Axios

Elon Musk said on Friday that xAI has acquired X, the social media app previously known as Twitter.

Why it matters: This is Musk trying to prevent his Twitter investors from losing money, and highlights his eagerness to meld different parts of his corporate empire.

If you're thinking about cheating on your taxes this year, you're not the only one having such dastardly thoughts.

• The Trump administration's IRS job cuts may make Americans "feel emboldened to cheat on their taxes," Bloomberg reports.

State of play: The chances of being audited had already plunged in recent years to well below 1%.

• "It isn't principle or patriotism that keeps many taxpayers honest," Bloomberg reports, citing University of Michigan economist Joel Slemrod. "Instead it's 'the perceived threat that if they cheat on their taxes, they will be caught—and they'll have to pay what they should have paid, plus some penalty.'"

💭 Nathan's thought bubble: Just know that the one time you cheat on your taxes is the one time you'll get audited.

The Federal Deposit Insurance Corporation said Friday that banks no longer need to get its prior approval before engaging in crypto-related activities, like holding digital currency assets or partnering with companies in the industry.

Why it matters: After publishing a general caution against banks participating in the industry just two years ago, the FDIC is the latest Trump administration regulator to change its tune entirely amid the president's warm embrace of crypto.

Egg prices are suddenly plunging as the bird flu begins to wane and imports surge to fill the gap.

Why it matters: A massive outbreak of avian influenza has wiped out more than 166 million chickens since 2022, leading to sporadic egg shortages and price hikes.

• It's also turned into a political issue with Republicans and Democrats arguing about who's to blame — and President Trump taking credit for the decline in prices in recent weeks.

The Trump administration is discussing a surprising option to help fulfill his campaign-trail promises: Allowing the richest Americans' tax rates to rise in return for cutting taxes on tips, a senior White House official tells Axios.

The big picture: Some White House officials believe letting income taxes on the very highest earners rise would buy breathing room on other priorities, and help blunt Democrats' attacks as they seek to extend President Trump's 2017 tax cuts.

As the first quarter comes to a close, there's an uncomfortable picture becoming clear in the data: The economy is going through a growth slowdown paired with an inflation surge.

Why it matters: As the White House plots a major escalation of tariffs next week, the backward-looking data shows that there already is more than a whiff of stagflation in the air.

BlackRock will not sign an agreement next week to buy two Panama ports from Hong Kong's CK Hutchison, as originally planned, a source tells Axios.

Why it matters: President Trump touted this deal in his recent address to Congress, and it seemed like an offramp for U.S. threats to retake control of the Panama Canal.

Private equity is ramping up for this summer's federal tax fight, and carried interest isn't the only break on the block.

Why it matters: The future of Wall Street economics may be decided on K Street.

The Tesla Takedown movement is expecting hundreds of demonstrations to take place at the automaker's showrooms across the world Saturday for what it has dubbed a "global day of action."

Why it matters: The protest movement has drawn the Trump administration's ire and cast Elon Musk's signature brand into turmoil for his role in slashing the federal government.

The Federal Reserve's go-to gauge showed inflation stayed hot in February, the Commerce Department said on Friday.

Why it matters: It is a warning to officials at the White House and the Fed, with aggressive tariffs expected to be unveiled next week that could stoke inflation and squeeze economic demand.

One word you're going to hear a lot in coverage of budget negotiations is "baseline." It sounds simple enough — but in fact it's a slippery and contentious concept.

Why it matters: This wonkish terminological tussle is at heart a debate over what counts as zero, for the purposes of budgetary impact.

• Depending on where it ends up, it could raise America's debt-to-GDP ratio by 47 percentage points, per a Congressional Budget Office (CBO) analysis released last Friday.

If you're a foreign leader or a CEO about to meet with President Trump — or if you want to avoid his vengeance — come bearing gifts.

Why it matters: Government officials and business leaders around the world have gotten the message and are strategizing about how to give Trump real or perceived wins to try to smooth out any relationship bumps with the new administration, and avoid economic or legal penalties.

Searches for Airbnbs in tour cities have skyrocketed since "Cowboy Carter" tickets went on sale last month.

Why it matters: Beyoncé fans won't just fill Airbnbs — they'll pour money into local restaurants, shops and attractions.

About a dozen political groups, using unlimited and undisclosed donations, are running ads with twin goals: Boosting — and flattering — President Trump.

Why it matters: The groups — separate from Trump's official political operation — have combined to spend more than $20 million since his election. Their spending is expected to escalate dramatically in the coming months.

CoreWeave, a cloud computing platform that rents out GPUs via data centers, raised $1.5 billion in its IPO, according to CNBC.

Why it matters: This is the largest tech IPO in years, but much smaller than anticipated.