Briefing sample (beta)

Michael Lynch was found not guilty by a San Francisco jury of defrauding Hewlett-Packard during the $11.7B sale of Autonomy, an enterprise software company he co-founded and led. This was Silicon Valley's largest financial fraud case ever, in terms of alleged dollars lost. Lynch had already lost a related U.K. civil case and other Autonomy execs had been found guilty by U.S. courts (source).

The elite employers are getting more interested in skills than in degrees. Companies should stop looking for the right degree and instead focus on who has the right skills, regardless of how they acquired them. McKinsey has developed a video game to assess candidates’ cognitive skills, which it says gives it 'insight beyond the résumé or conventional interview.' (source).

The CFO of the Detroit Riverfront Conservancy, William Smith, was arrested last week for allegedly stealing $40 million from the nonprofit. Mr. Smith’s grip on the nonprofit’s finances was so tight that even the nonprofit’s accountant, charged with tracking spending, could not log into one of the group’s bank accounts (source).

Elliott Management has taken a big stake in Southwest Airlines and is pushing for changes at the airline. Elliott is known for its activist investing approach, and it is likely to push for Southwest to improve its operations and financial performance (source).

WeWork's former New York City headquarters has been taken over by a coworking rival. The building, located in the Chelsea neighborhood of Manhattan, was once a symbol of WeWork's rapid growth and ambition, but the company has since fallen on hard times (source).

Tesla is facing a pay fight with its employees, and Elon Musk is getting a taste of karma. The company has been accused of underpaying its workers, and Musk himself has been criticized for his lavish lifestyle. Tesla has been trying to cut costs, and it has been reducing employee benefits (source).

Former President Trump said he's a 'crypto president' at a San Francisco fundraiser. This statement comes as Trump is facing increasing scrutiny over his financial dealings, including his involvement in the cryptocurrency market (source).

A billionaire is facing backlash for trying to rename Wyoming town. The town of Jackson Hole is a popular tourist destination, and many residents are unhappy with the proposed name change (source).

Europe will soon test the application of new crypto rules, and some of the industry’s biggest players are bracing for impact. Dominant U.S.-dollar-pegged stablecoin issuers and a couple of the largest crypto exchanges say they’re still working toward compliance with the new scheme going into effect June 30 (source).

There’s a growing set of issuers putting U.S. treasuries on the blockchain, including asset managers like BlackRock and WisdomTree. Fidelity International, meanwhile, reportedly used JPMorgan’s private blockchain to tokenize money-market funds (source).

ProShares, the firm behind the largest futures-based bitcoin ETF, launched a pair of ether funds that aim to double daily returns on ether, whether the price goes up, or down. These so-called leveraged ETFs beat the eight spot ether ETFs to market (source).

The BNB token, a cryptocurrency linked to Binance and its incarcerated co-founder Changpeng Zhao, surged to a record high in the first week of his four-month jail sentence in the U.S. Its rally underscores Zhao’s status as the richest person ever to do time in a U.S federal lock up (source).

Volvo Car AB is recalling all of the almost 72,000 units it’s made of its new flagship model — the fully electric EX30 — due to a software issue. The automaker’s shares slumped as much as 3.5% in early trading in Stockholm on news the vehicles may have an error in their center screen that causes the speedometer to go into test mode when the car starts. To fix the glitch, an over-the-air software update is required, Volvo said in a statement Monday (source).

Abbott Laboratories announced Monday it received approval from the U.S. Food and Drug Administration for two new continuous glucose monitoring systems, including one for people who don’t have diabetes. Both will be available over the counter without a prescription. A continuous glucose monitor, or a CGM, is a small sensor that pokes through the skin and tracks a person’s glucose levels in real time (source).

Privacy watchdogs in the U.K. and Canada have launched a joint investigation into the data breach at 23andMe last year. On Monday, the U.K.’s Information Commissioner’s Office (ICO) and the Office of the Privacy Commissioner of Canada (OPC) announced their investigation into the genetic testing company, saying the organizations will leverage “the combined resources and expertise of their two offices.” (source).