| |
| |
| |
| Presented By Facebook |
| |
| Axios AM |
| By Mike Allen · May 05, 2022 |
| Hello, Thursday. Smart Brevity™ count: 1,128 words ... 4½ mins. Edited by Justin Green and Noah Bressner. 📨 Today at 12:30 p.m. ET, please join Axios Pro's Megan Hernbroth for a live discussion on climate deals. Register here. - Then at 2:30 p.m. ET today, please join Axios Pro: Media's Tim Baysinger for a live discussion with NBCUniversal's chair of global advertising and partnerships, Linda Yaccarino. Sign up here.
|
| |
| |
| 1 big thing: Musk's new friends |
| Elon Musk and model-dietician Maye Musk, his mother, arrive at the Met Gala in New York on Monday. Photo: Andrew Kelly/Reuters Elon Musk just reported some new friends — equity partners for his Twitter takeover, including some of the biggest names in Silicon Valley. - Why it matters: Musk's acquisition is being covered as if it were a fait accompli. But it still could fall through.
What's happening: Twitter shares yesterday closed trading at a 10% discount to Musk's agreed takeover price, largely because the market doesn't entirely believe the deal will close, Axios chief financial correspondent Felix Salmon writes. - Musk owns hundreds of billions of dollars' worth of stock. But he can't pay for Twitter with Tesla stock, and he's said he's not going to sell any more Tesla shares.
Between the lines: The new list contains lots of big names, but each with relatively small dollar amounts, Axios Pro Rata author Dan Primack writes. (See the list.) - Overall, he secured around $7 billion. The only $1 billion check comes from Larry Ellison. Mega-investors like Fidelity and Qatar's sovereign wealth fund come in at less than half of that.
Musk is mortgaging Twitter itself to the tune of $13 billion, split between bank loans and junk bonds that together will cost about $960 million per year to service. - On top of the debt servicing costs, Musk also is going to have to pay Twitter employees cash to make up for the stock-based compensation they're currently receiving.
Add it all up and Twitter isn't throwing off anything like that much money. Its EBITDA over the last 12 months — its earnings before interest, taxes, depreciation and amortization — came to just $547 million. - Musk is going to have to make Twitter vastly more profitable — and fast — if he wants to be able to cover his debt service costs and pay his employees.
|
    |
| |
| |
| 2. Quote du jour: "Softish" |
 Data: FactSet. Chart: Axios Visuals Fed Chair Jerome Powell at a news conference yesterday, on getting inflation down without a recession: I think we have a good chance to have a soft or SOFTISH landing, or outcome, if you will. The Fed yesterday delivered the biggest rate hike in over two decades. The stock market jumped surprisingly on the totally predicted news, Matt Phillips writes in Axios Markets. - What's happening: The rally, after a dreadful month, suggests many thought the Fed would threaten even harsher rate hikes in the future, to tamp down inflation. When Powell didn't, a relief rally ensued.
|
| |
| |
| |
| 3. 🇺🇦 U.S. helped target Russian generals |
| Sandbags protect fuel pumps at a petrol station in Kostyantynivka, eastern Ukraine, yesterday. Photo: Yasuyoshi Chiba/AFP via Getty Images The U.S. has provided "intelligence about Russian units that has allowed Ukrainians to target and kill many of the Russian generals who have died in action in the Ukraine war," the N.Y. Times reports (subscription). - Why it matters: "Ukrainian officials said they have killed approximately 12 generals on the front lines, a number that has astonished military analysts."
|
| |
| |
| |
| A message from Facebook |
| Facebook has invested $16 billion to keep you safe on our platform |
| |
 |
| |
| Facebook invested $16B in safety and security over 6 years. The impact? - Quadrupled safety and security teams.
- Developed industry-leading AI that detects harmful content and reacts as it evolves.
- Addressed millions of harmful posts and removed 1.7B fake accounts in the last few months.
