Axios

President Biden said Friday that Elon Musk has purchased a social media company that "spews lies" around the globe.

The big picture: Twitter laid off as many as 3,700 people Friday — about half of its staff — but said the cuts were smaller for the team in charge of preventing the spread of misinformation, per Reuters.

Sunday is the bi-annual changing of the clocks, but it could be the last time we “fall back” if legislation is approved to make daylight saving time permanent.

The big picture: The U.S. Senate unanimously approved the Sunshine Protection Act in March, a move that could make daylight saving time permanent in 2023, but the bill hasn’t been voted on by the House.

Twitter is launching a $7.99 monthly subscription that comes with a blue checkmark next to users' names, per the latest Apple app store update Saturday.

Driving the news: The company is offering the blue check marks "just like the celebrities, companies and politicians you already follow" to users who "sign up now."

You won't walk away with $1.6 billion if you win the lottery today. In fact, the estimated prize pool — the amount you'd actually win, before taxes, assuming you don't have to share the jackpot with anybody else — is less than half that amount, at $782 million.

Why it matters: Billion-dollar jackpots are good at whipping up excitement — so the lottery has always exaggerated the amount of money winners stand to get.

The fiscal stimulus unleashed on America in the wake of the pandemic had one interesting side effect: It significantly decreased the number of U.S. households without bank accounts.

Why it matters: Broadly speaking, the pandemic was good for economic inclusion. It seems to have significantly increased homeownership among Black, Asian, and Latino Americans; it also significantly decreased the number of households outside the banking system entirely.

One longstanding dream of artists is that they might somehow be able to share in the future appreciation of their art, even after it has been sold. Once again, technologists have a solution to sell them.

Why it matters: One of the great promises of NFTs was that they could incorporate resale royalties into the art itself. Recently, however, that dream has started to fall apart.

Luiz Inácio Lula da Silva, Brazil's president-elect, is resuscitating the dream of a Latin American single currency. It's an idea that plays well on the campaign trail, but it would be a disaster in practice.

Why it matters: The tensions between economics and politics tend to run high in Latin America, which has a long history of disastrous monetary policy.

Artists often use cutting-edge technology to create their work, but technology tends to change the art world only slowly and infrequently. Right now could be one of those times.

Why it matters: AI technology has created a serious debate in the art world around issues of authorship and ownership — a debate that feels much more consequential than, say, arguments over monkey copyright.

Technology jobs and the rebound in tourism are fueling a reshuffling of America's population centers, according to an October report by a nonpartisan think tank affiliated with the University of North Carolina at Chapel Hill.

Driving the news: The American Growth Project by the Kenan Institute of Private Enterprise, a business policy think tank, found that the top 10 fastest-growing cities in the U.S. are moving the "center of gravity" for economic activity away from the East Coast, Kenan executive director Gregory Brown tells Axios.

Wall Street is lulling itself into (yet another) bear market rally.

Why it matters: On Friday, October jobs data that defied economists expectations sent major benchmarks on a tear. Yet the market’s action belies an outlook that’s still tilting toward recession, and a Federal Reserve that’s as committed as ever to stamping out inflation with higher rates.

In his first week at Twitter's helm, Elon Musk has tossed out thousands of employees and scared away more advertisers.

Why it matters: Far from freeing the bird, it looks as though Musk has clipped its wings.

Details: The "TwitterLayoffs" hashtag trended on Friday in the United States. Attorneys, content moderation experts, and laid-off and current Twitter employees talked about the massive cuts Musk is making, while legal challenges over the firings are already underway.

• About half of the company’s 7,500-person workforce are expected to lose their jobs, with one source familiar with the matter telling Axios the number could be higher for the comms department. (Musk famously dissolved Tesla's PR unit a few years ago.)
• Alongside Musk's culling, more advertisers including General Mills and Pfizer said they would temporarily pause their spend as advocacy groups called on businesses to rethink their relationship with Twitter.
• The NAACP, the Anti-Defamation League and dozens of other civil rights groups said they plan to escalate pressure on advertisers to boycott Twitter in the wake of the company's swift and sweeping layoffs and rise in hate speech.
• Musk on Friday afternoon in New York seemed unfazed — despite acknowledging a "massive drop in revenue" — when he appeared at the Baron Investment Conference. He argued Twitter could become the most valuable company in the world one day and asked everyone in the crowd to "please" use Twitter.

The big picture: Twitter employees who have lost their jobs are facing a tough environment to find new work as the tech sector contracts.

