Bear territory: The S&P 500 index fell ~4% to its lowest point for the year, down 21% from its January high. The drop means the market officially entered bear market territory amid fears of a looming recession.
Winter continues: Bitcoin prices dropped 17% over the weekend to below $23k, its lowest point since 2020, amid a market-wide drop in crypto.
Splitsville: Tesla filed for a 3:1 stock split, its first since its 5:1 stock split in 2020. Tesla stock is up ~43% since its 2020 split.
Magic Spoon, a D2C cereal startup that is healthier than traditional alternatives, raised $85m in a Series B round. The company will start stocking flavors in Target for the first time.
Drone deliveries: Amazon says Prime Air will begin delivering packages via drones later this year. Amazon customers in Lockeford, California, will be among the first to get access.
Birthday gift: To celebrate Trends’ third birthday, we’re pulling back the curtain to show how Trends members use our research to launch hot startups and profitable businesses.
Coca-Cola is partnering with Jack Daniel’s distiller Brown-Forman on a new canned cocktail. This will be Coke’s fourth boozy product. #ECOMMERCE-RETAIL
The future of wind: Costs and logistics have slowed offshore wind power development. Popular Science explores how that could change. #CLEAN-ENERGY
Rumor has it: Apple’s AR glasses may be coming in 2024 and will be dependent on iPhones. #EMERGING-TECH
Crypto.com will eliminate ~260 jobs — nearly 5% of its workforce. CEO Kris Marszalek tweeted the decision was to ensure sustainable long-term growth. #FINTECH-CRYPTO
Gamer time: Here’s everything announced at the Xbox and Bethesda Games Showcase for 2022, including “Diablo IV,” “Hollow Knight: Silksong,” and “Overwatch 2.” #BIG-TECH
On MFM: Why you should hire for an “extreme strength.” #MFM
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