Dec 26, 2018

Reid Hoffman apologizes for funding disinformation in Alabama special election

Reid Hoffman. Photo: Kelly Sullivan/Getty Images for LinkedIn

Billionaire venture capitalist and LinkedIn co-founder Reid Hoffman apologized on Wednesday for funding a group responsible for spreading disinformation during the Alabama Senate special election last year, according to the Washington Post.

Between the lines: This is the first time Hoffman has acknowledged that he invested $750,000 in American Engagement Technologies, a group that used misleading Facebook pages and other disinformation tactics to target Republican Roy Moore and boost support for Democrat Doug Jones, who ultimately won the close race. Hoffman said in a statement that he was not aware his money was being used for these purposes and that he supports a federal investigation into the matter.

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Why big banks are breaking up with some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase is the latest financial giant to unveil new climate commitments, and like its peers, it is hard to disentangle how much is motivated by pressure, conscience or making a virtue of necessity.

Why it matters: The move comes as grassroots and shareholder activists are targeting the financial sector's fossil energy finance, especially amid federal inaction on climate.

Trump acknowledges lists of disloyal government officials to oust

Photo: Mandel Ngan/AFP via Getty Images

President Trump on Monday acknowledged the existence of assembled lists of government officials that his administration plans to oust and replace with trusted pro-Trump people, which were first reported by Axios' Jonathan Swan.

What he's saying: “I don’t think it's a big problem. I don’t think it's very many people,” Trump said during a press conference in India, adding he wants “people who are good for the country, loyal to the country.”

Coronavirus only part of the story behind the Dow’s drop

Photo: Andrew Burton/Getty Images

As someone has certainly told you by now, the Dow fell by more than 1,000 points yesterday, its worst day in more than two years, erasing all of 2020's gains. Most news headlines assert that the stock market's momentum was finally broken by "coronavirus fears," but that's not the full story.

What's happening: The novel coronavirus has been infecting and killing scores of people for close to a month and, depending on the day, the market has sold off or risen to record highs.