Axios

Elon Musk's continued experimentation with Twitter's basic functions introduced new chaos on Saturday when "temporary limits" prevented some users reading from tweets.

Catch up fast: Screenshots shared online show notifications telling users that they had exceeded a "rate limit" and to "wait a few moments" before trying to access more posts.

In a fancy Toronto hotel on Wednesday, Canadian investor John Ruffolo introduced me to Martin Basiri, a young immigrant and entrepreneur who just raised $40 million in seed funding for his second startup. In 2021, his first one became one of the country’s 21 "unicorns."

Why it matters: Canada may have famous tech companies like Blackberry and Shopify, but its startup and venture capital industry remains relatively small, fragmented and timid.

Plant-based faux salmon could be ready for fine dining soon.

The intrigue: New School Foods, a Toronto-based startup developing plant-based protein alternatives, invited a few journalists to a fancy dinner on Wednesday featuring its fish alternative.

Creating central bank reserves doesn't cause inflation. Central bank losses don't matter. And in general, central banks are the exception to most monetary rules.

Why it matters: Central banks are weird and unique animals, with extraordinary — if ill-understood — powers. Those powers are often stymied, however, by people who don't fully comprehend the sui generis nature of central banks.

It's long been a dream of investigative reporters — that the beneficial owners of faceless LLCs could just be looked up with a simple web search. Now, that dream is one step closer to reality, with the passage in the New York State Assembly of the LLC Transparency Act.

Why it matters: The stated aim of the act is to "strike a blow against slumlords, human traffickers, fentanyl importers, tax cheats, terrorists, political corruption, kleptocrats and Russian oligarchs."

To apply for a U.S. green card, you have to fill out an I-485 form, which is 20 pages long — not including the 44 pages of instructions on how to fill it out.

Why it matters: Part of the form looks as though it is specifically designed to trip people up and cause them to lie on their application, opening them up to prosecution — and possible deportation — long after they receive their permanent residence.

Sales of consumer fireworks are set to grow by $100 million this year, a 4% increase from last year, according to the American Pyrotechnics Association.

The intrigue: Sales of fireworks used for professional shows fell 75% in 2020, the start of the pandemic, as lockdowns eliminated most public gatherings, APA data shows.

Americans plan to spend an average of $93.34 per person on food items for Fourth of July cookouts, barbecues and picnics this year, according to an annual survey from the National Retail Federation.

By the numbers: That's up from last year's high of $84.12, as a larger number of people are now planning to host or attend celebrations this year, the trade group says.

The July 4 weekend box office record set last year by a group of walking and talking Twinkies will likely be safe next week.

Driving the news: "Indiana Jones and the Dial of Destiny" is only expected to bring in about $100 million at the top end of expectations, while "Ruby Gillman, Teenage Kraken" may come in under $13 million, according to Box Office Pro.

Apple closed the trading day Friday with a $3 trillion market cap — becoming the first company to reach the milestone.

Flashback: The iPhone maker became the first company to reach a $3 trillion market cap in intraday trading in January last year, but it failed to close at that level.

Fox News agreed to pay $12 million to settle two lawsuits from former producer Abby Grossberg, who accused the network of fostering a hostile work environment.

The big picture: The settlement comes two months after Fox paid a record-setting defamation settlement of $787.5 million to Dominion Voting Systems and fired its star host Tucker Carlson.

About 80% of people with outstanding federal student loan debt are under 50 years old — and are officially expected to be on the hook for payments following the Supreme Court decision to kill President Biden's forgiveness plan.

Why it matters: Experts have warned of a messy return to debt repayment for borrowers who collectively owe more than $1 trillion in student loans as the significant pandemic-era break comes to a close.

New data on Federal Reserve master account applications could show just how wary the Fed is of letting crypto into its club.

Why it matters: A Fed master account is the holy grail for crypto-touching firms to permit seamless transaction. But those firms argue there's no clear heuristic on who can get one, and who can't.

Uber considers itself a messenger to help popularize electric vehicles (EVs), CEO Dara Khosrowshahi said Thursday at the Aspen Ideas Festival in Colorado.

• 40% of U.S. Uber users who ride in an EV say it's their first time in one — and some may go on to lease or purchase one.

There is no doubt there's progress underway in bringing down inflation. There is also no doubt that progress has been exceptionally slow, something confirmed by the latest price read.

Driving the news: May's overall Personal Consumption Expenditures Price Index plunged, the Commerce Department said Friday morning, posting the lowest 12-month change in two years.

• But the core measure, excluding food and energy and favored by the Federal Reserve for clues about underlying inflation pressures, is coming down at a glacial pace.

There are signs June was a turning point in Americans' largely gloomy views of the economic situation. New data out Friday morning supports the case and helps fill in the details about why.

Driving the news: The final University of Michigan consumer sentiment survey for June showed a 9% surge in overall sentiment and an even stronger surge in expectations for the future.

Some heat came off the U.S. economy in May, government data released on Friday showed: Consumer spending slowed, while a key inflation measure cooled.

By the numbers: The personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation, increased 3.8% from the same month a year ago — the lowest annual change in two years, and down from 4.3% registered the prior month.

Activity in the high-yield bond market got crushed last year when the Fed started hiking rates — but it's now starting to recover.

Why it matters: That segment of the corporate debt market is where companies with the lowest credit ratings borrow money — so it's one of the places where signs of a credit crunch show up first.

With the first half almost in the books, stocks are up nearly 15%.

Why it matters: The rally — which some argue is the early stage of a new bull market — reflects relief that inflation has eased without a recession, as well as a dash of AI hype for a bit of speculative spice.

A tech sector job used to be a dream ticket, but now it may be a fast-track to stress and substance abuse, according to a survey of 500 tech leaders.

Why it matters: High salaries, stock options and office perks at tech companies are starting to take a back seat to job loss fears, long hours and other stresses.

The owner of Arizona's last lesbian bar, one of less than 30 left in the U.S., manages to keep her doors open every holiday despite fending off threats to the business over the years.

• "Still in this day and age it's happening … we do have to worry about a lot of hate crimes," Audrey Corley of Boycott Bar tells Axios Phoenix. "We are a safe haven for people who are not accepted in their homes or their families."

All three major U.S. stock indices have increased during President Biden's time in office, but the gains are smaller than those of his last two predecessors.

Why it matters: Biden this week signaled plans to run for reelection on his economic record, embracing the term "Bidenomics."

One of the hardest things to do in leadership, and life, is to filter out BS — and filter in meaningful data and feedback — to make tough calls in chaotic moments.

💬 Chris Collins, a Finish Line reader who is co-CEO of the Kelso & Company private equity firm in Manhattan, asks: "Do you think you are truly self-aware and get real feedback despite your position of power?"