Learn what's next. |
| |
| |
| 4. 📷 1,000 words: Team USA at White House |
| Photo: Evan Vucci/AP At a South Lawn ceremony yesterday, President Biden honored U.S. Olympians from the Tokyo 2020 Summer and Paralympic games, and Beijing 2022 Winter and Paralympic games. |
| |
| |
| |
| 5. 🏀 WNBA star called "wrongfully detained" |
 |
|
| Photo illustration: Aïda Amer/Axios. Photo: Michael Gonzales/NBA via Getty Images |
| |
| The U.S. government now considers Brittney Griner to be "wrongfully detained" by Russia — a significant shift that increases odds of the WNBA star coming home, Axios Sports editor Kendall Baker writes. - Why it matters: Griner has been detained for 77 days and faces up to 10 years in prison. But the game has changed. The U.S. is now indicating it will negotiate for Griner's release rather than wait for her Russian legal case to play out.
Catch up quick: Griner, a player for the Phoenix Mercury, was arrested at a Moscow airport on Feb. 17 after customs officials said they found vape cartridges containing cannabis oil in her luggage. - Griner hasn't been charged. The seven-time WNBA All-Star and two-time gold medalist — who plays in Russia during the offseason because the pay is far better — has a hearing scheduled for May 19.
- Former U.S. Marine Trevor Reed was released last week as part of a prisoner exchange with Russia, where he'd been detained since 2019. That has emboldened other families to push for deals.
State of play: Griner's inner circle, fellow WNBA players and government officials have said little about her case. - The goal has been to keep Griner from becoming a celebrity-political cause, which could make it more difficult to secure her release.
The State Department special presidential envoy for hostage affairs, Roger Carstens, is leading the interagency team charged with securing Griner's release. - Bill Richardson, a former U.S. diplomat and veteran international hostage negotiator, is also involved, "a crucial sign that [Griner's] case has moved into a new realm," ESPN reports.
- The WNBA will salute Griner with floor decals featuring her initials and number on every team's home court this season.
The bottom line: Regardless of how the case plays out, Griner could be the last American basketball star to play in Russia, per the N.Y. Times. |
| |
| |
| |
| 6. 📈 Women set board record |
 Data: Heidrick & Struggles. Chart: Kavya Beheraj/Axios 45% of all new Fortune 500 board appointments in 2021 were women — a new high — Axios' Emily Peck writes from a report by executive search and leadership consulting firm Heidrick & Struggles. - Black directors were 26% of new appointees.
Go deeper. |
| |
| |
| |
| 7. Hardening the court |
| Photo: J. Scott Applewhite/AP Police vehicles and heavy trucks block access to the Supreme Court yesterday, as security measure are enhanced on the building's perimeter following protests sparked by the leak of a draft abortion ruling. Photo: Sarah Silbiger/Getty Images Above: Workers assemble fences around the U.S. Capitol yesterday. |
| |
| |
| |
| 8. ⚽ 1 for the road: World's most expensive shirt |
| Photo: Matt Dunham/AP The shirt worn by the late Diego Maradona when he scored the controversial "Hand of God" goal against England in the 1986 World Cup has sold for $9.3 million — the highest price ever paid at auction for a piece of sports memorabilia, AP reports. - Sotheby's sold the shirt in an online auction that closed Wednesday. It did not identify the buyer.
Maradona, considered by many to be the greatest player of all time, said afterward the goal had been scored "a little with the head of Maradona, and a little with the hand of God." - After the game, Maradona swapped shirts with England midfielder Steve Hodge, who loaned it long-term to England's National Football Museum in Manchester before putting it up for sale.
The previous record for sports memorabilia was $8.8 million paid at a December 2019 auction for the 1892 manifesto that launched the modern Olympic movement. |
| |
| |
| |
| A message from Facebook |
| Choose end-to-end encrypted messages on Messenger |
| |
 |
| |
| Your personal conversations should be as private as you want them to be. That's why you can add a layer of protection to your chats in Messenger, and even voice and video calls, with end-to-end encryption. So you can connect in a more private, secure way. See how else we're keeping you safe online. |
| |
| 📬 Invite your friends to sign up here to get their daily essentials — Axios AM, PM and Finish Line. |
 | It's called Smart Brevity®. Over 200 orgs use it — in a tool called Axios HQ — to drive productivity with clearer workplace communications. | | |
No comments:
Post a Comment