Billionaire Chris Rokos has settled with Deloitte after receiving what he claims was bad advice that left him with a £40 million tax bill. No word yet on whether he has settled with his barber after receiving advice that ‘90s era goatees were fashionable.

The lowdown

• 🧾 Billionaire Chris Rokos settles with Deloitte after receiving advice he claims left him with a £40 million tax bill ($).

• 🛁 Investors spend $200 million on latest meme stock target Bed Bath & Beyond ($).

• 🧬 Illumina faces record fine for closing Grail deal without EU approval ($).

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Billionaires battling over Casino's financial future

Czech tycoon Daniel Kretinsky and telecoms innovator Xavier Niel are leading separate investment bids for the financially troubled French retailer Casino.

Kretinsky's rescue plan aims to provide a cash injection of 1.35 billion euros, while the group led by Niel has offered a package of 900 million euros. In both scenarios, Casino's current controller Jean-Charles Naouri loses control of the company.

The substantial debts that Casino is grappling with have their roots in years of debt-fueled bets in different markets and sectors, such as Latin America and, oddly, solar panels. Casino's unsecured bonds are currently trading at just over 5% of their value ($), suggesting that bondholders are preparing for significant losses. Perhaps Redditors could be encouraged to buy this up as a ‘meme stock’?

The content we're consuming today

• Tax Policy Associates: The outrageous £50m tax scheme that was KC-approved. Part 1: The Scheme.

• FT: Brian Winterflood, champion of small listed companies, 1937-2023 ($).

• The Closer podcast: Airbnb’s pandemic turnaround.

Off-balance sheet items

• Before you go and see the new Indiana Jones movie, read this archaeologist’s take on what the movie gets wrong and right about the field.

The bottom line