Welcome to summer! Don’t forget sunscreen. it’s hot outside.
I Dashboard: The S&P 500 gained 2.5% as investors try to weather the bear market.
- Biggest beneficiary? Tesla (+9.5%), which followed the rally in technology stocks.
- Biggest sinking? DaVita (-15%), following a Supreme Court ruling against the company.
Today’s newspaper, edited by Xavier E. David, is 618 words… read in 2 minutes.
Image: Annelies Caposella/Axios
Suspension of the federal gas tax Will bring some relief at the pump, but don’t expect unexpected savings, Nathan writes.
Why it matters: Drivers are struggling on $5 a gallon of gas — more in some states — at a time when other prices are rising too.
- President Biden is considering suspending the 18.4 cents a gallon tax that has been flat for 29 years and contributes to the Highway Trust Fund.
big picture: According to GasBuddy calculations, the average driver of a large SUV — one of the most popular vehicle types in the country — saves about $4.60 a week.
- That’s about $239 a year, although it’s hard to imagine a gas tax break lasting that long.
- Overall, that would translate to savings of about $70 million a day for US drivers, GasBuddy analyst Patrick De Haan told Axios.
influence: On a $5 gas basis, a gas tax exemption would equate to a savings of less than 4% per gallon.
Yes but: De Haan warned that cheaper gas could be hurt by rising demand and then a rise in retail prices.
- A tax suspension “could exacerbate the imbalance between supply and demand that has led to record prices,” says De Haan.
Remember it: The gas tax suspension would deprive the country of vital dollars to improve its infrastructure.
bottom line: A federal gas tax holiday may have bipartisan support in Washington, but it won’t leave a big dent at the pump.
2. Bonus chart: This is how much you save
Data: gas friend; Note: Estimate based on average consumption and fuel consumption. Map: Sky Vitaly/Axios
3. What’s up
I Kellogg’s splits up Into three companies: breakfast, cereal and plant-based foods. (axial)
️ DocuSign CEO The electronic signature is out after the company’s share price has fallen. (CNBC)
Obama’s Amazon signed a production deal with Audible for the first time as part of its split from Spotify. (Insider)
4. Twitter abandons deal as Elon Hedges
Image: Ada Amer/Axios
The board of Twitter is pushing Elon Musk’s takeover is imminent, even if Musk remains in doubt about his fate Asha Report from the Cannes Lions advertising festival in France.
Catch up fast: Twitter’s board of directors has unanimously recommended that shareholders approve the $44 billion offer, according to a new regulatory filing.
- Meanwhile, in an interview with Bloomberg, Musk said there were obstacles to be overcome – including the number of fake accounts on the platform and securing leverage.
big picture: Twitter’s shares are trading below Musk’s asking price of $54.20 per share, which has investors skeptical. But there is outside support for Musk’s approach to the platform.
What do you say: Snap CEO Evan Spiegel said Sarah Fischer from Axios Morgen During an Axios event in Cannes: “From a product point of view, I’m really excited to see how it develops. And if so, then I think it’s great for the company as a whole.” Maybe.”
5. Top Trending Types of Reels
An AR filter exhibition at Meta’s Cannes Lions tent. Hope King/Axios
Cannes, France – Puppies and other animals don’t get the same attention as tutorial videos on the reels, Instagram’s response to TikTok, Ascha writes.
Why it matters: Big platforms like YouTube, Snap, Instagram and Facebook are all trying to tap into the interaction pipeline created by TikTok’s format.
- Other currently popular types of roll material Involved Along with comedy, augmented reality filters and other special effects, short clips about cultural moments like Pride, Grace Kao, head of business marketing for Instagram, said Axios on the outskirts of Cannes.
big picture: People already spend more than 20% of their time on Instagram watching Reels, Meta announced earlier this year.
bottom line: “We definitely want people to be able to do that [take a] Pause on Instagram,” Cao said.