Axios

Tesla is cutting 10% of its workforce — and multiple executives are departing — as the company grapples with middling electric vehicle sales.

Why it matters: Tesla is the world's largest maker of premium EVs, but the company recently reported its lowest quarterly sales since 2022.

CEO Elon Musk told employees in an email that the move stemmed from a need to cut costs and bolster productivity.

• "There is nothing I hate more, but it must be done," Musk said in the email. "This will enable us to be lean, innovative and hungry for the next growth phase cycle."
• Drew Baglino, Tesla's SVP of powertrain and energy, and public policy exec Rohan Patel both said on X that they're also leaving.

🛒 U.S. retail sales rose 0.7% in March, the latest sign of economic resiliency. (Axios)

🚴 Peloton has quietly pulled its unlimited free app membership tier because it failed to bring in paid subscribers. (CNBC)

Goldman Sachs posted a 28% gain in net income in the first quarter, a welcome surprise for investors who pushed the stock up nearly 3% on the day.

Why it matters: This was a big quarter for Goldman and for CEO David Solomon, who's been trying to put the company's ill-fated move into consumer banking in the rear-view mirror.

Between the lines: Goldman delivered for Q1 today on the back of its traditional strengths.

Donald Trump's meme stock fell on Monday, just like it has fallen on most of the 14 days it has traded on the Nasdaq stock exchange. It closed at $26.61 per share, down 18% from Friday's close and down 66% from its March 26 high of $79.38.

Why it matters: Trump's shareholding in Trump Media and Technology Group accounts for most of his net worth.

For the latest sign of U.S. economic resiliency, look no further than Monday's retail sales report.

Driving the news: Retail sales rose 0.7% in March, while the previous months' figures were even better than originally thought, the government said.

Hong Kong-based asset managers got the nod from regulators Monday to launch spot bitcoin and ether ETFs, cracking open a market that now lists only futures-based crypto products.

Why it matters: Exchange-traded investment products stand to usher in a new crop of bitcoin and ether investors, and have helped push bitcoin prices higher since launching in the U.S. in January.

While the rising cost of auto insurance is pushing up the official inflation rate, there's a stealth insurance cost that isn't showing up in the Consumer Price Index: homeowners insurance.

Why it matters: Along with high mortgage rates and record home prices, soaring insurance rates are just one more thing putting pressure on the cost of homeownership.

Here's an investment strategy that has consistently outperformed during the 2020s: Bet that the US economy is going to run hotter than either the stock market or the bond market expects.

Why it matters: That strategy is the exact opposite of the way traders made money in the 2010s, which was to bet that the recovery from the 2008-09 global financial crisis would be slower and feebler than the market was hoping.