__Payday delayed…__ __[Goldman Sachs](https://robinhood.com/stocks/GS/)__ [agreed](https://www.washingtonpost.com/business/2023/05/09/goldman-sachs-will-pay-215-million-settle-gender-bias-lawsuit/?) to one of the largest settlements ever for a gender-discrimination lawsuit, wrapping up a 13-year-old case weeks before it was set to go to trial. The suit said the investment-banking behemoth paid female vice presidents 20% less than male VPs and called out the bank's performance-review process as favoring men. Goldman’s expected to pay $215M to about 2.8K women (minus legal fees), or around $47K each.

- __More than $$:__ The settlement also requires Goldman to hire an outside expert to look into how it goes about performance reviews, promotions, and pay equity. 

__Wall Street women…__ Goldman’s not the first bank to be accused of shorting its women employees. In 1998, Smith Barney (which became part of __[Citigroup](https://robinhood.com/stocks/C/)__, then __[Morgan Stanley](https://robinhood.com/stocks/MS/)__) paid $150M to 2K women claiming a hostile workplace rife with pay disparity and derogatory language. Not to be left out, __[Bank of America](https://robinhood.com/stocks/BAC/)__ and Morgan Stanley have also settled suits alleging discrimination. 

- __The #s:__ Women made up a record 29% of Goldman’s most recent partner class, and about a quarter of senior leaders are women at Morgan Stanley.

- __Boys’ club:__ Jane Fraser was named Citi’s CEO in 2021, becoming the first woman to lead a major US bank.

Backwards (Michael M. Santiago/Getty Images)

__The gender pay gap is stuck…__ Women made 82 cents on the dollar compared to men last year, which is only 2 cents more than they made *in 2002*. (FYI: female CEOs of S&P 500 companies only recently outnumbered CEOs named “John.”) Meanwhile, a McKinsey report found that companies with more women executives usually outperform those with fewer.

Goldman Sachs settles a $215M gender-discrimination lawsuit that put “boys’ club” culture on blast

__Not sleeping on the job…__ __[Tempur Sealy](https://robinhood.com/stocks/TPX/)__ [agreed](https://www.wsj.com/articles/tempur-sealy-inks-4-billion-deal-for-mattress-firm-12da5d28) to buy __Mattress Firm__ this week in a $4B deal that would combine one of the US’s largest mattress manufacturers with its largest specialty mattress retailer. The acquisition could help firm up two companies and an industry facing sagging post-pandemic mattress demand. If approved, the deal would create a biz with a combined 3K brick-and-mortar stores and 21K employees, and might inspire competitors (like: __[Sleep Number](https://robinhood.com/stocks/SNBR/)__, __[Purple](https://robinhood.com/stocks/PRPL/)__) to follow suit, or risk losing market share to a would-be juggernaut. But it's not all sweet dreams:

- __Counting sheep:__ Antitrust regulators are paying close attention to the deal, which is expected to close late next year.

__Dreamland is open for business…__ and Big Sleep isn’t hitting the hay anytime soon. Merging manufacturing and retail, Tempur Sealy aims to stay at the top of a $100B industry that’s more than just mattress tech and bedding-material science. Close your eyes and see: posture-specific pillows to __Dr. Scholl’s__-ify your head, functional beverages to help you wind down, snoozy podcasts by __Calm__ and __Audible__ to lull you into a slumber, and trackers to help you catch the best z's.

G’night

__Peak REM-fficiency is always just around the corner…__ 40% of surveyed adults said their sleep quality decreased during the pandemic, while 55% listed getting good sleep as a major priority. A rise in “sleep tourism” — aka: hotels and spas promoting rest-focused rooms and amenities — suggests sleep searchers are willing to pay for the pleasure. High up on bedtime optimizers' list: a lasting mattress.

Tempur Sealy makes a deal to buy Mattress Firm for $4B as the sleep industry shows no sign of slumber

Dow Jones

S&P 500

Nasdaq

Bitcoin

US airlines made nearly $7B last year from checked-baggage fees

🏦 Goldman pays up

__11th-hour dramatics…__ with the largest economy on the line. President Biden and House Speaker McCarthy met yesterday to discuss the debt ceiling, which the government could hit as soon as June 1. If elected officials fail to reach an agreement, Treasury Secretary Yellen predicted an "economic catastrophe." Now, instead of waiting on budget consensus, experts are [proposing](https://finance.yahoo.com/news/trillion-dollar-coin-14th-amendment-some-argue-for-far-out-fixes-to-the-debt-ceiling-crisis-172042092.html) alternative solutions so that the US can keep paying its bills:

- __Pocket change:__ #MintTheCoin proponents — including legal scholars and pundits — argue that the Treasury could mint a single trillion-dollar coin. *Poof:* $$ problems gone.

- __Not your parents' bonds:__ Nobel Prize-winning economist Paul Krugman said the US could issue “premium bonds,” which would have higher interest rates and could theoretically be sold at above face value.

- __Constitution check:__ When all else fails, ignore it? Some say that the 14th Amendment renders the debt ceiling unconstitutional. 

__Yellen for a solution…__ Janet Yellen said it's unlikely the Fed would accept a trillion-dollar coin, and even fans of the premium-bond play say it could run into legal speed bumps. But if officials don't reach an agreement to raise (or suspend) the ceiling, the Treasury could be forced to decide which bills to pay. Picture: interest still paid on Treasury securities, but paused Social Security checks and delayed federal-contractor payments. Meanwhile, the White House warned that a protracted default could lead to millions of job losses, plunging stock values, and an "immediate" recession.

Imagining a world with a trillion-dollar coin (Stefani Reynolds/Getty Images)

MINT

__Stale problems create space for fresh fixes…__ This is far from the first time officials have played debt-ceiling chicken (or that a trillion-dollar coin's been pitched). But it could be the first time the US intentionally defaults on its debt. A last-minute deal is still on the table, but barring a bipartisan resolution, seemingly out-there solutions could gain traction.

With the US debt ceiling fast approaching, wacky workarounds enter the chat

__Sensitive content…__ Graphic images showing victims of the deadly shooting at a Texas mall began [circulating](https://www.nytimes.com/2023/05/07/business/media/texas-shooting-video-twitter.html?utm_source=substack&utm_medium=email) on __Twitter__ over the weekend, and some content was still up on Monday. The content is against Twitter’s stated policies prohibiting “gratuitous gore,” specifically “dismembered or mutilated humans.”

