Newsletter Oct 26, 2021

Defying pandemic-era trends and microchip shortages in the auto industry, Tesla surpassed a major milestone of a trillion-dollar market value.
3 things you must know

  • Tesla tops trillion-dollar mark amid news of Hertz deal

    Following a strong third-quarter earning report and a major deal with a rental car company, Tesla's market value surged beyond the $1 trillion threshold in a monumental milestone for the electric vehicle company. Or as CEO Elon Musk put it in a tweet, "Wild $T1mes!" 

    Wild times, indeed. Tesla's upward trajectory during troubled times for automakers reveals how the company is merging into the mainstream lane. And a 100,000-car order from Hertz shows Americans are ready to take one of the high-tech EVs for a test spin. Despite suffering through the same supply chain issues and microchip shortages that are forcing other carmakers to cut production, Tesla keeps charging to the front of the pack.

    CHECK OUT MORGAN STANLEY'S ASSESSMENT OF TESLA

  • Wall Street spent a $627 million fortune on the 2020 elections

    Wall Street left a heavy thumbprint on the scales of the 2020 elections, with contributions from private equity and hedge funds accounting for over $627 million in political spending in the campaign cycle. That's a sixfold increase in political donations over a decade.

    A new study shows that the vast majority of the money -- $547 million -- went directly to federal elections while another $80 million was spent on lobbying efforts. The biggest beneficiary of Wall Street was President Joe Biden with $74 million in campaign contributions.

    SEE  WHY WALL STREET RUNS THROUGH WASHINGTON, DC

  • Dems planning to bring infrastructure bills to vote this week

    Democrats are hoping to bring their infrastructure bills to the floor before Halloween, but it remains to be seen if the vote will turn out to be a trick or a treat. The $1.2 trillion bipartisan bill appears on course to pass, but the $3.5 trillion human infrastructure bill is still being cut.

    Party leaders are still negotiating the final price tag on the social spending bill, but all indications are that it will be approximately half the proposed amount. Even a $1.75 trillion package will require all Democrats in the Senate and virtually all in the House to vote yes.

    FIND OUT THE FINAL DETAILS OF THE DEMS' SPENDING BILL
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UK: FTSE 100 7,222.82 0.25%
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* As of market close
'Facebook Papers' reveal platform's flaws

Historians recall how "The Pentagon Papers" blew the roof off the lies being told about the Vietnam War. "The Facebook Papers" appear to be having similar effects on the social media platform and its failure to stop the flow of information. It now appears Facebook is caught in its own lies.

Whistleblowers and leaked internal documents paint a grim picture of the executive staff at Facebook that took little action to prevent the spread of misinformation and divisive posts that created conflict. The Facebook Papers, which have already appeared in 17 different news outlets, reveal how upper management often chose inaction for the sake of profits.

SEE WHAT FACEBOOK IS ACCUSED OF DOING -- AND NOT DOING

More info on 'Rust' shooting comes to light

Last week's deadly shooting on the set of "Rust" in New Mexico left many scratching their heads about how such a senseless tragedy could happen. On Monday, signed affidavits from crew members on the scene shed light on how star Alec Baldwin mistakenly shot and killed a cinematographer.

Multiple reports say Baldwin was practicing drawing what he thought was a "cold gun" when it fired a blank at close range into Halyna Hutchins. Witnesses point the finger at assistant director Dave Halls for handing the gun to Baldwin, and now his work on previous movie sets is in question.

SEE WHAT CREW MEMBERS ARE SAYING ABOUT THE TRAGEDY

Kellogg's in a legal jam over Pop-Tart suit

Kellogg's finds itself in a real jam. After 1,400 employees went on strike over complaints of compensation and work conditions, now one unhappy customer has filed a lawsuit against the cereal-maker to the tune of $5 million over the strawberries (or lack thereof) in its Strawberry Pop-Tarts.

According to the lawsuit, Kellogg's misrepresents the nutritional value of its product by including strawberries in only about 2% of its filling, using apples, pears and a food dye known as Red 40 to give the appearance of berries. She is suing for $5 million, which will buy a lot of strawberry jam.

FIND OUT HOW KELLOGG'S IS DEFENDING ITS POP-TART POLICY

Pop quiz

Kellogg's Pop-Tarts got their name in the 1960s from the works of what artist of the era? Bonus points if you know Pop-Tarts' original brand name.

Monday's answer: After winning his third Indianapolis 500 in 1936, driver Louis Meyer asked for a drink of buttermilk. The Milk Foundation seized the opportunity and a cold glass has been served to every winner since.
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