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May 5

5 days left until the Axios BFD in San Francisco, which will include conversations with Stripe co-founder John Collison, CalPERS CEO Marcie Frost, TPG CEO Jon Winkleried, Y Combinator CEO Garry Tan and Ark Invest CEO Cathie Wood. Register for the livestream:… ~~~~~~~~~~ hf3f8e3a 992bba08-8399-4bde-ab97-c1305e64876 SSR-I18N f2c6ac64-eb07-4bf8-bb18-52a36cf153b7 hf3f8e3a ~~~~~~~~~~

WSJ News Exclusive | Meta Strikes Deal to Divest Itself of Kustomer

WSJ Venture Capital

@WSJVC

17h

Meta strikes deal to divest itself of Kustomer in transaction in which three venture firms and others get stakes.

wsj.com

The tech giant is trading its ownership of the business-software startup for a minority stake with no guaranteed payment in return.

“We Were Always Playing An Entirely Different Game”: The Ultimate Oral History Of BuzzFeed News

Katie Notopoulos

@katienotopoulos

20h

Today is the last day of BuzzFeed News. I wanted the last word on it to be from the people who worked there. Here's the final post, the Oral History of BuzzFeed News:

buzzfeednews.com

BuzzFeed News has been described as a chaos agent, a pirate ship, a reputable news organization, and, most notably, a “failing pile of garbage” by former president Donald Trump. We wanted to tell our...

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2,449

Three years ago, Bed Bath & Beyond sold off retailer Christmas Tree Shops. Now, just weeks after BBBY bankruptcy, Christmas Tree Shops is meeting the same fate.

boston.com

Christmas Tree Shops preparing to file for bankruptcy, report says

The now national home goods retailer started on Cape Cod in the 1950s as a gift shop.

21h

If you need to be told...

Quote Tweet

*Walter Bloomberg

@DeItaone

21h

BIDEN: NEXT WEEK WILL TELL CONGRESSIONAL LEADERS THEY SHOULD AVOID DEFAULT

Josh Elman

@joshelman

May 5

Today is the 20th anniversary of LinkedIn’s launch.

@reidhoffman

and cofounders blasted out invitations to all their friends to join their professional social network. No one knew what it was at the time, nor the juggernaut it would become. Nor how it would change my life…

195

Ex-Uber security chief gets probation for concealing 2016 data breach

Ex-Uber security executive gets probation, no jail time for concealing 2016 data breach

Uber paid the hackers $100,000 to not release any stolen data and keep the attack quiet.

axiosbfdsanfranciscovirtual.splashthat.com

6 Days until Axios BFD. Convos w/

@SacramentoKings

owner Vivek Ranadivé,

@CathieDWood

, Stripe's

@collision

, YC's

@garrytan

, CalPERS CEO Marcie Frost, TPG CEO Jon Winkleried, Levi's CEO Chip Bergh & Alto Pharma CEO Alicia Boler Davis. Livestream reg:

Axios BFD: San Francisco Virtual

Tune-in virtually to Axios BFD: San Francisco on May 10 as Axios reporters convene industry leaders to unpack hyper-relevant news and trends across financial markets.

Because of Florida abortion laws, she carried her baby to term knowing he would die | CNN

Because of Florida abortion laws, she carried her baby to term knowing he would die because it had no kidneys. She didn't have enough $$ to travel out of state.

cnn.com

A Florida woman, unable to get an abortion in her state, carried to term a baby who had no kidneys.

Fidelity held Twitter's value stable between the end of February and the end of March, per new disclosure. Overall, it's cut the value of its shares by 63.46% since

@elonmusk

acquired the company last October.

Kerry Flynn

@kerrymflynn

At Kendall Roy’s 40th birthday party I mean… Meta’s #IABNewFronts

One thing we know that would make the banking crisis MUCH worse: Defaulting, or getting close to defaulting, on U.S. sovereign debt. Yet the debt ceiling "X date" may be less than a month away...

Paramount restarts Simon & Schuster sale process

Paramount restarts Simon & Schuster sale process

The book publishing giant could have a deal by the end of the year, CFO says.

Dominic Chu

@TheDomino

Western Alliance Bancorp $WAL flat out denies the FT story about exploring a possible sale...says it is NOT up for sale...nor has it hired any advisors to explore strategic options... Shares have been halted for volatility multiple times today cnbc.com/quotes/WAL?qse

The regional banking crisis is expanding

The regional banking crisis is expanding

Reports have both PacWest and Western Alliance seeking buyers.

axiosbfdsanfranciscovirtual.splashthat.com

Pleased to announce that Vivek Ranadivé, owner of the

@SacramentoKings

, will join us at Axios BFD next Wednesday. Register for the livestream:

Axios BFD: San Francisco Virtual

Tune-in virtually to Axios BFD: San Francisco on May 10 as Axios reporters convene industry leaders to unpack hyper-relevant news and trends across financial markets.