- __Twitter’s problem:__ NYT journalist Benjamin Mullin said the images were “less prominent” on Facebook, Instagram, and YouTube, and searches on those platforms mostly surfaced news articles and less sensitive eyewitness content. Meanwhile, Twitter users said the images flooded their feeds. 

__Under Elon’s reign…__ Musk has made sweeping changes to Twitter since becoming CEO, including affecting the platform’s ability to moderate content with algorithms *and* with humans catching sensitive material that gets into users’ feeds. 

- __Missing moderators:__ While __[Meta](https://robinhood.com/stocks/META/)__ and YouTube have invested heavily in hiring large teams of moderators, Twitter laid them off as part of mass cuts initiated by Musk. Last month, the EU told Twitter it needed to hire more moderators to comply with a new set of digital safety rules.

- __Technical tweaks:__ Users who pay for a premium (checkmark) Twitter subscription get their content algorithmically prioritized above free accounts, and users say that’s helped surface images of the shooting, especially in the “For You” feed added in January.

Safety

__Not all costs are cuttable…__ Musk has focused on steep cost cuts (including selling Twitter HQ’s furniture) and revenue-boosting initiatives (like subscriptions) to revive Twitter’s finances. But the rapid belt-tightening may’ve missed a notch somewhere. The company’s revenue reportedly plummeted 40% from December 2021 to last year, mainly because of advertisers exiting the platform en masse… largely over content moderation.

Graphic images from the Texas mall shooting got past Twitter moderation, drawing criticism

Old-school check-fraud nearly doubled last year from 2021, with banks filing 680K reports

🪙 A trillion-dollar coin

__Hold music…__ not the tune you were expecting on your relaxing getaway. After __[Southwest](https://robinhood.com/stocks/LUV/)__'s holiday meltdown, which saw the airline cancel 16K flights, the White House wants to keep companies accountable for passengers' troubles. Yesterday, President Biden joined Transportation Secretary Buttigieg to propose new regulations. For the first time, airlines would need to compensate customers *beyond* just ticket refunds.  

- __Fly bad, my bad:__ Airlines would be required to compensate passengers *and* cover their meals, hotels, and taxis if they get stranded for reasons that are the airline’s fault.
They’d also be required to comp rebooking fees for delays/cancellations.

- __Flight status quo:__ Right now airlines are required to refund customers only for canceled flights (not delayed ones). Biden said no major airlines provide cash compensation for preventable disruptions — though nine promised to cover hotels, meals, and rebooking. 

__Dude, where’s my plane…__ Weather is the top cause of flight delays, but avoidable issues like staffing shortages and technical problems caused by outdated systems led to abnormally high disruptions last year, even when skies were clear. A technical error at Southwest last month caused it to temporarily halt all US departures. Meanwhile, the Transportation Department is investigating whether Southwest set unrealistic flight schedules despite known staffing shortages.

Refund requested (Seth Herald/Getty Images)

Standby

__A nudge in the wings could be overdue…__ If airlines have to compensate passengers more for disruptions, they might try harder to avoid delays. Southwest says it lost $1.1B because of the holiday meltdown, but it would’ve lost even more with these proposed regulations. It’s not just Southwest: last year 2.7% of all US flights were canceled, the highest rate in a decade (apart from 2020). The TSA’s expecting a record-breaking travel year on booming summer demand, but staffing shortages and delays of __[Boeing](https://robinhood.com/stocks/BA/)__ jet deliveries could mean more headaches.

Ahead of summer, Biden proposes rules to compensate passengers for airline disruptions

__Got beef?...__ __[Tyson](https://robinhood.com/stocks/TSN/)__ shares had their worst drop in a decade yesterday after the poultry powerhouse badly [missed](https://www.wsj.com/articles/tyson-tsn-q2-earnings-report-2023-c824e501) earnings expectations and chopped its annual sales forecast. It produces one of every five pounds of chicken, beef, and pork eaten in the US. But last quarter the nugget giant lost nearly $100M, down from an $829M profit last year. 

- __Bad meat:__ Tyson's beef unit makes up nearly 40% of its annual revenue, but sales fell 8% last quarter as cash-strapped consumers cut back on the pricey protein.

- __Cold wings:__ Tyson's chicken biz also saw its profit margins shrink as the cost of animal feed rose $145M.

__Farming snafus…__ The meat industry has gotten grilled as recent droughts and pricey farming costs (think: fertilizer, feed, fuel) make it harder to maintain livestock. Tyson said its live cattle costs are up $305M from last year. Now some farmers are selling their animals for slaughter at premium prices because keeping them is too expensive. Meanwhile, falling demand for beef is making it harder for producers like Tyson to pass on higher costs to consumers.

Beef

__Dry spells can change appetites…__ US cattle inventory has already dropped more than 3% from last year, and over 90% of cows are in poor-to-fair grazing conditions. The USDA predicts this year will mark the first decline in beef production since 2015, and the per-person supply is expected to drop by 5.6% this year, which would be the greatest decline since 1987. Supply challenges could accelerate the trend of declining demand for red meat in the US, the world’s largest beef consumer.

Tyson posts a meaty loss as rising costs and cattle shortages take a bite out of profits

🙄 *Like rolling your eyes instead of engaging…*  

“FUD” is a catchall term used to dismiss crypto criticisms (substantive or not) by saying they're intended to spread “fear, uncertainty, and doubt.” Over the weekend, __Binance__ twice paused __[bitcoin](https://robinhood.com/crypto/BTC/)__ withdrawals, blaming high network fees. When observers saw that other exchanges hadn't paused withdrawals, which to some suggested there could’ve been a problem at the world's largest exchange, Binance CEO Changpeng “CZ” Zhao called the concerns “[FUD](https://fortune.com/crypto/2023/05/08/binance-pauses-bitcoin-withdrawals-fee-spikes-cz-fears-fud/).”

DEFI(NE)

Heard on the Block: "FUD"

King Charles’ coronation is estimated to have cost as much as $125M

✈️ Airline delay payday

__Bots on the hill…__ VP Kamala Harris [met](https://www.reuters.com/technology/white-house-meet-microsoft-google-ceos-ai-dangers-2023-05-04/) last week with the bosses of __[Alphabet](https://robinhood.com/stocks/GOOGL/)__, __[Microsoft](https://robinhood.com/stocks/MSFT/)__, __OpenAI__, and __Anthropic__ as AI innovation draws greater scrutiny in DC. The White House said AI developers are expected to have their products reviewed at August’s Defcon cybersecurity conference, and debuted a $140M plan to build AI-research hubs. As large language models (LLMs) like ChatGPT go mainstream, Washington says companies have an “ethical, moral, and legal” responsibility to ensure their tech is safe. A few concerns:

- __Data privacy:__ There are worries LLMs could leak sensitive user data they collect. Last week __Samsung__ barred its staff from using ChatGPT after a leak.

