The site formerly known as Twitter is bending the knee to more government take-down requests than before it was purchased by free-speech champion Elon Musk, according to the Washington Post, which reviewed the company’s transparency reports. X acquiesced to 71% of such content removal requests this year, up 20% from its report in 2021, the year before Musk took over.
The US government officially shut down at 12:01 a.m. on Wednesday after senators failed to agree on a last-minute funding bill. Though initially shrugging off the threat of a shutdown during yesterday’s session, stocks were mildly in the red on Wednesday as investors reacted to what is now the 11th shutdown in the government’s history.
Until this latest shutdown, there had been 20 government funding gaps experienced since 1976 — though not all ended in a full shutdown, with full closure averted in half of those cases.
Indeed, prior to the 1980s, funding gaps didn’t typically have major effects on government operations, with agencies continuing to operate on the basis that the funding would come eventually. However, a more stringent interpretation of the rules led to a stricter appropriations process from the early 1980s onward, with many subsequent funding gaps resulting in a shutdown of affected agencies (unless the gaps were quickly fixed or occurred over a weekend).
Obviously, the duration of the latest shutdown is still unclear, but it will continue until Congress passes a funding bill — most likely via a “continuing resolution,” which has ended every shutdown since 1990. Data analyzed by USAFacts suggest that it might not be a one- or two-day affair, as funding gaps have lengthened in recent years.
Indeed, the last shutdown, which began in December 2018, ended up becoming the longest in history, at a whopping 34 days. By the time the government reopened in January 2019, about $3 billion (in 2019 dollars) had been wiped from the GDP in Q4, per data from the Congressional Budget Office, with approximately $18 billion in “federal discretionary spending” delayed over the roughly five-week stretch.
Shares of General Motors rose more than 2% in premarket trading Wednesday following an upgrade of the stock by UBS from “neutral” to “buy.” The firm also hiked its price target for GM by 45% to $81.
Also likely elevating GM was a Reuters report that the Trump administration is exploring taking a 10% stake in Lithium Americas, the automaker’s partner in a yet to open Thacker Pass lithium mine. Shares of Lithium Americas surged 68% in the premarket.
GM, which invested $625 million into the lithium mine last year, holds a 38% stake in the joint venture. The mine is expected to become the Western Hemisphere’s primary lithium source in 2028, when it’s slated to open, producing enough of the metal to make 800,000 electric vehicle batteries.
Prior to its plans for Lithium Americas, the Trump administration last month said it would take a 10% stake in Intel. In July, it announced a 15% stake in rare earths miner MP Materials.
Nexstar and Sinclair control large swaths of US television stations. Nexstar’s planned merger could make their influence even greater.
Shares of Delta Air Lines ticked down on Tuesday morning following the Trump administration’s order that the airline dissolve its approximately 9-year-old joint venture with Aeromexcio by January 1, 2026.
Delta said it was disappointed in the decision, adding that the termination will “cause significant harm to U.S. jobs, communities and consumers traveling between the U.S. and Mexico.” CEO Ed Bastian previously said that the administration’s regulatory stance could be a “breath of fresh air” for the aviation industry.
The Biden administration tentatively decided last year to not renew the antitrust immunity agreement covering the joint venture. At the time, Delta said “$800 million in annual consumer benefits would evaporate” if the partnership were terminated.
Collaboration isn’t over between the two airlines: the Department of Transportation said Delta can maintain its 20% stake in the Mexican airline and the partnership can continue through “arms-length activities such as codesharing, marketing, and frequent flyer cooperation.”
