Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
Walmart is buying Jet.com in the largest e-commerce acquisition in history.
Walmart will pay about $3 billion in cash plus about $300 million of Walmart shares for the two-year-old e-commerce site. This one chart shows why.
Meanwhile, there are more billionaires than ever before, and they’re frightened. Barclays says there’s nothing left to fight the coming economic storm. And copper is waving a red flag for China’s economy.
One of the biggest warning signs of the financial crisis is flashing again — but this time is different.
On Wall Street, Deutsche Bank got fined for literally broadcasting confidential information over loudspeakers, and some of the biggest names in finance have their eye on your savings.
Lastly, here are the 12 things every guy should keep at his desk.
Here are the top Wall Street headlines at midday: Tesla will burn through $1.1 billion in cash this quarter -- Tesla disclosed $1.1 billion in third-quarter cash requirements in payments and planned expenditures on Friday, about a third of the cash on hand mid-year, in a new sign of pressure on the electric vehicle maker. Oil is leaping on reports OPEC is considering a production freeze -- Prices of the major oil benchmarks are all higher on Monday following a report that the oil cartel OPEC may cap its production. Hedge funds have done a terrible job at picking stocks this year -- Hedge funds are not doing too hot in 2016. Nike and Adidas are getting out of the golf business at exactly the wrong time -- Nike and Adidas are ditching their golf businesses, but it may be the wrong move. 'They are hurting right now': The oil patch and has been decimated -- A global supply glut has pushed prices below $40 a barrel, and it's hurting a wide range of industries. This little-known app could take on Facebook in a key market -- Messaging could be the next big thing. If it is, Line is perfectly positioned to ride the trend to untold riches, as it has four or five times the number of monthly active users as Facebook in Japan, and is similarly popular in Taiwan, Thailand and Indonesia. The head of Bloomberg's $150 million VC fund explains the formula for finding a top AI startup -- When Bloomberg first built the terminal system, back in the early 1980s, most of its customers -- mainly finance professionals -- didn't have computers on their desks. The 20 most common hobbies of the richest people in the world -- When billionaires have free time, they have the means for extravagant hobbies, whether it's collecting classic cars or jet-setting across the globe.