- __Misinfo:__ LLMs are known for spewing false or biased info. Governments are concerned bad actors could use LLMs to spread propaganda.

- __Copyright:__ Legal issues have emerged over AI-related infringement, from cover art to fake Drake songs. It’s also an element of the recent WGA strike: writers worry that studios could use their scripts to churn out AI-generated stories without them.

- __Plagiarism:__ Teachers are concerned, too, as students lean on LLMs for homework. Last week __[Chegg](https://robinhood.com/stocks/CHGG/)__ shares fell 40%+ after the edu-tech company noted a spike in students flocking to ChatGPT.

__Workin’ 9-to-AI…__ Another trigger of AI-anxiety: job security. Last week __[IBM](https://robinhood.com/stocks/IBM/)__ froze hiring for nearly 8K roles that it said could be replaced by AI, and said the tech could replace almost a third of its non-customer-facing roles. By some estimates, 300M jobs could be affected by AI, while __[Goldman Sachs](https://robinhood.com/stocks/GS/)__ estimates it could boost global GDP by 7%.

Regulation loading… (Lionel Bonaventure/Getty Images)

Learning

__With great tech comes great responsibility…__ From fake Drake to fake news and AI-fueled propaganda campaigns, the risks of unregulated AI are clear. As major companies start to integrate the tech into products that billions of people use (like: search engines), we can expect governments to get involved in regulating it. But the rapid innovation means it could be harder to move responsibly.

As AI anxiety spreads, Washington pressures Big Tech CEOs to ensure their products are safe

__On to the next one…__ __[JPMorgan Chase](https://robinhood.com/stocks/JPM/)__ CEO Jamie Dimon said last week that "this part" of the banking crisis is over after America’s largest bank took over __First Republic__ (the second-largest US bank failure ever). Later, regional-bank shares plunged on concerns over __[PacWest](https://robinhood.com/stocks/PACW/)__: like other recently flopped banks, it has lots of uninsured deposits (aka: accounts over $250K). Last week the FDIC [proposed](https://www.nytimes.com/2023/05/01/business/fdic-bank-insurance-proposals.html) broadening deposit insurance for businesses, which could prevent more SVB-style bank runs. If you know your deposit is safe, you’re less likely to panic. 

__Mining your business…__ The White House pitched a 30% tax on crypto miners' electricity usage in a stated bid to blunt the industry's environmental impact. (FYI: Last year US miners used as much energy as TVs). But according to crypto cos like __[Riot](https://robinhood.com/stocks/RIOT/)__ and __[Marathon Digital](https://robinhood.com/stocks/MARA/)__, the tax could drive business overseas. The proposal follows a brutal year for miners (picture: plunging crypto prices, soaring energy bills) that saw several file for bankruptcy, and comes just as __[bitcoin](https://robinhood.com/crypto/BTC/)__ regains steam. The OG blockchain saw record transactions just last week.

Zoom Out

Stories we’re watching

__Hyrule hype…__ __[Nintendo](https://robinhood.com/stocks/NTDOY/)__ is (finally) dropping its newest Zelda game, “Tears of the Kingdom,” this Friday. The much-hyped title is expected to boost sales of the popular Switch console, which paraglided past the newest __Microsoft__ Xbox and __[Sony](https://robinhood.com/stocks/SONY/)__ PlayStation to become the third-best-selling console ever. Nintendo’s said to be ramping up Switch production to meet Zelda fans’ desire to cook Salmon Risotto in the Gerudo Desert. The industry’s growth slowed when players went IRL after quarantine, but gaming demand’s still hot.

__PSA: Mother’s Day is *this* Sunday…__ But working moms still face a “motherhood penalty.” After millions of women left jobs during the pandemic to shoulder childcare duties, 1M mothers have reentered the workforce since the end of 2021, and last year’s labor-force participation rate for mothers *surpassed* the prepandemic rate. But biases around job productivity and commitment contribute to an $18K/year pay gap between US mothers and fathers. Studies say the lifetime earnings loss that moms experience is the most significant factor driving the gender pay gap.

Events

Coming up this week

- __[Gargle](https://sherwoodmedia.com/snacks/newsletters/numAk0mhDTcZBec3v72RW/articles/4q7zgE3uzZB7GqEDUE0jXk/):__ __[J&J](https://robinhood.com/stocks/JNJ/)__'s consumer spinoff, __[Kenvue](https://robinhood.com/stocks/KVUE/)__ (think: Tylenol, Neutrogena), had the largest US IPO since 2021. The $3.8B raise stands out in a dry IPO market: before Kenvue, US-listed companies raised $4B this year versus $155B in 2021.

- __[Cord](https://sherwoodmedia.com/snacks/newsletters/38nZhlyyAE4Ped90y3nNQD/articles/D8FC2cOb7KIuN4na6XWf1/):__ __[Disney](https://robinhood.com/stocks/DIS/)__'s __ESPN__ may get the final say on cable’s lifespan. The network said it’ll eventually move its full TV offerings over to its streamer ESPN+. But it’s having trouble cutting the cord since TV earns more $$.

- __[Haul-ted](https://sherwoodmedia.com/snacks/newsletters/38nZhlyyAE4Ped90y3nNQD/articles/3VA8cWnVodXacHUQZWNPoK/):__ Fast-fashion hit __Shein__ wants to IPO this year, but US lawmakers are urging the SEC to halt that plan until Shein’s labor practices are audited to show its clothes aren’t made using forced labor.

ICYMI

Last week's highlights

60% of workers are employed in professions that didn’t exist in 1940

🤖 AI meets DC

__Medical milestone…__ 60+ years after it was discovered, respiratory syncytial virus, or RSV, finally has a vaccine. The FDA [approved](https://www.bloomberg.com/news/articles/2023-05-03/first-vaccine-caps-60-year-search-to-stem-pervasive-lung-virus) __[GlaxoSmithKline](https://robinhood.com/stocks/GSK/)__'s Arexvy (named to sound like “RSV”) vaccine on Wednesday, and the shot could go on sale within weeks.

- __Life-saver:__ RSV is a potentially life-threatening respiratory infection that affects mostly young kids and older adults. It’s the leading reason young children are hospitalized in the US, and 160K+ people die from RSV globally each year.

