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Expand chart
Data: M1 Finance; Chart: Jared Whalen/Axios (State of financial survival defined as worried about covering basic living expenses; financial freedom defined as having enough savings to live the life one wants.)

For today’s investors, the latest jackpot idea might be sandwiched between cat videos and political snark on social media.

Driving the news: About 60% of Gen Z and millennial investors have made an investment as a result of social media, according to a new survey out today from M1 Finance.

State of play: Those most likely to act on social media tips are younger, short-term investors who are less financially stable, the survey shows.

  • “It is almost impossible to scroll through social media or watch the news without hearing about someone hitting the jackpot through the latest meme stock or cryptocurrency,” Brian Barnes, M1 Finance CEO and founder, says in the release.

Reality check: Barnes notes that despite the ubiquity of get-rich-quick ideas that proliferate on social media, a sizable cohort of investors remains long-term focused.

The bottom line: Maybe it’s more surprising that 40% of Gen Z and millennial investors haven’t invested based on social media tips.

Go deeper

Jan 12, 2022 - Economy & Business

D.C. journalists launch media startup called "Grid"

Grid

A group of D.C.-based journalists on Wednesday launched a new media company called "Grid" that focuses on hard news analysis and investigative reporting.

Why it matters: Grid debuts amid a flurry of new media companies looking to reach a similar audience of wealthy, elite professionals.

Federal judge blocks Biden's vaccine mandate for federal workers

President Biden speaking from Eisenhower Executive Office Building on Jan. 21. Photo: Yuri Gripas/Abaca/Bloomberg via Getty Images

A federal judge in Texas blocked the Biden administration from enforcing its coronavirus vaccine mandate for federal workers on Friday, citing the outcome of last week's Supreme Court ruling that nullified the administration's vaccine-or-test requirement for large employers.

Why it matters: It's a blow to President Biden's efforts to increase the U.S.' vaccination rates, though much of the federal workforce has already been vaccinated against the virus.

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds — Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults.
  5. Variant tracker