Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I’m David Westin, and this week we told the stories of the world of prediction markets and of the business of immigration detention. If you’re not yet a subscriber, sign up here for this newsletter. If you’re not yet a subscriber, sign up here for this newsletter.
The parent company of the NYSE is looking to invest some $2 billion in Polymarket, the crypto-based betting platform, giving it a $9 billion valuation. Special contributor Larry Summers of Harvard says he uses these markets for futures contracts tied to specific events.