__*"You belong with me"...*__ Taylor Swift to her own music. This weekend, T Swift dropped “Red (Taylor’s Version),” a rerecorded album of her hit 2012 breakup anthems, plus never-released tracks. Some background: Taylor doesn't own the "masters" (aka: original recordings) from her first six albums. When she was 15, those were signed over to record label __Big Machine__, later sold to Scooter Braun (Kanye’s ex-manager).

- __In 2018__, Taylor signed a new deal with __Universal Music__, which gave her ownership of her *new* masters. But she couldn’t buy back her first six albums.
- __Taylor has bad blood__ with Braun. Even more, she’s passionate about artists owning their music. So she started rerecording.
- __Last year__, private-equity fund __Shamrock__ paid $300M for Taylor's old tunes, but Braun still got a cut of the deal. Then Taylor announced she would rerecord *all* the albums they’d bought.

__I knew you were trouble...__ Many fans are choosing *Taylor's* version over the OGs, which could undercut earnings for Shamrock. Earlier this year, Taylor released a rerecorded version of her album "Fearless.” It's racked up 3X as many streams as the 2008 original. The “Red” rerecording is also outperforming the OG, and was #1 this week on __[Spotify](https://robinhood.com/stocks/SPOT)__ and __[Apple](https://robinhood.com/stocks/AAPL)__. 

- __Taylor is profiting:__ As the owner, Taylor is scoring lucrative licensing deals for her music (think: movies, ads, __TikToks__). 
- __She’s also getting paid more streaming $$__, which makes up the bulk of revenue for labels like Universal, __[Warner](https://robinhood.com/stocks/WMG)__, and __[Sony](https://robinhood.com/stocks/SONY)__. Artists can keep more than 80% of streaming revenue for masters they own, compared to 20% if the label owns them. 
- __Ctrl + Swift:__ Now Universal, the world’s largest label, is scrambling to protect its rights with other artists who might want to rerecord too.

“Trouble, trouble, trouble” for record labels [Catherine Falls Commercial/Moment via Getty Images]

__The "T Swift Clause" is a threat to labels…__ because it lets artists keep more control and more money. That’s why Universal is [reportedly](https://www.wsj.com/articles/as-taylor-swift-rerecorded-her-red-album-universal-reworked-contracts-11636741201) *doubling* the amount of time that artists are restricted from rerecording. But as streaming platforms and social apps make it easier for artists to distribute music, leverage is shifting in creators’ favor. Labels including Universal are also making concessions, like increasing royalty payments.

T Swift’s rerecording crusade paves the way for artists, but threatens major labels

__A little less Royal, much less Dutch…__ Yesterday, oil titan __[Royal Dutch Shell](https://robinhood.com/stocks/RDS.A)__ [said](https://www.wsj.com/articles/shell-plans-to-scrap-dual-share-structure-to-help-navigate-energy-transition-11636967889) it planned to move its HQ from the Netherlands to the UK and to shorten its name to Shell, ditching “Dutch” after 114 years. Dutch officials were “unpleasantly surprised,” but investors seemed pleased: Shares jumped 3% yesterday on the news. 

- __Marie Kondo meets big oil:__ Shell’s move will simplify its dual share structure (it now has A and B shares) and make it easier to pay taxes, buy back shares, and attract investors.
- __Cleaning up:__ The reorg could also make it easier for Shell to sell “dirty” business lines and invest in greener ones, though Shell said it had no active plans to split.

__A Shell of its former self…__ Shell’s under pressure from investors and courts to transition to renewable energy. Last summer Dutch courts ordered Shell to reduce emissions. Last month activist investor __Third Point__ asked Shell to split its oil and renewable energy businesses to facilitate greener investment. Shell’s not the only oil bigshot feeling pressure:

__[Exxon](https://robinhood.com/stocks/XOM)__ is spending $1B+/year to develop emissions-reducing tech after activist investors joined its board. __[BP](https://robinhood.com/stocks/BP)__ spends $5B/year to develop low-emissions fuel alternatives.
450 finance firms including __[JPMorgan Chase](https://robinhood.com/stocks/JPM)__, __[Citi](https://robinhood.com/stocks/C)__, and __[BlackRock](https://robinhood.com/stocks/BLK)__ committed to hitting net-zero emissions in their investments by 2050 at the UN climate summit last week. 

Kondo

__Corporate transitions can be messy…__ and sometimes it helps to draw cleaner lines. Shell’s reorg could make it easier for backers to invest in its transition to renewables, even if Shell hasn’t committed to splitting. As shareholders demand increasingly specific ways to invest, some companies have started splitting up to attract focused funding. Just last week: __[General Electric](https://robinhood.com/stocks/GE)__, __[Johnson & Johnson](https://robinhood.com/stocks/JNJ)__, and __Toshiba__ announced plans to split into smaller companies to spur more targeted investment.

Shell ditches its Dutch roots to simplify its biz as it transitions to cleaner energy

T Swift’s “Red” rebellion, Shell ditches Dutch, and more of today’s top Snacks stories

Dow Jones

S&P 500

Nasdaq

Bitcoin

🎶 T Swift’s “Red” rebellion

__"We'll always have Paris"...__ The classic "Casablanca" quote isn't landing for global leaders. The UN's 26th annual climate summit just wrapped up in Glasgow. Lawmakers, biz execs, and activists from 200 countries met to help keep the 2015 Paris Agreement alive. Read: the target to cap global warming at 1.5 °C (2.7 °F) above pre-industrial levels. While the UN said the world is "way off track" in stopping rising temps, some new pledges could help:

- __100+ countries__ vowed to slash methane emission levels by 30% by 2030, led by the US and EU. 
- __100 countries__ representing 85% of the world's forests agreed to end and reverse deforestation by 2030, backed by $19.2B in public and private funding.
- __India,__ the second most populous country after China, vowed to hit net-zero emissions by 2070 and use 50% renewable energy in its mix by 2030.
- __China,__ Earth's largest polluter, unexpectedly promised to finalize a plan to reduce its methane emissions this decade (without concrete deets).
- __[Ford](https://robinhood.com/stocks/F)__, __[GM](https://robinhood.com/stocks/GM)__, and __[Volvo](https://robinhood.com/stocks/VLVLY)__ committed to phasing out fossil-fueled vehicles by 2040, as did some countries. The US, China, and Germany skipped the pledge.

__The private sector steps in...__ While countries' pledges underwhelemed, the global finance industry made new efforts: a coalition of the world's largest financial firms that together control $130T in assets [committed](https://www.nytimes.com/2021/11/03/world/europe/cop26-climate-change-finance-industry.html) to using their $$ to hit net zero emissions targets in their investments by 2050. 

