Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Hedge Fund Titans Gather Amid Fears of Dollar Decline and Market Turmoil
  At a private Goldman Sachs event in Abu Dhabi, David Solomon admitted IPO hopes have stalled while Paul Singer warned of a potential loss of US dollar reserve status and rising geopolitical risks, pushing hedge funds like Citadel to seek new Middle East opportunities as recession fears mount.

• Harvard Sues Trump Administration Over Federal Funding Freeze
  Harvard filed a federal lawsuit accusing the Trump administration of violating constitutional rights by freezing billions in funding and threatening academic independence, with the university arguing the freeze is part of a pressure campaign to control faculty and curriculum.

• IMF Slashes 2025 U.S. Growth Forecast After Sudden Policy Shift
  The IMF cut its 2025 U.S. growth projection to 1.8%, down 0.9 percentage points, after the April 2 Rose Garden announcement forced a rapid revision of economic forecasts, according to IMF chief economist Pierre-Olivier Gourinchas.

• FDA Moves to Phase Out Synthetic Food Dyes Amid Health Concerns
  The FDA plans to revoke authorization of two synthetic dyes, work with industry to eliminate six more by 2026, and introduce four new natural color additives, citing potential links to ADHD, obesity, and diabetes that scientists say need further study.

• Auto Industry Groups Unite to Oppose 25% Tariffs on Parts
  Six major U.S. automotive groups warned the Trump administration that the upcoming 25% tariffs on auto parts, set for May 3, could jeopardize U.S. automotive production, according to a letter sent to top economic officials.

• World Economic Forum Launches Probe Into Misconduct Allegations Against Klaus Schwab
  The WEF board unanimously backed an independent investigation after a whistleblower letter alleged financial and ethical misconduct by founder Klaus Schwab and his wife, prompting scrutiny from global leaders on the board.

• Trump Refutes China’s Claim of No Ongoing Trade Talks
  President Trump pushed back against China's statement that no trade negotiations are underway, after he and Treasury Secretary Scott Bessent suggested tensions with Beijing could ease this week.

• U.S. to Demand Russia Recognize Ukraine’s Right to Armed Defense
  The U.S. will push Russia to accept Ukraine’s right to maintain an army and defense industry as part of peace talks, with envoy Steve Witkoff set to raise the issue with President Putin amid criticism of Trump’s Ukraine policy.

• Milwaukee Judge Arrested for Allegedly Aiding Undocumented Immigrant
  Federal agents arrested Judge Hannah Dugan on obstruction charges, accusing her of helping an undocumented immigrant evade arrest, just a day after a former New Mexico judge and his wife were arrested in a related harboring case.

• Pharma Tariffs Could Add $51 Billion to U.S. Drug Costs, Report Warns
  A 25% tariff on pharmaceutical imports could raise U.S. drug prices by up to 12.9%, according to a report commissioned by the pharma industry, as the Trump administration probes imports and seeks to expand domestic production.

• George Santos Sentenced to Over Seven Years for Fraud and Campaign Lies
  Disgraced former congressman George Santos was sentenced to just over seven years in prison after pleading guilty to wire fraud and identity theft, with Judge Joanna Seybert citing his lack of remorse over stealing from donors and fabricating his biography.

Public Markets

• FTC Sues Uber Over Deceptive Uber One Subscription Practices
  The FTC alleged that Uber misled customers with false savings promises and made it difficult to cancel Uber One subscriptions, signaling a more aggressive stance under the Trump-Vance FTC leadership.

• SAP Reports 58% Surge in Profit and Confirms Strong Cloud Outlook
  SAP posted a 58% year-over-year rise in Q1 operating profit and reaffirmed its full-year cloud revenue forecast between 21.6 billion and 21.9 billion euros, shortly after becoming Europe’s most valuable public company.

• Boeing Sells Jeppesen and Digital Assets to Thoma Bravo for $10.6 Billion
  Boeing agreed to a $10.6 billion cash sale of its Jeppesen flight navigation unit and other digital assets to Thoma Bravo, as CEO Kelly Ortberg moves to reduce debt and strengthen finances.

• Tesla Misses Earnings Estimates as Automotive Revenue Plunges
  Tesla reported a Q1 miss on both revenue and profit, with automotive sales dropping 20% year-over-year and the stock down 41% year-to-date as of Tuesday’s close.

  • Elon Musk to Scale Back Focus on DOGE as Tesla Struggles
    Elon Musk announced he’ll spend less time on DOGE starting in May, as Tesla reported a 20% drop in auto revenue, missed earnings estimates, and saw its stock plunge over 40% year-to-date.

