What we’re reading (5/25)
“A Beginner’s Guide To Getting Away With Accounting Fraud, Part Two” (Financial Times). “Bio-On’s billion-euro valuation largely hinged on its claim to have come up with a revolutionary new way of manufacturing a biodegradable plastic. The compound it planned on making had been around for about a century but Bio-On claimed it could produce it at something like a tenth of the cost anyone else had managed. Or maybe not, as it turned out.”
“Mark Zuckerberg Unveils ‘Scrappier’ Future At Meta After Layoffs” (Washington Post). “Meta chief executive Mark Zuckerberg attempted to rally the troops on Thursday, following multiple rounds of layoffs that have decimated the social media giant’s workforce. Zuckerberg told employees during a companywide meeting that he hopes the Facebook parent company will have more stability but less bureaucracy in the future, according to a recording of the call listened to by The Washington Post.”
“Gas Prices Give Drivers A Reprieve Heading Into Memorial Day Weekend” (Wall Street Journal). “The average price of unleaded gasoline in the U.S. was $3.57 a gallon on Thursday, down 22% from a year ago, according to OPIS, an energy-data and analytics provider.”
“‘Price Bubble’ In A.I. Stocks Will Wreck Rally, Economist David Rosenberg Predicts” (CNBC). “Investors piling into stocks with artificial intelligence exposure may pay a hefty price. Economist David Rosenberg, a bear known for his contrarian views, believes enthusiasm surrounding AI has become a major distraction from recession risks.”
“Elon Musk Can Now Put His Brain Implants In Humans” (Insider). “Elon Musk finally got approval from the Food and Drug Administration to start implanting his company's brain chips in humans, Neuralink announced Thursday.”