• Lyft, Stripe, Chime and Oracle have joined the growing list of Silicon Valley firms conducting layoffs and pausing hiring.

What to watch: Musk reportedly brought in more than 50 of his most trusted Tesla software engineers this week to help him redesign Twitter.

Go deeper:

• Facebook Oversight Board has advice for Elon Musk
• Twitter suffers "massive drop in revenue," Elon Musk says
• Tech workers brace for massive wintertime layoff surge

The Powerball jackpot for Saturday's drawing has now grown to a record $1.6 billion, the nation and world's largest lottery prize ever.

Driving the news: Saturday's jackpot exceeds the record $1.586 billion jackpot won by three Powerball players in 2016 and is up from the original $1.5 billion estimate on Thursday.

It shook the whole crypto industry when its leading publicly traded firm in the U.S. announced massive layoffs in June, but the headcount changes are lost in the numbers Coinbase released with Q3 results.

Why it matters Headcount is about 26% higher now than the start of the year, in spite of CEO Brian Armstrong's pledge to slim down after the company's growth ambitions pushed the firm out over its skis.

Elon Musk said Friday that Twitter has experienced "a massive drop in revenue" due to advertisers leaving the platform.

The big picture: Before Musk's acquisition of Twitter, marketers expressed concerns about how Musk would handle content moderation on the platform because he has said he will embrace a free speech-first approach.

Twitter was sued on Thursday over Elon Musk's plan to cut as many as 3,700 jobs at the company.

Driving the news: The class-action lawsuit, filed by five current or former employees, alleges that Twitter violated federal and state laws that require at least 60-day notice of a mass layoff.

Taylor Swift this week announced a new U.S. stadium tour that will kick off in 2023 and feature 35 shows — and you may have some trouble (trouble, trouble) getting a ticket.

Driving the news: Swift's tour announcement comes shortly after the massive debut of her new album, "Midnights" and on the week she made Billboard Hot 100 history by having a song in each of the chart's top 10 spots.

The labor market remained solid in October: the U.S. economy added 261,000 jobs, while the unemployment rate rose to 3.7% from 3.5%, the government said on Friday.

Why it matters: The last major economic report before the midterm elections shows that while jobs growth has slowed, employers continue to add workers at a robust pace as the labor market defies fears of a recession.

Layoff and hiring freezes are cascading across America, after a record boom lulled many employers and employees into a false sense of security.

Why it matters: In statement after statement, companies warn they're preparing for dire times.

The halcyon day when all our smart home devices talk to one another — and reduce our energy bills — took a giant step forward Thursday with the introduction of Matter, a widely-backed connectivity standard.

Why it matters: Many consumers are leery of buying Internet-of-Things (IoT) devices such as smart light bulbs, blinds and door locks, fearing they're hard to set up or won't work with one another.

Conversions of office buildings into apartment units are picking up — they hit a high last year and are poised to grow even more, according to a new report from RentCafe.

Why it matters: America had a housing shortage even before the pandemic drove demand for larger living spaces. Conversions are one way to attack the problem, especially if office building occupancy remains depressed.

Oprah Winfrey has thrown her support behind Democrat John Fetterman, who's running against Republican Mehmet Oz in Pennsylvania's U.S. Senate race, per multiple reports.

Why it matters: Winfrey's support comes days out from the crucial election that may tip the balance of power in Congress. Fetterman's Trump-endorsed rival made many appearances on Winfrey's long-running daytime talk show as Dr. Oz.

Twitter told employees Thursday night in a company-wide email to expect to receive messages on Friday morning, telling each of them whether they still had a job, per the Washington Post and other outlets.

Of note: The email marked the first official communication from company leadership since Elon Musk took ownership of Twitter a week ago.

This article originally appeared in Axios Finish Line, our nightly newsletter on life, leadership and wellness. Sign up here.

The piece of advice I offer any college grad hitting the job market:

• Persistently pursue work so personally satisfying that you would do it for free.

Why it matters: We spend more than half our adult life at work, getting to work, thinking about work or whining about work.

NBCUniversal’s CNBC announced Thursday that it has canceled "The News with Shepard Smith" in a move to refocus priorities on business and market coverage.

Why it matters: The show had served as CNBC's general news program for the past two years, aiming to deliver straight, nonpartisan news and bolster primetime TV ratings. It went on the chopping block as part of a larger "strategic realignment, according to CNBC President KC Sullivan.