• Flash Boys Go Public: Optiver and Rivals Reshape Stock Trading
  Optiver, XTX Markets, and Tower Research are bypassing traditional brokers by striking direct deals with buy-side investors, reshaping the equity trading landscape and raising concerns about market transparency as more activity shifts away from public exchanges.

• Intel to Cut 20% of Workforce in Major Restructuring Under New CEO
  Intel plans to slash more than 20% of its staff as new CEO Lip-Bu Tan pushes to streamline management and rebuild an engineering-driven culture at the struggling chipmaker.

• EU Fines Apple and Meta for Violating Digital Competition Laws
  Apple and Meta were fined hundreds of millions of euros for breaching the EU’s Digital Markets Act, with Apple accused of violating anti-steering rules and Meta faulted for forcing users to consent to data sharing or pay for ad-free access.

• Boeing Narrows Loss and Boosts Deliveries Despite China Headwinds
  Boeing reported a $31 million Q1 loss and better-than-expected cash flow, with airplane deliveries rising nearly 60% as it plans to resell jets originally bound for China amid ongoing trade tensions.

• Norway’s Wealth Fund Hit by Tech-Driven Equity Losses
  Norway’s sovereign wealth fund reported a 1.6% loss in equities amid significant market fluctuations, with CEO Nicolai Tangen citing tech sector weakness as a major drag on its 18.53 trillion kroner portfolio.

• Amazon and Nvidia Expect Power Demand to Keep Rising With AI Growth
  Amazon and Nvidia executives said they foresee rising power needs fueled by AI expansion, with Amazon maintaining its data center plans and Nvidia seeing no pullback in demand.

• Phillips 66 Reports Q1 Loss and Unveils New Permian Basin Gas Plant
  Phillips 66 posted a larger-than-expected first-quarter loss as lower refining margins and seasonal maintenance weighed on results, mirroring challenges faced by Valero while announcing a new gas plant in the Permian Basin.

• Dan Loeb Exits 'Magnificent 7' Tech Stocks Amid Market Uncertainty
  Billionaire investor Dan Loeb has sold nearly all of Third Point’s positions in the “Magnificent 7” tech stocks, citing concerns over escalating trade tensions and macroeconomic uncertainty under the Trump administration. Loeb is now shifting focus to private credit opportunities as a more attractive investment alternative.

• Lilly Sues Compounders Over Unapproved Tirzepatide Copies
  Eli Lilly has filed lawsuits against four compounding pharmacies—Mochi Health, Fella Health and Delilah, Willow Health Services, and Henry Meds—for selling unapproved tirzepatide knock-offs without evidence of safety or efficacy, following a court injunction halting pharmacy-made copies of its blockbuster weight-loss and diabetes drug.

Real Estate & Private Equity

• Florida Condo Crisis Deepens as Ownership Costs Surge
  Florida condo owners face soaring insurance rates, special assessments, and rising HOA fees, driving prices lower for older properties and complicating financing as many condos are now blacklisted by lenders.

  

• U.S. Existing Home Sales Fall as Inventory Rises and Prices Cool
  Sales of previously owned homes dropped 5.9% in March from February, while inventory climbed nearly 20% year-over-year, putting downward pressure on prices.

• Yale Plans $6 Billion Private Equity Sale Amid Shifting Market Pressures
  Four years after David Swensen’s passing, Yale is preparing to sell up to $6 billion in private equity holdings—nearly 15% of its endowment—as it navigates rising political scrutiny, weaker private equity distributions, and growing concerns that traditional illiquid strategies may no longer deliver the same edge.

M&A, IPO’s, Bankruptcies

•  Rite Aid Prepares for Second Bankruptcy and Breakup Sale
  Rite Aid is low on cash and planning to sell itself in pieces as it seeks a debtor-in-possession loan during its second bankruptcy in less than a year, working with Guggenheim Securities amid broader retail sector struggles.

• Harvard Nears $1 Billion Private Equity Sale Amid Financial Pressures
  Harvard University’s endowment is in advanced talks to sell $1 billion of private equity stakes to Lexington Partners in a secondaries transaction, as the school faces financial uncertainty and market headwinds.

• Musk Insider Antonio Gracias Sells Exclusive Access to SpaceX and xAI Shares
  Antonio Gracias, a close Musk ally and SpaceX board member, is offering $1 billion worth of SpaceX and xAI shares to wealthy investors through Valor Equity Partners, tapping into the opaque and highly profitable market for Musk’s private companies as SpaceX’s valuation surges.

• xAI Seeks $20 B in Funding at $120 B+ Valuation
  Elon Musk’s xAI Holdings is in talks to raise roughly $20 billion in new capital, a move that would peg the AI firm’s valuation at over $120 billion and help Musk “assign proper value” to xAI.