🍋 Bed Bath & Beyond Messy

Bed Bath & Beyond is a hot mess right now. The stock dropped to a 26-year low Wednesday. Venice is looking to charge day trippers a fee of €3-10! Three Arrows Capital has been ordered to liquidate by a British Virgin Islands court after creditors sued it for failing to pay back loans. Who’ll be the next crypto winter casualty?

🍋 Wall Street Comp Results

We have compiled latest Wall Street compensation figures including internship data. Airbnb is permanently banning parties. There is also a mustard shortage ahead of the July 4th weekend. Pinterest CEO is stepping down and Wharton has come out on top as a new ranking shows Wharton MBAs have the best ROI of any MBA degree.

🍋 The Merger No One Asked For

SBF and his company FTX are eyeing struggling Robinhood. Coinbase is down bad after Goldman downgraded it. JetBlue upped its break-up fee for Spirit to get a deal done. Inflation is expected to sting this 4th of July, as food prices are up as much as 36%.

🍋 Furry Office Neighbors

More workplaces are allowing employees to bring their 4-legged best friends to work. Zendesk is going private. Revlon is officially a meme stock – jumping 615% shortly after reporting bankruptcy. Airports are feeling the summer heat and Fed’s stress test on banks turned out to be A-Ok.

🍋 TikTok-ing Over

Whether you love it or hate it, TikTok is huge. The app had nearly $4 billion in revenue in 2021 and is projected to reach $12 billion this year. Amazon's Alexa will soon be able to speak in a relative's voice. Pink Floyd is looking for $500 million for their music catalog. About 200k borrowers who went to for-profit colleges will get $6 billion worth of loans forgiven.

🍋 Insiders: A Tale of Two Acquisitions

🍋 Juul-bye

The FDA is set to order Juul e-cigarettes off the US market. President Biden outlined a plan to lower gas prices by $1 per gallon. Fed Chair Jerome Powell said that a US recession is a possibility. The SEC is proposing new rules for online brokers and their game-like features. For the first time, two women, Janet Yellen and Marilynn Malerba, will have their signatures on the US dollar.

🍋 Crypto Finds a Likely Hero

Crypto billionaire Sam Bankman-Fried, who cofounded FTX, is providing credit lines to keep his struggling industry afloat. Stocks bounced back. Uber Pool is also coming back. For fourth of July holiday, a record 42 million Americans are expected to hit the road. Despite Elon’s reluctance, Twitter's board is pushing for the takeover to move forward.

🍋 America Loves European Football

American investors keep buying European soccer clubs. Markets were closed yesterday in observance of Juneteenth, which also meant that stocks couldn't go down. Ernst & Young is planning to split its audit and consulting businesses. US home prices are likely to fall, as mortgage rates exceeding 6% put a dagger in affordability for the average buyer. Ruble has surged to a 7-year high.

🍋 Another Disastrous Crypto Weekend

Crypto had a disastrous weekend. An anonymous bidder won Warren Buffett's last charity lunch with a $19 million bid. Treasury Secretary Janet Yellen said a federal gas tax holiday is "certainly worth considering." This holiday weekend was a rough one for airlines too with thousands of flights getting cancelled and delayed.

🍋 RIP Revlon

Revlon filed for Chapter 11 bankruptcy. Amazon Prime Day is coming up July 12-13th. Internet Explorer was retired on Wednesday (surprisingly ~49% of companies in Japan still use IE). Elon Musk told Twitter that people should be allowed to tweet "pretty outrageous things," which is a good summary of his own tweets. Odds of a recession have reached 72%, thanks to the Fed's response to inflation.

🍋 75 bps vs Inflation

Fed hiked rates by 75bps. Robinhood is worth less than the cash on its balance sheet. Bill Gates doesn’t like NFTs and believes that "100% based on the greater fool theory, that somebody's gonna pay more for it than I do." China might have seen aliens and Vince McMahon apparently paid $3m in a hush pact to an employee he had an affair with.