๐ Just Desserts
Enjoy your trophy, forget your balance.
It cost Robinhood exactly $7.5M to learn that showering digital confetti on a 22-year-old who just leveraged his student loan into Tesla options might not qualify as acting in a client’s best interest. The Massachusetts Securities Division thought so, at any rate, when it settled with the trading app in January 2024 over what regulators politely termed ยซย digital engagement practicesย ยป and everyone else calls turning the stock market into Candy Crush. The confetti has gone. The scratch-card mechanic for revealing free stock rewards has gone. Robinhood’s 25.9 million users and $255B in platform assets, however, have very much stayed.
The confetti was never really the problem. The problem is an entire industry built on the insight that if people feel like they’re playing a game, they’ll keep playing, and the house always wins on volume. The UK’s Financial Conduct Authority ran experiments showing that push notifications and prize-draw mechanics boosted trading volumes by over 10%. A French academic study commissioned by the AMF went further: hand investors a bronze, silver, or gold trophy for taking progressively bigger risks, and they’ll chase the gold like Pavlov’s dog chasing a bell. Copy-trading platforms like eToro, now freshly listed on NASDAQ with $20.8B in assets under administration, let users follow ยซย Popular Investorsย ยป whose returns glow in neon green on their profile page. The researcher found something bleaker than expected: even the participants who chose not to copy anyone traded more aggressively, simply because they’d been placed in a competitive frame. The leaderboard doesn’t need followers. It just needs eyeballs.
The beauty of the arrangement, from the platform’s perspective, is geometric. Every transaction generates a fee, a spread, a commission, a data point to sell. More dopamine means more clicks means more revenue. eToro pulled in $931M in revenue in 2024, up 48% year-on-year, and its own regulatory fine print cheerfully discloses that between 50% and 76% of retail CFD accounts on the platform lose money. The platforms carry none of the liability that a wealth manager would. They’re classified as execution-only brokers: they provide the slot machine, not the advice. If the confetti made a client feel like a winner ten seconds before they became a loser, that was the client’s emotional journey to manage.
European regulators published guidelines in late 2023 stipulating that gamification features must not push clients toward costlier products or excessive trading. No platform in France has yet been sanctioned under these rules. Not one. Over 1.5M new French investors have entered the markets since the pandemic, a disproportionate share of them under 35, raised on interfaces designed to make swiping feel like deciding. Somewhere in Brussels, a regulator is presumably drafting a strongly worded framework about badge distribution. Somewhere else, a 24-year-old is watching their portfolio drop 12% and receiving a notification that says ยซย You’re on a streak!ย ยป

๐๏ธ Top Story
- ๐ฎ๐น Fake Till You Break. Italian PM Giorgia Meloni denounces AI-generated sexualized deepfakes of herself, warning that manipulated images threaten public trust and anyone could be next. (Le Figaro)
- ๐ช๐ธ Viral Voyage. The MV Hondius, facing a deadly hantavirus outbreak, is set to dock in the Canary Islands after three deaths and emergency evacuations from Cape Verde. (BBC)
- ๐ท๐ด Strange Bedfellows. Romania’s government collapses after an unprecedented alliance between Social Democrats and the far-right AUR ousts Prime Minister Ilie Bolojan with a no-confidence vote. (El Pais)