__Pharma frenzy…__ Four other RSV vaccines are on track to land on pharmacy shelves this year. Analysts predict that the shot’s market could be worth $10B by 2032, and GSK expects to earn as much as $3.7B in Arexvy sales. The London-based company may’ve crossed the RSV finish line first, but other Big Pharma titans are close behind. 

- __Jabbing competition:__ __[Pfizer](https://robinhood.com/stocks/PFE/)__'s RSV vaccine is up next, with FDA approval expected this month. And __[AstraZeneca](https://robinhood.com/stocks/AZN/)__, __[Sanofi](https://robinhood.com/stocks/SNY/)__, and __[Moderna](https://robinhood.com/stocks/MRNA/)__ all have shots in the works.

- __Audience overlap:__ Pfizer’s first RSV vax and GSK’s are both tailored to people over 60, as is Moderna’s (whenever it’s ready), which could lead to a marketing showdown.

New vaccine alert (Pavlo Gonchar/Getty Images)

__Covid accelerated the vax race…__ Pharma companies are racing to be first to the next big vaccine. Since no one was “Team GSK” for Covid (it made a booster only late last year), GSK has ground to cover. But since it already makes a leading shingles vaccine, nabbing the RSV market could give it greater vax dominance. Meanwhile, Moderna and Pfizer are exploring new products to offset slipping demand for Covid vaccines. Moderna reported its first quarterly profit yesterday, but its sales were down by more than $4B, since the Covid vax is the only product it sells.

The first RSV vaccine gets approved as pharma bigshots race into the $10B market

__And the biggest IPO of the year is…__ Tylenol? This week, __[Johnson & Johnson](https://robinhood.com/stocks/JNJ/)__'s spun-off consumer arm, __[Kenvue](https://robinhood.com/stocks/KVUE/)__, became the largest IPO in the US in nearly 18 months. Kenvue, which makes bathroom-cabinet staples like Listerine, Neutrogena, and Benadryl, was [valued](https://www.ft.com/content/c04534a2-8227-4f6d-966e-0e7140645ea0) at $41B on Wednesday. Shares surged 20% yesterday after it started trading on the NYSE, suggesting there’s an appetite for the already profitable, dividend-paying biz (aka: not your typical IPO). 

- __New name, same boss:__ Initially, J&J will own more than 90% of Kenvue shares, with plans to reduce its stake.

- __Old problems:__ J&J’s consumer biz has faced ~40K lawsuits alleging its talc products contained cancer-causing substances. Last month J&J offered $9B to settle. 

__Like swallowing Tylenol without water…__ The IPO market is *dry*. Kenvue's blockbuster listing stands out in an otherwise anemic environment, as rising rates and recession fears spook companies from entering US markets. So far this year, US-listed companies have raised only $4.1B (*not* including Kenvue). That's a far cry from the IPO-palooza of 2021, which saw companies raise $155B. Elsewhere, Asian listings have picked up recently.

Lotion

__Smaller can be stronger…__ J&J is just the latest biz to hop on the #simplify trend. Last year, cereal star __[Kellogg](https://robinhood.com/stocks/K/)__ said it [planned](https://sherwoodmedia.com/snacks/newsletters/1Qt2T96PxTPi4D1SE8Gee4/articles/5MZFe6N5PC1XczpsPaEX9z/) to break into *three* pure-play companies (Snap, Crackle, and Pop?) and __[GE](https://robinhood.com/stocks/GE/)__ announced a similar move in 2021. Splitting up massive conglomerates allows the newly formed businesses to focus on narrower priorities and streamline operations, with the goal of boosting profits.

J&J’s consumer spinoff was the biggest IPO since 2021, showing the value of a breakup

🤖 __Techy…__ The __[bitcoin](https://robinhood.com/crypto/BTC/)__ blockchain saw a [record](https://markets.businessinsider.com/news/currencies/bitcoin-record-daily-transactions-network-ordinals-protocol-cryptocurrency-btc-crypto-2023-5) 682K+ transactions on Monday, and over half of those were [ordinals](https://sherwoodmedia.com/snacks/newsletters/hVxJ5P0UXNj7GiarHRYHR/articles/6h6QfaEiiWIYYTVHHiqAf/). Since their introduction earlier this year, the bitcoin NFTs have surged in popularity. 

📜 __Policy…__ The Biden admin [proposed](https://news.yahoo.com/biden-proposes-30-climate-change-tax-on-cryptocurrency-mining-120033242.html) a tax on crypto miners equal to 30% of their electricity costs. Mining giant __[Riot](https://robinhood.com/stocks/RIOT/)__ suggested the tax could drive companies overseas, and have *negative* environmental effects. 

🪙 __Coins…__ __Pepecoin__, a crypto inspired by a controversial frog cartoon, saw $250M in 24-hour trading volume this week, [passing](https://www.coindesk.com/markets/2023/05/03/pepecoin-overtakes-dogecoin-shiba-inu-trading-volumes-as-early-buyers-take-profits/) fellow memecoins __[doge](https://robinhood.com/crypto/DOGE/)__ and __[shiba inu](https://robinhood.com/crypto/SHIB/)__. Meanwhile, pepe [whales](https://sherwoodmedia.com/snacks/newsletters/5Bc8UtrBrzT79KtNoIOah7/articles/5L3CPfHWE8wkemrresjRY5/) sold off huge amounts of the token.

WHALES

The Crypto Catch-Up…

Nearly half of YouTube viewership in the US is on TVs

💉 The new vaccine race

__Loading up the F-150…__ __[Ford](https://robinhood.com/stocks/F/)__'s famous truck has been the best-selling vehicle in America for nearly a half century, and it didn’t disappoint last quarter either. The auto OG just [unloaded](https://www.cnbc.com/2023/05/02/ford-motor-f-earnings-q1-2023.html) expectation-smashing results, led by its old-school passenger cars and commercial-fleet vehicles like delivery vans. While Ford’s EV biz racked up hefty losses, strong earnings from the legacy divisions let the Michigan automaker drive home a $1.8B profit. 

- __Ford Model E:__ Its electric division lost more than $700M, and the company expects it’ll lose $3B this year. FYI: this is the first quarter Ford started breaking out EV results.

__“Take my [Ford] to the Old Town Road”…__ and make it electric. While gas trucks are Ford’s profit poodles, it isn’t skimping on its e-aspirations. It said it would boost spending on EVs to $50B through 2026, with plans to churn out 2M+ EVs/year by then. Last year Ford sold 61K+ EVs in the US, making it America’s #2 best-selling EV maker after __[Tesla](https://robinhood.com/stocks/TSLA/)__. But it sold only 12K EVs last quarter, and sales of its electric Mustang were down 20%. This week it also slashed the Mach-E’s price for the second time this year.

