Elon 1, Bitcoin 0

The wild ride of Bitcoin this week, fueled by Elon Musk’s tweets, snuffed out speculative excesses and led to a broader reckoning for the troubled asset. While some crypto hedge funds are buying the dip, Bitcoin’s savage swings may deter mutual funds and pension funds from jumping in. The price fluctuation also means Bitcoin can’t be used as a viable form of money, Bloomberg’s Editorial Board writes. Lawmakers in Washington are struggling with what to do about crypto, and the U.S. Treasury tightened tax enforcement on crypto transfers. One Bloomberg editor watched as two people made him a cryptocurrency in under 10 minutes.

What you’ll want to read this weekend

A delay in getting a second Covid-19 vaccine shot can boost its efficacy, a new research shows. Some vaccines are helping countries slow infection rates faster than others.In India, a cascade of rare, life-threatening complications deepened its Covid misery.

In a super-charged economy, companies are
panic-buying. South Korea’s early trade data show exports are set to surge amid global reopening. The U.S. housing market has a bottleneck that’s even bigger than lumber: a lack of land.

Morgan Stanley Chief Executive Officer James Gorman unveiled his biggest leadership shakeup in over a decade, with a group of potential successors who are mostly White and male. Across companies, Black workers are reporting higher rates of burnout.

Top: Morgan Stanley Chief Executive Officer James Gorman; Bottom left: Ted Pick, Daniel Simkowitz, Andy Saperstein and Jon Pruzan.

Source: Al Drago

Amazon is considering buying MGM for $9 billion, a deal that may bring a fresh shine to old movie libraries. HBO Max will sell a lower-priced tier with ads for $9.99 a month.

Take an inside look at Manhattan’s “Little Island,” a new public park that looks like a cluster of flower buds sprouting from the Hudson River. If you are a frequent flyer, sitting on a pile of unused airline miles could cost you.

What you’ll need to know next week

What you’ll want to read in Bloomberg Wealth

New York’s Rich Ditch the Masks and Party

Just as Wall Street offices are filling up, New York’s high-flying social life is returning, with cater-waiters, high heels and all the other wonderful and annoying things about being in person to support a cause. Of course, gatherings are outdoors and in smaller groups, but the masks are largely off, with safety protocols still in place. Let the benefits begin.

Nelle Miller, standing, at Central Park Conservancy’s hat lunch.

Photographer: Amanda Gordon/Bloomberg

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Older messages

The billionaires’ loophole

Friday, May 21, 2021

Bloomberg Among the richest on Wall Street, members of the rarefied world of private equity are wringing their hands over looming taxes and the closing of the “billionaires' loophole,” as proposed

A bigger ransomware attack

Thursday, May 20, 2021

Bloomberg Technology companies led a rebound in US equities on Thursday after a report showing unemployment applications fell last week to a fresh pandemic low. The latest jobs report comes after

Bitcoin rises again

Wednesday, May 19, 2021

Bloomberg A 31% plunge in the morning. A 33% surge in the afternoon. Such was the wild ride Bitcoin took investors on Wednesday, lopping off billions of dollars in value before comments from some big

Crypto gets hammered

Tuesday, May 18, 2021

Bloomberg The Colonial Pipeline, the crucial US fossil fuel conduit debilitated by what federal authorities said was a foreign cyberattack, ran into trouble again, leaving customers in the dark about

Biden’s turning point

Monday, May 17, 2021

Bloomberg Monday was arguably a turning point in the US fight to tame the coronavirus, which has infected and killed more Americans than citizens of any other country on the planet. Desperate to right

Dangerous games

Friday, July 23, 2021

Bloomberg After a yearlong delay due to Covid-19, and some scandals and high profile resignations, the 2020 Tokyo Olympics are finally underway. The Games, the first ever without spectators, promise to

FTT Update: This Newsletter Requires Vaccination

Friday, July 23, 2021

​ ​ Hi all, Julie here. Happy Summer Friday all! Jordan and I close on our new home IN ONE WEEK! Ahhh! Keep us in your prayers as we hope that all goes well with that as well as the move itself. In the

Not Your Parents’ Mutual Funds: How Gen Z Is Investing

Friday, July 23, 2021

Why you should worry about the next crypto crash July 23, 2021 So much for babysitting or busing tables. Today's young adults are using the internet to make money, and not chump change either.

Ever Grande

Friday, July 23, 2021

Plus: Simply not Fintechery, Circle, Equity Research, Finally ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Taking Strategy Seriously

Friday, July 23, 2021

Plus! Errata, Streaming as Instant Gratification; Batteries; Shrinking Analyst Teams; Diffident Voters; Oil; Recapitalized ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Prices for Used Cars Are Soaring, and That Could Cost Drivers Who Aren’t Even Looking to Buy

Friday, July 23, 2021

The amount you receive if your car is a total loss may fall short of its replacement cost. July 23, 2021 INSURANCE Prices for Used Cars Are Soaring, and That Could Cost Drivers Who Aren't Even

Litigation Finance

Friday, July 23, 2021

Plus: Stress Tests, Revolut, Tink/Visa ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Long Slow Short

Friday, July 23, 2021

Plus: Robinhood/Distressed Investing, Banker Hours, Compound Treasury ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

What is Robinhood?

Friday, July 23, 2021

Plus: Buy Now Pay Later, M&A, Weather ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Revolution in the Air

Friday, July 23, 2021

Plus: Buy Now Pay Later, Loan Growth, AIG/Blackstone ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