- __The alliance:__ 450 banks, insurers, and asset managers across 45 countries — including heavyweights like __[JPMorgan Chase](https://robinhood.com/stocks/JPM)__, __[Citi](https://robinhood.com/stocks/C)__, and __[BlackRock](https://robinhood.com/stocks/BLK)__. 
- __Critics say the pledge falls short__ because it doesn't commit investors to stop putting money into fossil fuels – and it's non-binding. 
But it *does* show a broad commitment by financial firms to have emissions slashed in companies they invest in. 


Temp

__Global accountability is *hard*...__ It’s easier for individual governments to hold their citizens accountable, and vice versa. It’s much harder for countries to hold *other* countries accountable, especially when power is lopsided. After the summit, many countries still remain at odds. And pledges made have fallen [dangerously](https://www.wired.com/story/cop26-climate-change-targets/) short of the 1.5 °C target. Global temps are estimated to rise anywhere from 1.8 °C to 2.7 °C by the end of the century, which the UN says would be “catastrophic." For real change to happen, both governments and corporations need to step up.

Countries' UN climate pledges underwhelm, but financial giants vow to prioritize green efforts

__Bringing home the bacon...__ just got pricier. Consumer prices jumped 6.2% in October from last year, the largest spike in 31 years. TV prices were up 10%, bacon was up 20%, used cars rose 26%, and gas prices soared 50% (#PumpAnxiety). Stimulus cash triggered a fast rebound in consumer demand. But supply and labor bottlenecks are making it hard to *meet* demand, which drives up prices. If Americans keep *expecting* inflation to remain high, price tags could be steep even after the logjams ease. We’ll see if the Fed’s pullback on bond-buying helps cool the economy.

__Vax access expands...__ 900K kids got vaxxed last week after Covid shots were approved for US children, and __[Pfizer](https://robinhood.com/stocks/PFE)__ asked the FDA to approve boosters for *all* adults. __[Regeneron](https://robinhood.com/stocks/REGN)__ said its antibody drug reduced the risk of Covid by 82%, which could make it an option for immunocompromised people. But not everyone’s vax-cited: Trade groups representing __[UPS](https://robinhood.com/stocks/UPS)__, __[Disney](https://robinhood.com/stocks/DIS)__, and __[Fidelity](https://robinhood.com/stocks/FIS)__ say Biden’s plan to make any biz with 100+ workers require vaccination or testing by January is too expensive. And 24 states threatened to sue to block it.

The price is not ripe [Yuri_Arcurs/E+ via Getty Images]

Zoom Out

Stories we’re watching...

__Chip the Switch...__ Chip titan __[Nvidia](https://robinhood.com/stocks/NVDA)__ makes graphics cards for everything from laptops to gaming consoles, like the __[Nintendo](https://robinhood.com/stocks/NTDOY)__ Switch. Last quarter, Nvidia notched record sales, with nearly *half* coming from gaming. Now, Nvidia’s focused on growing AI and its data-center biz, which powers half the world’s servers and touts customers like __[Microsoft](https://robinhood.com/stocks/MSFT)__ and __[Amazon](https://robinhood.com/stocks/AMZN)__. Despite the (still happening) global chip shortage, investors hope Nvidia’s robust supply chain and demand for its cutting-edge tech will boost its earnings on Wednesday.

__Still waiting for my Halloween costume...__ US holiday spending is expected to reach a record $800B+ this season. That's good news for go-to retailers like __[Macy’s](https://robinhood.com/stocks/M)__, __[Walmart](https://robinhood.com/stocks/WMT)__, __[Target](https://robinhood.com/stocks/TGT)__, and __[Kohl's](https://robinhood.com/stocks/KSS)__, which all report earnings this week. Problem: national worker shortage. Last week, __Macy’s__ joined Walmart and Target in boosting its minimum wage to $15/hour and offering employee tuition benefits. Meanwhile, Kohl’s is offering sign-up bonuses of $100 to $400. But higher incentives = higher costs. We’ll see if that hits retailers’ bottom line. Macy’s expects holiday benefits to cost an additional $35M over the next four years. 

Events

Coming up this week...

- __[Streak](https://snacks.robinhood.com/newsletters/4S6VRj1OyGvIKuWQhrgJ1T/articles/MohlPPKKoqicsH0xgKkLw/):__ Digital payments company __Paytm__ went public through its parent company in India’s largest IPO, the latest in the country’s tech boom.
- __[Mickey](https://snacks.robinhood.com/newsletters/28AOcZrOf9ipURzSc76djJ/articles/4Mb4kf5LUZeTIJ1jdDgZcA/):__ __Disney__ is "aggressively" exploring sports-betting content through its ESPN brand, as streaming growth slows. Disney’s biz still isn’t back to pre-pandemic levels.  
- __[Poll](https://snacks.robinhood.com/newsletters/69v4BtkyELEbR3U1usMFhD/articles/1UHSLqXsQcA0fwaJ9m7GG7/):__ Elon Musk asked his 63M __[Twitter](https://robinhood.com/stocks/TWTR)__ followers if he should sell $21B worth of __[Tesla](https://robinhood.com/stocks/TSLA)__ shares to pay taxes, continuing a national debate around taxing billionaires.

ICYMI

Last week's highlights...

The UN’s climate miss, inflation’s 31-year high, and more of today’s top Snacks stories

🌎 The UN’s climate miss 

__Baby Yoda *sad*...__ Investors weren’t chanting “Hakuna Matata” after __[Disney's](https://robinhood.com/stocks/DIS)__ quarterly earnings. Mickey's biz hasn't quite rebounded to pre-pandemic levels. Last quarter, sales jumped to $18.5B (compared to $19.1B for the same quarter back in 2019). Worse, Disney's profits were less than 25% of what they were pre-Covid. While Space Mountain is back, Disney's Parks and Experiences unit disappointed on profit big time. Streaming *did not* save the day...

- __Disney minus:__ Disney+ gained 2.1M subscribers, the [smallest](https://www.reuters.com/business/disney-revenue-falls-short-streaming-business-suffers-2021-11-10/) rise since it launched two years ago and less than half what Netflix added.
- __Frozen audience:__ CEO Bob Chapek said Disney+ is still on track to hit 230M to 260M subs by 2025, but some investors worry growth is tapping out.
- FYI: Disney's media biz, including streaming and cable, now makes up 70% of its sales.

__From Belle to betting...__ Now that's a pivot. Chapek said "sports betting is a very significant opportunity" for Disney, and the company is pursuing it "aggressively" through its ESPN brand. ESPN has suffered as millennials continue cord-cutting, and streamer ESPN+, like Disney+, is still losing money. Gambling could be a lucrative way for Disney to attract young sports fans.