Kate Davidson

@KateDavidson

*PACWEST SINKS 34% ON REPORT IT'S WEIGHING STRATEGIC OPTIONS I guess that line under First Republic wasn't as clear as Powell thought ... two hours ago.

Typical conversation at Milken conference: "They'll figure out the debt ceiling before it's too late." "Why do you believe that?" * stares blankly *

Non-rock outnumbers rock here....

Quote Tweet

Axios

@axios

This year's inductees to the Rock & Roll Hall of Fame include:

Kate Bush

Sheryl Crow

Missy Elliott

George Michael

Willie Nelson

Rage Against the Machine trib.al/jDhGie0

Private equity and venture capital have always been apprenticeship businesses. But what happens when AI eliminates the need for apprentices?

How private equity could rapidly change as generative AI advances

Private equity may change more in the next five years than it has in the past 50.

I’ve seen small dogs on planes before. But never sat next to one with its own middle seat… until now.

ICYMI

Quote Tweet

Sara Fischer

@sarafischer

Exclusive: Dominion Voting Systems tells its Fox News lawsuit story to @danprimack axios.com/2023/05/01/fox

Andrew Solender

@AndrewSolender

GOP Sen. Kevin Cramer told

@Axios

he would also be okay with a 30-day debt limit extension, which he suggests is the most realistic scenario given the truncated timeline: axios.com/2023/05/02/yel

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Lisa Desjardins

@LisaDNews

NEW: @SenRickScott just told me he would be ok with a 30-day debt limit increase if the White House actively engages in talks. (Acknowledging what we all know - this timeline looks short/very tough to negotiate a substantial deal.)

Show this thread

Leslie Picker

@LesliePicker

Regional banks selling off today, in part, due to a hangover from the JPMorgan/First Republic deal. Analyst and investor sources say that the market read is that regulators are willing to let regionals fail and then get scooped up by the big banks (1)

Ok, you’ve diagnosed the problem. So watchoo gonna do about it?

Quote Tweet

Andrew Desiderio

@AndrewDesiderio

Schumer on debt limit says McCarthy “knowingly passed an extreme bill, has been boxed by his Republican colleagues into a corner, and now has little room to maneuver, lest he provoke the ire of the Freedom Caucus.”

So apparently I’m now part of the crowd that got a blue checkmark (back) without paying for it or asking for it. Guess it’s not just for million follower accounts anymore…

Dealmakers doldrums permeate the Milken Global Conference

Dealmakers doldrums permeate the Milken Global Conference

It's a state of cautious inaction.

Today's newsletter will be brought to you by bottled iced tea and Twix, because that's all I could find to eat at 4am in this hotel...

Juliegrace Brufke

@juliegraceb

One GOP source tells me there may be a push to get Cal Ripken to hop into the Maryland Senate race.

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Heather Caygle

@heatherscope

Biden reaching out to Big Four congressional leaders as Yellen says Congress needs to act by June 1:

Quote Tweet

Andrew Desiderio

@AndrewDesiderio

NEWS — Biden called McCarthy re: debt limit, asked him to meet. From @PunchbowlNews text alerts —

Show this thread

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Jerry Reinsdorf suggests baseball may have picked the wrong year to speed up games, since it discourages prop bets between pitches.

Milken Conference is full of the usual suspects… bankers, private equity titans, politicians, reporters, and… John Salley?

🚨Exclusive🚨

got an interview with three of Dominion's key players, including its CEO, private equity owner and outside attorney on the Fox case. They discuss 2020, death threats, loss of customers and Tucker Carlson. Monday's must read:

Dominion Voting Systems tells its Fox News lawsuit story

"The world collapsed for us."

This was in response to a question about if it was a good deal for JPMorgan (Clayton shifted his reply to "the system")

Quote Tweet

Squawk Box

@SquawkCNBC

"The structure of this deal has embedded in it the lessons of 2008," says Fmr. SEC Chair Jay Clayton on $JPM buying $FRC. "I think it's a good deal for the system."

2:59

7.5K views

Gee, I wonder what everyone will be talking about in the Milken conference hallways this morning...

An oral history of Dominion, from founding to defamation to settlement, via a conversation with its CEO, outside attorney and private equity owner. Exclusive: Dominion Voting Systems tells its Fox News lawsuit story