📉 A technology-led selloff that started on Wall Street reverberated across the world as worries over inflation pushed investors to dump expensive stocks. Here’s the latest. https://bloom.bg/3y22O4O

🏦 The world’s rich list is changing. That’s creating problems inside a secretive Swiss bank catering to the 0.01%. https://bloom.bg/3eySFVA

🥪 Pret sandwich sales are a surprisingly good indicator of the post-pandemic recovery. Here’s what they say about the back-to-work push. https://bloom.bg/33wc0k7

👛 Internet Computer, a digital token that launched Monday, is already one of the world’s largest cryptocurrencies, with a market value of about $45 billion. https://bloom.bg/2RPXsJC

📜 Meituan’s CEO is $2.5 billion poorer after posting and deleting a 1,100-year-old poem that’s seen as critical of China. It’s the latest controversy rattling the country’s tech sector. https://bloom.bg/3vVvT07

🏦 Inflation, valuations, rising rates — all are being suggested as causes for this week’s tech implosion, but there’s an alternate theory on Wall Street known as gamma hedging. https://bloom.bg/3hjuo7P

💉 China’s Sinovac is proving more effective in the real world than suggested by clinical trials, according to data from an Indonesian study — an encouraging sign for the dozens of developing countries reliant on the controversial shot. https://bloom.bg/33CoFC2

🎣 France wants to delay access to the European single market for U.K. financial firms over its fishing rights spat, according to sources. https://bloom.bg/2QfBOho

☕ You’ve seen plant-based meat. You’ve tried dairy-free milk. Now a food tech startup has developed a caffeinated, seed-based coffeeless coffee. https://bloom.bg/3fbmtXF

⛽ The Colonial Pipeline, a critical source of gas and diesel for the U.S. East Coast, is returning to service after recovering from a cyberattack that sent prices surging and triggered shortages. https://bloom.bg/3y588o5

⚡ Bitcoin is on the move again. It slid as much as 15%, below $50,000, after Elon Musk halted Tesla purchases with the cryptocurrency due to environmental concerns. https://bloom.bg/2RT2Yv2

🎢 After surging nearly 80%, Taiwan’s stock benchmark was the world’s best performing in the three years through April. It’s now suffering the biggest drop globally as a crash deepened for a third day — a warning to leveraged investors everywhere. https://bloom.bg/3tHJpCU

↩️ Stocks linked to cryptocurrencies fell in line with a slump in Bitcoin, after Tesla CEO Elon Musk reversed a decision to allow payments with the digital coin. https://bloom.bg/3bG24Jp

🇮🇱 Fighting between Israel and Gaza Strip militants is spilling over into communal clashes inside Israel, sparking mob violence between Arabs and Jews. https://bloom.bg/33Fwhnu

😎 The bubble may be bursting, but billionaire SPAC king Chamath Palihapitiya is doing just fine. https://bloom.bg/3tImBTM

Hello, here's what we're following right now:

🧐 Binance is under investigation by the U.S. Justice Department and the IRS, ensnaring the world’s biggest crypto exchange in efforts to root out illicit activity that so far has thrived in a mostly unregulated market. https://bloom.bg/3hpax77

🚦A few have all but eliminated Covid-19, but now they face an even tougher test: rejoining the rest of the world. Havens like Singapore and Hong Kong risk being left behind as New York and London get back to business as usual. https://bloom.bg/3tKYR1d

🇮🇳 India's most popular state leader is also its most radical — a nationalist monk who's increasingly seen as a possible heir to Prime Minister Narendra Modi. He’s tried to quash reports on the country’s deadly Covid crisis. https://bloom.bg/3eLdJbK

Hello, here’s what we’re reading:

🔎 Microsoft conducted an investigation into Bill Gates’s involvement with an employee almost two decades ago after being informed in 2019 of his attempt to start a romantic relationship with that person. It didn’t reach a conclusion because Gates had stepped down before the probe was completed. https://bloom.bg/3bymF1Z

📈 🇨🇳 Goldman Sachs is on an unprecedented hiring spree in China and Hong Kong. With billions of dollars in profits at stake, global banks are looking past increasing political tensions with the West. https://bloom.bg/3hwBhCI

