Axios

Updates to Facebook's News Feed include:

• Better conversations via an updated comment style that makes it easier to see which comments are direct replies to another person. (The update makes comments look similar to iMessage texts.)
• Improved readability via aesthetic changes, like an increased color contrast, larger link previews, updated icons that are larger and easier to tap and circular profile pictures to show who's posting or commenting.
• Easier navigation experience via more prominent buttons, and increased visibility into where a link will take you before clicking on it and whose post you're reading or commenting on.

Why it matters: Facebook hopes these aesthetic changes will help users engage more with the platform, by making it easier to comment and communicate. It could also help consumers identify the news brands producing content on Facebook, which has been a priority for news groups lobbying Facebook for better partnerships.

Tianqiao Chen, a Chinese online gaming magnate, has increased his ownership interest in for-profit hospital operator Community Health Systems, according to a Securities and Exchange Commission filing. Chen now owns more than 22% of CHS, up from 13.7% previously, and has invested $257 million.

What it means: Chen became an activist investor this past March, and his latest large investment could signal changes at the struggling hospital company. CHS' stock price was down 7% by mid-afternoon trading Tuesday following our report on the collapse of CHS.

President Trump retweeted a meme of a train crashing into a human embodiment of CNN Tuesday morning, with the words "FAKE NEWS CAN'T STOP THE TRUMP TRAIN" above it. The tweet was later deleted.

Update: A WH official later told CNN that the tweet was "inadvertently posted" by the president and was "immediately deleted" once they noticed, per CNN's Dan Merica. In other words, it was a mistake.

He also shared this:

"A federal jury [in Denver] found that a former radio show host groped singer Taylor Swift before a 2013 concert in Denver, and it awarded her a symbolic $1 in damages," per Denver Post's Kirk Mitchell:

• "Swift issued a statement thanking her attorneys and the judge 'for fighting for me and anyone who feels silenced by a sexual assault.'"
• Country deejay David Mueller sued Swift, her mother and her radio promotions manager, Frank Bell, seeking up to $3 million and claiming he was fired after Bell told the station the host had groped her.
• Key evidence, per the N.Y. Times: a photo from a 2013 backstage meet-and-greet "that showed Mr. Mueller's hand behind Ms. Swift and near her rear." He was 51; she was 23.
• Denver Post: "Swift countersued and sought the $1 in damages. She said she wants to serve as an example to other women who have been sexually assaulted."
• Swift's attorney Douglas Baldridge said after the verdicts were read, "That dollar is of immeasurable value."

Just three years ago, Community Health Systems was the largest for-profit operator of hospitals with more than 200 facilities scattered in rural and suburban areas with growing populations. Now, the company is hemorrhaging money, sitting atop a mountain of debt and teetering on the edge of bankruptcy — all major reasons why CHS has lost almost 90% of its market value.

The Uber situation has somehow devolved even further since last Friday morning, when we knew that Benchmark had sued former CEO Travis Kalanick for fraud.

Axios scooped just hours later that a group of small outside investors (led by Shervin Pishevar) asked Benchmark to both leave the board and divest enough shares so as to no longer have board appointment rights (including a claim that it had enough enough investor interest to buy Benchmark's stock at the latest valuation, which would value the bucket north of $6 billion).

Uber's board — minus Kalanick and Benchmark — later issued a "can't we all just get along" statement, while the NY Times reported yesterday that the board also is proceeding with preliminary secondary offer talks. Not only from SoftBank, but also the Pishevar group and a third bid from Dragoneer and General Atlantic (the latter of which may have the best chance of bringing the warring factions together, due to existing relationships). This is all still very fluid, but some thoughts:

"Netflix Lures Shonda Rhimes Away From ABC Studios," by Variety Co-Editor-in-Chief Andrew Wallenstein:

• "Netflix has signed Shonda Rhimes to a multi-year production deal, ending a 15-year relationship with ABC Studios that yielded hits from 'Grey's Anatomy' to 'Scandal.'"
• "Her shingle, Shondaland, will begin producing new series for Netflix while she continues to stay involved in her current broadcast series."
• Why it matters: "The Rhimes pact reflects Netflix's increasing interest in producing original series the company can own, as well as the arms race continuing to escalate between not only the streaming service and TV networks, but other subscriber VOD [video on demand] options like Amazon Prime and Hulu."

Wall Street Journal lead story, "Trump Chips Away at Postcrisis Wall Street Rules" by Ryan Tracy and Dave Michaels:

• "Efforts toward financial deregulation are beginning to take concrete shape on rules governing trading desks, bank boardrooms, corporations' financial disclosures and more. Nearly seven months into the Trump administration, regulators are setting the stage for a wave of eased rules."
• Why it matters: "The moves show that while President Donald Trump is struggling to advance his legislative agenda in Congress, his administration has begun laying the groundwork to change some of the myriad rules that Wall Street has sought for years to overturn or water down."

The New York Times Business section takes a deep dive into Sears' recent woes under the leadership of hedge fund titan Eddie Lampert. He took control of the firm in 2005, after coordinating a merger between it and Kmart, and has since presided over the loss of $26 billion in market value and the elimination of 176,000 jobs.

The failures of Sears are numerous: