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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The entrance of Allbirds seen from Hayes St. in San Francisco, Calif.

Allbirds, the once buzzy multibillion-dollar sneaker startup, is selling up for $39 million

That’s less than 1% of its peak market cap about four years ago.

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business

JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

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