million metric tons of carbon they've mitigated so far.
Bed Bath & Beyond has selected Overstock.com as its "stalking horse" bidder for the intellectual property behind its namesake banner, according to a bankruptcy filing on Tuesday.
Driving the news: The position gives Overstock, an online discount retailer, the ability to get the first bid on Bed Bath's remaining assets.
Bed Bath confirmed in an email that it received a stalking horse bid from Overstock to the tune of $21.5 million.
Per the filing, this would be in cash.
Details: According to the filing, that includes all of Bed Bath's IP, goodwill, business data, internet properties, rights to mobile applications and certain contracts.
Overstock's bid offers a break-up fee equal to 2% of the purchase price, or $430,000, and expense reimbursements of up to 2%.
How it works: The stalking horse bid sets the low-end of the bidding bar for the purchase price, for which other bidders can't go under and allows the company to get more competitive pricing.
What they're saying: "We will continue to solicit bids until the expected bid deadline of Friday, June 16," Bed Bath said in an emailed statement.
"If additional bids are received, an auction is expected to take place the following week on Wednesday, June 21, to determine the winning bidder."
The company expects to hold a final sale hearing on June 27.
The consumer price index rose 4% in the 12 months through May, while the measure that strips out food and gas prices rose 5.3%, the Labor Department said Tuesday.
Why it matters: Inflation has decelerated, but remains uncomfortably high for economic policymakers — the latest sign the problem is not yet over.
Ad tech startup Madhive has raised $300 million from Goldman Sachs in a deal that values the company at nearly $1 billion, Axios has learned.
Why it matters: The investment signals momentum for an industry reeling from a market slowdown, and is one of the largest ad tech deals since January 2022, according to data from Luma Partners.
Analysts from some of Wall Street's top research shops have conflicting views on whether this market has horns.
The big picture: Expectations that the Fed will pause rate hikes, better-than-expected earnings, and growing hype about AI have all contributed to a rise of more than 20% for the S&P 500 from its October low.
Disruptions at the West Coast ports stemming from labor negotiations between dockworkers and shipping companies are raising concerns about a supply chain nightmare just ahead of the peak shipping season.
The big picture: Ongoing labor negotiations for a new contract for the International Longshore and Warehouse Union union (ILWU) hit a snag over pay at the end of May, the WSJ reported — and since then the ports have been experiencing work stoppages and slowdowns, forcing a few to close at least temporarily.
A U.S. bankruptcy judge just tossed the Chapter 11 bankruptcy filing of 3M subsidiary Aearo Technologies.
Why it matters: The decision to dismiss the case throws doubt on a novel and closely watched strategy used by profitable corporate giants facing hefty consumer legal liabilities.
