Jay Z is launching a VC fund - Axios
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Jay Z is launching a VC fund

AP Photo/Matt Rourke

Rapper and ubiquitous mogul Jay Z is launching a venture capital fund, according to multiple sources. One of his partners will be Jay Brown, a longtime business partner and president of Roc Nation.

The pair also is scouring the venture market for a full-time investment partner. The "Jays" also are partnering with Sherpa Capital, although this won't be a Sherpa-branded effort, and existing Sherpa staff won't be leading investments.

Expect the focus to be on seed-stage tech opportunities, with this really being the institutionalization of Jay Z and Jay Brown's previous angel investing activities. For example, they both were in Uber's Series B, at a $300m pre-money. Other investments have included JetSmarter, plus his involvement and stake in music streaming service Tidal.

No word yet on fund size target, nor any comment from those involved (due to regulatory restrictions).

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N. Korea launches missile toward S. Korea

Lee Jin-man, Wong Maye-E / AP

North Korea deployed a ballistic missile test that traveled 430 miles toward South Korea, landing in the Sea of Japan after about 30 minutes of airtime, BBC reports.

Why it matters: South Korea just elected a new president last week, Moon Jae-in, whose stance on North Korea was a little controversial — he's said he wants more open dialogue with them, which is a significant shift from the strict relationship they've had over the past 10 years.

What they're saying: Jae-in reportedly held an emergency meeting with his security council to discuss the ballistic missile launch.

One quick note: In a statement, the U.S. Pacific Command said that the missile didn't appear to be an intercontinental ballistic missile (IBCM), which would have the capacity to reach the U.S.

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Jason Chaffetz could be heading to Fox News

Douglas C. Pizac / AP

Jason Chaffetz is reportedly considering taking a "substantial" on-air role with Fox News as early as July, the Washingtonian reported.

Their sources: Two GOP lawmakers "who have spoken to Chaffetz directly" and four House Republican aides.

Don't forget: Chaffetz announced in April he would not seek re-election for his spot as Utah Representative or as House Oversight Committee chairman. He made the announcement the same day Fox News officially cut ties with Bill O'Reilly.

Why it matters: If the reports are confirmed (Fox News did not respond to Axios' request for comment), it could signal the network's hope to maintain their right-leaning brand, especially amid criticism that they're moving too far to the left.

One controversial Chaffetz quote: "So maybe, rather than getting that new iPhone that they just love and they want to go spend hundreds of dollars on, maybe they should invest that in health care."

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Pope Francis previews meeting with Trump

Joao Relvas/Pool Photo via AP

Although he once said anyone who wants to keep migrants out of their country "is not Christian," Pope Francis said today he won't try to get Trump to soften his tone when they meet on May 24, per AP.

Pope Francis told reporters he'd listen respectfully to Trump, but that he'd also share his candid opinions with him during their meeting. He wants to find "doors that are at least a little bit open" so that he can find common ground with Trump.

"I never make a judgment about a person without hearing him out," the pope said.

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Reality check on Mulvaney's controversial health comments

Andrew Harnik / AP

The Huffington Post's Jonathan Cohn does a deeper dive on the comments I reported in Friday's Vitals newsletter from OMB director Mick Mulvaney, who questioned whether health care should be considered a right because some people just don't take care of themselves.

Reality check: Cohn notes that the research suggests that people's behavior accounts for no more than half of all medical problems, and probably less. He also quotes a statement by the American Diabetes Association criticizing Mulvaney's remarks: "All of the scientific evidence indicates that diabetes develops from a diverse set of risk factors, genetics being a primary cause."

Why it matters: There's actually a lot of discussion in the public health community about how to reduce preventable diseases. But Mulvaney's comments may set that discussion back by playing down the role of diseases that people get due to genetics or simple bad luck.

This post has been updated to correct Cohn's affiliation. He is with the Huffington Post.

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Trump's inner circle is getting smaller

Pablo Martinez Monsivais / AP

President Trump's trust in his staff is weakening, particularly as the James Comey debacle continues to unfold, and he's relying more and more on his family and himself, the AP's Julie Pace and Jonathan Lemire report.

The Comey case was a clear reflection of how Trump's inner circle is getting smaller with each controversial event. His communications staff was reportedly given an hour's notice to figure out how to explain Comey's firing to the public. Three WH officials told AP that Steve Bannon, Trump's chief strategist, learned about the news from TV, but one person close to Bannon challenged that narrative.

One-man show: Despite his communications staff, Trump increasingly views himself as the sole effective spokesperson for his administration, according to AP. By the end of the week, he had reportedly floated the idea of cutting the frequency of Sean Spicer's daily press briefings.

But: He's also considered expanding the comms team, even eyeing Fox News producers to join his staff.

