Axios

Hims & Hers shares took a second hit in the past three sessions today, this time after the company reported earnings yesterday afternoon.

• The company confirmed that the revenue windfall from compounded GLP-1 drugs was poised to dry up after the first quarter, but said it still expected least $725 million of revenue in 2025 from its remaining weight-loss offering.
• That left at least some analysts skeptical.

Even the tooth fairy is pinching pennies these days.

The big picture: For the second year in a row, an annual Delta Dental survey found the tooth fairy is paying less for lost teeth than the year before.

More than 1 million federal workers responded to an email asking them to document what they did last week, sent at Elon Musk's behest, White House press secretary Karoline Leavitt told reporters Tuesday.

Why it matters: That's only about half the federal workforce — perhaps to be expected, as many agencies told employees to ignore the email.

The CEO of luxury EV startup Lucid Group is stepping aside as the company continues to lose money, despite increasing sales.

Why it matters: The Saudi-backed Lucid has billed itself from the beginning as a serious competitor to Tesla, but has remained a low-volume vehicle seller despite design accolades.

The Commerce Department will investigate whether to slap tariffs on imports of copper, the latest manufacturing component — on top of aluminum and steel — to be swept up in the Trump administration's trade crackdown.

Why it matters: The White House on Tuesday said the billions of dollars worth of annual copper imports threaten national security, given the metal's critical role in the buildout of military vehicles, aircraft and more.

Bybit, a major crypto exchange, got hit last week with the biggest hack of all time, but the market has been largely unmoved by it.

• That sharp drop in the middle of the chart is the news of the nearly $1.5 billion hack — but then ether price quickly went back to normal.

Why it matters: In Bybit's case, reserves were fine when customers panicked and started withdrawing funds (unlike at FTX).

• Between the lines: Because it really did lose a lot of ether (ETH) and ETH-based assets, Bybit quickly secured loans to cover the difference. But its other reserve assets turned out to be safe, exactly where they should have been.

Key House Republican leaders have sent the FDIC suggestions about policy changes to prevent debanking in the future.

Why it matters: The goal of the reforms is to prevent a case where regulators could shut a legal industry out of the financial system, thereby shutting it down.

Zoom in: The legislators sent a letter with five suggestions following hearings in the House and Senate on debanking legal businesses.

• The goal is to provide clarity to customers about why their accounts are getting shut down, remove subjective standards such as "reputational risk" from risk assessment by banking regulators and ensure uniform application of law.

Efforts by the Trump administration and Elon Musk's Department of Government Efficiency to cut vast numbers of federal jobs will surely show up in national economic data — but don't expect the impact to be massive, or immediate.

Why it matters: In a $30 trillion economy with 159 million jobs, it takes a lot to meaningfully move the dial. The types of cuts to federal employment and government contracts that have been enacted thus far by the DOGE crew are comparatively small scale.

Treasury Secretary Scott Bessent said the U.S. private sector has been in a recession and placed blame on the Biden administration agenda.

The big picture: In a wide-ranging speech, the Treasury secretary said the Trump administration was looking to reverse what he characterized as huge government spending that came at the expense of the private sector.

Nippon Steel of Japan on Tuesday said that it will discuss its planned purchase of U.S. Steel with the Trump administration, as it continues to challenge former President Biden's block of the deal in court.

Zoom in: Nippon agreed to buy U.S. Steel for $55 per share in late 2023, and says that agreement would be the starting point in any negotiations.

Private equity giant Blackstone has agreed to acquire Safe Harbor Marinas, a Dallas-based marina and superyacht servicing company, for $5.65 billion from Sun Communities.

Why it matters: This is a reminder that the pandemic-era boating boom didn't sink.

McDonald's said Tuesday that it is doubling down on breakfast by introducing bagel sandwiches nationwide to celebrate the Egg McMuffin's 50th anniversary.

Why it matters: Breakfast is big business for fast-food chains and expanding menus can boost morning sales.

The second Trump administration is going to be "an evolution" of the first, former Treasury secretary Steven Mnuchin told Axios in Doha on Tuesday.

Why it matters: Global businesses and investors are looking for clues as to whether the Trump of 2025 will impose seismic changes on the global economy.

President Trump, Elon Musk, and their band of DOGE budget-cutters celebrate daily, even hourly targets to cut U.S. spending on everything from foreign aid to FAA personnel.

• Trump himself has teased a balanced budget — an impossibility without historic cuts to America's most popular programs, such as Social Security.