Who’s a good Ford? (Bill Pugliano/Getty Images)

Juicy

__Being boring can help you be buzzy…__ Ford’s “boring” legacy cars are bankrolling its money-losing EV ambitions. CEO Jim Farley said Ford is “boringly predictable when it comes to execution and delivering financials, but extremely ambitious in… creating the Ford of the future.” Its gas-car biz could sustain the company until the EV side is profitable, giving it an advantage over pure-play EV rivals. This week, e-truck startup __[Lordstown Motors](https://robinhood.com/stocks/RIDE/)__ warned it could go bankrupt, while the likes of __[Rivian](https://robinhood.com/stocks/RIVN/)__ and __[Lucid](https://robinhood.com/stocks/LCID/)__ are struggling.

Ford crushes earnings expectations as trusty trucks offset major EV losses

__$200 rental, $100 cleaning fee…__ Yesterday __[Airbnb](https://robinhood.com/stocks/ABNB/)__ [rolled](https://www.bloomberg.com/news/articles/2023-05-03/airbnb-revamps-site-to-ease-tensions-between-guests-hosts) out dozens of new features and upgrades to keep travelers checking in this summer. The rental rockstar has 4M+ hosts worldwide and expects 300M guests this year. But complaints have piled up as hidden fees and high prices make booking frustrating. Now:

- __Price check:__ Airbnb rentals will display the cost per night, fees, *and* taxes all at once. Plus, guests in the US and Canada can start using __Klarna__ to buy now, pay later for stays over $500.

- __Couchsurf:__ A "Rooms" option lets budget-conscious travelers stay with hosts at an average rate of $67/night. “Host Passports” will display fun facts (see: WFH cat mom).

- __King-size:__ Airbnb dropped record earnings in February, notching its first profitable year, and is forecasting even stronger results this year. 

__Check-in and chores…__ Airbnb booking surged during the pandemic as it benefited from the remote “work from anywhere” trend. But a flood of users on social media and forums like __Reddit__ complain about pesky chores (see: vacuuming, dishes) coupled with sometimes staggering cleaning fees. Now, as travel recovers and guests get pickier about perks, good ol’ hotel chains are starting to catch up.

- __Continental breakfast:__ Last quarter, __[Marriott](https://robinhood.com/stocks/MAR/)__'s revenue surged 34% as occupancy jumped at all its North American properties. __[Hilton](https://robinhood.com/stocks/HLT/)__ also topped estimates, with its revpar (aka: revenue per available room) topping prepandemic levels for the first time.

Booked

__Convenience isn’t always convenient…__ While Airbnb can offer more flexible prices and broader options than hotels, the fine print can make booking more trouble than it's worth. Meanwhile, traditional hotel chains offer the comfort of consistency (think: cleaning, room service) and rewards programs that incentivize loyalty. By addressing its users' qualms, Airbnb can avoid getting ditched for better options.

Airbnb revamps price displays to quell frustration as summer travel (and hotel competition) heats up

The McDonald’s app was downloaded more times last year than Uber, Tinder, or Starbucks

🛻 Ford = boring + buzzy?

__Initial public audit…__ __Shein__ may be preparing to go public this year, but the $64B fast-fashion phenom could be in a stitch as regulators [dig](https://www.reuters.com/business/sustainable-business/us-lawmakers-push-sec-order-audit-shein-ipo-over-uyghur-forced-labor-fears-2023-05-01/) into its production practices. Shein is America’s largest fast-fashion brand and could become one of the [biggest](https://deal.town/robinhood/sheins-ipo-runway-P36UE34N8) Chinese companies to ever list in the US. But recently a group of bipartisan lawmakers urged the SEC to pause Shein’s IPO until they can prove it doesn’t use forced labor in China to make its clothes.

- __Shein’s been accused__ of mistreating Uyghurs workers (a marginalized minority in China) and falsifying reports of forced or underpaid labor at its supplier factories.

- __Shein__ says it has a “zero tolerance for forced labor.” But lawmakers want the SEC to order an independent audit (read: without China’s influence) of Shein’s labor practices. 

__Not buying it…__ As Shein’s US popularity skyrockets, so has scrutiny over what it takes to churn out thousands of cheap new styles listed on its site each day. Last year a Bloomberg report said that some of Shein's clothing contained cotton from China’s Xinjiang region. Governments and human-rights groups have accused China of running detention camps and forcing people to work in Xinjiang. Beijing denies that.

Workers at a clothing factory that supplies Shein (Jade Gao/Getty Images)

Unstitch

__Fast commerce can breed fast solutions…__ and fast consequences. In addition to concerns over rights abuses, ultrafast-fashion brands like Shein have raised sustainability red flags. Shein alone contributes millions of tons of carbon emissions every year. But as consumers seek cheap convenience, fast-commerce competition is only growing: Shein’s China-based rival, __Temu__ (picture: Wish.com meets __[Amazon](https://robinhood.com/stocks/AMZN/)__), became the most-downloaded app in the US after its Super Bowl ad dropped back in February.

Shein's mega-IPO could come unstitched as US lawmakers flag forced-labor concerns

__Traveling overseas…__ but it’s not a summer vacay. Yesterday, __[Coinbase](https://robinhood.com/stocks/COIN/)__ [launched](https://www.bloomberg.com/news/articles/2023-05-02/coinbase-international-exchange-launches-as-tensions-with-us-regulators-grow) an international exchange in Bermuda while New York-based (and Winklevoss twin-founded) exchange __Gemini__ [announced](https://fortune.com/crypto/2023/05/02/gemini-launches-offshore-crypto-derivatives-platform/) a derivatives platform anchored in Singapore. The expanded footprints will give the two crypto companies access to more flexible regulatory environments and allow them to serve up new products to new customers:

- __Coin "big money" base:__ Coinbase International Exchange says it’ll offer perpetual futures (think: no expiration) to non-US institutional investors only.

- __Gemi-no Brits allowed:__ Gemini Foundation will sling crypto derivatives to both retail and institutional customers in 30 countries — excluding the EU and UK.

