Axios

Elon Musk secured a key win for Tesla during an unannounced Sunday trip to China, heading home with preliminary agreements related to selling its self-driving software in the country.

Why it matters: Driver-assistance systems are key selling points for EVs in the world's largest auto market, where Tesla has been ceding market share over the last year.

Driving the news: Chinese officials have reportedly given Tesla tentative approval to launch its Full Self-Driving or (FSD) software feature in the country, Axios' April Rubin notes.

• Tesla will partner with Chinese tech company Baidu for map and navigation features used with the system, per Bloomberg.

♟️Paramount Global removed CEO Bob Bakish as a special committee considers a "best and final" takeover offer from a Skydance consortium. (Deadline)

✈️ Boeing is reportedly tapping the bond market to raise $10 billion. (Reuters)

As the Fed's policy-setting committee gathers for a two-day meeting Tuesday, it is being forced to wrestle with an uncomfortable question: Is its interest rate policy really doing as much work as the Fed itself has assumed?

Why it matters: The evidence that the Fed's target rate is restricting economic activity enough to bring inflation down to its 2% target is considerably more muddled than it was a few months ago.

MicroStrategy's shares are trading at a smaller premium to its bitcoin holdings than before, according to TD Cowen analyst Lance Vitanza.

Context: MSTR, in Wall Street speak, is a leveraged play on bitcoin.

• MicroStrategy's bitcoin buying started in August 2020, when the company took out debt, convertible or otherwise, to fund its purchases.

Of note: At peaks, the market put a 140% premium on MSTR's bitcoin holdings, but that's down to around 90%, Vitanza said last week.

Marshall Mathers, or the rapper, Eminem, is the new face of Crypto.com.

• That's Slim Shady... to those who know.

What's happening: His new ad for the crypto platform aired Saturday during the NBA playoff game at the branded arena in Los Angeles.

• Eminem posted on social media, "You know what it's always been" and "FFTB."

Between the lines: FFTB or "Fortune Favors the Brave," is the Crypto.com slogan.

• Matt Damon said it in 2021 for charity.

Flashback: Eminem isn't new to crypto.

• He collaborated with Snoop in 2022 to put out a Bored Ape music video.

💭 Our thought bubble: Eminem, unlike other celebs that were once caught in the SEC's net, flagged the ad as an ad in his social media post.

Alt-pop star Billie Eilish will tour three continents, starting with North America, this fall.

Between the lines: Live Nation announced that the singer's tour will coincide with her third studio album, "Hit Me Hard and Soft."

Conventional wisdom entering 2024 was that private equity dealmaking would surge on a series of interest rate cuts by the U.S. Federal Reserve.

Fast forward: The prediction was right, but for the wrong reasons.

Household wealth for those under 40 in the U.S. is up 49% from its pre-pandemic level, according to a new analysis from the left-leaning Center for American Progress.

Why it matters: Young households haven't seen wealth growth like this since the Federal Reserve first started tracking this data in 1989.

Plummeting fertility rates and major demographic shifts are expected to slow U.S. population growth in the years ahead, with a steady flow of immigrants needed to offset the economic consequences.

Why it matters: The result is a fresh collision of two contentious issues — immigration policy and economic growth — that will continue to shape political debates for decades.