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Here are the headlines you Need2Know for Thursday, November 11, 2021:

INFLATION WATCH

Consumer prices surged in October at the fastest pace since 1990, according to data from the Labor Dept. that shows inflation approaching 7% in the U.S. The consumer price index rose 6.2% last month from a year earlier, reflecting higher prices on everything from groceries to gas to cars. Inflation is also accelerating on a monthly basis well above economists’ expectations, wiping out the recent increases in wages. President Biden acknowledged that the situation was hurting regular Americans and called it a “top priority” of his administration to reverse the trend. CHEDDAR

CLIMATE PLEDGE

The climate negotiations at the COP26 summit in Glasgow are entering their final stretch on an optimistic note after the U.S. and China made a surprise announcement pledging to work together to slow warming this decade. China also committed for the first time to reduce methane emissions. While the agreement between the world’s two biggest polluters was short on specifics, it’s seen as a positive step as negotiators try to hammer out a final agreement by tomorrow. BBC

RITTENHOUSE TAKES STAND

The murder trial of Kyle Rittenhouse is in possible jeopardy after the defense asked for a mistrial, following moves by the prosecution that enraged the judge. Rittenhouse took the stand in his own defense, breaking down in tears as he testified that he acted in self-defense when he shot three men, killing two of them, during the unrest in Kenosha last summer. In cross-examination, the lead prosecutor asked Rittenhouse about his decision to remain silent after his arrest. That led the judge to usher the jury out of the room while he angrily accused the prosecution of an improper line of questioning. AP

COVID & KIDS

The White House says nearly one million children have received a Covid vaccine in the first week of eligibility, and estimates another 700,000 have appointments for their first dose. Those are encouraging numbers for the pediatric vaccine rollout, though still only account for a fraction of the 28 million or so kids now eligible. Meanwhile, a federal judge has overturned Texas’ ban on mask mandates in schools as a violation of the ADA, freeing up school districts in that state to make their own policies. TEXAS TRIB

RIVIAN GOES PUBLIC

Shares of the electric-truck maker Rivian surged in their public debut, popping 30% for the biggest IPO in years. The company is now valued at $88 billion -- on par with GM -- even though it’s only built a couple hundred vehicles and is yet to turn a profit. The blowout IPO suggests the intense investor interest in EV stocks is nowhere close to running out of steam. CHEDDAR

YOUTUBE HIDES DISLIKES

YouTube has started removing the ‘dislike’ count on all videos across the site, making a previous experiment with hiding dislikes permanent. Users can still click the thumbs-down button to signal their displeasure with a video, but only the creator will see it. YouTube says the change is intended to protect creators, particularly smaller accounts, from harassment in the form of so-called “dislike attacks” -- when people team up to drive up the number of dislikes on a video. And if you’re wondering what the most disliked video on all of YouTube is? Currently, it’s YouTube’s own Rewind video for 2018. TECHCRUNCH

NFL FINES

Dallas Cowboys wide receiver CeeDee Lamb admitted that he’s “confused” by the NFL’s fining policy, after he’s accrued nearly $50,000 in violations this season for infractions like having his jersey untucked and waving after a touchdown. Meanwhile, Green Bay Packers QB Aaron Rodgers was fined a modest $14,650 this week for violating the league’s Covid protocols as an unvaccinated player. ESPN

STREAMING SLOWDOWN

Disney+ added just two million new subscribers in the most recent quarter, a significant slowdown from the prior quarter, which saw 12 million new sign-ups. Disney joins WarnerMedia and ViacomCBS in reporting slowing growth on their streaming services as more people venture out. (Netflix is the only big platform to buck the trend with a bounce back in subscribers thanks in part to shows like Squid Game). Disney’s theme parks, meanwhile, are crushing it. Revenue is up 99% and its newest attraction, the Star Wars hotel at Disney World, is booked solid for its first four months. DEADLINE

SPOTTED...

…Zendaya, in a red Vera Wang top and matching bubble skirt at the CFDA Awards, where she was honored with the Fashion Icon award: SEE PICS

...the Duke and Duchess of Sussex, making a rare red carpet appearance at the Salute to Freedom gala in NYC: SEE PICS

...TJ Osborne, the only openly gay artist signed to a major country music label, kissing his boyfriend at the CMAs nine months after coming out: SEE IT

LEFTOVERS: VETS DAY FREEBIES

Today is Veterans Day in the U.S., a day for commemorating and thanking those who served in the military. For vets and active-service military, it’s also a day to flex that military ID for free food. Starbucks is giving away free coffee, Dunkin’s got free donuts, IHOP has free pancakes and Outback’s handing out free bloomin’ onions for those who have served: SEE MORE

Listen to the N2K Podcast! Looking for more context and analysis on the big stories of the day? Check out our podcast! Hosts Jill and Carlo break down the headlines, every weekday morning Listen on Apple or Spotify, or watch on YouTube, and send us your feedback!

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Elizabeth Holmes Fraud Conviction Might Yield Five to Seven Years in Prison
The six-month trial of Theranos founder Elizabeth Holmes has come to an end with the former tech startup star found guilty of four out of 11 counts of fraud. Michael S. Weinstein, Esq, chair of the white collar criminal defense practice at Cole Schotz, and former Department of Justice trial attorney, joined Cheddar News Wrap to discuss what happens next for the former mogul. "Do I think it's going to be more than five or seven years? Probably yes. I think that's probably a fair range at this point," he said about her potential prison sentence.
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California Starts Largest U.S. Food Waste Recycling Program
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Sweetgreen Launches Salad Subscription Service 'Sweetpass'
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Severe Snowstorm Blankets D.C., Mid-Atlantic Region
Washington DC and the surrounding areas saw a record breaking snow storm Monday as a strong storm system works its way across the eastern U.S. The extreme weather event caused extensive damage in the greater Washington area, leaving thousands in the region without power. Jonathan Porter, Chief Meteorologist, AccuWeather, joined Wake Up with Cheddar to discuss the fierce storm.
Over 3,000 Flights Canceled on Monday Over Severe Weather, Crew Shortages
Airlines canceled more than 3,000 flights on Monday over severe weather and crew shortages. The cancellations come on one of the busiest travel days of the holiday season, and is a continuation of the industry-wide disruption that started before Christmas. Thomas Pallini, Aviation Reporter for Insider joined Wake Up with Cheddar to discuss.
End of Child Tax Credit Could Mean Slide Back Into Increasing Child Poverty
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
NYT Piece Claims Silicon Valley Investors and Founders Contorted Legal Tax Break to Avoid Taxes on Investment Profits
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
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