TikTok bans paid political content from influencers ahead of midterm elections to nip misinformation in the bud. Homes are the least affordable in 33 years, sparking recession fears. Americans are unclear whether weed is good or bad for society.
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In the news today
- Major changes are coming to the Centers for Disease Control and Prevention, director Rochelle Walensky said after admitting the agency had made “pretty dramatic and quite public mistakes” in its response to Covid-19. The revisions include plans to hire more staff to respond to public health emergencies; reevaluate how the CDC’s $12 billion annual budget is spent; and ensure that public messages are easy to understand.
- The Federal Reserve is not likely to mitigate rising interest rates for now, officials said at the central bank’s latest policy meeting, noting that it will take “time” to change course on monetary policy. The Fed has stressed that slowing demand, such as through its latest 75 basis point interest rate hike, is crucial to reducing inflation over time.
Details were thin when ousted WeWork co-founder Adam Neumann announced its upcoming residential real estate venture Flow earlier this week, but Forbes discovered that the company intended to launch a digital wallet capable of storing crypto.
Harvard Business School will award need-based full tuition and scholarships to MBA students with the greatest financial hardship, representing approximately 10% of Ivy’s student body. A two-year MBA at the university costs $76,000 per year, and about half of students currently receive need-based scholarships averaging $42,000.
TikTok has banned influencers from creating paid political content ahead of the midterm elections as part of its broader strategy to fight misinformation as November approaches. The plan comes as major tech platforms including Facebook and Twitter struggle to stamp out the spread of misinformation, which they have been criticized for amplifying in previous elections.
The stock market fell Wednesday, reversing the gains seen earlier in the week. The Dow fell 0.5% and the S&P 500 lost 0.7%, while the Nasdaq fell 1.3%. The decline wiped out some of Walmart’s positive earnings gains yesterday after big-box rival Target revealed a groaning mountain of excess inventory contributed to disappointing second-quarter results.
Mortgage applications fell 2.3% to lowest level since the beginning of the century, despite falling mortgage rates. Homes are the least affordable in 33 years, according to the Mortgage Bankers Association. The data stoke fears that a cooling housing market could contribute to a recession.
American Airlines will buy 20 Overture supersonic jets from Boom Supersonic, which is developing the jet to cruise the skies above 60,000 feet at twice normal speed. Boom targets business travelers, saying passengers could pay up to $5,000 to fly from New York to London in three and a half hours.
Must read today
The new oil billionaire hits the Bible and denounces Biden
Tim Dunn’s CrownRock has kept the pedal on the metal throughout the pandemic and doubled production in time for oil’s peak at $100. Now the new billionaire is pumping his opportunistic windfall into his church and state, but not into his government.
In case you missed it
Americans are about evenly divided on whether marijuana has a positive or negative impact on society, although 68% of adults still think cannabis should be legal. Americans also view weed and its effects more positively than alcohol, which 75% of adults say has a negative impact on society.
Advice you can trust
- More 70,000 workers have been made redundant this year, Yet CEOs and other senior executives are often immune to cuts, even when their decisions are the root cause. From temporary furloughs to hiring freezes, here’s what CEOs should do instead of resorting to mass layoffs.
- Something stands out from this year’s annual ranking of the best places to live in the world: not a single american city landed in the top 25. This is largely due to gaps in access to health care and overall stability, according to the Economist Intelligence Unit. In case you have a move in mind, see which places have made it, from Vienna to Toronto.
Inside The Next Billion Dollar Startups List 2022
ForbesThe Next Billion Dollar Startups list indicates that startups are likely on their way to unicorn status. This year, the average income of those on the list was around $24 million, while the ranking included companies from the weed and semiconductor industries for the first time. Here’s a full look at how the 2022 roster was made.
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