💨 And authorities have come to accept what many researchers have argued for over a year: Coronavirus can spread through the air. https://bloom.bg/2S0ekNP

📈 Elon Musk sent Bitcoin rallying back above $45,000 on Monday after clarifying that Tesla hasn't sold any holdings of the digital token. https://bloom.bg/3tXnAiS

🚢 A year ago, as the pandemic raged, consumers were the ones panic-buying. Today, demand from companies is upending global supply chains, and the world economy is running low on everything. https://bloom.bg/3yhvGWX

💼 Companies are finally planning how to get their employees back in person. But the new hybrid office may not be as flexible as you hoped for. https://bloom.bg/3w8ZJhK

⚡ Michael Burry of “The Big Short” fame has placed a big bet against Tesla. His firm Scion Asset Management owned bearish puts against 800,100 shares as of March 31, according to a new regulatory filing. https://bloom.bg/3hxxmWo

💵 Joe Biden’s income fell dramatically to $607,336 in 2020, but he still earned enough to pay the higher tax rates he’s proposed for wealthy people, according to a return obtained by Bloomberg. https://bloom.bg/3ftLLjA

🛢️ China moved an oil-producing city 80 kilometers away — and then turned it green. Here’s how. https://bloom.bg/2S6Iqzi

📉 Elon Musk's Twitter posts keep sending Bitcoin prices tumbling. His own fortune is heading in the same direction, as the Tesla CEO on Monday lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault. https://bloom.bg/2SYKDNz

🏠 Exclusive new data show that over the past decade, a stark racial disparity has developed in wealth through homeownership in the U.K. Here's the ugly truth about how London's property boom left Black Britons behind. https://bloom.bg/2T2L7SZ

🏥 After devastating India's biggest cities, the latest virus wave is now ravaging rural areas. Most villages have no way to fight the virus, and entire families are being wiped out. https://bloom.bg/3bzP6fQ

📉 Bitcoin and other major cryptocurrencies slumped after the People’s Bank of China reiterated that digital tokens can’t be used as a form of payment. https://trib.al/WHVJWGH

🇹🇼 Complacency let Covid break down Taiwan’s only line of defense. A surge from zero to quadruple digits signals undetected spread has occurred for months. https://trib.al/1POWDz5

😇 How to retire early. Or place smart bets. Or land a rover on Mars. Here are 50 life lessons from really smart people. https://trib.al/GCCzIXL

🇺🇸 New York's attorney general said her investigation of the Trump Organization, which had been civil, has morphed into a criminal probe. Former president Donald Trump’s company is also under criminal investigation by the Manhattan district attorney. https://bloom.bg/3hyNozr

🌳 In five years since the Paris climate accord, banks have poured more than $3.6 trillion into fossil fuel. In 2021 lenders are on pace to commit more financing to climate-friendly projects for the first time. https://bloom.bg/3ykZEcB

📉 And what Elon Musk giveth, he also taketh away. Bitcoin has erased all the gains it notched since Tesla's big bet using $1.5 billion in corporate cash to buy the digital asset and accept it as a form of payment for its vehicles. https://bloom.bg/3uZVzsg

💉 Israel and Seychelles have both vaccinated a majority of their populations, yet Covid cases are declining in the former and rising in the latter. One reason may be the types of vaccine used. https://bloom.bg/3hEYXox

🏙 A U.S. consulate in China warned Americans to avoid the area around a Shenzhen skyscraper that mysteriously wobbled. No earthquake struck the city when tenants felt the shake. https://bloom.bg/3u0VCmf

🔄 It’s the latest twist in the world of blank-check mergers: A company plans to go public with a SPAC and use it to buy back an affiliate that it took public using another SPAC. (Did you get all that?) https://bloom.bg/3u4ceJS

💰 Bitcoin and Ether remain under pressure, with the two leading cryptocurrencies slipping back toward this week’s lows during Asian trading before rebounding. Bitcoin dropped as much as 8.7% but subsequently climbed to trade around the $40,000 mark. https://bloom.bg/3hE6unA

🇬🇧 Banks have been drastically shrinking their footprints in London for years as job cuts reduced demand for desks. Brexit and the pandemic compounded the situation. Now, as the U.K. emerges from the pandemic, its Canary Wharf financial hub is searching for a new identity. https://bloom.bg/3tYZoMZ

🍼 Swedish oat milk company Oatly debuts Thursday in New York after raising $1.4 billion in an initial public offering. Brothers Rickard and Bjorn Oste, who co-founded the company, have a combined stake worth $448 million. https://bloom.bg/2RAmVXB

🇭🇰💔 They’ll miss their parents, their favorite hiking spots and the chatter of their mother tongue on the streets. Some don’t want to leave, even if it means the risk of detention.

