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Good morning. President Donald Trump's "big beautiful bill" is heading for a final vote in the US House of Representatives. BI has broken down how it could affect your wallet, if it passes, from an increase in the child tax credit to a repeal of student loan forgiveness.
In today's big story, Sean "Diddy" Combs may have dodged a possible sentence of life in prison, but he's not a free man yet.
What's on deck
Markets: A new report attempts to answer one question hanging over everyone on Wall Street.
Tech: Amazon's performance review process is getting a new key metric.
Business: What media and politics insiders are saying about Paramount's settlement with Trump.
But first, the jury has reached a verdict.
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The big story
Diddy's empire on the line
Cheers erupted in the courtroom as the verdicts were announced.
Sean "Diddy" Combs was found guilty on two felony counts of transporting people for prostitution. He avoided convictions on steeper charges: two counts of sex trafficking and one of racketeering.
"Love you!" Combs shouted to his family with a beaming smile after the verdict was read. "I'm gonna be home soon!"
Not as soon as he'd like. Combs was denied bail and ordered to remain in jail until his sentencing, with the judge citing his history of violence.
The verdict came after 14 hours of jury deliberations and more than six weeks of testimony from 34 government witnesses, including the R&B singer Cassie Ventura, who dated Combs for 11 years.
What does the verdict mean for the hip-hop mogul's business empire and his fortune?
Well — what's left of them, anyway.
As a result of the criminal indictment, emotionally-charged courtroom testimony, and the wave of civil sex abuse lawsuits against Combs, he's become persona non grata in the industries that once made him very wealthy, BI's Madeline Berg and Natalie Musumeci write.
His income streams and reputation have been dealt a blow.
For example, Diageo, Combs' partner in Cîroc vodka and DeLeón tequila, cut ties with him in 2023. The move officially ended a relationship that, according to the company, netted the music tycoon nearly $1 billion since he was named the face of Cîroc in 2007.
"Mr. Combs is well-aware that these lawsuits make it impossible for him to continue to be the 'face' of anything," Diageo lawyers wrote in 2023.
Beyond his criminal case, Combs is still facing more than 50 civil lawsuits accusing him of sexual assault, rape, drugging, and other forms of violence. And if any of the plaintiffs win, the financial impact could be steep.
3 things in markets
1. Tough times for Tesla. The EV maker's delivery numbers came in just as bad as Wall Street predicted, representing a 13.5% year-over-year decrease from Q2 2024. Early Tesla investor-turned-bear Ross Gerber called Elon Musk's latest spat with President Trump another "nail in the coffin" that could tank the stock as much as 50% if the market reevaluates it.
2. Why the economy is doing worse than we thought. The job market is tough, real GDP dropped more than initially thought, and consumer spending fell. These warning signs indicate there's trouble in the US economy, but that doesn't mean a recession is guaranteed.
3. A new report measures exactly how much AI will reshape banking. Unsurprisingly, the report found tech, engineering, and infrastructure would change the most, with a projection of 55% of the work being redefined by 2030. Front office functions are projected to see huge changes, too.
3 things in tech
1. Behind Microsoft's new AI-focused sales strategy. Microsoft's chief commercial officer Judson Althoff is revamping the sales unit to become "the frontier AI Firm," according to an internal memo viewed by BI. The memo was sent out a day before Microsoft cut less than 4% of its workforce, which affected many salespeople.
2. Amazon's performance reviews are getting stricter. Employee evaluations will now formally include the company's long-standing "Leadership Principles." Managers will use a new three-tiered system to evaluate how well employees reflect the company's values, according to an internal document BI obtained.
3. How much Meta pays top talent across its broader workforce. Software engineers at Meta can make up to $480,000, and even product designers and researchers can make $200,000, according to federal filings. Here's what Meta pays employees across various key roles.
3 things in business
1. More layoffs at TikTok. The company notified some e-commerce workers that their roles were being cut as part of "organizational and personnel changes," according to two employees and an internal email viewed by BI. US e-commerce sales performance has been mixed this year amid new tariffs on China.
2. Paramount's settlement with Trump sets a new media precedent. The media giant is paying $16 million to settle a lawsuit Trump brought over a "60 Minutes" segment that aired last fall. Here's what top people in media and politics, from Sen. Bernie Sanders to veteran White House reporter John Harwood, are saying about the agreement.
3. Corona beer is losing a key group of drinkers. Constellation Brands, the parent company, said first-quarter spending was soft in areas with "larger Hispanic populations." CEO Bill Newlands said this demographic makes up about 50% of the beer's consumer base.
In other news
- How Meta is training its chatbots to message you first, remember your chats, and keep you talking, according to internal documents obtained by BI.
- Citadel hires a chief medical officer as Ken Griffin's empire adds investment bank-like benefits.
- Tesla competitor BYD axes Mexico factory plans.
- KPMG partners share how to turn your Big Four summer internship into a job offer.
- National security-focused VC firm America's Frontier Fund is raising $315 million for its debut fund.
- Over 900 ETFs were launched in the last year. Here are nine of the most innovative.
- Four reasons forecasters are bullish on the market's smallest stocks after years of underperformance.
- What Babbel's new CEO has learned about leadership from his previous roles.
- Why a famed financial advisor thinks crypto should be up to 40% of your portfolio.
- Elon Musk is threatening their political careers. Republicans say they aren't sweating it.
What's happening today
- Bureau of Labor Statistics releases monthly employment report.
US financial markets close early ahead of Independence Day.
Hallam Bullock, senior editor, in London. Meghan Morris, deputy bureau chief, in Singapore. Akin Oyedele, deputy editor, in New York. Grace Lett, editor, in New York. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave).
