The Daily Money: Elon Musk, Mark Zuckerberg agree to a cage fight
Happy Thursday, Daily Money readers. It’s Bailey Schulz with the day’s top headlines.
Here's a string of words I never thought I’d write: Tech billionaires Elon Musk and Mark Zuckerberg have agreed to a cage fight.
“I’m up for a cage match if he is,” 51-year-old Twitter owner Musk posted in a Twitter thread Tuesday.
"Send me location," Zuckerberg responded in an Instagram story Wednesday. The 38-year-old founder and CEO of Facebook and Instagram parent company Meta recently competed in his first jiu-jitsu tournament and won gold and silver medals.
The exchange came on the heels of Musk tweeting, “I’m sure Earth can’t wait to be exclusively under Zuck’s thumb with no other options."
Earlier this month, the Verge reported Meta is working on a Twitter competitor potentially called Threads, and talking to celebrities about being early users. Chris Cox, Meta's chief product officer, said it is the company’s “response to Twitter,” the outlet reported.
Powell: The battle against inflation 'has a long way to go'
During testimony before the House Financial Services Committee, Federal Reserve Chair Jerome Powell warned that getting inflation back down to 2% “has a long way to go” as inflation pressures continue to run high. The Personal Consumption Expenditures price index (PCE) was up 4.4% year-over-year as of April, while core PCE prices were up 4.7%.
The comments come one week after the Fed held its key rate steady for the first time since January 2022. At the time, the Fed signaled that two more quarter-point hikes are likely this year.
“Given how far we’ve come, it may make sense to move rates higher but to do so at a more moderate pace,” Powell said. “Earlier in the process, speed was very important. It’s not very important now.”
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Over the next few months, Chick-fil-A’s cow mascots, which made their initial appearance 28 years ago, will be starring in an online game, an animated short film and a new line of bovine-inspired merchandise.
“Code Moo, A Chick-fil-A Game,” is available on playCodeMoo.com and lets players help the cows in their ongoing battle against their rival Circus Burger. Players can win one of 2.5 million food prizes, while supplies last. Prizes include free Chick-fil-A food for a year and a trip for two to the 2024 College Football Playoff National Championship.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.