__When things get awkward at home…__ Coinbase has implied and Gemini has said outright that what they view as messy legal guidance from US regulators played a role in the decision to pack their business bags. Last week Coinbase sued the SEC to try to force the regulator to respond to its 2022 petition seeking crypto-specific rules. Meanwhile, the commission is considering [suing](https://sherwoodmedia.com/snacks/newsletters/XV2nKUGd5DMTWDzADnDXy/articles/29eKBjymymQ1oqSGNKt766/) Coinbase. It also accused Gemini of selling unregistered securities through its (now shuttered) lending program, Gemini Earn. SEC Chairman Gensler said his agency is just enforcing the existing securities rules.

Abroad

__The grass looks greener even when it's overgrown…__ Coinbase and Gemini are just the latest crypto cos to go international as US regulators crack down. Last month __Kraken__, another US-based exchange, secured a license to operate in Ireland (and __Bittrex__, which was once the largest US exchange, ditched America altogether). But wherever expanding US crypto companies settle, they risk finding the green grass thoroughly trampled on by already dominant international players like __Binance__.

Coinbase and Gemini expand offshore as crypto heads for the US exits and finds a crowd

__Not with a bang…__ but with a merger. __[Disney](https://robinhood.com/stocks/DIS/)__'s iconic cable network __ESPN__ will eventually go entirely online, [merging](https://www.bloomberg.com/news/articles/2023-05-01/espn-s-jimmy-pitaro-and-disney-s-bob-iger-often-chew-over-future-of-espn?srnd=premium) with its streaming counterpart ESPN+, say network chair Jimmy Pitaro and __Disney__ CEO Bob Iger. Live-sports broadcasting is seen as a lifeline for cable companies, which lost another 3.5M subscribers last year, and ESPN’s full-stream move would likely hasten cable’s demise.

- __Meeting in the middle:__ the ESPN network has 74M subscribers, a 25M drop from a decade ago. ESPN+ has 25M subscribers after launching five years ago, and viewership surged 53% last year.

- __On the horizon:__ ESPN+ began airing MLB games last year, and the network has already started contract-renewal talks with the NBA, looking to put games on ESPN+ by 2025. Last year the streamer aired 27K live events.

__Eating cable’s lunch…__ and dinner too. Live-sports deals are the hottest ticket in streaming, with __Apple__ nabbing MLB games and __[YouTube](https://robinhood.com/stocks/GOOGL/)__ winning the bidding war for NFL Sunday Ticket, in the industry’s effort to scoop up linear TV’s most successful content. Even channel surfing isn’t unique to cable anymore: in March, combined US viewership of __Pluto TV__ and __Tubi__ (which stream live channels) matched that of Disney+.

Cord

__Profit can take precedence over preference…__ Only half of US households pay for TV packages, down from 85% a decade ago. But despite the trend, Disney is having a hard time letting go, since linear TV generates more $$ than streaming (its streaming biz actually *loses* money). Discounted bundles mean Disney earns less on streaming subscribers.

ESPN may have the final say on when cable TV dies, but Disney is having trouble cutting the cord

Taylor Swift’s “Eras” tour helped drive Las Vegas tourism back to pre-pandemic levels

👗 Shein’s labor stitch

__May Day was yesterday…__ but worker momentum is just heating up. US labor unions have been making headlines as looming deadlines could lead to a power shift. Most pressing: the 11.5K film and TV writers represented by the Writers Guild of America are [set to strike](https://www.nytimes.com/2023/04/30/business/media/hollywood-writers-strike.html) against studios today, barring an 11th-hour agreement. It’s not just your fave shows that could come to a halt: workers in other key industries are engaged in tense negotiations. 

- __Taking off:__ yesterday 15K __[American Airlines](https://robinhood.com/stocks/AAL/)__ pilots voted overwhelmingly to authorize a strike, though federal laws make it harder for airline unions to join walkouts.

- __Gearing up:__ __[UPS](https://robinhood.com/stocks/UPS/)__ and 340K unionized delivery workers have kicked off contract negotiations for their July 31 deadline. Contracted __[Amazon](https://robinhood.com/stocks/AMZN/)__ drivers in California unionized last month, gaining a $30/hour wage.

- __Foaming:__ About 300 US __[Starbucks](https://robinhood.com/stocks/SBUX/)__ stores have voted to unionize so far. Last week, federal labor prosecutors alleged that the latte leader refused to negotiate fairly at 144 locations.

__Big stories, low numbers…__ Despite splashy organizing efforts, US union membership was just 10% last year, the lowest rate on record. Still, Americans’ support of unions is nearly at a 60-year high, with over half seeing the decline of organized labor as negative. Meanwhile, with historically low unemployment and still-high inflation, workers’ wage expectations are rising, reaching $76K/year in March.

The union train gains steam (Jason Redmond/Getty Images)

Organized

__The power dynamic’s in flux…__ While the pandemic saw the employee/employer dynamic tilt in favor of workers in areas like remote work and wage hikes, layoffs and RTO plans have shifted power back toward the boardroom. But even in defeat, labor movements can bring about change: public criticism of a blocked nationwide rail strike in December led major rail companies to grant workers paid sick leave.

While union membership is at a record low, US labor movements are gaining steam

__Inflation nation…__ As Argentina’s economic crisis [deepens](https://www.reuters.com/markets/rates-bonds/argentina-plans-huge-rate-hike-91-stem-peso-slide-inflation-source-2023-04-27/), its citizens are relying on the *dolar blue*, aka the US dollar. Inflation breached 100% last month for the first time in decades as prices doubled. To combat that, Argentina’s central bank jacked its interest rate by 10 percentage points, to 91%, last Thursday — tacking on to a massive 300-point lift the week before. 

- __For context:__ The Fed has cranked the US’s rate to about 5% from zilch over the past year, in response to inflation that hit 9%.

- __Not enough:__ For Argentina, 20 to 30% inflation is typical, but triple digits means time to hit the panic button. However, aggressive rate hikes, along with price freezes and other scattershot attempts to cool prices, aren’t working.

__*Dollarization* nation…__ Argentines trust the greenback to maintain its value more than the peso. The USD has become so prevalent in the country that some experts think its circulation there is second only to the US. Argentines trade pesos for American dollars at illegal swap hubs, where the exchange rate is often cranked to double the official rate.

- __Paging Washington:__ One of Argentina’s presidential candidates, Javier Milei, wants to fully swap the national currency out for the USD and dissolve the country’s central bank. FYI: 11 countries, including Ecuador and Zimbabwe, use the USD as their currency.

