Plus: Monarch Collective Expands Fund To $250 Million To Keep Fueling Women’s Sports Boom |
Good morning,
Elon Musk has faced backlash over his government role and whether it would unfairly benefit his companies. Now, he’s facing his first formal conflict of interest complaint.On Thursday, the nonprofit government watchdog Campaign Legal Center filed a complaint with an inspector general over Musk’s involvement with a deal between the FAA and his company Starlink. The CLC argues the world’s richest man appears to have “personally and substantially participated” in the dealings, though federal workers are banned from participating directly in government matters that affect them. Musk’s business empire was built on public money, but he and President Donald Trump have previously downplayed concerns about his potential conflicts of interest.
Let’s get into the headlines, |
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| The IRS shakeup continued Thursday as acting chief counsel William Paul was reportedly removed because he refused to cooperate with DOGE as its representatives allegedly sought to share taxpayer information with other federal agencies. The tax agency is also on its third commissioner in just over a month, and approximately 7,000 probationary employees have been fired. MORE: A federal judge dealt a blow to President Donald Trump’s mass government layoff efforts, ordering multiple federal agencies to rehire tens of thousands of fired employees. Agencies that recently announced layoffs include the Department of Education, the National Oceanic and Atmospheric Administration and the CIA. Alcohol has become the latest victim of the escalating trade war: On Thursday, President Donald Trump said he would impose a 200% tariff on alcohol products imported to the U.S. from European countries in response to the EU announcing new tariffs in retaliation for Trump’s steel and aluminum levies. Trump said he would tax the products unless the EU removes the 50% tariff on imported American whiskey, among other goods targeted from Republican states. |
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| | | Monarch Collective Expands Fund To $250 Million To Keep Fueling Women’s Sports Boom |
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Money is pouring in to fund the women’s sports boom. Kara Nortman and Jasmine Robinson set out to raise $100 million when they started investment fund Monarch Collective two years ago, but their idea to exclusively target the burgeoning world of women’s professional sports was so well received that they quickly blew past that figure. This week, the firm reached another milestone, expanding its war chest to $250 million. It’s not as if Monarch was hurting for capital. Even with its three investments to date—minority stakes in NWSL teams Angel City FC, San Diego Wave FC and BOS Nation FC—the firm had “significant” money left. But the cash infusion gives Monarch more optionality as it looks to make four or five additional investments across the life of its 10-year fund. The timing is opportune, coming off a record-setting year for women’s sports. In 2024, the NWSL drew more than 2 million fans, the WNBA delivered its highest total attendance in 22 years, and the Professional Women’s Hockey League had a promising debut season that included a capacity crowd of 21,105 at Montreal’s Bell Centre in April, the largest audience ever for a women’s hockey game. Meanwhile, broadcast viewership for women’s sports rose 131% from 2023, according to TV data firm EDO. “Brands and media companies are showing up to women’s sports today not for DEI reasons but rather because it’s a great investment,” Robinson says. “No matter the political climate, making money is very bipartisan.”
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“Women’s sports leagues have achieved a series of financial breakthroughs recently, including landmark media rights deals for the WNBA and the NWSL, and team values have skyrocketed, with Angel City FC selling last year for $250 million,” says Forbes staff writer Justin Birnbaum. “Monarch’s Robinson compares the opportunity of this moment to investing in the NFL during the 1970s or the NBA in the 1980s—and she even suggests there could be a women’s sports franchise worth $1 billion by the end of her fund’s life cycle in 2033.”
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Three years after stepping down as the CEO of payments startup Bolt, Ryan Breslow has returned to lead the company following years of board room disputes, lawsuits, an SEC probe and a crumbling valuation. Breslow acknowledged he’s “made a ton of mistakes,” and the company settled a lawsuit from some of its largest investors over a controversial $450 million funding scheme. |
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In asking the Department of Justice and FBI to investigate protests against Tesla, Rep. Marjorie Taylor Greene (R-Ga.) may have violated House ethics rules because she has a financial interest in the EV maker. Greene went on a buying spree of Tesla stock starting in September, and her stake is likely now valued between $7,400 and $116,000. Senate Minority Leader Chuck Schumer, D-N.Y., said Thursday he’ll vote to advance a Republican spending bill to avert a government shutdown, even though House Democrats almost unanimously opposed the measure. Schumer said allowing the government to shut down would be a “distraction” for Democrats trying to combat President Donald Trump’s agenda and would only serve to benefit Trump and his chief cost-cutter Elon Musk. Postmaster General Louis DeJoy told members of Congress on Thursday he signed a deal to allow Elon Musk’s DOGE officials to start reviewing the U.S. Postal Service for potential cuts, as Trump has sought to overhaul the agency. DeJoy said he asked DOGE to review the “unfunded mandates” that Congress has forced USPS to follow, which include the agency’s obligation to deliver mail six days a week, maintain post offices in rural areas, have uniform rates for first-class mail and provide free P.O. boxes to residents whose homes are not served by mail carriers. |
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The White House withdrew President Donald Trump’s nominee for CDC director, David Weldon, just before he was set to appear before the Senate health committee Thursday. Weldon, a former Florida congressman who repeatedly expressed skepticism about the efficacy and safety of vaccines during his time in Congress, reportedly did not have enough support among senators to be confirmed. |
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Russian President Vladimir Putin suggested Thursday he would need concessions before agreeing to a U.S. proposal for a 30-day ceasefire in its war with Ukraine. The U.S. resumed aid to Ukraine and agreed to lift its moratorium on intelligence sharing with the country this week after Kyiv said it would support the U.S. ceasefire proposal. |
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The House voted to repeal a Biden-era rule focused on decentralized finance, or DeFi, which refers to peer-to-peer financial services on the blockchain. The rule would have subjected DeFi brokers to the same reporting rules as brokers for securities and operators of custodial digital asset trading platforms. The repeal bill is also expected to pass the Senate and be signed by President Donald Trump. |
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Consumers got a much-needed reprieve on prices as inflation came in below expectations in February after five consecutive monthly spikes. Still, the dizzying back-and-forth on tariffs adds uncertainty moving forward: |
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$5.51
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The price for a dozen eggs this week, down from $8 at the start of March, according to USDA data compiled by Trading Economics
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