Business
$81T

Citigroup mistakenly credited a client’s account with $81 trillion when it meant to send only $280, eventually spotting the input error only after two employees had missed it, the Financial Times reported this morning.

While no funds actually left Citi — because a transaction worth 543x Citi’s entire market cap unsurprisingly wouldn’t go through the bank’s systems — and a third employee caught the incorrect payment 90 minutes after it was made last April, the US bank disclosed the “near miss” to the Federal Reserve and the Office of the Comptroller of the Currency. Still, this marks the 10th near miss worth $1 billion or more that Citi has seen over the past year, according to the FT.

For context, $81 trillion is enough to buy the entire US stock market (~$60 trillion), with enough spare to buy China’s entire stock market (~$16 trillion), if you felt like it. You’d be more than 200x wealthier than Elon Musk, the world’s richest person with a net worth of $353 billion, per Forbes.

You could pay off the national debt ($36.5 trillion), and, if you got hungry afterwards, you’d still have enough leftover to buy yourself and everyone else on Earth 300 pizzas each.

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Ford says it will take $19.5 billion in charges in a massive EV write-down

The EV business has marked a long stretch of losing for Ford, and today the automaker announced it will take $19.5 billion in charges tied, for the most part, to its EV division.

Ford said it’s launching a battery energy storage business, leveraging battery plants in Kentucky and Michigan to “provide solutions for energy infrastructure and growing data center demand.”

According to Ford, the changes will drive Ford’s electrified division to profitability by 2029. The company will stop making its electric F-150, the Lightning, and instead shift to an “extended-range electric vehicle” that includes a gas-powered generator.

The Detroit automaker also raised its adjusted earnings before interest and taxes outlook to “about $7 billion” from a range of $6 billion to $6.5 billion.

Ford’s write-down is one of the largest taken by a company as legacy automakers scale back on EVs, giving EV-only automakers a market share boost.

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GM adds Apple Music to select new vehicles, racing to fill the gap left by CarPlay’s absence

Earlier this year, General Motors said it plans to end support for in-vehicle phone projection systems like Apple CarPlay and Android Auto on all of its vehicles (a big expansion of the move it announced for its EVs back in 2023).

Now, the automaker appears to be stocking its replacement system with native apps to fill the void. On Monday, GM announced it was rolling out Apple Music to select 2025 Chevrolet and Cadillac models.

Losing CarPlay is a sore subject for many drivers: 39% of respondents to an American Trucks survey this month said a lack of the system (or Android Auto) is a “deal-breaker” when it comes to buying a new vehicle.

Many automakers appear willing to risk alienating those potential customers in exchange for access to lucrative data. Others, including Tesla, are working to allow CarPlay to boost sagging sales, according to reporting by Bloomberg.

Losing CarPlay is a sore subject for many drivers: 39% of respondents to an American Trucks survey this month said a lack of the system (or Android Auto) is a “deal-breaker” when it comes to buying a new vehicle.

Many automakers appear willing to risk alienating those potential customers in exchange for access to lucrative data. Others, including Tesla, are working to allow CarPlay to boost sagging sales, according to reporting by Bloomberg.

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