Greenback

__The buck still has Superman status…__ Concerns about the US dollar being dethroned as the world’s “[Superman Currency](https://sherwoodmedia.com/snacks/newsletters/4ogc6lVdR6XOMD2eU3NQcI/articles/4tXfBbA0fHrtQFfTkjI5ht/)” may be overblown. Despite its value slipping this year, the USD is still relied on as the world’s go-to currency for international purchases (think: oil trades), accounting for 58% of global forex reserves. Meanwhile, other countries’ preference for the dollar can make their own currencies weaker.

Argentina leans on the US dollar as the value of its national currency tanks

🐋 *When you're so big even your tiniest move makes a splash…*

A "crypto whale" is a person or entity that holds so much cryptocurrency that they have the power to affect its price. Picture: selling large amounts of a token at once. __Binance__-owned __CoinMarketCap__ said it'll [launch](https://www.coindesk.com/web3/2023/05/01/shark-tank-but-make-it-crypto-coinmarketcap-launching-new-competition-tv-show/) a reality-TV show, "Killer Whales," which will feature entrepreneurs pitching web3 biz ideas to a panel of whales and investors. Picture: “Shark Tank” for crypto.

Heard on the Block: "crypto whale"

“The Super Mario Bros. Movie” is the first film of the year to top $1B+ in sales

📣 US workers get loud

__Getting your posting permit…__ could soon be a new rite of passage. Last week federal lawmakers [introduced](https://www.cnn.com/2023/04/26/tech/senators-social-media-kids-wellness/index.html) a bipartisan bill that seeks to establish a national minimum age for posting on social. The “Protecting Kids on Social Media Act'' would bar platforms like __TikTok__, __[Snap](https://robinhood.com/stocks/SNAP/)__, and __Instagram__ from letting kids younger than 13 create accounts — *and* require platforms to get parental consent to open accounts for users under 18. Studies have linked social media use to anxiety and depression in teens.

- __Social-media security #?__ The bill aims to create a government-run age-verification system based on identity-validating documents (though companies could use in-house tech to perform the check).

- __*Not* recommended for you:__ Social platforms would be barred from surfacing targeted content to minors. Not included: tween-fave gaming services like __[Roblox](https://robinhood.com/stocks/RBLX/)__ and Fortnite.

- __Comments section:__ Supporters want to limit platforms’ ability to keep kids scrolling endlessly, but critics say enforcement would require massive data collection and could infringe on free-speech rights. 

__Sweet 16 FOMO…__ This year intensifying scrutiny of social media’s effect on kids has led to new legislation. The bipartisan “Kids’ Online Safety Act” is set to be reintroduced in the Senate, and another bill, proposed in February, would set a social age threshold of 16. Age-verification laws were passed in Arkansas and Utah recently, with Utah adding a 10:30 p.m. social curfew for kids. This year dozens of US school districts have sued platforms like TikTok, __Meta__, and __YouTube__, alleging they’re “knowingly creating this unprecedented mental-health crisis.”

Social-media curfew incoming (Matt Cardy/Getty Images)

Social

__Time (online) is money…__ Engagement = $$ in the form of ads served. Half of US teens say they’re online “almost constantly.” They’re the most engaged demographic, and the most susceptible to negative mental-health effects. Platforms might see their revenue threatened by rules for minors. The bill’s cosponsor Sen. Brian Schatz predicted an “army of lobbyists” would fight it from becoming law.

From curfews to bans, US lawmakers set their sights on new social-media rules for kids

__Big Macs and barbacoa…__ Fast-food chains have posted tasty results as Americans splurge on affordable treats. Last week __[McDonald’s](https://robinhood.com/stocks/MCD/)__ delivered a 63% profit surge as more folks hit the Golden Arches despite pricier burgers and nuggets. __[Domino’s](https://robinhood.com/stocks/DPZ/)__ and __[Chipotle](https://robinhood.com/stocks/CMG/)__ also topped estimates as consumers stomached higher prices. Quick-serve joints have benefited as inflation curbs appetites for full-service restaurants. We’ll see whether the deep-fried frenzy is still sizzling when Taco Bell and KFC parent __[Yum Brands](https://robinhood.com/stocks/YUM/)__ reports along with __[Papa John’s](https://robinhood.com/stocks/PZZA/)__ and __[Shake Shack](https://robinhood.com/stocks/SHAK/)__.

__Wave szn buffet…__ Cruise companies __[Royal Caribbean](https://robinhood.com/stocks/RCL/)__ and __[Norwegian Cruise Line](https://robinhood.com/stocks/NCLH/)__ are on deck to report. If rival __[Carnival](https://robinhood.com/stocks/CCL/)__'s earnings are any indication, the industry’s January-through-March “wave season” was hot. Carnival said it achieved record quarterly booking volumes during a “phenomenal” season, with sales at 95% of 2019 levels. Still, its bottom line was sunk by a nearly $700M loss. While cruise demand has rebounded as Americans splurge on experiences, higher costs (think: fuel) could weigh down profits.

__Raise the roof…__ The debt-ceiling clock is ticking. The US hit its $31.4T debt limit in January, prompting Treasury Secretary Yellen to deploy “extraordinary measures” to keep the economy running. Last week the GOP-led House passed a bill to raise the ceiling. While the Biden admin said it has “no chance” of becoming law, it could spark negotiations as the default deadline looms. The stakes are high: if the US defaults on its debt (read: can’t pay its bills), one-tenth of all economic activity could grind to a halt, __[Goldman Sachs](https://robinhood.com/stocks/GS/)__ estimates.

__Jet not set…__ Summer vacays just got complicated. __[Boeing](https://robinhood.com/stocks/BA/)__ is pausing some jet deliveries after an eagle-eyed worker spotted a “gnarly” flaw in nearly three-quarters of its stored 737 Max jets. __[Southwest](https://robinhood.com/stocks/LUV/)__ now expects fewer of the popular jets than promised, and plans to cut hiring because of Boeing’s delays, even as the industry faces a labor shortage. It’s bad timing: airlines like __[Delta](https://robinhood.com/stocks/DAL/)__ are seeing record summer bookings as travel demand takes off. __[American Airlines](https://robinhood.com/stocks/AAL/)__ CEO said that delivery issues force it to cancel flights.

- __[Recap](https://sherwoodmedia.com/snacks/newsletters/53MKlMHoQHBnGkcCJEn2o5/articles/5DdDjfYTH1CTFVXeI1itWV/):__ Investors sighed after __[Amazon](https://robinhood.com/stocks/AMZN/)__, __Alphabet__, __Microsoft__, and __Meta__ delivered better-than-anticipated earnings last week, showing how low expectations have fallen. Also: tech execs could *not* stop saying “AI.”

