🌎 Golf wars

Plus: What’s making Elon nervous? Was this newsletter forwarded to you? [Sign up here]( [Quartz]( August 4, 2022 [View in browser]( Good morning, Quartz readers! Here’s what you need to know Eleven golf players filed an antitrust lawsuit against the sport’s biggest league. The athletes are suing after [they were banned by PGA Tour]( over their participation in the rival, Saudi-backed, LIV Golf. Walmart announced corporate layoffs. The US’s largest retailer [is cutting 200 positions](, but it’s still hiring in areas such as e-commerce. OPEC+ agreed to a small rise in crude oil production. Analysts have called the decision an insult to [Biden’s diplomacy](, but it contributed [to lowering oil prices]( to pre-Ukraine invasion levels. Hackers stole $200 million from crypto wallets. Cyber criminals targeted [the Solana and Nomad platforms]( in back-to-back hacks. Tennessee sued Walgreens over the opioid crisis. The state accused the pharmacy store chain of [flooding the market]( with an oversupply of oxycodone and hydrocodone pills. The US Transportation Department proposed stronger air passenger rights. Airlines would have [to refund travelers]( in the event of major disruptions to their journeys. Fallen debris found on Australian farmland belongs to SpaceX. The parts are likely from a [2020 mission](. Elon Musk’s company has [yet to claim]( ownership. What to watch for Alibaba’s growth once symbolized the dynamism of the Chinese economy. Now, as analysts expect the company to declare its [first quarter of declining revenue](, it serves as an example of the challenges Chinese companies face at both a local and global level. Alibaba’s earnings report, due for release pre-market opening today, follows the US Securities and Exchange Commission’s (SEC) announcement that [Alibaba risked delisting]( over failure to comply with disclosure requirements. It’s a stunning turn of events for a company whose 2014 IPO was [the New York Stock Exchange’s biggest](. Complying with the SEC’s request is not fully in Alibaba’s control, as it depends on Beijing’s approval of Washington’s request to access audit files—something the Chinese government is [currently considering](. In the meantime, Alibaba is applying for a [primary listing]( in Hong Kong to obtain dual-primary status. What’s making Elon nervous? [An image of Elon Musk in a black suit and dark tie, standing with his hands clasped in front and head raised, eyes closed. In the background are consecutive vertical white and black bars, three blurry figures stand in between them. ]( Photo: Getty Images(Christian Marquardt) Well, who knows what’s going on in the SpaceX and Tesla founder’s famously mercurial brain. But we did ask experts [what should be making Musk toss and turn](: 😰 Kathaleen McCormick. The ruling of the Delaware Chancery Court chancellor in Twitter v. Elon Musk could force him to complete the $44 billion deal, rather than merely pay damages. 😬 The SEC. The US regulatory body is currently investigating whether Musk and his brother Kimbal violated insider trading rules, and whether Musk broke the law by waiting more than two weeks before reporting a large purchase of Twitter stock. 😳 Luigi Crispo. This shareholder is suing Musk for breaching his contract with Twitter and his fiduciary duty to Twitter shareholders. If it obtains class-action status, the suit could spell serious trouble for Musk. 🙀 Tesla shareholders. If Musk loses in court, Tesla shareholders could get squirrely, and he needs his Tesla shareholdings to use as collateral. Sri Lanka’s scientific exodus When Sri Lankan president Gotabaya Rajapaksa fled a popular uprising and emailed his resignation from exile on July 14, he left behind an economy in shambles. The covid pandemic affected both tourism and remittances, depleting Sri Lanka’s foreign exchange reserves and the country’s capacity to repay loans. When Russia, who buys tea from and sends tourists to Sri Lanka, invaded the island nation’s other big tourist source, Ukraine, things only got worse. Ananya Bhattacharya and Malaka Rodrigo explore the [devastating impact]( these dire economic straits have had on Sri Lankan scientists and researchers, who are now starting to look for greener pastures. ✦ If stories like this one help you understand the global economy a little bit better, consider supporting our journalism by becoming a member. And, hey, go ahead and [take 40% off](, with our compliments. Quartz announcement What does it mean to you to support a publication? At Quartz, we’re on a mission to deliver journalism that helps make business better—and we want to hear from you. If you're a fan of Quartz, please take a few minutes to complete our survey to help make Quartz better. [Take survey]( Quartz’s most popular 📸 [The Zelenskyys’ Vogue cover story is a brilliant war tactic]( ⛓ [The missile that killed Ayman al-Zawahiri has a Warren Buffett connection]( 👗 [Yes, Abercrombie is back and its new look involves a lot of going out dresses]( 💐 [One of the world’s top floral designers takes stock of the trends reshaping his trade]( 💹 [Japan is planning a big hike to its low minimum wages]( 💨 [Despite fewer job openings, Americans keep quitting at record rates]( Surprising discoveries Thousands of racing pigeons in southern France disappeared. Belgian fanciers say a storm may have [proven deadly](. Embryos were created without a sperm or egg. The research may help grow [replacement organs]( for humans in the future. Hard seltzer hype has ended. The carbonated market has gotten [overcrowded](. The movie Batgirl was axed because of taxes. Neither a theatrical nor a streaming release was deemed financially prudent, [according to sources](. 350-year-old Spanish treasures were recovered from a shipwreck. The haul included an [emerald and gold pendant]( that once belonged to a knight. Our best wishes for a productive day. Send any news, comments, justice for Batgirl, and decor for Ariel’s undersea grotto to hi@qz.com. Reader support makes Quartz available to all—[become a member](. Today’s Daily Brief was brought to you by Sofia Lotto Persio, Julia Malleck, Susan Howson, and Morgan Haefner. [🌐 View or share this email online.]( [📬 Check out our emails]( [👀 Read Quartz’s latest stories]( [📈 See what stories are trending]( 1290 Avenue of the Americas, New York, NY 10104 © 2022 G/O Media Inc. [Unsubscribe](