- __ESPN has reportedly had talks with sportsbooks,__ including __[DraftKings](https://robinhood.com/stocks/DKNG)__ and __[Caesars Entertainment](https://robinhood.com/stocks/CZR)__, to [license](https://www.wsj.com/articles/espn-explores-sports-betting-deal-worth-at-least-3-billion-11630089962) its famous name for a whopping $3B.
- __ESPN already has sports-betting content__ on its platforms through marketing deals, but licensing could create an ESPN-branded betting platform. 


Wager

__Some vices might be losing taboo status…__ According to Disney's research, gambling won't hurt Disney's brand but will strengthen ESPN's. Chapek said gambling doesn't have the same rep it did a decade ago. Thirty-two US states have legalized sports betting, and this week New York approved online-betting licenses for nine operators. Yet shares of sports-gambling companies tell a different tale: DraftKings, __[Penn National Gaming](https://robinhood.com/stocks/PENN)__, and FanDuel owner __[Flutter](https://robinhood.com/stocks/PDYPY)__ are all down this year.

Disney eyes sports betting to fuel its entertainment biz as streaming slows

__Pea protein takes an L…__ Plant-based-patty powerhouse __[Beyond Meat](https://robinhood.com/stocks/BYND)__ has lost some of its bite. While overall sales grew last quarter, Beyond’s US sales [dropped](https://www.wsj.com/articles/beyond-meat-shares-fall-after-disappointing-forecast-11636582932) 14% from last year — and its loss nearly tripled. Beyond blamed lower demand, plus production-related snags. It also gave a disappointing forecast for this quarter, citing pandemic uncertainty. Shares tumbled 13% yesterday, pulling Beyond’s market cap down to $5B from its 2019 high of $14B.

__Beyond Beyond…__ Beyond is estimated to control about a quarter of the US alt-meat market, but plant-based competition is growing. Big Food companies may be an even bigger threat than smaller rivals, like __Impossible Foods__. Globally, Beyond sells in 122K stores while Impossible is in 20K — but Big Food companies like __[Tyson](https://robinhood.com/stocks/TSN)__ and __[Kraft](https://robinhood.com/stocks/KHC)__ are nearly everywhere. 

- __[Kroger](https://robinhood.com/stocks/KR)__ saw a surge in sales of its plant-based meat brand Simple Foods last year, while food giants like Tyson, __[Hormel](https://robinhood.com/stocks/HRL)__, and Kraft have launched their own alt-meat products. 
- __Beyond and Impossible__ have lowered prices to compete with Big Food, which can afford to undercut smaller rivals.
- __Partnerships__ with chains like __[Starbucks](https://robinhood.com/stocks/SBUX)__ and __[McDonald’s](https://robinhood.com/stocks/MCD)__ have helped Beyond and Impossible grow, but aren’t taking off as fast as expected.

A little undercooked [Giuseppe Elio Cammarata via Getty Images]

Burnt

__Novelty builds brands…__ but it doesn’t necessarily build loyalty. Restaurant partnerships helped make Beyond the most recognized plant-based brand. __Dunkin__ dumped Beyond in June because of low Beyond Sausage sales. McDonald’s is serving the Beyond “McPlant” burger at only eight of its 14K locations. And __KFC__ still hasn’t given Beyond Meat chicken nuggets a permanent spot on its menu. Impossible has also [had](https://www.bloomberg.com/news/articles/2021-09-24/which-fast-food-has-fake-meat-not-many-serve-beyond-meat-impossible-foods?sref=q3KSFp38) a few partnership fails.

Beyond Meat serves up undercooked earnings as plant-based growth wilts 

Disney’s sports-betting play, Beyond Meat’s slump, and more of today’s top Snacks stories

🏈 Disney’s sports-betting play

__Cry me a pork chop...__ Pork-chop prices are up 16% from last year, and they're not the only ones. The Labor Department just [dropped](https://www.bls.gov/news.release/pdf/cpi.pdf) October’s Consumer Price Index, which measures prices of 80K common items. Overall, consumer prices jumped 6.2% from October last year — *the fastest yearly increase in 30 years*. The pace of inflation accelerated sharply from September, and it was the fifth straight month above 5%. Price increases were broad, but we’ve pulled some gems:

- __#PumpAnxiety is real:__ Gas prices were up 50%, but your wallet already knew that. Meanwhile, used cars and trucks were up 26%.
- __Breakfast is swerved:__ Bacon was up 20%, eggs 12%, and peanut butter 6%. Lunch isn't much better, with salad dressing up 8%.
- __Home is pricey:__ Laundry equipment is up 15%, furniture and bedding is up 12%, TVs are up 10%, and smart home assistants 8.4%.
- __So is away from home:__ Hotel prices were up 26%, and transportation services (cough, __[Uber](https://robinhood.com/stocks/UBER)__) were up 5%.

__The price is not right...__ While the Fed still expects inflation to be temporary, prices have been surging longer (and higher) than expected. This #flated sitch is a result of multiple factors, including pandemic-related supply shortages, labor shortages, supply-chain backlogs, and booming consumer demand. Americans' wallets have been padded by trillions in stimulus cash, which has triggered faster-than-expected rebound in demand. But supply bottlenecks are making it hard to *meet* that demand and are driving up prices.

Checking bacon prices like [fotostorm/E+ via Getty Images]

Flated

__Inflation can be a self-fulfilling prophecy...__ aka self-flating. *Expectations* of inflation can make inflation worse, or even cause prices to rise unnaturally. If people expect higher prices, they're more likely to demand higher wages and accept inflated costs. And expectations *are* high: Americans' three-year inflation expectations have hit 4.2%, the highest level on record. If it continues, inflation could stay elevated even after supply bottlenecks ease.

Inflation nation: US consumer prices hit a 30-year high, and they could be self-flating

__Forgot the extra ranch…__ __[DoorDash’s](https://robinhood.com/stocks/DASH)__ sales growth continued slowing last quarter after the pandemic dine-in boom, and net losses *doubled* from last year. Cue: a global feast. DoorDash announced [plans](https://www.wsj.com/articles/hungry-for-more-doordash-orders-a-heavy-dessert-11636543980?mod=rss_Technology) to buy Finland-based __Wolt__ for $8.1B. Dash shares jumped nearly 20% yesterday on the news. 

- __Euro-presence:__ When the deal closes, in 2022, Dash says it will add Wolt’s 2.5M customers in 23 European countries. Dash currently delivers in the US, Canada, Japan, and Australia. 
- __Piping hot growth:__ Last quarter, Wolt’s sales grew 3X as fast as Dash’s. But while the deal could boost Dash’s sales growth, it *won’t* increase Dash’s US market share or diversify its revenue streams.

__May the best promo code win…__ Delivery customers have little loyalty, which is why companies like Dash, __Grubhub__, and Uber Eats are constantly throwing out profit-sucking promo codes. Competition is fierce, so food-delivery giants have gobbled up rivals to accelerate growth and expand market share. Last year, __Uber__ acquired __Postmates__ for $2.7B, and Euro delivery heavyweight __[Just Eat Takeaway](https://robinhood.com/stocks/GRUB)__ bought Grubhub for $7.3B. DoorDash is still the biggest US food deliverer, but it’s losing its lead: Next quarter, Uber’s delivery sales are expected to grow twice as fast as Dash’s.

Hungry

__It’s hard to consistently deliver accelerating growth...__ by delivering the same thing. DoorDash's acquisition may boost growth for a few quarters, but that may still slow once European markets are saturated. Uber’s ride-hailing biz bought international rivals to expand, but it still had to invest in new revenue streams — like food delivery — to attempt to turn a profit. If food-delivery growth cools, Dash may seek new revenue streams: It’s already investing in [ghost kitchens](https://snacks.robinhood.com/newsletters/1yhXQqCSYUpB68NvcsJe1Y/articles/1QTAquYSO3cazbI0yE6t5Y/) and non-food deliveries, like its __[CVS](https://robinhood.com/stocks/CVS)__ partnership to shuttle staples like Advil and toothpaste.

DoorDash is hungry for growth, so it’s splurging $8B on a European rival

Inflation nation, DoorDash’s $8B order, and more of today’s top Snacks stories

👛 Inflation nation

__GE becomes G3…__ __[General Electric](https://robinhood.com/stocks/GE)__ is the 129-year-old electricity giant founded by Thomas Edison, who *invented* the commercial light bulb. Over the years GE expanded to produce everything from microwaves to financial products, becoming the world’s most valuable company by 2000. But GE’s biz has declined since then. Now it’s worth less than a quarter of what it was 20 years ago. __The plan:__ Yesterday GE said it would [split](https://www.wsj.com/articles/general-electric-to-split-into-three-public-companies-11636459790) into three smaller public companies to allow more focused growth. Shares jumped 5% on the news. 

- __Aviation:__ GE’s aviation biz, which makes jet engines for __[Boeing](https://robinhood.com/stocks/BA)__ and brought in $22B in sales last year, will keep the GE name.
- __Healthcare:__ GE Healthcare, which makes MRI and other medical machines, and earned $17B last year, will spin off as a new biz 2023. 
- __Energy:__ GE’s power, renewables, and digital divisions — which contributed $33B in revenue last year — will spin off in 2024. 

__The light bulbs went out…__ but GE isn’t done yet. It pioneered the conglomerate model: It developed disciplined management practices in one industry — manufacturing — and applied them to others: insurance, finance, TV. But as industries grew more complex, they required more specialized leadership, and the old-school conglomerate model fell apart. So GE faced pressure from investors to “*deconglomeratize*:”

- __Selloff:__ In the past six years, GE sold off its finance, appliance, lighting, and train businesses, which has put it on track to pay off $75B in debt by year’s end.
- __Fresh start:__ GE’s new companies will have industry-specific boards and execs, which could attract investors eager to invest in big wind [turbines](https://snacks.robinhood.com/newsletters/6kLH8dVkTILF9DDv2h7lL0/articles/2FCiqJHT4fUWlrwBmkRNOe/) but not MRI machines.

And then there were three [sturti/E+ via Getty Images]

__There’s a new kind of conglomerate in town…__ and it’s techy. Today tech conglomerates have taken the place of industrial conglomerates. __[Amazon](https://robinhood.com/stocks/AMZN)__ is no longer just an ecomm platform — it’s a cloud computing, streaming, and ad powerhouse too. __[Microsoft](https://robinhood.com/stocks/MSFT)__ has its OG business software, but also big gaming, cloud, and networking businesses. While tech giants expand into new industries, aging industrial behemoths __GE__, __[Siemens](https://robinhood.com/stocks/SIEGY)__, and __[DuPont](https://robinhood.com/stocks/DD)__ are focusing on *fewer* industries.

Corporate icon GE breaks into three, underscoring the decline of OG conglomerates 

__“Paytm me for that”...__ India's largest payments service, __Paytm__, went public Monday in India through its parent company, __One97 Communications__. The Venmo-like app lets you send money online, buy coffee via a QR code, and even purchase a new car. It has a whopping 330M customers (the size of the US), and represents 40% of India’s payment market. 

- __Big money:__ Paytm aims to raise $2.5B in an offering that ends today. The IPO’s expected to give Paytm a $20B valuation, making it one of India’s *most valuable tech companies*. 
- __Big backers:__ Massive Chinese fintech __Ant Group__, Japanese investment firm __[SoftBank](https://robinhood.com/stocks/SFTBY)__, and Warren Buffett’s __[Berkshire Hathaway](https://robinhood.com/stocks/BRK.B)__ together own a third of Paytm.

__E-cash is king…__ In 2016, India banned the most widely circulated currency notes to combat money laundering, wiping out [86%](https://www.bbc.com/news/world-asia-india-37974423) of the country’s cash overnight. That crushed businesses and family savings, but accelerated India’s move toward a cashless economy. Since then, mobile payments in India have skyrocketed, accounting for 26B transactions last year. Fintechs like Paytm benefited from the boom, which accelerated during the pandemic. That’s partly why:

- __[Walmart](https://robinhood.com/stocks/WMT)__ dropped $16B on Indian ecomm company __Flipkart__ in 2018, while __Amazon__ is investing $5B to expand its India operations. 
- Walmart-backed PhonePe has 300M mobile payments users in India, while __[Google](https://robinhood.com/stocks/GOOGL)__ Pay has 70M users in the country.

__India’s e-opportunity is huge…__ and growing. India is the second most populous country after China, but roughly [half](https://www.wsj.com/articles/google-to-invest-10-billion-in-india-11594635725) of its 1.3B population have yet to get online. While China’s mobile market is saturated and regulators are cracking down on tech, India’s e-market is growing fast: India’s IPOs have raised a record $9.7B this year. And while the web economy [accounts](https://www.barrons.com/articles/how-to-play-indias-stock-market-momentum-51634287500) for only a tenth of its GDP, the internet ecosystem could add up to *$400B* in market-cap creation for India in five years.