- ๐ช๐บ Mine the Gap. The ICBL says Europeโs anti-landmine consensus is crumbling as five countries break from the Ottawa Treaty under Russian threat. (Le Temps)
- ๐ฌ๐ง Red Alert. Keir Starmer faces a political cliff in Thursday’s elections with Labour bracing for heavy losses and rivals circling for his job. (El Pais)
- ๐ฌ๐ง Pipe Dreams. Scottish elections revive hopes for independence, with Aberdeenโs oil boom turning every ballot into a referendum on the nationโs future. (Le Figaro)
- ๐ฌ๐ง Blue Shield. The Met Police unveils a special team to bolster security for Jewish Londoners, aiming to counter a sharp rise in antisemitic incidents. (Le Monde)
- ๐บ๐ธ Poll Position. Donald Trump hits a new record for unpopularity, with 62% of Americans disapproving of his presidency six months before the midterms. The Republican Party is feeling the heat. (Le Temps)
- ๐บ๐ธ Deal or No Sail. Trump pauses the operation to escort vessels through the Strait of Hormuz, claiming talks with Iran are progressing and the blockade stays. (BBC)
- ๐ง๐ทLula Land. Brazilian President Lula will meet Donald Trump on Thursday to discuss economic and security issues, proving diplomacy thrives on plot twists. (Le Figaro)
- ๐ง๐ท Class Dismissed. After a 13-year-old killed two staff with a handgun at a school in northern Brazil, all classes statewide were suspended for three days. (Le Temps)
- ๐จ๐ณ Statue Quo. Gao Zhen remains trapped by Chinese authorities over old Mao sculptures while his family awaits possible intervention during Trumpโs May visit. (Le Monde)
- ๐จ๐ณ Bang Bang. A fireworks plant blast in Liuyang left 26 dead, 61 injured and Chinaโs leadership calling for urgent industry-wide inspections. (Boursier)
- ๐ฎ๐ณ Exit Polls. After a sweeping victory West Bengal, Modiโs BJP leaves Congress and regional rivals nearly powerless, edging India toward single-party dominance. (New York Times)
- ๐ฎ๐ท Prize and Punishment. Nobel Peace winner Narges Mohammadi faces life-threatening illness in Iranian custody, as her advocates sound the alarm about her declining health. (Le Figaro)
- ๐ฒ๐ฑ Kidal and Error. An alliance of jihadists and northern separatists ousts Russian mercenaries from Kidal, exposing the military juntaโs hollow security promises. (Le Monde)
- ๐น๐ฉ Control, Allegedly. After Boko Haram’s deadly attack killed at least 24 at a Chadian military base, officials reassure that order has been restored. (Le Figaro)
- ๐ฌ๐ง Deeds of Doubt. When pressed, Laure Ferrari refuses to specify how she financed her Clacton home purchase after Farage claimed he was the buyer, leaving the public with more questions than answers. (The Guardian)
๐๏ธ Economy
- ๐ฉ๐ช Green New Dealish. Germany unveils a โฌ5B fund to help heavy industry cut emissions, softening rules to keep steel and cement jobs at home. (Boursier)
- ๐ช๐บ Flight Club. Brussels and Kyiv officially join forces on drone tech, hoping a little coordination will go a long way against shared threats. (Le Figaro)
- ๐ช๐บ Fossil Habit. ECB President Christine Lagarde warns Europe’s 60% energy import reliance is ยซย unsustainableย ยป and economically costly, especially with most of it coming from fossil fuels. (Le Figaro)
- ๐ฌ๐ง Yield Signs. UK 10-, 20-, and 30-year bond yields broke above 5% as speculation over Starmerโs leadership and Labourโs election risks spooked markets. (Cnbc)
- ๐จ๐ญ Swiss Missed. Swiss inflation hit its highest point since 2024 in April, climbing to 0.6% as energy costs surged thanks to Middle East turmoil. (Wall Street Journal)
- ๐ณ๐ด Gaslighting. Oslo plans to reopen Albuskjell, Vest Ekofisk, and Tommeliten Gamma in 2028, positioning itself as Europeโs friendly fossil supplier while fending off climate critics. (Financial Times)
