🍋 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.

🍋 Insiders: Beach Bod Season

🍋 Crypto Keeps Crashing

Crypto is down bad. Bitcoin 'Fear and Greed' Index has dropped to 7 – Extreme Fear. Wall Street's bankers are out of the office again, thanks to another Covid wave, badly affecting Pret A Manger sales. Caterpillar is moving HQ to Texas from Illinois. MicroStrategy could get margin called after YOLO’ing everything into bitcoin. Fisher-Price is in trouble too and was warned by the govt after its rocking chair caused at least 13 reported deaths.

🍋 Top 30 Wall Street Intern Stories