Digital payment giant Paytm could be the largest IPO in India’s tech boom

India’s IPO streak, GE becomes G3, and more of today’s top Snacks stories

🔥 India’s IPO streak

__A strange shareholder vote…__ unfolded on __[Twitter](https://robinhood.com/stocks/TWTR)__. The proposed [billionaires tax](https://snacks.robinhood.com/newsletters/584AsHjh5TeKtgP50rjco/articles/36KAN7Gde6BNGFOScj0LQ8/), which would’ve required US billionaires to pay taxes on unsold stocks, died just hours after its release last month. But Elon Musk [revived](https://www.wsj.com/articles/tesla-share-price-slides-after-musk-promises-to-sell-21-billion-stake-11636364256) the tax convo over the weekend by [asking](https://twitter.com/elonmusk/status/1457066048944066565) his 63M Twitter followers if he should sell 10% of his __Tesla__ shares — about $21B worth of stock — to trigger a tax payment. For context: Elon doesn’t pay much in regular income taxes since he doesn’t receive a salary. How the Twitterverse responded: 

- __58%__ said Musk should sell, which would mean he’d owe $10B+ in taxes on the sale.
- __Tesla shares fell 5%__ yesterday, even though Elon hasn’t sold yet — though he’s pledged to abide by the poll’s outcome. 

__The poll story isn’t the whole story...__ Elon needs to pay $15B in taxes next year to exercise billions’ worth of stock options. Basically, he needs to sell some shares to buy more shares — and this Twitter-fueled sale would give him the cash to do it. But since Elon is Tesla’s largest shareholder, the sale could also affect Tesla’s stock price. Tesla warned its shares could slip if Elon sells part of his 17% stake.

Didn’t expect this in the feed [Chris Gonz/EyeEm via Getty Images]

__Public perception is increasingly important…__ And billionaires’ tax status has come under scrutiny. In June, *ProPublica* [dropped](https://snacks.robinhood.com/newsletters/1ExFruUiLLc3sM39AgchDw/articles/28rBswpihWiU8dO8VwzWyB/) an investigation revealing how the 25 richest people in the US pay little to no income taxes relative to their net worth. As a rising number of retail investors enter the stock market, CEOs are increasingly appealing to regular investors. Elon’s Twitter poll was an extreme example, but other companies like __[AMC](https://robinhood.com/stocks/AMC)__ have also made moves to try to win over individual investors.

Elon polls Twitter on selling $21B worth of Tesla stock — but it’s really about the billionaires tax debate

__When the bill arrives...__ on President Biden's desk. On Friday, the House finally [approved](https://www.wsj.com/articles/house-moves-toward-votes-on-infrastructure-budget-bills-11636120392) a $1T bill to give America's old infrastructure a major facelift, after the Senate [passed](https://snacks.robinhood.com/newsletters/535eiAczcIj1qvPlNpbVcf/articles/3oxNV4QbHcdtoFaZVgY1sz/) it back in August. Biden could sign the bill this week, pouring $550B in fresh funds into transportation, broadband, and utilities. The other half of the bill reauthorizes existing infrastructure programs for five years. Where the new funds will go:

- __$110B__ to roads and bridges, $66B to railways, and $39B to public transit.
- __$65B__ to expand internet access, including $30 monthly vouchers for low-income families.
- __$50B__ to make the power grid more resilient to cyberattacks and natural disasters (see: [Hurricane Ida](https://snacks.robinhood.com/newsletters/4V221H51NGTebnJfxGViJU/articles/3MYdkqm3q0EmiHfYmE5WYS/)).
- __$55B__ to upgrade water systems (think: fewer lead pipes) and $7.5B to build EV charging stations.

__$1T charcuterie board...__ While it’s a major achievement for Biden’s agenda, the infrastructure bill is an appetizer to the main course: a separate $2T education, healthcare, and climate package. Think: universal pre-K, two free years of community college, public housing, and clean-energy development. Dems plan to vote on it before November 19. 

- __To help cover the $1T bill__ that just passed, Congress would repurpose existing Covid funds and apply new IRS tax-reporting requirements for crypto.
- __The $2T bill would largely be paid__ for by raising taxes on corporations and the wealthy. Dems plan to approve it through reconciliation, which wouldn't require GOP support.

Dine

__All eyes are on the dinner bill...__ And even raising taxes, repurposing funds, and adding crypto tax requirements won't cover the full check. The Congressional Budget Office (CBO) found that the infra bill would contribute $256B to the federal deficit over a decade. Deficit = how much more the government spends than it brings in. Progressive Dems expected to pass the $2T bill on Friday along with the $1T one, but centrist lawmakers are waiting for the CBO to say how much it would cost taxpayers. The US deficit hit a record $3.1T last year.

The $1T infrastructure bill is an appetizer: Now all eyes are on the price of the main course

Elon’s Twitter poll, Biden’s $1T appetizer bill, and more of today’s top Snacks stories

💰 Elon’s Twitter poll

__Elon's got company(s)...__ __[Tesla](https://robinhood.com/stocks/TSLA)__ no longer has its own lane. American EV startups __Rivian__ and __[Lucid](https://robinhood.com/stocks/LCID)__ have delivered their first models to customers' driveways. Rivian is the __[Amazon-](https://robinhood.com/stocks/AMZN)__ and __[Ford](https://robinhood.com/stocks/F)__-backed e-truck company that plans to go public on Wednesday. It's targeting a *$60B* IPO valuation — just $8B shy of Ford's market cap, though Rivian had zero sales in the first half of 2021. Lucid makes luxury EV sedans and went public in July.

- __Rivian's R1T__ has a range of 314 miles/charge and starts at $68K — a longer range, but pricier than most upcoming e-trucks. It's the first e-truck to reach consumers (sorry, Cybertruck) and has built-in drink coolers.
- __Lucid's Air__ sedan has a range of up to 520 miles/charge, *the longest of any EV sold in the US* (by 100+ miles). The Air starts at $77.4K, but its first orders cost ~$170K — more than any Tesla.

__Channeling Musk energy...__ Like Tesla, both Rivian and Lucid plan to sell directly to consumers (no OG dealers). Tesla's initial strategy was entering at the premium end of the market, then lowering costs as it scaled. Rivian and Lucid will likely take a similar approach. *Also* like Tesla: Rivian plans to build a charging network for owners, which is key to addressing #RangeAnxiety. There’s a reason newcomers are pulling from Tesla’s playbook:

- __Tesla's market cap crossed $1T__ last month, and it's now worth $1.2T — more than the market cap of one __[Toyota](https://robinhood.com/stocks/TM)__, five __[GMs](https://robinhood.com/stocks/GM)__, and six Fords *combined*.
- __US EV sales soared 57%__ in September from last year, and the Biden admin wants to extend the $7.5K EV tax credit and build more public charging stations.

