TLDR 

MARKET RECAP → Stocks jumped on Monday as investors welcomed news that President Donald Trump may ease up on some of the previously announced reciprocal tariffs set to go in place on April 2nd.

23ANDME FILES FOR BANKRUPTCY → 🧬 Once a $6B disruptor, 23andMe (ME) hit rock bottom—filing for bankruptcy, losing its CEO, and scrambling to sell assets after revenue struggles and a major data breach.

STRATEGY INVESTS $584.1 MILLION IN BITCOIN → 💰 Michael Saylor's Strategy (MSTR) purchased $584.1 million in Bitcoin (BTC), increasing its total holdings to approximately $44.3 billion.

IRS BRACES FOR TAX REVENUE SHORTFALL→ 📉 The IRS expected a $500 billion drop in tax receipts as job cuts and rising tax resistance collided—just in time for April 15.

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TODAY’S TOP NEWS

23andMe Files For Bankruptcy

🔬 23andMe filed for Chapter 11 bankruptcy, marking a dramatic fall from its $6 billion valuation, as it struggled with weak recurring revenue, failed ventures, and a major data breach. Anne Wojcicki stepped down as CEO but will stay on the board.

📉 The company’s stock plummeted and its market cap shrank to around $25 million. Despite attempts to take the company private, Wojcicki’s proposals were rejected, and now 23andMe will solicit bids for its assets during a 45-day court-approved sale process.

🔐 Privacy concerns added to the turmoil after a 2023 hack compromised data from nearly 7 million users. While the company insists data security won’t change during bankruptcy, California’s AG urged users to consider deleting their info.

TODAY’S TOP NEWS

Strategy Invests $584.1 Million in Bitcoin

Significant Bitcoin Acquisition: 💰 Michael Saylor's company, Strategy, has purchased $584.1 million worth of Bitcoin (BTC), utilizing funds raised from a recent preferred stock offering. This acquisition increases the firm's total Bitcoin holdings to approximately $44.3 billion. ​

Innovative Financing Approach: 📈 To finance this purchase, Strategy issued "perpetual strife preferred stock," a novel financial instrument designed to raise capital specifically for Bitcoin investments. This strategy underscores the company's commitment to expanding its cryptocurrency portfolio. ​

Ongoing Bitcoin Investment Strategy: 🔄 This latest acquisition continues Strategy's pattern of frequent Bitcoin purchases, reflecting its belief in the cryptocurrency's long-term value and its role as a hedge against inflation. ​

TODAY’S TOP NEWS

IRS Braces For Tax Revenue Shortfall

🔻 IRS revenue tanked: Tax receipts were projected to drop more than 10% by April 15, potentially costing the federal government over $500 billion in lost revenue, according to a Washington Post report.

🧾 Why it’s happening: Officials blamed a mix of shifting taxpayer behavior and Trump-era IRS budget cuts, which included staff reductions under the Department of Government Efficiency. The logic: Fewer audits = more gambling on what taxpayers think they can get away with.

📉 Trouble brewing: With thousands of job cuts looming at the IRS during peak season, experts warned the agency’s ability to enforce compliance could collapse just as more people decide not to pay—or file—at all.

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