- ๐ป๐ช Bond Voyage. Venezuela gets US approval to begin restructuring $60B in defaulted government and oil bonds, as Washington slowly loosens the purse strings. (New York Times)
- ๐ญ๐ฐ Back in the Black. Hong Kongโs GDP jumped 5.9% year-on-year in the first quarter, delivering its strongest growth since 2021 while the region frets over war fallout. (Wall Street Journal)
- ๐ฎ๐ท Current Events. Over 1,550 ships are stuck in the Persian Gulf due to escalating regional tensions, causing global trade delays and widening the supply gap. (Bloomberg)
- ๐ฌ๐ง Tax and Rewind. After UK banks report ยฃ14B in Q1 profit, the TUC wants the windfall tax rate put back to 8 percent from the current 3 percent. (The Guardian)
- ๐บ๐ธ Gap Year. The trade deficit hit $60.3B in March as imports outpaced exports, making ยซย mind the gapย ยป more than just transit advice. (Bloomberg)
- ๐บ๐ธ Time Out. The SEC moves forward with a Trump-backed plan to let public firms ditch quarterly earnings reports and report just twice a year instead. (Cnbc)
- ๐บ๐ธ Name Dropout. Vladimir Sklarov posed as a friend of the Astors and lent to billionaires, but prosecutors say he just borrowed credibility for a $450M scam. (Wall Street Journal)
๐ข Real Estate
- ๐ธ๐ฌ Tower Bidding. CapitaLand and Hongkong Land ๐ญ๐ฐ are both eyeing Singaporeโs Marina One office complex, setting up a high-stakes property contest. (Bloomberg)
- ๐ฌ๐ง Rate Expectations. Mortgage repayments now eat up 21.3% of UK homebuyersโ income, matching 2008 pain levels and making affordability a distant dream. (The Guardian)
- ๐ฌ๐ง Gilt Trip. UK 30-year bond yields hit their highest level since 1998, as Middle East conflict and election jitters send borrowing costs soaring for the government. (BBC)
- ๐บ๐ธ Home Stretch. new-home sales jumped in March, reaching their fastest pace of 2024 as buyers rushed to lock in available inventory. (Bloomberg)
- ๐บ๐ธ House Party. U.S. new home sales hit 682,000 in March, a jump from Februaryโs 635,000, as spring brings more buyers to the table. (Wall Street Journal)
๐ On-chain
- ๐ช๐บ Euro Vision. Sabadell and Bankinter will join Qivalis, a consortium building a stablecoin tied to the euro, as Europe eyes digital currency sovereignty. (Boursier)
- ๐บ๐ธ Odds Family. Polymarket and Kalshi let users bet on global events, but their ties to Donald Trump Jr. are now drawing regulatory suspicion and unwanted press. (Le Temps)
- ๐บ๐ธ HODL the Phone. Strategy drops its famous โnever sellโ mantra, with CEO Phong Le now open to selling bitcoin to juice shareholder returns. (Cnbc)
- ๐บ๐ธ DeFi Summer, Winter Chill. Investors have pulled nearly $14B from the decentralized finance sector after two major hacks triggered bailouts and exposed serious vulnerabilities. (Financial Times)
- ๐จ๐ฆ Maple Peg. Tetra Digital Group launches CADD, the first regulated Canadian dollar stablecoin, backed 1:1 and approved by Alberta regulators, with support from Shopify and National Bank of Canada. (FinExtra)
๐ฑ Listed Markets
- ๐ซ๐ท Total Recall. LFI MP Clรฉmence Guettรฉ suggests nationalizing TotalEnergies to fight soaring fuel prices, proposing the state take over refining and distribution for instant public profit. (Le Figaro)
- ๐ฉ๐ช Class Action. Deutsche Bank faces a ยฃ12M lawsuit from ex-trader James Vorley, who claims the bank trained him in banned trading strategies. Deutsche denies any such lessons. (Financial Times)
- ๐ฌ๐ง Middle Yeast. HSBC ๐ฌ๐ง cooked up a $1.3B profit hit, kneaded by private credit fraud and the spreading conflict with Iran, leaving shareholders feeling flat.
