🍋 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

🍋 Bear Market Has Entered the Chat

Blood on the Street, as the S&P 500 tumbled nearly 4% and crypto has imploded., If you need a drink after looking at your brokerage account today, Jack & Coke will now be available pre-mixed, in a can. Cirkul water bottles have gone TikTok viral and helped the company achieve unicorn status. Amazon's drone delivery system will be online soon for one small California community, almost 10 years after the company began working on the service.

🍋 Hopeless Home-antics

Millennials and Gen Z can’t afford homes. “McDonald's” in Russia opened to long lines. Summer blockbusters are back with "Jurassic World: Dominion" bringing in $143.3 million in its domestic opening, and "Top Gun: Maverick" adding another $50 million in its third weekend. National average gas price reached $5 per gallon for the first time ever. Goldman Sachs is being investigated over its ESG funds, as critics say ESG funds lack accountability

🍋 Inflation Outta Control

CPI drops today. Expect it to be HOT! Disney fired their TV content head Peter Rice, as the board is shaking things up while backing CEO Bob Chapek. The PGA Tour suspended 17 golfers that are participating in the controversial Saudi-funded LIV golf series. TikTok is adding more speed bumps to mindless scrolling. Starbucks CEO Howard Schultz said the company is considering ending its open bathroom policy. (the backbone of the US bathroom industry)

🍋 Hedge Funds Private Problem

Private company valuation mark-downs are a problem for some hedge funds especially D1 Capital Partners. Spotify is planning a major push into the audiobooks space as CEO Daniel Ek laid out plans to reach $100 billion in revenue over the next decade. Wealth for the bottom half of households has soared, as they more than doubled their cash savings during the pandemic. US average gas price reached another record: $4.955/gallon, with some counties approaching the $8 mark. Also facing tough times due to shortages is Huy Fong Sriracha sauce.

🍋 Insiders: Working from Wherever

🍋 Private Equity Goes Retail

Private equity firms are going after slightly rich retail investors ($1-$5million). Starbucks' founder Howard Schultz established a $100 million fund targeted toward "diverse business as vehicles for fostering a more inclusive economy." Meanwhile, Wells Fargo is pausing their diversity rules, after a report came out that said staff held fake interviews with minority candidates. Janet Yellen said the US is currently staring down "unacceptable levels of inflation." (lmao OK I think we all knew that)