Throwing shade at the Cybertruck [Mlenny/E+ via Getty Images]

Juice

__Doing it once doesn't guarantee doing it big...__ Rivian and Lucid have delivered their EVs. Their bigger challenge now is to *scale*. To catch up, new entrants have to master mass production and survive steep losses. Tesla delivered a record 240K cars last quarter, and made up nearly [80%](https://www.cnbc.com/2021/10/26/americans-are-buying-teslas-not-evs-heres-why-thats-about-to-change.html) of EVs sold in the US last year. Meanwhile, Lucid plans to produce 20K cars next year. But the biggest challenge for EV-only companies like Rivian, Lucid, *and* Tesla could be OG carmakers: GM, __[Volkswagen](https://robinhood.com/stocks/VWAGY)__, and Ford are all mass-producing accessible models.

Move over, Tesla: Rivian and Lucid deliver their first EVs, but the challenge is scaling

__e-Jordans…__ Could be your avatar’s digital kicks. __[Nike](https://robinhood.com/stocks/NKE)__ [filed](https://www.bloomberg.com/news/articles/2021-11-02/nike-files-for-virtual-goods-trademarks-in-footwear-apparel?sref=q3KSFp38) trademarks for virtual shoes, hats, bags, and gear. E-pparel is already big in gaming: __Fortnite__ players spend $1B+ yearly on swag and other in-game purchases, like NFL skins. While __[Facebook](https://robinhood.com/stocks/FB)__ (aka Meta) and __[Microsoft](https://robinhood.com/stocks/MSFT)__ build metaverses for immersive work, gaming, and socializing, the e-pparel market is expected to hit $190B by 2025. __Balenciaga__ and __Louis Vuitton__ already sell e-clothes, and __Gucci__ sold an e-bag for more than it costs IRL.

__Shoot for the moon…__ If you miss, you’ll land among the satellites. Last week, Amazon said it would [launch](https://www.cnbc.com/2021/10/26/verizon-partnering-with-amazon-project-kuiper-satellite-internet.html) its first satellites in 2022 (*unrelated* to Bezos’ __Blue Origin__ rocket biz). Amazon plans to spend $10B to launch 3K+ satellites that beam internet to some of the 4B people who lack web access. __OneWeb__, __[Astra](https://robinhood.com/stocks/ASTR)__, and __[Boeing](https://robinhood.com/stocks/BA)__ plan to build similar-sized satellite networks, and __SpaceX’s__ Starlink is building a network that’s 10X as big. The space satellite market was $66B last year and is projected to double by 2028.

__Robux for my avatar…__ Tween-favorite gaming platform __[Roblox](https://robinhood.com/stocks/RBLX)__ posted record revenue in Q2, though user growth is slowing as IRL activities return. FYI: 75% of US kids ages 9 to 12 played Roblox last year. Now it’s focused on becoming a metaverse hub where its 43M users can learn, work, play, shop, and socialize. It’s not alone: Facebook is investing billions in its metaverse, and Microsoft is building meta-like virtual offices and games. We’ll get more on Roblox’s meta game plan when it reports Q3 earnings today. 

__Mickey prison…__ Last quarter, __[Disney’s](https://robinhood.com/stocks/DIS)__ Parks and Experiences biz turned a profit for the first time since the pandemic. But it hasn’t been smooth cruising: This month China locked 30K+ people inside Shanghai Disneyland after a former park-goer tested Covid-positive. Despite movie theater and park reopenings, Disney’s sales haven’t bounced back to pre-pandemic levels. Investors hope that Disney+ will save the day when Mickey reports earnings Thursday. Disney’s streamers (Disney+, Hulu, and ESPN) make up nearly a quarter of its sales, but Disney+ growth is slowing after gaining 110M subs in two years.

- __[iBye](https://snacks.robinhood.com/newsletters/7q898Mvlp8z02ASmtrNovs/articles/56rsnplNGmPsih967zvoLi/):__ __[Zillow](https://robinhood.com/stocks/Z)__ shares plunged 37% last week after it said it was ending its house-flipping iBuying business, which contributed to a $330M quarterly loss. 
- __[Squid](https://snacks.robinhood.com/newsletters/6tLuNcjhXyEBeNkwvMiSsY/articles/35hA5ZwBVksopzvcj3xqCK/):__ A “Squid Game”-themed crypto coin crashed from $2.9K to nearly zero, after its mysterious creators stole millions from investors while preventing them from selling. BTW: Netflix is [reportedly](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) *not* affiliated with the coin. 
- __[Vax](https://snacks.robinhood.com/newsletters/4zGLBqWUG2iOwwbzKxZZ7J/articles/2AcFWH34zBrFnNObyNcLLD/):__ President Biden is urging large employers to pull a Tyson and make sure employees are fully vaxxed by January 4.

Tesla’s new rivals, meta-Jordans, and more of today’s top Snacks stories

Pickup trucks accounted for half of the US auto industry’s top 10 best-selling vehicles last year — and the three best-sellers were all pickups

🚘 Tesla’s new rivals

__A game of chicken…__ The pandemic was tough for [Tyson](https://robinhood.com/stocks/TSN). Last year, meat giants pushed to keep facilities open as Covid spread, which resulted in shutdowns and 150+ worker deaths. But after masks and testing failed to control the surge, Tyson [required](https://www.nytimes.com/2021/11/04/business/tyson-vaccine-mandate.html?campaign_id=4&emc=edit_dk_20211104&instance_id=44583&nl=dealbook&regi_id=83712167&segment_id=73513&te=1&user_id=05114d149fce45660cf01aea64f5af7e) its 120K workers to get vaxxed in August, becoming one of the first large employers to mandate vaccines. The move was unpopular, but it worked: 

- __96%__ of Tyson workers are now vaxxed, after 61K workers got jabbed post-mandate.
- Tyson’s profit jumped 40%+ last quarter from 2020, despite $55M in Covid expenses.

__The great vax rush…__ is just starting. Yesterday, Biden said private employers with 100 workers or more have until January 4 to ensure their employees are fully vaccinated — or make sure they get weekly testing. The plan covers a whopping 84M workers, and it’s been polarizing: 50K Americans have died from Covid since October, *but* four in 10 say they’ll quit if they’re required to get vaxxed. This isn’t Biden’s first mandate. In September, he announced similar requirements for 4M+ federal workers. 

- __Early adopters:__ __[Google](https://robinhood.com/stocks/GOOGL)__, __[IBM](https://robinhood.com/stocks/IBM)__, and __[United Airlines](https://robinhood.com/stocks/UAL)__ already imposed their own mandates, and few workers quit. 
- __Late vaxxers:__ __[Walmart](https://robinhood.com/stocks/WMT)__, __[Amazon](https://robinhood.com/stocks/AMZN)__, __[JPMorgan](https://robinhood.com/stocks/JPM)__, and others still don’t require employee vaccination. Last month, only 13% of businesses had vax mandates. 
- __Objectors:__ Trade groups representing __[UPS](https://robinhood.com/stocks/UPS)__, __[Disney](https://robinhood.com/stocks/DIS)__, and __[Fidelity](https://robinhood.com/stocks/FNF)__ say Biden’s rule is too expensive. Twenty-four states threatened to sue to block it.

