Oil Tankers’ Catch-22 | Biden’s Big Tech Ties | Bed Bath & The Activist Investor

Plus: Will Your Rent Keep Skyrocketing? Not If This Billionaire Is Right

Good morning.

Shares of oil tanker companies received a boon from the spike in fuel prices, boosted by Russia’s invasion of Ukraine, but the war also makes their business a lot less safe. We’re also covering the ties between Biden administration officials and Silicon Valley, and activist investor Ryan Cohen’s plan for Bed Bath & Beyond. Finally, we look at why billionaire Marvy Finger thinks the Covid-crazed rental market has peaked.

In The News Today

Shell announced it will immediately stop buying Russian crude oil and pledged to “withdraw” from its involvement in all Russian hydrocarbons. Follow our live blog for the latest news on Russia’s invasion of Ukraine and its repercussions. 

The vast majority of side effects from Pfizer and Moderna Covid-19 vaccines are mild and subside within a day or two, according to a newly published CDC study.

Top Take-Aways

Telegram’s Russian-born but Dubai-based billionaire founder, Pavel Durov, opened up about what the “tragic conflict” means to him and to his company—a messaging app popular in Ukraine, which has denied ever sharing user data with Russian authorities.

Ukrainian founders and startup CEOs are taking to social media to denounce Russia’s invasion and provide updates on the safety of their employees, shedding a light on the country’s often overlooked and underestimated entrepreneurial hub.

Shares of oil tanker companies have surged double digits this year as demand for fuel rises, and the war in Ukraine has hardly slowed the rally. The conflict, however, is forcing executives to scramble to safer routes.

First-year Biden administration appointees listed thousands of private-sector businesses as previous sources of compensation on their financial disclosures. Three tech companies rose to the top as the most frequently listed: Google, Microsoft and Facebook.

A year after propelling the stagnating GameStop stock to astonishing highs in what became known as the meme-stock craze, billionaire investor Ryan Cohen has set his sight on another brick-and-mortar retailer—Bed Bath & Beyond.

Department store chain Kohl’s is also coming under pressure from activist investors demanding radical changes to its brick-and-mortar strategy. But the leadership at the business is instead doubling down on its store-first philosophy.

Today's Must Read

In Case You Missed It

Following Russia’s invasion of Ukraine, several U.S. tech firms have stopped providing some services to Russians. Digital rights groups are calling on U.S. tech giants to go even further and stop censoring content in response to Kremlin requests, which has been a precondition for doing business in the country. 

Tips You Can Trust

To mark International Women’s Day, here are six ways for women to help other women on the path to success.

Infertility is one of those topics that still feels taboo in the workplace—but employees need assistance, and not just in financial terms. Consider these three ways to offer more support.

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