- ๐บ๐ธ Beta Blockers. The Commerce Department will test AI models from Google, Microsoft, and xAI before launch, putting a federal lock on Silicon Valleyโs favorite sandbox. (Washington Post)
- ๐บ๐ธ Siri Not Sorry. Apple will pay $250M to iPhone 15 and 16 buyers after lawsuits accused it of falsely advertising AI features that never arrived. (BBC)
- ๐บ๐ธ PayPalgorithm. PayPalโs new CEO promises to use AI for faster cost cuts after a disappointing Q1 profit, because nothing says turnaround like automation. (Wall Street Journal)
- ๐ฐ๐ท Chip Happens. Samsung Electronics rockets past $1T in market capitalization as investors pour into AI-linked stocks and memory chips become strategic gold. (Financial Times)
๐๏ธ Big Deals (M&A)
- Keyrus ๐ซ๐ท acquires NetPartners ๐ง๐ท, a consulting firm in Enterprise Performance Management (EPM).
- Dome Solar ๐ซ๐ท acquires Mounting Systems ๐ฉ๐ช’s strategic assets, including brand and technologies.
- Doctolib ๐ซ๐ท acquires Medicus ๐ฌ๐ง for ยฃ100M as part of its UK expansion plans.
- LegalPlace ๐ซ๐ท raises โฌ70M and acquires Legalstart ๐ซ๐ท, positioning itself as a significant player in company creation and management.
- EW Group ๐ฉ๐ช enters exclusive negotiations to acquire Olmix ๐ซ๐ท, a specialist in biosourced solutions for livestock and crops.
- UniCredit ๐ฎ๐น launches a $40B hostile bid for Commerzbank ๐ฉ๐ช.
- Henko Partners ๐ช๐ธ is exploring a sale of its 49.5% stake in Quadrante ๐ต๐น at an over $350M valuation.
- PZU ๐ต๐ฑ acquires MetLife ๐บ๐ฆ’s Ukrainian unit.
- EQT ๐ธ๐ช raises its takeover bid for Intertek ๐ฌ๐ง to ยฃ8.93B ($12.08B) for the provider of testing, inspection, and certification services.
- Vodafone Group ๐ฌ๐ง acquires full ownership of its joint venture with CK Hutchison ๐ญ๐ฐ for $5.8B.
- Barclays ๐ฌ๐ง acquires Best Egg ๐บ๐ธ for $800M.
- WisdomTree ๐บ๐ธ acquires Atlantic House Holdings Limited ๐ฌ๐ง, enhancing its capabilities in active ETFs and defined outcome strategies.
- Bullish ๐บ๐ธ acquires Equiniti ๐ฌ๐ง for $4.2B, enhancing its infrastructure in capital markets.
- eBay ๐บ๐ธ reviews GameStop ๐บ๐ธ’s $56B takeover offer.
- General Atlantic ๐บ๐ธ backed Long Lake ๐บ๐ธ will take-private American Express Global Business Travel ๐บ๐ธ in a $6.3B cash deal.
- Hubbell ๐บ๐ธ acquires NSI Industries ๐บ๐ธ from Sentinel Capital Partners for $3B.
- Lattice Semiconductor ๐บ๐ธ acquires AMI ๐บ๐ธ from THL Partners ๐บ๐ธ for $1.65B in cash and stock.
- Carlyle ๐บ๐ธ acquires a majority stake in healthcare RCM firms Knack RCM ๐บ๐ธ and EqualizeRCM ๐บ๐ธ.
- LCI Industries ๐บ๐ธ and Patrick Industries ๐บ๐ธ terminate merger talks.
- Platinum Equity ๐บ๐ธ acquires Infratech ๐บ๐ธ, a leader in infrared electric heating solutions.
- Lupa Systems ๐บ๐ธ is in advanced talks to acquire Vox Media’s ๐บ๐ธ New York magazine and podcast division.
- MSA Safety ๐บ๐ธ acquires Autronica Fire & Security ๐ณ๐ด for $555M.
- James Murdoch ๐บ๐ธ is in advanced talks to acquire New York Magazine ๐บ๐ธ, marking his first major media investment after a family succession battle.
- Meloche ๐จ๐ฆ acquires Rossi Aero ๐ซ๐ท for approximately โฌ40M, specializing in aerospace components.
- Hazelview Investments ๐จ๐ฆ will combine its real estate business with Presima Securities ๐จ๐ฆ, adding over $370M in listed real estate assets.
