Axios

The Biden administration has a new plan to turn more empty office spaces into housing, officials announced Friday.

Why it matters: State and city governments are working on how to best incentivize those flips, in a push to revive America's downtowns and ease the housing shortage.

A twist of the knife in the already soured relationship between Digital Currency Group's Genesis Global and crypto exchange Gemini involves a dispute over Grayscale's bitcoin trust shares.

Zoom in: The problem is that they're worth a lot more now than they were before.

First lady Jill Biden helped Nickelodeon and ATTN: debut a new TV show called "Well Versed" focused on teaching kids civics — a modern take on "Schoolhouse Rock."

Why it matters: The animated show, announced on National Civics Day, debuts at a trying time for American democracy.

Former FTX CEO Sam Bankman-Fried, now on trial on fraud charges in Manhattan, will not be allowed to discuss relying on counsel in almost all cases, the judge in the case ruled Friday.

Why it matters: The defense has been seeking to present evidence that SBF relied on conversations with company attorneys to verify the legality of decisions he made at the crypto exchange and its sister hedge fund, Alameda Research.

Americans are spending more money, but their incomes aren't keeping up.

Driving the news: Personal consumption expenditures rose a scorching 0.7% in September, the Commerce Department said, or 0.4% when adjusted for inflation. That is a key factor in the strong 4.9% annualized Q3 GDP growth number reported Thursday.

H.I.G. Capital this week sued fellow private equity firm Audax Group, accusing it of perpetrating a "brazen, massive, systemic fraud." Audax says it plans to countersue.

Why it matters: Both firms appear to be asking a court to pierce the so-called "corporate veil," behind which private equity often hides when accused of wrongdoing. If successful, it could set new precedent.

Private equity firm Nexus Capital Management has agreed to buy a majority stake in Dollar Shave Club from Unilever, which had paid $1 billion in cash to buy the upstart razor brand in 2016. No financial terms were disclosed.

Why it matters: Dollar Shave Club helped lead a wave of buzzy direct-to-consumer startups that threatened to upend omnichannel retail, before becoming small cogs in that same system.

Advent calendars, originally a way for Christian parents to teach their children about the meaning of Christ's birth, have turned into a sales-and-branding opportunity and a new holiday product category.

What's happening: Modern calendars dispense not just a tiny piece of chocolate or a holiday-themed picture, but jewelry, cosmetics, perfume, bottles of wine, dog toys and more.

Amazon CEO Andy Jassy said Thursday night that he'd been "surprised" at the growth of the company's generative AI business over the last few months.

Why it matters: He made the comments during an analyst call following the release of Amazon's third quarter earnings, which revealed that businesses are still cautious about overall spending on cloud services.

Taylor Swift is now a billionaire following a project to re-record her albums, a record-breaking, economy-boosting Eras Tour and blockbuster box office takings for her concert film, according to the Bloomberg Billionaires Index.

Why it matters: The singer is "one of the few entertainers" to achieve billionaire status based solely on music and performances, per Bloomberg, which reported Thursday that this was due to work, talent, "canny marketing and timing."

Stop trying to soak up everything you see online or hear from friends. You'll drown.

• Instead, learn to be a sponge — a finely filtered one.

Why it matters: A sponge mindset, Adam Grant argues in his new book, "Hidden Potential," will help you absorb the right information — and save you time.