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Hello there! How rich is Elon Musk? If things keep heading in the right direction for the Tesla CEO, he'll become the world's first trillionaire by 2027. And a few others aren't far behind.
In today's big story, it's a presidential showdown in Philadelphia. But some people on Wall Street are already fed up.
What's on deck:
- Markets: Higher education meant higher returns for one corner of Wall Street.
- Tech: Everything you want to know about the newest Apple gadgets that just got announced.
- Business: Starbucks' new CEO just started, which could mean big changes to the coffee chain.
But first, you have two minutes, and your time starts now.
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The big story
Let's debate
Kamala Harris and Donald Trump will face off on the debate stage tonight, exactly eight weeks before their official showdown on the ballot.
The debate, which will be held in Philadelphia and starts at 9 p.m. ET, will be the first time the vice president and former president meet in person. Business Insider's Brent D. Griffiths has a rundown on everything you need to know heading into tonight.
It's a high-stakes showdown, as Harris' emergence has turned what once may have seemed like a surefire Trump win into essentially a dead heat, writes BI's John L Dorman. A newly released Times/Siena poll shows Trump holding just a one-point advantage over Harris among likely voters.
So, what's the game plan for the candidates?
For Trump, the focus will likely be the economy, which is a high priority for voters and also a sore spot for Harris. The latest Times poll showed Trump (55%) held a big advantage over Harris (42%) regarding who would be better equipped to handle the economy.
And, in typical Trump fashion, expect some name-calling. ("Communist" is his go-to jab for Harris.) Trump will also likely target Harris' biggest vulnerabilities, which may include trying to define her shifting views as disingenuous flip-flops, Brent writes.
Harris, meanwhile, will look to establish some of her own economic plans. She recently added a policy page to her campaign website and has shown a willingness to break from the current administration. Her 28% capital gains tax rate for Americans who make at least $1 million is lower than the White House's proposed 39.6%.
As someone who's no stranger to an internet meme, Harris will also look to secure a viral moment from the debate.
But for some, Tuesday represents just another distraction.
The constant fighting between both sides has become more of a headache than anything else for some Wall Streeters, writes BI's Bradley Saacks.
The finance industry has plenty of outspoken people voicing support — and pledging donations — to both sides. But for investors, private equity and hedge fund managers, jumping into the fray just means less time spent managing their money.
It's not unlike the sentiment coming from some in Silicon Valley. Constant bickering over the election has some frustrated, especially at a time when plenty of VCs and startups are struggling.
To be sure, people on both sides might argue that mindset is a privilege. Some don't have the luxury of ignoring an election with so much at stake.
And that's not to say everyone in tech and finance is apathetic toward the election. BI's Alice Tecotzky spoke to industry leaders who highlighted what they'll be watching tonight.
News brief
Top headlines
- SpaceX launches 4 people, including a billionaire, on the most ambitious private human spaceflight yet.
- Developer Michael Shvo plans bulk sale of Mandarin Oriental condos after default.
- Ukraine started this year on the brink of disaster. A lot has changed since.
- Apple just lost a decadelong EU tax case. Now it must pay $14 billion.
- Kate Middleton says she has completed chemotherapy and is doing what she can to 'stay cancer free'.
3 things in markets
- Wall Street went to higher ed, and students paid the price. When private equity got involved with for-profit colleges, the profits were huge. But two groups were left out of the bonanza: the public, whose tax dollars kept the machine running, and the students who got sacked with the bill.
- China's economy shows signs of hope. It hasn't been pretty for the world's second-biggest economy, but the tides could be turning. Goldman Sachs' chief China economist said a number of factors (fiscal easing, strong export momentum) point toward the country breaking out of its slump this fall.
- Cleared for a (soft) landing. Apollo chief economist Torsten Sløk believes all the data points toward the US economy avoiding a recession. From wage growth to consumer spending, the key indicators are a good sign for the US.
3 things in tech
- It's Glowtime, baby. At Apple's "Glowtime" event, CEO Tim Cook unveiled the new iPhone 16, but its features seemed more understated than the hype around the launch. And if you're wondering if your old iPhone will still work with Apple's new iOS 18, the answer is all about AI. For all of the announcements, read BI's liveblog of the event.
- How a VC uses AI to help startups. VC firm TRAC uses an AI dashboard to help its startups raise new funding, allowing companies to reach more accurate valuations and compare themselves to competitors. "It helps us get into every deal we want to get into," TRAC's founder said of the software.
- Justice for Bing users. Some 20 years after it earned a place in the Merriam-Webster dictionary, "Google" is losing its status as a verb. Gen Zers and especially Gen Alphas aren't "googling" anything, preferring the more brand-neutral term "searching" instead.
3 things in business
- Bitcoin takes a bite out of small-town America. Kicked out of China, bitcoin miners set up shop in small, economically stalled towns in America. Their expansion poses great risks to both the global climate crisis and the US' economic tension with China.
- How the ex-Chipotle chief could shake up Starbucks. Brian Niccol just started as the CEO of the coffee chain, which is in dire need of a turnaround. He hasn't been vocal about his plans for the business — but analysts have some ideas about things he might change.
- It's just good business, they say. More countries are openly flaunting their ties with Russia as Putin seeks to end the country's diplomatic isolation. Despite sanctions over its invasion with Ukraine, Russia remains a key global economy and energy supplier — and it's wooing the Global South.
In other news
- Many grandmothers provide regular childcare for their grandkids. I refuse to do that, and I'm not a bad grandma.
- When you work from home it's tempting to skip your lunch break. Workplace experts say it could harm your longevity and drain your social battery.
- I've worked at Costco for 19 years. Here are 10 of the best things I'm seeing on the shelves this month.
What's happening today
- Andrew Cuomo testifies at a House select subcommittee on the coronavirus pandemic.
- Arab League foreign ministers meet in Cairo, with agenda focusing on Israel-Hamas conflict and humanitarian situation in Gaza.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.
