Richard Chandler of Eviation.
COURTESY OF EVIATION
Lawmakers reached a short-term budget deal to avoid a government shutdown through December 23. Free agent shortstop Carlos Correa just landed a $350 million contract that makes him the highest-paid MLB shortstop ever. Tesla cofounder JB Straubel looks to supercharge the U.S. electric vehicle battery market with a new $3.5 billion plant in South Carolina.
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In The News Today
- The Department of Justice filed a lawsuit Wednesday accusing Arizona Gov. Doug Ducey (R) and state officials of trespassing on federal lands by building a wall of shipping containers along the state’s border with Mexico. The 3,000-container wall is estimated to cost $95 million.
- France achieved a rare feat by advancing to its second-straight World Cup Final on Wednesday by defeating Morocco 2-0, dashing the hopes of the first Arab or African team to make the semifinals and setting up a highly anticipated final match against Argentina on Sunday.
Top Take-Aways
The Federal Reserve on Wednesday announced a much anticipated 50-basis-point increase to interest rates, a slowing of its most aggressive economic tightening campaign in three decades after recent implementation of four consecutive three-quarter-point hikes. Stocks fell immediately after the announcement, which also leaves the door open for additional increases next year.
Congress reached a bipartisan agreement on a short-term budget deal to avert a government shutdown through December 23 that maintains fiscal year 2022 funding levels and buys lawmakers time to iron out a full plan for 2023. Few details have been shared about the forthcoming fiscal year 2023 plan, but it could include additional funding for Ukraine and reforms to the Electoral Count Act aimed at clarifying and strengthening the process for certifying the results of a presidential election.
Shark Tank investor Kevin O’Leary, once a spokesperson for the now bankrupt crypto exchange FTX, gave testimony to Congress that pointed a finger at competing exchange Binance for FTX’s stunning collapse, noting that Binance is now an “unregulated global monopoly.” O’Leary’s comments illustrate his still rosy outlook on crypto’s potential and echo the planned testimony from Sam Bankman-Fried that he never got to give due to his Monday arrest in the Bahamas.
Free agent shortstop Carlos Correa inked a 13-year, $350 million contract with the San Francisco Giants, marking the second biggest free-agent contract in MLB history and making him the highest-paid MLB shortstop ever. It’s the latest in a string of massive long-term deals this offseason that boosted the careers of pros including New York Yankees star outfielder Aaron Judge and former Los Angeles Dodgers shortstop Trea Turner.
The U.S. Securities and Exchange Commission filed charges against eight social media influencers after they allegedly used their platforms to manipulate stocks in a pump-and-dump scheme that amassed an estimated $100 million since January 2020. The complaint labels the defendants as “seasoned stock manipulators” rather than the “trustworthy stock-picking gurus” they branded themselves as.
Twitter suspended the @ElonJet account run by 20-year-old college student Jack Sweeney that uses publicly available data to track the whereabouts of the private jet belonging to billionaire Elon Musk. The suspension initially occurred without Twitter providing clear reasoning; the platform went on to say that sharing an individual’s location increases “risk of physical harm” and removed similar accounts detailing the whereabouts of private jets owned by Jeff Bezos, Mark Zuckerberg, Bill Gates, Russian oligarchs and several others.
Today’s Must-Read
Meet The Billionaire Who Wants To Build The Tesla Of Airplanes
Futuristic electric vertical-takeoff air taxis have grabbed all the headlines—and billions in venture dollars—but Singapore-based investor Richard Chandler thinks he has a better idea: conventional battery-powered aircraft that are cheaper to fly and more reliable than turboprops.
In Case You Missed It
Carson City, Nevada-based Redwood Materials, the battery recycling and components maker from Tesla cofounder JB Straubel, is acquiring 600 acres near Charleston, South Carolina for a new $3.5 billion plant that will recycle and recover high-value metals from used batteries and convert them to materials needed by new battery plants. It’s the biggest such announcement for this type of facility in the U.S., and aims to produce enough resources for 1 million electric vehicles per year.
Tips You Can Trust
- While retailers made a dent this fall in the brimming inventory overstock that accumulated during Covid-19, anticipated record returns this holiday season could yield another wave of surplus goods to be disposed of. Here’s how brands are coping, including by adopting tighter return policies and shortening the eligible window or charging customers mailing and restocking feeds.
- The U.S. Supreme Court is set to make a final decision on the legality of President Joe Biden’s student loan relief plan come early 2023, and borrowers counting on the debt erasure would be wise to have a contingency plan in place in case the ruling doesn’t go the way they hope. Here are five steps to take while waiting, such as confirming your eligibility for forgiveness and paying down other debts in the meantime.
Must-Watch Video
Everyone Sam Bankman-Fried Planned To Blame In Front Of Congress—Before He Was Arrested
Before the disgraced FTX founder was arrested in the Bahamas on Monday, he was on deck to testify to Congress Tuesday about the dizzying demise of his crypto exchange. Forbes obtained and published the former billionaire’s full planned testimony, in which he pointed fingers at other people for the company’s collapse, including current CEO John Ray and Changpeng Zhao, the chief executive of Binance.
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