Axios

Former President Trump has dropped off the The Forbes 400 rich list of America's wealthiest people, the magazine announced Tuesday.

Driving the news: "With an estimated $2.6 billion fortune, he is $300 million shy of the cutoff" for the "annual measurement that Trump has obsessed over for decades, relentlessly lying to reporters to try to vault himself higher on the list," Forbes said.

Elon Musk on Tuesday told users of X, formerly Twitter, that the "best thing to do" in order to get engagement on X is to post long-form content, as "links don't get as much attention."

Why it matters: Big brands and news companies have long relied on posting links to social media sites in order to build traffic to their own websites, where they can monetize user attention themselves.

Average new-vehicle monthly payments hit a record high in the third quarter as consumers grapple with rising interest rates.

Why it matters: Higher rates mean a higher cost of transportation, which is essential to the lifeblood of the economy.

The International Monetary Fund has a working paper out on a "Crypto Risk Assessment Matrix," aimed at helping countries strengthen their policy frameworks.

Why it matters: The paper notes that the use of cryptocurrency is growing around the world, but unevenly so, with increasing links to the real economy.

Private equity has long claimed that it doesn't pose systemic risk to the U.S. or global economies. And so far that's been true.

But, but, but: Credit ratings agency Moody's thinks that positive paradigm might be shifting, per a new report on private credit.

The trial of former FTX chief Sam Bankman-Fried kicked off Tuesday morning with jury selection at federal court in New York.

Driving the news: During the morning session, the U.S. government said there were no discussions of a plea deal and that no such offers had been given.

Private equity giant Carlyle Group is moving away from U.S. buyouts in the consumer, media and retail sectors, as first reported by Bloomberg and confirmed by Axios.

Why it matters: This is partially about past performance, but more about Carlyle's determination that these areas have too many investment headwinds. If Carlyle was simply dissatisfied with its CMR team, but wanted to keep pursuing the sector, it would have found a new CMR team.

Latinas with bachelor's or professional degrees have to contend with a wider pay gap between them and their non-Hispanic white male peers than do other working Hispanic women, per a National Women's Law Center analysis.

The big picture: Although educational attainment is seen a means to economic stability, college-educated Latinas are still paid less than their white male peers and in some cases less than white men with less education.

We've noted several times recently that a remarkable rise in longer-term bond yields over the last few months is likely to put a damper on growth, pummel the housing market and strain America's fiscal situation. It hasn't let up so far in October.

Driving the news: The rates surge has continued this week, with the 10-year Treasury yield up to 4.78% at noon ET on Tuesday, up from 4.57% on Friday.

For all the signs of a cooling economy, employers sure had an awful lot of open jobs as summer came to an end, according to a shocker of a labor market report out Tuesday. But it's probably sending a misleading signal.

Driving the news: Employers reported having 9.6 million job openings at the end of August, according to the Job Openings and Labor Turnover report, up 690,000 from July, driven by a particularly large surge in professional and business services openings.

Ford and General Motors laid off 500 more people after the United Auto Workers widened its historic strike last week, the automakers confirmed to Axios Tuesday.

Why it matters: Roughly 3,000 workers have been impacted by layoffs since the UAW strike against the Detroit Three began last month.

If all you want for Christmas is Mariah Carey tickets, you might be in luck.

What's happening: The Songbird Supreme announced her Merry Christmas One and All tour on Monday with dates in 13 cities.

Campbell Brown, the veteran TV anchor who led Meta's foray into news, is leaving the company, according to an internal note obtained by Axios.

Why it matters: Her departure marks the end of an era for Meta, and the tech sector writ large, as it looks to mostly back away from elevating news content and instead focus on entertainment and viral trends.

Dozens of newspaper, digital and magazine news executives descended on Capitol Hill last week to lobby members of Congress on copyright protections for their work in the era of artificial intelligence.

Why it matters: Newspaper leaders can be hesitant to lobby directly, given that many of their outlets give political endorsements. But the threat of AI, combined with competition concerns around Big Tech, is pushing executives to band together and speak out.

For the fourth time this year, a lottery jackpot has entered billion-dollar territory.

Driving the news: The Powerball jackpot grew to an estimated $1.2 billion late Monday, with a cash value of $551.7 million — the third largest U.S. lottery prize of the year.

The International Monetary Fund warned Monday that countries cannot rely exclusively on public funds to cut greenhouse gas emissions, stating the effort needs a big boost from the private sector.

Why it matters: In two new reports kicking off high-level meetings in Washington and Morocco during the next two weeks, the IMF pointed to how far off track the Group of 20 largest industrialized countries are from their own 2030 emissions targets and emphasized the need for far more private sector money.

Traffic referrals to the top global news sites from Meta's Facebook and X, formerly Twitter, has collapsed over the past year, according to data from Similarweb.

Why it matters: Website business models that depended on clicks from social media are now broken.

Breaking up isn't what it used to be. Kellogg did it Monday — to a resounding raspberry from the market.

Why it matters: If most mergers destroy value, then it perhaps stands to reason that most demergers will create value. In this case, however, some $1.3 billion was vaporized in a single day's trading.

Call it the cheesecake factor — the presence of a Cheesecake Factory restaurant in a mall is an indicator of the mall's financial health, a new paper all about malls from Moody's Analytics finds.

By the numbers: About 93% of loans backed by malls with a Cheesecake Factory are current on their payments; compare that to around 72% of those without the restaurant.

Bond geeks are aflutter over the sighting of a "term premium" on long-term U.S. government bonds — its first appearance in more than two years.

Why it matters: It's another sign the era of slow growth, low inflation, and the easy Fed policy that followed the 2008 financial crisis may be behind us, and people are uncertain about what comes next.

Just as the Hollywood writers get back to work after 148 days on strike, another big work stoppage is on deck at hundreds of Kaiser Permanente hospitals and medical office buildings around the country.

Why it matters: If Kaiser and a coalition of unions representing its workers don't reach a deal, a four-day strike of about 75,000 employees could begin as soon as Wednesday morning.

The U.S. Postal Service released a stamp honoring the late Justice Ruth Bader Ginsburg, just as the Supreme Court she served for 27 years began a new term on Monday.

The big picture: The USPS announced last year plans for the stamp that features an oil painting of the liberal high court member, known as "RBG," who died in 2020 at age 87.