Situational awareness: Qualcomm just announced it has rejected a $121 billion takeover offer from rival chipmaker Broadcom, but did say that it would be open to further discussions. More from Axios' Dan Primack.
The Dow Jones Industrial Average dropped 1,000 points today for the second time ever. It was the second 1,000 point drop this week, and the Dow ended the day down 10% from its market high on January 26th.
Bottom line: U.S. economic fundamentals might be strong, but the stock market appears to have gotten ahead of itself, Axios' Dan Primack notes.
A man enjoys skiing at Trocadero square covered by snow in front of the Eiffel Tower in Paris, France. The city and its suburbs were covered with heavy snow. Photo: Chesnot / Getty Images
"[Jimmy] Buffett has given his fans a path to a simulacrum of the island life. In the course of it, he’s gotten very rich. How rich? According to Forbes, in 2016 Mr. Buffett, who has only had one Top 10 song ('Margaritaville' reached No. 8), was worth a reported $550 million. (Bruce Springsteen is worth a mere $460 million, according to that same list.) He’s so rich that he’s done a 23andMe DNA test with Warren Buffett because in addition to sharing a last name, the mutual ability to sustain such mind-boggling wealth is so otherworldly that it could surely only be the result of the same extremely rare and fortunate genetic mutation. The test showed no biological relationship, but they stayed friends. Jimmy calls Warren 'Uncle Warren' and Warren, who has been a business mentor to Jimmy, calls him “Cousin Jimmy.”— Taffy Brodesser-Akner for the NYT, in a profile titled "Jimmy Buffett Does Not Live the Jimmy Buffett Lifestyle."