- __[K-Flix](https://sherwoodmedia.com/snacks/newsletters/1LDr8wn4Ih9T8WYGyY3SZa/articles/4bDazogzJuEaEooYGo2eWj/):__ More “Squid Game” please. __[Netflix](https://robinhood.com/stocks/NFLX/)__ plans to splurge $2.5B to produce South Korean content, which was watched by *over half* of subscribers last year. From K-pop to K-drama, Korea has become an entertainment powerhouse.

- __[Cleanup](https://sherwoodmedia.com/snacks/newsletters/48bbCfnWRsuLXxDs0G1SaW/articles/6dlkE04VAl9EdkzbXIQqLX/):__ __[Norfolk Southern](https://robinhood.com/stocks/NSC/)__ said the derailment of one of its trains — which spilled toxic chemicals into an Ohio town — would cost it nearly $400M. The disaster has led to broader scrutiny of the rail industry’s safety practices.

This year EVs are expected to account for nearly one-fifth of global car sales

🔞 No kids allowed (to post)

__Scrollin’ with the homies…__ Investors sighed after __[Amazon](https://robinhood.com/stocks/AMZN/)__, __[Alphabet](https://robinhood.com/stocks/GOOGL/)__, __[Microsoft](https://robinhood.com/stocks/MSFT/)__, and __[Meta](https://robinhood.com/stocks/META/)__ delivered better-than-feared quarterly earnings this week. Those four make up about 15% of the S&P 500, and their results lifted the broader market. “AI” was a favorite in earnings calls, with Microsoft mentioning it *50 times*. Other highlights: 

- __Amazon__ unboxed expectation-beating revenue growth, helped by solid gains in its #ad biz. The Prime padre said AI investments have helped it surface more relevant sponsored listings.

- __Meta__ spiked 15% after it surprised investors with its first quarterly sales growth *in a year* and gave upbeat guidance as it served up more ads. Time spent on Instagram surged 24% thanks to AI recs and TikTok-esque Reels.

- __Alphabet__ popped after the Google parent beat expectations, though ad revenue and profit fell from last year as YouTube advertising sagged.

- __Microsoft__ also topped estimates, though quarterly sales grew just 7% after previous years of double-digit gains. AI-powered Bing had 100M+ daily users. 

__From Insta Stories to industry stories…__ Tech earnings paint a broader picture of consumer and corporate demand. Some trends: 

- __Ad-pocalypse not now?__ Google said it’s still suffering from an ad pullback, but Meta pleasantly surprised. Social-media ad growth is expected to accelerate this year.

- __AI on the prize:__ Meta CEO Zuck said AI recs were boosting social engagement, while Microsoft said bots would drive revenue growth in its productivity tools.

- __Cloud__ growth is slowing for Google, Amazon, and Microsoft as companies cool their spend, but it held up better than forecast (Google finally turned a cloud profit).

When copying TikTok pays off (Drew Angerer/Getty Images)

Recap

__Low bars are easier to clear…__ Earnings expectations were low, with S&P 500 companies forecast to report the worst profit decline since lockdown-era 2020. After years of double-digit revenue growth being the norm for Big Tech, now investors are cheering baby gains. Meta stock popped to a one-year high despite its profit plunging by nearly $2B.

Big Techies surge after surprising investors, showing how low expectations have fallen

__Plz fix…__ A sharp-eyed __[Boeing](https://robinhood.com/stocks/BA/)__ employee deserves a bonus after [detecting](https://www.bloomberg.com/news/articles/2023-04-26/boeing-says-170-stored-max-jets-need-repairs-for-gnarly-defect?srnd=premium) a “gnarly” but hard-to-spot flaw in nearly three-quarters of stored 737 Max jets. Boeing said the defect isn’t safety-related, but it is putting deliveries of the popular model on hold just as travel heats up. 

- __Jet not set:__ Boeing will deliver fewer planes than planned for the next several months as it addresses the problem.

- __Wing it:__ The company still expects to meet its annual targets by boosting 737 Max production later this year. __[Southwest](https://robinhood.com/stocks/LUV/)__ was set to receive 90 Max jets this year, but now expects 70.

- __FYI:__ In its quarterly earnings this week, Boeing said sales were up 28%, while its loss narrowed as aircraft demand was hot. 

__Bad timing…__ Everyone’s dreaming of a “White Lotus” summer (minus the drama). The TSA’s expecting a record-breaking year for flights, and some analysts say this could be the busiest spring ever. Meanwhile, airlines are seeing record summer bookings. __[Delta](https://robinhood.com/stocks/DAL/)__'s summer flights were 75% reserved as of mid-April, and __[United Airlines](https://robinhood.com/stocks/UAL/)__ added 24 global routes to meet eat-pray-lovers’ demand. __[Hilton](https://robinhood.com/stocks/HLT/)__ unpacked strong #s this week as hotel bookings quadrupled worldwide.

Delay

__A perfect storm could rain on travelers…__ Booming demand + aircraft delays + staffing shortages + airport congestion = summertime blues. Southwest plans to cut hiring as a result of Boeing’s delivery delays, even as the industry faces a labor shortage that has NYC airports so short-staffed that airlines are cutting scores of flights. American Airlines’ CEO said this about aircraft-delivery delays: “Guess what? We’re going out and having to cancel flights.”

Boeing halts some plane deliveries just as summer vacays get ready for takeoff

💰 __Costly…__ __Binance.US__ [backed out](https://www.coindesk.com/policy/2023/04/26/voyager-lawyers-surprised-binanceus-canceled-1b-deal/) of its $1B deal to buy the assets of bankrupt crypto lender __Voyager__ (a fund infusion that would’ve helped it make its customers whole), citing an "uncertain regulatory climate." 

🌶️ __Spicy…__ __[Coinbase](https://robinhood.com/stocks/COIN/)__ said the SEC is making up rules “on the fly” after [suing](https://www.coindesk.com/policy/2023/04/27/sec-is-alleging-legal-violations-on-the-fly-coinbase-says/) the regulator to force it to issue clearer guidelines. The commission is brewing up its own suit against the US’s largest crypto exchange. 

🤔 __Sus…__ The first NFT insider-trading case went to [trial](https://cointelegraph.com/news/opensea-insider-trading-trial-kicked-off-in-new-york-district-court) this week. The suit, which accuses an ex-__OpenSea__ employee of using confidential token-listing info for personal gain, could set a precedent for the unique asset class.

NFTrial

The Crypto Catch-Up….

US job postings fell 15% in the first quarter, with tech roles leading declines