The man who can move the entire crypto industry in 180 characters or less disclosed on Monday a massive new stake in that medium of choice, Twitter. That move made Elon Musk the single biggest shareholder of the social media platform. Musk’s plans for his new sway at the company—including whether he’ll go activist and demand a slot on Twitter’s board—are as yet unknown, though he’s been critical of the site “in recent weeks for failing in his view to adhere to free speech principles” - NYTimes and WSJ and Bloomberg and MarketWatch
Back for a third go-around at the helm, newly returned Starbucks CEO Howard Schultz announced this week that the company “would suspend stock buybacks immediately” and would instead “invest more profit into [its] people and . . . stores.” Some Sbux watchers see the move as an attempted counter to the union movement currently taking hold at corporate-owned locations around the U.S. - NYTimes and WSJ and MarketWatch
The SEC is calling for cooperation with the CFTC in developing “a plan to oversee platforms trading tokens that are a mix of securities and commodities” and believes action is urgently needed “because retail investors are currently vulnerable to scams and market manipulation” - Bloomberg and WSJ and MarketWatch and Law360
Venture capital heavyweight Sequoia Capital has named Roelof Botha, who has been running the firm’s U.S. operations since 2017, as successor to current leader Doug Leone (who is nearing the mandatory retirement age of 65). Botha takes the helm “as Sequoia tries to navigate its increasingly complex relationship with its powerful China affiliate” - WSJ and TechCrunch
Following recent revelations of the massacre of civilians by Russians in Bucha, the Treasury Department has moved to stop “dollar payments from Russian government accounts at U.S. banks, increasing pressure on Moscow to find alternative funding sources to pay bond investors and avoid a default” - Bloomberg and Marketplace
UK regulators have opened an investigation into the recent failure of the “breakdown in nickel trading” at the London Metal Exchange, including “the way the LME handled the suspension of nickel trading on March 8 and the market’s resumption a week later” - WSJ
A LA County Superior Court judge has struck down a 2020 California law “requiring diversity on corporate boards of directors” in what’s viewed as “a blow to the state’s efforts to address racial and gender disparities in the workplace.” The ruling, which opponents argued “was unconstitutional because it mandated quotas,” did not specify the court’s reasoning behind the decision - NYTimes and WSJ and Law360
Both Ford and Stellantis reported quarterly results that showed performances off in the 15% range as compared to a year earlier, as car companies continue to “struggle[e] with the chip shortage” that’s plagued many sectors, including the auto industry - NYTimes
Very Serious Financial Person Jamie Dimon has decreed that “big risks loom” for the U.S. economy, despite “a largely upbeat view” if its health at the moment, thanks to the combination of inflation, Fed rate hikes, and the uncertainty of Russia’s war in Ukraine - WSJ
Inside the first successful fight to organize a union at an Amazon warehouse led by Chris Smalls in Staten Island - WSJ and Bloomberg and Marketplace
So about that whole “Great Resignation” thing . . . - Bloomberg
Though basketball couldn’t be much further from my sport of choice, I will happily set aside that bias to celebrate this excellent look at the “mecca of women’s basketball” right here in my own backyard, an apt profile as the women’s Final Four wrapped this weekend - NYTimes
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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