- Biva ๐ฒ๐ฝ receives serious interest from potential bidders in its sale process.
- MBK Partners ๐ฐ๐ท is considering selling its stake in Pierre Marcolini ๐ง๐ช for $100M.
- Oversea-Chinese Banking Corp ๐ธ๐ฌ acquires HSBC ๐ฌ๐ง’s retail and wealth assets in Indonesia.
- OCBC Indonesia ๐ฎ๐ฉ acquires HSBC Indonesia ๐ฎ๐ฉ’s wealth management and retail banking assets for $5.6B.
- Sun Pharmaceutical Industries Ltd. ๐ฎ๐ณ is exploring financing options for its proposed $12B acquisition of Organon & Co. ๐บ๐ธ.
- Regis Resources ๐ฆ๐บ merges with Vault Minerals ๐ฆ๐บ in a $7.7B all-stock deal.
- Navigator Global ๐ฆ๐บ acquires a portfolio of revenue-share interests in 17 alternative asset managers from Stable Asset Management ๐บ๐ธ for $195M.
- Atlas Arteria ๐ฆ๐บ rejects a $5.3B takeover bid from its biggest shareholder IFM Investors ๐ฆ๐บ.
๐งณ Private Markets & VC
- ๐ช๐ธ Hola, Monzo. With new offices in Barcelona and Madrid, Monzo ๐ฌ๐ง is betting big on Spain after its recent Irish launch. (FinExtra)
- ๐ช๐บ Myth Busters. The has contacted Anthropic ๐บ๐ธ about concerns that its Mythos AI model could pose risks, inviting the company to explain itself before regulators step in. (Bloomberg)
- ๐ฌ๐ง Founders Unchained. A wave of ex-Revolut employees have founded dozens of startups, proving the real product was a pipeline of future bosses. (Sifted)
- ๐บ๐ธ Credit Crusade. KKRโs CFO defends private creditโs allure despite declining flows, reminding everyone that conviction can be recession-proof. (Bloomberg)
- ๐บ๐ธ Broker Bots. Anthropic launches AI agents for finance, pitching software that can analyze data and draft reports with less coffee than the average analyst. (Bloomberg)
- ๐บ๐ธ Quick Flip. New Mountain Capitalโs private credit fund touts fast profits from snapping up loans at steep discounts and cashing in early. (Bloomberg)
- ๐ฎ๐ณ Dreams Deferred. Krutrimโs shift to cloud services marks the end of its bold AI model push, following layoffs and lackluster updates. (TechCrunch)
Fundraising
- Linkerbot ๐จ๐ณ (Robotics): $6B
- Enter ๐ง๐ท (Legal Tech): $1.2B
- Sierra ๐บ๐ธ (AI): $950M (Tiger Global, GV)
- Blitzy ๐บ๐ธ (Software): $200M (Northzone, PSG, Battery Ventures, Jump Capital, NFX, Link Ventures, Flybridge, Liberty Mutual Strategic Ventures, Erie Strategic Ventures, BAL Ventures)
- Quantware ๐ณ๐ฑ (Quantum Computing): $178M
- Panthalassa ๐บ๐ธ (Tech): $140M
- Reserv ๐บ๐ธ (Insurance): $125M (KKR, Bain Capital Ventures, Flourish Ventures)
- RadixArk ๐บ๐ธ (AI Infrastructure): $100M (Accel, Spark Capital, NVentures, Salience Capital, A&E Investments, HOF Capital, Walden Catalyst Ventures, AMD, LDV Partners, WTT Investment, MediaTek, Igor Babuschkin, Lip-Bu Tan, Hock Tan, John Schulman, Soumith Chintala, Olivier Pomel, Thomas Wolf, William Fedus, Robert Nishihara, Eric Zelikman, Logan Kilpatrick)