And then there were four: Bannon has reportedly been pushed to the fringe on major decision-making. Instead, Trump's loyal and most trusted inner circle is Ivanka Trump, Jared Kushner, Hope Hicks, and Keith Schiller (the man who delivered the letter to Comey).

Newt Gingrich: "The challenge they have is that the president sometimes moves so rapidly that they don't get a team around that gets it organized," Gingrich told AP. "He's a little bit like a quarterback that gets ahead of his offensive line."

Why it matters: We've seen what happens when Trump decides to go it alone — his narrative challenges everything the WH had said about the matter, particularly with his reasoning for firing Comey, and it looks as if Trump is going rogue or, as David Axelrod put it, his staff members are either liars or fools completely left in the dark.

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A 22-year-old spent $11 and thwarted the global cyber attack

Mediafax via AP

A 22-year-old British cybersecurity researcher thwarted yesterday's "Wanna Decryptor 2.0" cyber attack that affected computers worldwide by spending nearly $11, the Washington Post reports.

The "kill switch": The cybersecurity expert figured out there was a hidden "kill switch" (an unregistered domain) within the malware that was locking users out of their computers. By buying a domain ending with "gwea.com" and registering a website, all for $10.69, he was able to activate the hidden kill switch — potentially saving companies worldwide billions of dollars.

Read the entire process of how this 22-year-old stopped a global cybersecurity attack on his blog.

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Highlights from Trump's Liberty University commencement speech

Pablo Martinez Monsivais / AP

President Trump delivered the commencement speech at Liberty University today where he bashed the "broken" system in Washington, called out the critics, read out the school's football schedule and touched on religious freedom.

As long as I am your president, no one is ever going to stop you from practicing your faith or from preaching what is in your heart.

Key quotes:

  • "No one has ever achieved anything significant without a chorus of critics standing on the sidelines explaining why it can't be done. Nothing is easier or more pathetic than being a critic, because they're people that can't get the job done."
  • "In my short time in Washington, I have seen firsthand how the system is broken. A small group of failed voices who think they know everything and understand everyone want to tell everybody else how to live and what to do and how to think, but you aren't going to let other people tell you what you believe, especially when you know that you are right."
  • "Nothing worth doing ever, ever, ever came easy. Following your convictions means you must be willing to face criticism from those who lack the same courage to do what is right — and they know what is right, but they don't have the courage or the guts or the stamina to take it and to do it."
  • "Treat the word 'impossible' as nothing more than motivation."
Why it matters: Saturday's commencement speech gave Trump an opportunity to address a largely-supportive audience reminiscent of his campaign rallies, which he desperately needed after a rough week of firing James Comey and trying to explain his decision.
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Wall Street worries about the market's Trump effect

Mark Lennihan / AP

Despite market optimism about the Trump agenda, Barron's sees (paywall) "modest" growth this year and next.

"Hopes for an Economic Trump Jump Look Overblown: Netted out, the negatives and positives of the president's proposals don't point to any acceleration in GDP expansion," by columnist Gene Epstein:

The U.S. economy under President Barack Obama expanded at the tepid annual rate of 2.1%, the slowest since World War II. The Trump administration claims that growth can now accelerate to 3% to 4%. In the dicey world of forecasting, almost nothing can be ruled out. But, sad to say, between now and the end of 2018 at least, the net effect of Trump and his policies should result in the economic expansion continuing at the same dismal pace.
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Dentistry may have started 13,000 years ago

Julio Cortez ? AP

Going to the dentist can be a pain, but it was certainly much tougher 13,000 years ago when dental work could have started, according to a recent study published in the American Journal of Physical Anthropology.

The dental details: Italian researchers recently analyzed a pair of 13,000-year-old incisors (think: your front four teeth and the four opposite on the bottom row) that were discovered 20 years ago. The images of the incisors show large, hollowed pits in the teeth that had previously been filled, which indicates some dental work had been done. Although the exact filling composition is hard to discern now, the researchers found traces of bitumen, vegetable fibers and hair.

Why it matters: This research, although not the oldest finding of dental work, is the oldest example of the use of fillings. It indicates that even prehistoric humans were curious and concerned about dental health and began curative practices for cavities.

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Beautiful broken tulips could cause the flower's extinction

Leonieke Aalders / Flickr cc

The New York Times' Joanna Klein explored how broken tulips could soon lead to the extinction of all tulips.

What's a broken tulip?: Flowers infected by a virus that breaks down pigments in the cells of their petals, resulting in intricate, multi-colored patterns such as stripes and flame-like designs.

  • The virus kills tulips by weakening their bulbs and stunting their growth, until they have no strength left to bloom. This causes the tulips to produce fewer bulbs over time, until eventually they cease to exist.
  • Planting broken tulips can spread the virus to other unbroken tulips — or lilies, which are also prone to the virus.
  • The threat of extinction is part of the reason broken tulips are now illegal in the Netherlands, NYT notes, which is renowned for its in annual tulip festival called Keukenhof.