There are no easy decisions for the millions of Hong Kong residents who face the choice of moving to the U.K. or staying in a city being gradually reshaped by China.

Bloomberg News spoke to eight locals, from bankers to teachers, for whom Beijing’s move to impose a national security law on the Asian financial hub was a catalyst for them to consider leaving, potentially for good. https://bloom.bg/3wmOySO

🛍️ The U.K. economy is roaring out of lockdown, with the private sector expanding at the fastest pace in at least 23 years and retail sales surging. https://bloom.bg/3bFGfcz

🇷🇺 Elon Musk spoke warmly of Russia during a Kremlin-sponsored event for students, suggesting Tesla may eventually open a factory there. https://bloom.bg/3hKccEK

🚢 And London’s biggest divorce fight hinges on a $353 million, 380-foot, nine-deck luxury superyacht holed up in a dusty marina in Dubai. https://bloom.bg/3v8t77I

Hello 👋 Here’s what we’re reading right now:

✈️ Belarus ordered a Ryanair plane flying over its airspace to land and arrested a journalist on board. The unprecedented violation of air travel protocols has been called a “state hijacking." https://bloom.bg/3vjo847

💰 A dark drama is playing out inside China's biggest "bad bank." Here's what Huarong's struggle may mean for the nation's financial system: https://bloom.bg/3ue3Esm

🐭 Millions of cannibal mice have swarmed schools, homes and hospitals in parts of Australia, wreaking havoc and leaving entire towns suffocating from a lingering pungent odor. https://bloom.bg/3oGHPjZ

😷 A breath test designed to detect Covid-19 within a minute has been approved for use in Singapore. The test works much like a standard breathalyzer test that police might use to see if an erratic driver is drunk. https://bloom.bg/3hMSd8n

🚀 Virgin Galactic shares soared as much as 36% in premarket trading after the company founded by British billionaire Richard Branson conducted a test flight to space for the first time in more than two years. https://bloom.bg/3hL1YE5

📈 And traditional assets are riding out the cryptocurrency storm so far, a sign that mainstream exposure to volatile digital tokens may be comparatively limited. https://bloom.bg/3bOqYqi

🚷 The U.S. warned Americans to avoid traveling to Japan, with much of the country under a state of emergency over a Covid outbreak, sowing new doubt about the Olympics. https://bloom.bg/3hQQ63b

💸 Bridgewater founder Ray Dalio said he would rather own Bitcoin than a bond. The digital currency’s “greatest risk is its success,” he said at a crypto conference. https://bloom.bg/34sleyp

🛫 Myanmar’s junta detained an American journalist at the Yangon airport shortly before his flight to Kuala Lumpur. Since the coup, at least 83 journalists have been arrested, with 47 still in detention. https://bloom.bg/3fhTmDh

😷 The U.S. and the U.K. have moved up Bloomberg’s list of the best places to be in the pandemic as their vaccine rollouts accelerate. Asian countries saw some of the biggest falls, and Singapore lost its No. 1 spot to New Zealand. See where your country stands in our Covid Resilience Ranking. https://bloom.bg/3yCe7kM

🇷🇺 Russia is lining up firmly behind Belarus after it forced a Ryanair jet to land in order to detained an opposition journalist aboard, provoking a storm of Western criticism. https://bloom.bg/34d79V5

🏦 And on the day before the Archegos blow-up, Deutsche Bank’s CEO joined an urgent meeting with a familiar message: there was a problem, and billions of dollars were at stake. But this time, the news wasn’t all bad. https://bloom.bg/3voeDkm