- ETZyG ๐บ๐ธ (Tech): $60M
- Smartness ๐ฎ๐น (Hospitality): $55M (United Ventures, CDP Venture Capital)
- Moment Energy ๐จ๐ฆ (Energy Storage): $40M (Evok Innovations, Liberty Mutual Investments, W23 Global Fund, Acario, Amazon’s Climate Pledge Fund, Voyager Ventures, In-Q-Tel)
- Citius Oncology, Inc. ๐บ๐ธ (Biopharmaceutical): $36.5M
- CopilotKit ๐บ๐ธ (AI): $27M (Glilot Capital, NFX, SignalFire)
- Qutwo ๐ซ๐ฎ (AI): โฌ25M (Yuri Milner, Xavier Niel, Ilkka Paananen, Max Junestrand, Thomas Wolf)
- Nace.AI ๐บ๐ธ (AI): $21.5M (Walden Catalyst, General Catalyst)
- Enzo Health ๐บ๐ธ (Healthcare): $20M (N47)
- Rosi Solar ๐ซ๐ท (Renewable Energy): โฌ20M (InnoEnergy, CMA CGM, Conseil europรฉen de lโinnovation, G3T)
- Barocal ๐ฌ๐ง (Heating & Cooling): $10M (World Fund, Breakthrough Energy Discovery)
- Village ๐บ๐ธ (Healthcare): $9.5M (Upfront Ventures, Bling Capital, GTMFund, Perceptive Ventures)
- Moritz ๐บ๐ธ (LegalTech): $9M
- LakeFusion ๐บ๐ธ (Data Management): $7.5M (Silverton Partners, Carbide Ventures)
- Altara ๐บ๐ธ (AI): $7M (Greylock, Neo, BoxGroup, Liquid 2 Ventures, Jeff Dean)
- XCaliber Health ๐บ๐ธ (Healthcare): $6.5M (ManchesterStory, Benhamou Global Ventures, Arka Venture Labs)
- Spring Labs ๐บ๐ธ (Fintech): $5M (BankTech Ventures, Haymaker Ventures)
- Astrada ๐บ๐ธ (Fintech): $3.8M (Bain Capital Ventures, QED Investors, Nyca Partners, Mastercard, Visa)
- Faactopi ๐ซ๐ท (Deeptech): โฌ3M (Innovacom, Soverency)
Fund Watch
- Carlyle ๐บ๐ธ: $8.5B (structured financing, seeding buyout fund)
- THL Partners ๐บ๐ธ: $6.35B (Fund X, private equity fund for middle-market growth companies)
- OpenAI ๐บ๐ธ: $4B (The Deployment Company, $10B JV for AI tools)
- a16z crypto ๐บ๐ธ: $2.2B (5th fund, focused on crypto)
- Anthropic ๐บ๐ธ: $1.5B
- SingAuto ๐ธ๐ฌ: $1.2B (merging with Blueport Acquisition, green logistics tech & EVs)
- Haun Ventures ๐บ๐ธ: $1B (2 funds, early & late-stage blockchain and AI)
- Twin Bridge Capital Partners ๐บ๐ธ: $855M (Pacific Street Fund VI, lower middle market buyout fund)
- Bridge Growth Partners ๐บ๐ธ: $790M (continuation vehicle for Solace, tech investment)
- Yaron Elad and Elik Etzion ๐บ๐ธ: $100M (AlphaDrive, cyber and AI investments)
๐IPO
- Tenneco ๐บ๐ธ (Auto Parts): selected banks for an IPO that could fetch a $14B valuation.
- Blackstone Digital Infrastructure Trust ๐บ๐ธ (Infrastructure): seeking to raise $1.75B in an IPO.
- Fervo Energy ๐บ๐ธ (Energy): seeking to raise $1.33B at a $6.5B valuation in its IPO.
- GMR Solutions ๐บ๐ธ (Healthcare): seeking to raise $800M at a $4.7B valuation in its IPO.
- EagleRock Land ๐บ๐ธ (Energy): seeking to raise $346M at a $2.6B valuation in its IPO.
- Odyssey Therapeutics ๐บ๐ธ (Biotech): seeking to raise $240M at an $810M valuation in its IPO.
