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Illustration: Aïda Amer/Axios

The Atlantic has begun solving a big mystery in climate advocacy circles — how Jeff Bezos will spread around money from the $10 billion "Bezos Earth Fund" announced in February.

Why it matters: The fund's size makes it a huge presence in climate philanthropy. And, until now, the fund has been a mysterious presence, given the dearth of info and the broad scope of funding areas.

  • Bezos initially said the first grants would arrive in the summer, but that came and went.

Where it's going, per The Atlantic's reporting:

  • $100 million each to the Nature Conservancy, the Environmental Defense Fund, the Natural Resources Defense Council, the World Wildlife Fund and the World Resources Institute.
  • Grants of $10 million to $50 million for the Energy Foundation, the Union of Concerned Scientists, the ClimateWorks Foundation, and the Rocky Mountain Institute.

What we're watching: For the fund to roll out the grants, and more.

  • "This list does not reflect the complete range of organizations that the Earth Fund has been speaking with and that will be receiving grants from the fund in this initial round – stay tuned," a representative of the fund told the Atlantic (and Axios).

Go deeper

Exclusive: Slack goes solo for future-of-work VC fund

Illustration: Aïda Amer/Axios

Slack is earmarking $50 million from its balance sheet to launch a new venture capital fund aimed at broadening Slack-backed investments beyond its own platform.

Why it matters: This is Slack's first solo turn at the VC game after a $25 million fund in collaboration with several of its own investors. With the pandemic confining many workers away from in-person interactions, countless companies are having to navigate a new way to operate—and new workplace apps are in the spotlight like never before.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.