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Over the course of the past several months, we have entered the worst recession in recent history, and the uncertainty is having a ripple effect on entrepreneurs everywhere. Businesses are plotting their next moves and conserving cash in every way possible, hoping to survive the next few months however they can.

The dominos are falling fast. Jobless claims are through the roof, and countless retailers will likely go out of business. It’s not all gloom and doom, though. are still sitting on record amounts of uninvested cash — an estimated $189 billion as of last summer, to be exact. They are currently holding their money close to their chests, but they will put that capital to work once the dust settles.

Related: How to Raise Capital in Uncertain Times

A similar phenomenon occurred during the 2008 recession. was the first thing to scale back as venture capitalists invested roughly half of what they were investing each quarter just two years prior. The venture market faced depressed valuations for 18 to 24 months, and startup growth slowed because

Good morning, Broadsheet readers! Rep. Pramila Jayapal goes up against Amazon, Joe Biden publicly addresses the sexual assault allegation against him, and equal pay hits a roadblock. 

– Down but not out.  The U.S. Women’s National Team’s fight for equal pay suffered a devastating blow on Friday. 

A judge ruled that the soccer players’ case did not have enough evidence to proceed to trial—that because the women’s players earned more money than the men did during the period in question, they could not prove unequal pay. (During that time frame, the women won the World Cup and the men fell far short of that goal; if the men had achieved the same level of success as the women, the men would have earned significantly more). 

The UWSNT say they plan to appeal the decision, which does allow some claims, including unequal work and travel conditions, to continue on. It also left room for a negotiated settlement that would provide the women’s players with some financial recompense, and U.S. Soccer with the opportunity for some image rehab. 

But the judge’s decision reverberates beyond the legal battle. The setback arrives while professional athletics are on hold across the globe—a shutdown …

The daily death toll from the coronavirus fell in the U.K. and Italy as political leaders wrestled with how to ease the restrictions that have strangled their economies without sparking a new wave of infections.

The U.K. reported 315 deaths from Covid-19, down from the 621 confirmed yesterday, bringing the total to 28,446, the third-most in the world. Italy’s toll was 174, the fewest since its national lockdown was imposed on March 10. Spain’s 164 fatalities were the lowest in more than six weeks, Germany’s 76 new deaths were the fewest since March 31 and France reported 135, the fewest since March 22.

While the U.K. isn’t set to unwind the lockdown and an Observer poll showed two-thirds opposed lifting it, the government says the peak of the outbreak has passed. Prime Minister Boris Johnson is preparing guidance for the next steps of the crisis, including whether employees need to wear protective equipment and how transport should be used.

“It’s definitely not going to be business as usual, but we do want to make sure that people understand where the route map lies,” Transport Minister Grant Shapps said on Sky News on Sunday.

Johnson, who was himself hospitalized with the …

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Good morning.

Berkshire Hathaway CEO Warren Buffett has abandoned the airline industry. During a virtual Buffett-palooza this weekend, the famed investor said his company had completely exited its stakes in four major U.S. airlines. “The world changed for airlines and I wish them well,” he said. (More here.)

Buffett isn’t alone in that sentiment. As part of our annual survey of Fortune 500 CEOs, we asked them to pick one Fortune 500 stock they would like to short. Airlines received the most mentions, followed by Boeing. (We’ll report full results of the survey as part of our Fortune 500 issue, out online May 18.)

Meanwhile, Salesforce CEO Marc Benioff has been a whirlwind of activity during the pandemic, organizing his business colleagues and celebrity friends like Bono and Sacha Baron Cohen to source and ship some $50 million worth of PPE supplies to front-line health care workers, and challenging fellow CEOs not to lay off employees for 90 days.

This morning, Salesforce is announcing the launch of a new product, Work.com, to help businesses and communities safely reopen. …