Crypto News: Weekend Edition: A few good ways to spend $45 million

Welcome to the weekend! You made it.

Really, we all made it to the weekend era. Architect and historian Witold Rybcznski traces the evolution of the modern weekend to late-1800s England, where it satisfied workers wanting leisure time and companies craving consistency. The US enshrined a 40-hour workweek in 1938, and China established a two-day weekend in 1995. Much of the Middle East adopted a Friday/Saturday reprieve by 2013.

Of course, just as the world was lining up its schedules, the smartphone arrived to redraw every boundary. And yet: The weekend retains its magic. There's something about the way the hinge of the week swings open. Time is more elastic; our thoughts have room to travel.

That's why we're excited to introduce you to Bloomberg's new Weekend Edition. Every week, we'll bring you a collection of ideas — essays, reviews, interviews and stories — that explore the fascinating places where finance, life and culture meet. On Saturdays, this email will serve as your guide to the edition (if it was forwarded to you, sign up here). You can also read every story on the Bloomberg app, and we've created a companion playlist to listen to while you're doing weekend things.

Our goal is to send you into Monday refreshed, full of new energy and ideas. But like the weekend itself, our new edition will be a work in progress. So don't forget to tell us what you think. —Katherine Bell, executive editor, Weekend Edition

For unlimited access to Bloomberg.com, including the subscriber-only Markets Daily newsletter, please subscribe.

With apologies to Jane Austen, it is a truth universally acknowledged that an investor in possession of a good fortune must be in want of a good asset.

When Citadel founder Ken Griffin paid nearly $45 million for a Stegosaurus skeleton — dubbed "Apex" — he joined a small but growing cohort of wealthy individuals who have been bidding up fossil prices at auctions. Steve Brusatte, a University of Edinburgh professor who specializes in dinosaurs, argues that billionaire bone collectors are robbing researchers of the secrets of the fossils they're hiding away.

Weekend Essay

Market Forces Came for the Dinosaurs

Fossils are the new asset class.

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Not every billionaire is in the market for a giant skeleton. If you're Elon Musk, perhaps you plow $44 billion into a social media platform. Musk's mishandling of X (née Twitter) and his reinvention as a right-wing mouthpiece now dominate the Elon narrative, but his Tesla and SpaceX stewardship remains solid. Gary Sernovitz read three books about the Twitter acquisition to find out: What was Musk thinking?

Review

Why Do We Keep Reading About Elon?

Three new books examine Elon Musk's purchase of Twitter.

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Wealth doesn't only afford its owners the means to acquire things. The rich can afford free time, while those on subsistence wages must work as much as possible. In China, middle-class young people are defying that calculus by swapping consumerism for activities that enrich their spirits. Shuli Ren contends that this soul-searching is changing how households allocate resources, and confounding stimulus efforts.

Weekend Essay

China's 'Professional Children' Want to Buy Less and Experience More

The lie-flat generation is choosing self-care over luxury goods.

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Tokyo
It's 9 pm on a Thursday and Tokyo's railway enthusiasts are gathered at Kiha Bar, a picture-perfect replica of a subway car. Over the pre-recorded rumble of passing trains, customers debate the issue of the moment: an initial public offering for Tokyo Metro, one of the capital's two subway systems. To buy or not to buy shares is the question. Keep reading or listening for more on the IPO's perks.

Illustration: Maggie Cowles for Bloomberg

Paris
Over its 131 years, the Olympia has seen performances from the Beatles to Edith Piaf. But Xavier Niel's How to Become a Billionaire talk was, uh, different. The telecom mogul packed the 2,000-seat theater for as little as €2 a ticket to dole out advice gleaned from a career spanning sex shops, cell phone networks and paparazzi photos. Keep reading or listening for Niel's view on failing forward.

Illustration: Charlotte Ager for Bloomberg

"Dare to suggest that any ESG issue is out of the remit of a mayonnaise and soap company, and sustainability true believers will turn on you en masse."

Alison Taylor

Author of Higher Ground: How Business Can Do the Right Thing in a Turbulent World

In the Next Chapter, we ask the author of an influential book to update the story. This week, Alison Taylor says stakeholder capitalism is full of fair-weather friends.

What we're drinking: a Starbucks strawberry açaí lemonade Refresher. Instagrammable drinks and a comfortable place to hang have turned the coffee house into a hotspot for teens. But at what cost?

What we're mulling: If insurance premiums are a signal for risk, what happens when the two get out of step? A UK insurance program is creating a moral hazard by making premiums affordable for flood-prone houses.

What we're not mulling: opening an oil refinery. Aliko Dangote opened one that could transform Nigeria's economy, but the sector is so complex that even Africa's richest man is struggling to execute.

What we're watching: Bloomberg Originals' deep dive on corruption in Vietnam. Truong My Lan was sentenced to death for orchestrating a $12 billion fraud at Saigon Commercial Bank — but she didn't work alone.

What we're re-watching: Formula 1: Drive to Survive. Hoping to tap into the same type of deals that boosted Formula One, snowboarder Shaun White is starting a competitive federation called Snow League.

What we're posting on Instagram: our failed baking attempts. "Demasking" — removing one's mask to reveal a vulnerability — is one charm-centric tactic politicians are using to woo voters.

What we're talking to our kids about: cheating. Teachers are using AI detection tools to check homework. But at this scale, even small error rates add up quickly, with consequences for accused students.

Q&A

"I reached out to her about Norma Desmond and she was not flattered in any way. She said, 'Why are you offering me this has-been?'"

Hot off a string of successes, Jamie Lloyd is the director behind a new Broadway production of Andrew Lloyd Webber's Sunset Boulevard. Lloyd sat down with us to talk about stripped-down staging and convincing Nicole Scherzinger to play Norma Desmond.

Read the Story

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