Bloomberg - Evening Briefing - Tesla’s bad day

Managers at some big-name hedge funds are in the driver’s seat, keeping client cash locked up for longer. At least five large funds have changed their terms or started new share classes this year, all extending the time it takes for investors to get out. The desire for longer-term capital gives hedge funds more room to maneuver when it comes to staff and infrastructure. But the reason they can do it at all is because investors know that, in an industry where many have underperformed, these managers produce some of the steadiest returns. —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Monday was a bad day for Elon Musk. Though Tesla’s shares reversed most of their earlier losses, it was the reason the stock fell as much as 6.4% in morning trading. There was troubling news for the electric carmaker, including a report of a new probe by the U.S. Securities and Exchange Commission.

T-Mobile US’s merger with Sprint was supposed to create a supercharged wireless competitor that would push innovations and lower prices. But lately things have been going sideways for the company. Once known for good customer service—the equivalent of a triple rainbow when it comes to the wireless industry—T-Mobile is starting to come up short. 

As Russia appears ready to wage another war on its neighbor, or at the very least make it seem that way, U.S. President Joe Biden plans to consult with key European leaders ahead of his call on Tuesday with Vladimir Putin. Biden has warned that the cost to the Kremlin for more bloodshed on Ukrainian soil will be steep.  

Ukraine President Volodymyr Zelenskiy (left) meets with President Joe Biden at the White House on Sept. 1. Biden reassured Zelenskiy that the U.S. is committed to countering Russian expansion in the region. Photographer: Doug Mills/The New York Times

Petroleos Mexicanos, the world’s most indebted oil company, will get a $3.5 billion cash injection from the government as President Andres Manuel Lopez Obrador orders up a new business plan.

South Africa’s surge in Covid-19 cases following the emergence of the omicron variant hasn’t overwhelmed hospitals so far, prompting some cautious optimism that the new strain may cause mostly mild illness. But as scientists scramble to pick apart this latest version of the pathogen, more questions than answers remain. Hong Kong added more countries to its high risk category while New York’s outgoing mayor proclaimed a vaccine mandate for private companies, with few details. His successor didn’t commit to enforce it. Here’s the latest on the pandemic.

The Australian computer scientist who claims he invented Bitcoin must pay $100 million in damages for allegedly cheating a deceased friend over intellectual property for the cryptocurrency. The U.S. jury however rejected most claims against Craig Wright, and did little to resolve whether he’s the mythical creator of the peer-to-peer currency.

Craig Wright, the self-declared inventor of Bitcoin Photographer: Saul Martinez/Bloomberg

Non-fungible tokens are one of the hottest things in cryptocurrencies right now, with the prospect of big gains should the latest collection rise in value. But a new study shows that a small portion of participants reap most of the gains.

• Speaking of NFTs, Tom Brady has a new set tied to his football career.
• Wall Street wants very much to believe omicron won’t be too bad.
• Wall Street also has a special index it wants to sell, just for you.
• Alibaba gained the most since 2017 on a China tech rebound.
• Athletes can go, but U.S. government will boycott China’s Olympics.
• Bloomberg Opinion: Who just gave Trump $1 billion? Let’s find out.
• Sea, sand and automatic weapons: Welcome to your Cancun vacation.

Three Rolls-Royces owned by Karl Lagerfeld, the late icon of the global fashion industry, have sold in Monaco for a total of $1.33 million. They are a 2018 Phantom, a 2019 Cullinan and a 2016 Rolls-Royce Phantom Drophead Coupé. But the auction didn’t go off as smoothly as hoped.

Karl Lagerfeld Photographer: Gabriel Bouys/AFP

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