Among the richest on Wall Street, members of the rarefied world of private equity are wringing their hands over looming taxes and the closing of the “billionaires’ loophole,” as proposed by U.S. President Joe Biden. So upset are these masters of the universe that some are planning early retirement while others are quitting New York for no-income-tax Florida. One said he dreads telling his children that he’s moving the family to Puerto Rico. Another labeled the proposal that America’s wealthiest pay more in taxes as reverse discrimination. —Margaret Sutherlin

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Here are today’s top stories  

Bitcoin slid more than 10% after China reiterated a warning that it intends to crack down on cryptocurrency miners. It’s the latest in a rough week for coins, rattled by forced selling and a possible U.S. tax clampdown. Meanwhile, hedge funds have been waiting patiently to buy the dip. Here’s your markets wrap.

In a move welcomed by climate activists, the Group of Seven nations agreed to phase out fossil fuel subsidies and stop financing international coal projects immediately and align their policies to keep global temperature rise within 1.5°C.

A hedge fund notorious for gutting newsrooms and slashing newspaper budgets in the name of profit has won a months-long fight to buy some of the best known U.S. dailies, including the New York Daily News and the Chicago Tribune. Despite widespread opposition and fears of further destruction of an ever-shrinking American free press, shareholders chose to cash in, allowing Alden Global Capital to acquire Tribune Publishing for $630 million.  

A number of countries are extending or implementing new Covid-19 lockdowns, from Thailand and Singapore to Argentina. The International Monetary Fund wants $50 billion to help developing nations fight the coronavirus. U.S. officials reaffirmed masks should be worn in schools. Here’s your pandemic update.

Apple Chief Executive Officer Tim Cook took the stand as the final witness in the company’s closely watched antitrust battle with Fortnite developer Epic Games. Here’s what he said about the app store fight at the center of the case. 

The world’s biggest businesses were doing fine until Covid-19 arrived. Now they’re doing even better, reports Bloomberg Businessweek. The top 50 companies by value saw their combined worth soar in 2020 to about 28% of global gross domestic product. Three decades ago that figure was less than 5%. 

Before revelations about his divorce, alleged dubious workplace behavior and ties to Jeffrey Epstein, Bill Gates was just America’s huggable billionaire techno-philanthropist. Here’s how that pristine image unraveled in just two weeks. 

What you’ll need to know tomorrow 

• Biden offered to cut his infrastructure plan to $1.7 trillion.
• Russia and the U.S. have a new source of tension: the Arctic.
• Elon Musk told Moscow he may build a Tesla plant there.
• Wall Street is buying up houses before the public can see them.  
• Dating apps want you to swipe right on vaccines. 
• Turns out successful startups aren’t founded by 20-somethings.
• Citylab: Will rural Italy’s renaissance last beyond the pandemic?

Fighting Climate Change by Burning More Gas

At least eight large utilities in the U.S. are building new gas plants, and another five are thinking about doing the same. That lays bare an uncomfortable truth about the sector’s commitment to fighting climate change: All those carbon-neutral pledges don’t necessarily mean quitting fossil fuels.

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The Future of Sustainable Investing—A Decisive Year for ESG: This year could be a critical moment for climate finance. How far has Wall Street come in addressing net-zero transitions? How has interest in sustainability driven fixed income investment? Join us May 25 and hear from senior industry leaders as they discuss how financial services are planning to fight global warming. Register here.

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