Tenders

It’s good to prep for the inevitable… even when it seems *evitable*. Tyson is in a better spot than others because it adopted an unpopular policy early. Now it may dodge expensive last-minute vax pushes and big fines. Companies with unvaxxed employees could pay a $14K fine for *each* noncompliant worker, which could add up for companies like Walmart, which has 1.6M employees. Experts say Biden’s mandate could cut the number of unvaxxed workers from 25M to 3.4M.

Biden pushes large employers to pull a Tyson and require vaccines ASAP

__Publix is sweating...__ __[Kroger](https://robinhood.com/stocks/KR)__, aka America's largest grocery chain, owns supermarket staples like Food 4 Less, Ralphs, and... Kroger. The 138-year-old Cincinnati-based grocer has 2.8K stores in 35 states. Now Kroger is getting techy to expand beyond its OG stores. Last year, Kroger [debuted](https://snacks.robinhood.com/newsletters/6CYbtZgaeQFf8W6pRxaYg0/articles/mvQBKD7b2NxVm6KXrVAa9/) two "ghost kitchens," or delivery-only restaurants. Kroger is going all out on ghost *grocery*.

- __Giant robo-warehouse:__ Kroger is [breaking into](https://www.cnbc.com/2021/11/04/kroger-is-taking-on-publix-in-florida-without-opening-a-single-grocery-store.html) Florida with a brand-new robot-powered warehouse that's nearly the size of eight football fields.
- __Call them Grobots:__ Grocery robots retrieve items like bananas, steak, and oat milk from the warehouse, passing them on to delivery drivers.
- __DIY delivery:__ Kroger is using its own grocery-delivery fleet, unlike __Publix__ (which uses __Instacart__) and __[Albertsons](https://robinhood.com/stocks/ACI)__ (which uses __[DoorDash](https://robinhood.com/stocks/DASH)__).

__The e-cart is hot...__ It’s a massive investment for Kroger, and a risky bet on its ecomm strategy. Kroger has already opened two automated warehouses, with plans for at least nine more over the next two years, including in the Northeast. It spent $55M just to *build* its FL warehouse and hired 900 employees to service it. Last year, Walmart [unveiled](https://gizmodo.com/walmart-wants-to-build-20-000-square-foot-automated-war-1840950647) plans to build a similar warehouse with robots that can pick 800+ grocery products/hour. Here's why:

- __Online grocery makes up 12% of all grocery sales__ — down from 20% mid-pandemic, but *way* up from 2% pre-pandemic. 
- __Half of US households ordered e-groceries__ in September. Kroger thinks that number will keep growing. 

The Grobots have arrived [onurdongel/E+ via Getty Images]

Grobot

__"Once it's obvious, it's too late"...__ Every time an industry transitions, there’ll be winners and losers. Kroger’s CEO believes that *leading* a blooming trend is key to staying relevant. Its main challenge will be to scale ecomm while turning a profit in an infamously low-margin industry. Robots, delivery fleets, and new warehouses are *pricey*. TBD if Kroger can make e-orders as profitable as — or even more profitable than — IRL sales. Kroger thinks it can break even in three years.

Ghost grocery: Kroger wants to lead the e-grocery trend with robots, not stores 

Biden’s big vax mandate, Kroger’s robo “ghost grocery,” and more of today’s top Snacks stories

💉 Biden’s big vax mandate

__Foreclosed…__ __[Zillow’s](https://robinhood.com/stocks/Z)__ stock plunged this week after the company reported a $330M quarterly loss and said it planned to end its house-flipping business, Zillow Offers. Zillow’s OG biz links home sellers to buyers for a fee. But in 2019, Big Z branched into iBuying — aka making instant cash offers on houses based on "Zestimates" and cutting out agents in the middle. Zillow’s goal: Fix up properties and resell them at a profit. Zillow’s iBuying revenues soared to $1.2B last quarter, but profits tanked:

- __Big losses:__ Offers lost $420M last quarter, which pulled Zillow into the red after making $40M in total profit in the same period last year. 
- __Empty houses:__ Zillow still needs to offload 18K houses. It expects to sell them at a 5% to 7% loss, and to lay off a quarter of its workers.

__iBlunder…__ Since Zillow already calculated Zestimates, iBuying seemed like a natural expansion two years ago. But it soon discovered the market wasn’t that simple: Home prices soared during the pandemic, and labor and supply shortages raised the cost of repairs. 

- __Veteran house-flippers__ __[Opendoor](https://robinhood.com/stocks/OPEN)__ and __[Offerpad](https://robinhood.com/stocks/OPAD)__ slowed their iBuying when the buying boom began to diminish in October, but Zillow bought *more* homes at above-market rates.
- __Blame the algo:__ Zillow said it ended up “unintentionally purchasing homes at higher prices” than the expected selling prices because of a faulty formula.

The dog days of iBuying [JDC/Stone via Getty Images]

Scroll

__Look before you pivot…__ Companies need more than a market opportunity to pull off new business lines — they need the right infrastructure too. Despite Zillow’s failure, others are still iBuying: Last month, tech-focused rivals Opendoor (which reports earnings next week) and __[Redfin](https://robinhood.com/stocks/RDFN)__ said they planned to *boost* iBuying. High demand for real estate is expected to continue: home prices jumped 15% this summer from a year ago, after a five-year decline.

Zillow’s house-flipping business flopped — then its stock dropped 30% in two days

__I've got the Powell...__ Probably Fed Chairman Jerome Powell's morning pump-up song. Yesterday the Fed finally [approved](https://www.wsj.com/articles/fed-dials-back-bond-purchases-plots-end-to-stimulus-by-june-11635962417?mod=hp_lead_pos1) plans to start scaling back its economy-boosting bond-buying program. The Fed will start this month, buying $15B less in bonds — *and will end bond purchases altogether by June*. ICYMI: The Fed has been dropping a whopping $120B a month to buy Treasury and mortgage bonds, adding trillions to the money supply since the pandemic started. Quick refresher:

- __The Fed buys bonds__ from banks, and that cash flows through banks to consumers and businesses via loans. More money = fewer problems.
- __All that new cash__ helped bring us ultralow interest rates, which made borrowing easier and boosted spending — but also contributed to rising prices.

__Feeling #flated...__ The Fed has been monitoring inflation, unemployment, and recovery — and decided the time was ripe to dial back economic medicine. While the Fed still expects inflation to be temporary, prices have been surging longer (and higher) than anticipated. Blame shortages, supply-chain headaches, and soaring consumer demand. Twelve-month inflation is at its [highest](https://www.wsj.com/articles/fed-dials-back-bond-purchases-plots-end-to-stimulus-by-june-11635962417?mod=hp_lead_pos1) level in decades, and oil prices have jumped 42% from last year. BTW: Fed officials don’t want to raise interest rates (by *selling* bonds) until they've fully ended bond purchases.

