FTX is suing the parents of Sam Bankman-Fried, alleging they "fraudulently transferred and misappropriated" millions of dollars in funds from the crypto company their son founded.
Driving the news: Joseph Bankman and Barbara Fried, whom the lawsuit says held senior advisory roles in FTX, are alleged to have "siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes" from donations and other gifts.
The more blockchain gets packaged up in Wall Street trimmings, the more folks may end up using the technology without even knowing it.
Driving the news: Goldfinch, a decentralized finance protocol, is making an effort to register with the Securities and Exchange Commission — as an investment adviser.
The United Auto Workers president is deploying strikingly Christian rhetoric as he leads the union through an unprecedented strike.
Why it matters: It's something of an American tradition for leaders to use religious rhetoric to justify their actions — but it's been jarring for some to see the leader of what has historically been considered a secular, progressive organization using religious terms, stories and scriptural references to rally his members.
Instacart had a reasonably successful first day of trading Tuesday, rising as high as $42 per share and closing at $33.70, 12% above its $30 IPO price. Many of its investors, however, would have been better off just putting their money in an S&P 500 index fund.
Why it matters: Instacart raised $660 million yesterday at a valuation of $9.9 billion. That's down sharply from its previous round, when it raised $265 million in March 2021 at $125 per share — a valuation of $39 billion.
Some cleaning products, including disinfecting wipes and bleach, are in short supply after a cybersecurity attack at the Clorox Company.
Driving the news: The Clorox Company said it is "operating at a lower rate of order processing and has recently begun to experience an elevated level of consumer product availability issues."
When an immovable force meets an unstoppable object, bad things tend to ensue. That is what is happening right now in the U.S. housing market, with homebuilders stuck in the middle.
Why it matters: The immovable force is the millions of millennials hitting their prime child-rearing years and looking for a place to live. The unstoppable object is the Federal Reserve, determined to bring inflation down using the main arrow in its quiver: interest rates.
YouTube on Tuesday said it would suspend the ability for comedian Russell Brand to sell ads against his content on the platform, following recent allegations of rape and sexual assault that Brand has denied.
Why it matters: For years, Big Tech platforms disciplined users based on their on-platform activity, but that has changed in recent years, most notably, following the Jan. 6 Capitol riot.
Entertainment firms once eager to scale are starting to slim down, shedding assets that are no longer deemed core to their business.
Why it matters: A new wave of consolidation within the media industry is expected next year, but publicly traded media firms need to convince Wall Street, and potential deal partners, that their businesses are strategically moving in the right direction if they want to make bigger moves.
Advance Local, a local news subsidiary of the media holding company Advance, has been quietly working to build a Gulf-based sports and news website called GulfLive.com.
Why it matters: The push comes just four years after Advance sold what was once the region's biggest newspaper, the Times-Picayune, and its website NOLA.com, leading to a talent bloodbath.
Pro football leagues XFL and USFL are in advanced talks to merge, three sources familiar with the situation tell Axios.
Why it matters: Combining the two may be the smartest path forward for the leagues given the challenges and the history of failure for NFL alternatives.
For most of the year, the narrative that the U.S. could pull off a soft landing — in which growth slows without tipping the economy into recession — has gained traction.
Why it matters: That optimism was a clear driver of the stock market's performance.
Negotiations between Ford and the union representing about 5,100 auto workers in Canada were extended for 24 hours after a midnight contract deadline passed — adding to the labor troubles the automaker is already facing in the U.S.
Why it matters: The potential strike comes as UAW officials in the U.S. warn a coordinated strike against General Motors, Ford and Stellantis that began on Sept. 15 may expand to more plants Friday if there's not "substantial progress toward a fair agreement." The American and Canadian auto industries are closely intertwined.
Electric aircraft maker Joby Aviation announced plans Monday to build its first scaled production plant to produce "flying taxis" in Dayton, Ohio.
Why it matters: Dayton is regarded as the home of aviation as brothers Orville and Wilbur Wright invented and flew the first powered aircraft, lived and worked in the city, opening the first airplane factory in the U.S. there in 1910 — something Joby paid homage to in its announcement.
Edelman U.S. CEO Lisa Osborne Ross is taking a leave of absence and global president and chief operating officer Matthew Harrington will take over effective immediately, according to an internal memo shared with Axios.
Why it matters: Ross is the latest in a long string of C-suite executives to leave the public relations giant.
Elon Musk said Monday he's moving to require all users to pay a monthly fee to use his social media site X, previously called Twitter.
Why it matters: The comments, which he made during a livestreamed event on X with Israeli Prime Minister Benjamin Netanyahu, come as the company struggles to regain trust with advertisers.
