One of the world's most popular musicians faked a Vogue magazine cover as part of a joke to promote a new album. Condé Nast — Vogue's owner — didn't find it funny.
Driving the news: The publisher is suing rapper Drake and the album's co-artist 21 Savage for trademark infringement and counterfeiting over the faux issues that were distributed and displayed in various cities.
Disney's stock was down more than 6% in after-hours trading after the entertainment giant said it missed Wall Street expectations on revenue and earnings for its fourth fiscal quarter, but surpassed expectations on streaming subscriber additions.
Why it matters: Investors are looking for signs that Disney's streaming division is still on a steady path to profitability. But the economy looks to be taking a toll on some of Disney's financials.
Salesforce laid off several hundred workers from its sales team on Monday, Axios has confirmed.
The big picture: Nearly all tech companies are reassessing their workforces in a slowing economy, with most imposing hiring freezes. Twitter laid off about half its workforce last week and Meta is expected to lay off thousands of employees as soon as tomorrow.
A ticket sold in California is the sole winner of the $2.04 billion Powerball jackpot — the world's largest-ever lottery prize, according to the lottery officials.
Driving the news: The announcement of a winner comes after Monday's Powerball drawing was delayed nearly 10 hours to "complete the required security protocols."
Binance has signed a letter of intent to acquire FTX.com, the exchange associated with Sam Bankman-Fried, according to tweets from CEOs of both companies.
Why it matters: Binance is the largest exchange by volume in the world. FTX is the fourth largest. It's acquiring a fast-growing rival amidst a wider downturn in the crypto market.
Kohl's CEO Michelle Gass is stepping down from her role effective Dec. 2 to become president of Levi Strauss, the companies said in separate announcements Tuesday.
She will be replaced at Kohl's by board member Thomas Kingsbury on an interim basis until a new successor is chosen.
Experts are sounding the alarm that a possible recession could threaten the embattled newspaper industry, whose two highest cost centers — labor and paper distribution — soared in the wake of the pandemic.
Why it matters: A recession would create "almost a perfect storm for local news," says Tim Franklin, senior associate dean at Northwestern University's Medill School of Journalism.
Around a dozen staffers are left at The Recount, a video news startup that launched in 2018, after the company's latest round of cuts last month, four former staffers told Axios.
Driving the news: The outlet, created by veteran journalists John Battelle and John Heilemann, is trying to sell itself for a nominal sum, two sources familiar with the efforts told Axios. It lost $10 million in 2021 on $1 million in revenue, according to two other sources with recent knowledge of the company's finances.
As Silicon Valley and the broader tech industry face a season of layoffs, workers are unprepared for the ordeal and management has little experience with the wrenching process.
Driving the news: Meta is expected to announce large-scale job cuts as soon as Wednesday, the first ever in its history. That comes on the heels of major layoffs at Twitter and many other flagship tech firms.
Downloads of Twitter's app have grown steadily in the first week since Elon Musk became the company's owner, but other apps — particularly Mastodon, a distributed open-source service — are starting to gain traction, too, as users begin to experiment with alternatives.
Why it matters: That competitive pressure is clearly irking Musk, who tweeted, and then deleted, a series of lewd tweets about Mastodon on Monday.
In a new note from Goldman Sachs, chief economist Jan Hatzius puts the likelihood of a recession in the U.S. over the next 12 months at 35% — far below some of the more dire predictions circulating.
Why it matters: While surging inflation makes the economy feel terrible and a recession seems inevitable, there are signs that a "soft landing" is still possible. It's a "narrow path," Hatzius writes.
The potentially combustible cocktail of American politics and markets will get a fresh shake from voters Tuesday. Few on Wall Street expect much fizz, however.
State of play: Republicans look set to take control of the House of Representatives — and potentially the Senate.
Election Day 2022 is not the free food fest and deal day that you may remember.
The big picture: Businesses usually reserve the freebies and specials for presidential elections to help entice people to vote but don't mark the midterms the same way.
Hydroponic lettuce grown indoors, long regarded as niche, is edging into the mainstream as climate change hits outdoor growers and the salad-lovers who depend on them.
Greenhouses enable "proximity growing" — a hot industry term — where lettuces are shipped shorter distances to markets, saving on freight costs and emissions.
