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Illustration: Sarah Grillo/Axios

Wall Street billionaire Leon Black expressed remorse for his personal business and philanthropic relationship with Jeffrey Epstein on Monday in a letter sent to investors and obtained by Axios.

Driving the news: Black's letter follows a bombshell New York Times report that revealed that ties between Black, co-founder and CEO of Apollo Global Management, and Epstein were deeper than previously disclosed, including upward of $75 million changing hands.

In the letter to limited partners in Apollo funds, Black reiterated past statements that Epstein was never involved in Apollo business and that he engaged Epstein in "estate planning, tax and philanthropic endeavors."

  • Black also wrote that his family was with him during a visit to Epstein's infamous island estate and that he occasionally met at Epstein's townhouse because Epstein didn't maintain a separate office.
  • He also said he will cooperate with all legal inquiries into Epstein.

Read the letter.

Go deeper: Axios Re:Cap podcast talks to NY Times business reporter Matthew Goldstein about today's bombshell report. Listen here.

Go deeper

Exclusive: Biden ads court young Black men in final campaign stretch

Photo: Screengrab via YouTube/Joe Biden

The Biden campaign is releasing five ads on Tuesday targeting millennial Black men in 16 battleground states.

Why it matters: Black voters overwhelmingly prefer Democrat Joe Biden, but President Trump actually is earning more support nationally from Black men than he received in 2016 — 17%, up from 14%. Biden is pushing to halt the trend and maximize his own turnout, which could make a difference in tight contests.

Felix Salmon, author of Capital
2 hours ago - Technology

Facebook's scandals have been great for shareholders

Expand chart
Data: YCharts; Chart: Axios

Facebook has been embroiled in scandal for the past five years, and while the specific allegations change over time, a central theme is constant. Given the choice between commercial and moral imperatives, Facebook always seems to choose the option that is best for the share price.

Why it matters: Facebook's stock chart supports that narrative. Since the 2016 scandals alleging that the social network was infiltrated by foreign actors trying to influence the outcome of democratic elections, Facebook's revenues — and its stock — have been soaring.

Biden to tap telecom trio for NTIA, FCC posts

Jessica Rosenworcel. Photo: Bill Clark/CQ Roll Call

President Joe Biden on Tuesday is expected to name Alan Davidson as head of the telecom arm of the Commerce Department, Jessica Rosenworcel as chairwoman of the Federal Communications Commission and Gigi Sohn as a commissioner at the FCC, according to a person familiar with the process.

Why it matters: Internet availability and affordability has been a key policy priority for the White House, but the administration lagged in tapping people for the agency posts that oversee the issues.