Plus, Michael Jordan's basketball jersey sells for $10.1M.
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The White House on Friday published what it referred to as the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets.” The document doesn’t include any new legislation; however, it provides a clearer vision of what the Biden Administration has for cryptocurrency and digital asset regulation in the U.S. More: - In March, President Biden signed an executive order asking federal agencies to examine the risks and benefits of cryptocurrencies and issue official reports on their findings.
- The crypto framework document is the result of that executive order.
- The document includes conclusions and recommendations from various federal agencies after six months of reviewing the crypto industry.
- The framework is broken down into sections titled:
- Protecting Consumers, Investors, and Businesses
- Promoting Access to Safe, Affordable Financial Services
- Fostering Financial Stability
- Advancing Responsible Innovation
- Reinforcing Our Global Financial Leadership and Competitiveness
- Fighting Illicit Finance
- Exploring a U.S. Central Bank Digital Currency (CBDC)
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ByteDance, the parent of popular short-video social platform TikTok, is offering to buy back shares from its investors. The move comes after the company canceled its plan for an IPO after Chinese regulators warned the company about data security risks. The Beijing-based company plans to spend up to $3B in cash buying back shares from current investors. More: - According to a memo sent to investors, the company will pay up to $176.94 a share.
- The deal values the company at about $300B, higher than most of the recent offers in the private-equity secondary market.
- The company aims to provide an opportunity for its long-term investors, like Sequoia Capital and Susquehanna International Group, to cash out their positions.
- According to the memo, if the $3B allocated for the share repurchase isn’t enough, ByteDance will acquire an equal proportion of the company’s shares from each investor.
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FedEx shares fell more than 20% during Friday morning trading after the company warned of a decline in global shipment volumes. The company withdrew its full-year guidance and announced several cost-cutting measures. The drop in share price wiped about $11B from the company’s market cap. More: - FedEx said it would close 90 office locations and five corporate office facilities.
- The shipping giant also announced it would slow hiring, reduce flights, and cancel projects.
- FedEx leased its Q1 FY 2023 results on Thursday, missing analysts’ expectations on revenue and earnings.
- The company also reduced its forecast for capital expenditure for the year from $6.8B to $6.3B.
- During an appearance on CNBC, FedEx CEO Raj Subramaniam said he believes the global economy will go into recession.
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Parler, a social media platform popular with conservatives, said it is restructuring to focus on providing services to online businesses at risk of being removed from the internet for controversial views. The company said it acquired Dynascale Inc., a cloud service provider with about 50,000 square feet of data center space. More: - Parler was removed by its cloud service providers after the platform was used to plan the U.S. Capitol riot in January 2021.
- CEO George Farmer said the company wants to become a business powering the “uncancellable” economy.
- As part of the restructuring, Parler created a new parent company, Parlement Technologies.
- The new parent company recently completed a $16M capital raise, bringing the company’s total funds raised to $56M.
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Uber said it is responding to a cybersecurity breach after a hacker claimed to have gained access to the company’s computer systems. Via a tweet late Thursday evening, the ride-hailing company said it is in touch with law enforcement and would share additional information as they become available. More: - The company said a hacker, identified only by the Telegram handle Tea Pot, gained control of Uber’s account with HackerOne.
- The hacker shared screenshots showing widespread access to various administrative accounts that manage Uber’s technology systems.
- The administrative accounts include Uber’s Amazon Web Services, Google Cloud, and VMware’s systems.
- According to cybersecurity consultant Robert Graham, if the hacker’s claims are valid, the incident would be a broad compromise for the company, as the breach involves all their IT information.
- Uber shares were down more than 5% in early morning trading on Friday.
NOTE: Inside.com founder and CEO Jason Calacanis is an investor in Uber.
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Germany has taken over three oil refineries owned by Russian oil company Rosneft. Rosneft’s oil assets in Germany account for about 12% of the country’s oil-processing capacity. The German government said it would place Rosneft’s German subsidiaries under a trusteeship. More: - The move marks an escalation in economic relations with Russia due to the ongoing war in Ukraine.
- Rosneft’s main refinery in Germany is the PCK refinery in Schwedt, eastern Germany.
- The refinery supplies Berlin and the surrounding region with much of its gasoline and aircraft fuel.
- Thousands of German jobs in the Schwedt region depend on the PCK refinery.
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- Gold prices fell to their lowest in more than two years on Friday due to expectations of a 0.75% interest rate hike from the Fed next week.
- Michael Jordan’s basketball jersey worn in the first game of the 1998 NBA Finals sold for $10.1M at Sotheby’s.
- The U.S. Justice Department said it would reward companies that reclaim pay from employees who break the law and will limit agreements that defer prosecution.
- U.S. home mortgage rates topped 6% for the first time since the 2008 financial crisis. The average 30-year fixed rate mortgage rose to 6.02% from 5.89% reported last week and up from 2.86% reported a year ago.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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