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Here are the headlines you Need2Know for Wednesday, April 27, 2022:
VP TESTS POSITIVE
Vice President Kamala Harris has tested positive for Covid-19. Fresh off a visit to her home state of California, the 57-year-old is not experiencing any symptoms after testing positive on both rapid and PCR tests at the White House Tuesday morning. Harris has not been in close contact with President Joe Biden since the White House Easter Egg Roll on April 18. Harris, who is fully vaccinated and boosted, will isolate at home before returning to the White House pending a negative test result. CHEDDAR
Maybe it’s time for another booster.
RUSSIA ESCALATES TENSIONS
Another day of war transpired, as heavy fighting continued in eastern Ukraine, another mass grave was found in the besieged city of Mariupol, and the city of Kherson fell to Russian control. On the economic front, Russia will suspend gas supplies to Poland in a move that further worsens tensions with the West. Poland and Bulgaria are the first countries to have gas completely cut off by Europe’s main supplier since it began the invasion on Feb. 24. As the world seeks solutions, the U.N. chief met with Russia's Putin in Moscow and is scheduled to meet with Ukraine's Zelensky in Kyiv later this week. WASH POST
COVID PILL EXPANSION
The Biden administration is expanding access to free Covid-19 oral antiviral treatments by doubling the number of locations where Paxlovid, Pfizer’s antiviral pill, is available. The pills are currently offered at 20,000 locations nationwide, a number expected to reach 40,000 in coming weeks now that pharmacies can order them directly from the U.S. government. Demand for Paxlovid has been unexpectedly low due mainly to confusion surrounding eligibility requirements, as well as reduced testing as pandemic fear wanes in the U.S. REUTERS
Pfizer makes it. Shocking.
BIDEN’S FIRST PARDONS
Marking “Second Chance Month,” President Joe Biden issued the first pardons of his presidency, fully pardoning three people while commuting the sentences of 75 others serving time for nonviolent drug offenses. The White House also announced a $145 million partnership between the Justice and Labor departments to invest in job training and reentry programs for the formerly incarcerated. So, who are these three getting full pardons? Abraham W. Bolden Sr., an 86-year-old former Secret Service agent who says, in retaliation for his activism, he was falsely charged with attempting to sell a Secret Service file; and Houston native Betty Jo Bogans, 51, and Dexter Eugene Jackson, 52, of Georgia, both jailed for nonviolent drug offenses. FOX NEWS
Can we get a pardon in advance?
ROBINHOOD LAYOFFS
Robinhood is laying off 9% of its full-time employees. The fintech company’s number of employees grew from 700 to 3,800 in a period of major growth during the pandemic lockdowns. But what goes up must go down: Robinhood CEO Vlad Tenev told employees in a blog post that the rapid growth has led to duplicate roles, which will now be reduced by way of layoffs. In 2021, the brokerage saw a surge of new customers and cash, going public through an IPO in July. Yesterday, coinciding with the news of impending layoffs, Robinhood’s stock reached an all-time low, down 75% from last year’s IPO. CNBC
We’re still waiting on Robinhood to give to the poor.
AUSSIES SUE UBER
Uber is paying a $19 million fine for misleading Australian customers about ride fare estimates and cancellation fees. The ride-sharing company admitted to the Australian Competition and Consumer Commission (ACCC) that during a “free cancellation period,” Uber warned customers they would be charged fees for canceling rides even though they were entitled to a no-fee cancellation. Though Uber argued most users canceled these rides anyway, some paid for rides they might have wanted to cancel. The ACCC also found that the company’s Uber Taxi option, which shows comparable taxi fares, inflated the price of competitors' rides to make Uber’s fare appear lower. YAHOO
The blunder Down Under.
FIDELITY GOES NEXT-GEN
Fidelity is working to cement itself as the investment service provider of the next generation. Last week, the company broke into the metaverse, opening a virtual eight-story building that offers financial education. Fidelity also has its own Reddit subthread and Tik Tok account to target young investors. Now, Fidelity is allowing investors to launch a Digital Assets Account in their 401(k)s so they can allocate some of their retirement savings to Bitcoin, becoming the first investment company with that option. The push for youngsters is working: In 2021, investors aged 18 to 35 opened 3.8 million new Fidelity brokerage accounts. WSJ
Your monthly statement is a GIF.
MUSK, TWITTER AND … CRYPTO
Elon Musk bought Twitter with clear intentions: a focus on reducing content moderation and getting rid of bots. But questions surrounding the topic of crypto remain. Twitter and Musk have track records of being in — but not all in — on crypto. Twitter has allowed NFT profile pictures though the app, but limited which types. Musk once allowed Bitcoin as a Tesla payment option, but retracted it because of Bitcoin’s environmental implications. He also hinted at the prospect of Twitter Blue accepting Dogecoin as payment for subscriptions. So where does cryptocurrency fit into the picture as Musk and Twitter unite? Cheddar’s Alex Vuocolo breaks down what the recent takeover means for the crypto world. CHEDDAR
A Twitterstorm AND a sh*tstorm.
ELEC-TRUCK
The EV wave continues: The Ford F-150 Lightning, the electric version of the iconic American truck, is officially hitting the market. Plenty of hype has built around the first ever full-size electric pickup truck, as Ford has already been forced to halt reservations for F-150 Lightning purchases and doubled its production. Ford has expanded its production capacity to build 150,000 EV pickups annually, on track to deliver more than 2 million total electric vehicles a year by 2026. In the midst of a landmark week, Ford will announce Q1 earnings after the market closes today. THE VERGE
Mullet not included.
SPOTTED…
… Bad Bunny getting his own Marvel movie. The Grammy winner will star as El Muerto, a superpowered wrestler who is a foe-turned-friend of Spider-Man. It will be Marvel's first superhero film with a Latino lead. DEADLINE
Bad Bunny. Good Idea.
… Lil Nas X going on tour. The boundary-pushing pop star will make stops across North America and Europe for the “Long Live Montero” tour. Presale tickets will be exclusively available on CashApp starting today at 10 a.m. VARIETY
SAY WHAT??
"The latest research shows that over 50 percent of this generation has engaged in either selling or purchasing something at resale."
— PacSun CEO Alfred Chang on why the retailer started Pre-Loved Pac, a resale program that allows customers to clean out their closets for credit that can be used directly on PacSun's website
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