Jerome

__Wall Street isn't sweating...__ Stocks jumped yesterday after the Fed’s announcement, and have been cruising around records for weeks. Investors aren’t surprised: The Fed has been signaling it would taper bond purchases for nearly the whole year. Wall Street also sees the move as a sign that the economy is strong and ready for less hand-holding. The unemployment rate fell to 4.8% in September, just 1.3 percentage points higher than the pre-pandemic rate. While the US's growth majorly [slowed](https://www.cnbc.com/2021/10/28/us-gross-domestic-product-increases-at-2point0percent-annualized-pace-in-q3-vs-2point8percent-estimate.html) last quarter, the economy is expected to grow 5.6% this year as recovery continues.

The Fed is phasing out its market-boosting economic medicine, but investors aren’t rattled

Zillow’s iBuying bust, the Fed’s big money move, and more of today’s top Snacks stories

🏡 Zillow’s iBuying bust

__“Squid Game” over...__ Halloween is past us, but trends based on __[Netflix's](https://robinhood.com/stocks/NFLX)__ "biggest-ever" new series *aren't*. A crypto coin called Squid [launched](https://coinmarketcap.com/alexandria/article/i-lost-everything-how-squid-game-token-collapsed) last week at $0.01. The “play to earn” currency professed to let buyers play online games based on the South Korean thriller. Three days later, Squid was up 44,100%, to $4.42. As it gained media coverage, Squid [soared](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) *23 million percent* between October 26 and November 1, hitting nearly $2.9K. Yesterday it crashed to nearly $0.

- __“Rug pull” strategy:__ It's assumed that Squid's creators sold all the coins for real money, causing the coin to plummet, from $2.8K to nearly $0.
- __Scam vibes:__ Creators cashed out, stealing [$3.3M](https://www.washingtonpost.com/world/2021/11/02/squid-game-crypto-rug-pull/) from investors who never had a chance to sell Squid coins because of a buy-only restriction imposed by the developers. 

__Cracks in the honeycomb...__ There were red flags: a typo-ridden Squid website (“frist game,” “need pay the ticket”) and a leadership team that didn't exist on __[Google](https://robinhood.com/stocks/GOOGL)__ or LinkedIn — like: CEO Kevin Sam, "Founder of Squid Game." (BTW: Netflix reportedly said it was not affiliated with the coin). But Squid isn’t the only parody coin that’s surged recently: 

- __Coin explosion:__ Creating alt-coins is relatively simple, and about 100 new cryptos are created daily, adding to the 13.5K already in existence. 
- __Coins can be listed on decentralized exchanges__ as soon as they’re created, with virtually no due diligence. 
- __Coin crowding:__ In January, __[Bitcoin](https://robinhood.com/crypto/BTC)__ made up 70% of total crypto value. Now it makes up less than half as trend-driven altcoins have gained traction. Two meme-inspired coins, __[Dogecoin](https://robinhood.com/crypto/DOGE)__ and __Shiba Inu__, are among the [top 10](https://www.cnbc.com/2021/11/01/whats-driving-surge-in-meme-cryptocurrencies-shiba-inu-and-dogecoin.html) cryptocurrencies.

The Wild West of “Squid Game” [Matthias Clamer/Stone via Getty Images]

Squid

__It's a cautionary coin tale…__ Crypto markets and exchanges lack the controls and fraud protections that the stock market has. But SEC Chairman Gary Gensler wants the “Wild West” of crypto to be regulated in the same way the SEC oversees securities like stocks and bonds. While regulation could take years, the Squid debacle highlights the unique risk of investing in crypto without conducting due diligence.

Squid scam: Trend coin plunges to nearly zero after scammers steal millions from investors

__Hardcover kind of day…__ The Justice Department is eyeing yet another antitrust crackdown. Yesterday the DOJ filed to [block](https://www.wsj.com/articles/justice-department-sues-to-block-penguin-random-houses-acquisition-of-simon-schuster-11635866422) publisher __Penguin Random House__ from buying rival __Simon & Schuster__ from __[ViacomCBS](https://robinhood.com/stocks/VIAC)__, a $2.2B deal announced last year.

- __Regulators argued__ the combined company’s 27% market share would give it too much influence over which books are published and how much authors are paid. Penguin is the world’s largest publisher. 
- __Both publishers insisted__ the industry is [competitive](https://www.wsj.com/articles/justice-department-sues-to-block-penguin-random-houses-acquisition-of-simon-schuster-11635866422), thanks to publishers of all sizes and “newer entrants like __[Amazon](https://robinhood.com/stocks/AMZN)”__ (yes, the world’s biggest *bookseller* is also expanding its publishing biz). They plan to appeal the decision.

__Trust-bustin’s back…__ In July, Biden warned businesses across healthcare, tech, agriculture, and banking of plans to put an end to anticompetitive practices. But since then enforcement has been uneven. The DOJ blocked __[American Airlines](https://robinhood.com/stocks/AAL)__ and __[JetBlue](https://robinhood.com/stocks/JBLU)__ from merging to form an airline with a 24% market share, but other mergers have sailed through:

- __Eat up:__ The DOJ allowed __[UberEats](https://robinhood.com/stocks/UBER)__ to gobble up rival __Postmates__ in a $2.6B deal that gave the company a 37% food-delivery market share.
- __Sweet talk:__ The DOJ also signed off on a $26B merger between __[T-Mobile](https://robinhood.com/stocks/TMUS)__ and __Sprint__ that gave the biz an estimated 29% market share.
- __Plug in:__ The DOJ has allowed lots of Big Tech mergers and acquisitions. Most notably: __[Facebook](https://robinhood.com/stocks/FB)__ and Instagram.

Bookend

__Not all antitrusts are created equal…__ Regulators can crack down on airlines and publishers with the same anti-monopoly rules they’ve used to prevent mega-mergers for decades, while more omniscient businesses like Big Tech have been harder to tackle. But Big Tech is poised to face increasing antitrust pressure. Numerous bills have been proposed to curb Big Tech’s dominance, including a [bipartisan one](https://www.reuters.com/world/us/big-tech-face-another-bipartisan-antitrust-bill-2021-10-14/) in October aiming to prevent mega-platforms like Amazon, __[Apple](https://robinhood.com/stocks/AAPL)__, and Google from favoring their own products over those from third parties.

Antitrust regulators push back against Big Books amid antitrust scrutiny

The Squid-scam plunge, Big Book antitrust, and more of today’s top Snacks stories