- Mobia Medical ๐บ๐ธ (Medical Devices): seeking to raise $160M at a $530M valuation in its IPO.
- Three-Circle ๐ญ๐ฐ (Electronics): aims to raise $1B in a Hong Kong listing with a $24B valuation.
- UzNIF ๐บ๐ฟ (Investment): launching a $2.4B portfolio of equity stakes set to trade in London and Tashkent this month.
๐งณ Debt
- VOLTA ๐ซ๐ท: finalized โฌ15.6M mezzanine debt with Zencap AM to support its solar energy projects.
- Clearwater PACE ๐บ๐ธ: closed $33M in C-PACE financing for Ameyalli Wellbeing Resort.
- Cambridge Wilkinson ๐บ๐ธ: closed a $300M senior lender finance credit facility for an institutional specialty real estate lender.
- Supersede ๐บ๐ธ: secured a $5M catalytic loan from Closed Loop Partners to expand production of high-performance structural materials.
- Morgan Stanley ๐บ๐ธ: leading a $13B financing package for a Meta data center in Texas.
- Carlyle ๐บ๐ธ: launched a $2.3B junk bond sale to finance its $9.1B LBO of BASF’s coatings business.
- First Eagle Investments ๐บ๐ธ: looking to sell $575M in junk bonds to fund its acquisition of Diamond Hill Investment.
- Boyd Corp ๐บ๐ธ: offering a $530M loan for refinancing after a $9.5B divestiture to Eaton.
- Greenbrier ๐บ๐ธ: entered into a new $425M term loan to finance the growth of its lease fleet.
- Buyerlink ๐บ๐ธ: secured a $40M senior secured credit facility with California Bank & Trust.
- Alphabet ๐บ๐ธ: raised C$8.5B in a surprise megadeal in the Canadian bond market.
- High Tide ๐จ๐ฆ: executed a term sheet for $40M of credit facilities with a Canadian chartered bank.
- Bolivia ๐ง๐ด: gauging investor interest for its first dollar bond sale in four years.
โ Failures
- BioNTech ๐ฉ๐ช: the biotechnology group is cutting 1,860 jobs due to falling Covid-19 vaccine sales and reported a net loss of โฌ532M in Q1 2026.
- Coinbase ๐บ๐ธ: the cryptocurrency exchange announced the layoff of 700 employees, representing a 14% reduction in workforce to manage operating expenses.
- Fortress ๐บ๐ธ: creditors holding $1.8B in bonds extended a deadline for the firm to raise more cash for its LA-to-Vegas project.
- KPS Capital Partners ๐บ๐ธ: the PE firm is purchasing $585M of debt in Oldcastle BuildingEnvelope for 50ยข on the dollar.
- Spirit Airlines ๐บ๐ธ: the airline will liquidate in Chapter 7 bankruptcy.
- Saks Global ๐บ๐ธ: the company sent its bankruptcy plan for a vote, aiming to restructure by wiping out all equity and transferring control to senior lenders.
- Nissan ๐ฏ๐ต: plans to cut 900 jobs, about 10% of its European workforce, amid restructuring to ease financial difficulties.
๐ฏ For a Few More Minutesโฆ
- ๐ซ๐ท Let It Beer. Yoko Ono forced the Breton brewery to stop selling its ยซย John Lemonย ยป beer, but the legal spat only made it sell out faster. (Libรฉ)
- ๐บ๐ธ Flipper Denial. Defense Secretary Pete Hegseth insisted Iran does not have ยซย kamikaze dolphins,ย ยป dismissing reports that Tehran could weaponize marine mammals in the Strait of Hormuz. (Cnbc)
- ๐บ๐ธ Space Oddity. NASA is actively preparing for the day it might announce evidence of extraterrestrial life, just in case we are not alone after all. (Le Parisien)
- ๐ Gone in a Flash. The newly discovered comet C/2025 R3 PANSTARRS will light up skies in New Zealand, Australia, and South Africa, then fade until the year 172,025. (New York Times)