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Good morning,
American Airlines wants to shame you out of jumping the line when you board your next flight.
Just in time for the holiday travel season, the carrier is cracking down on what’s known as “gate lice,” or travelers who cut the line ahead of their assigned boarding time. The airline said this week that it’s rolling out new boarding pass scanning technology at more than 100 U.S. airports. If a traveler tries to jump ahead of their assigned group, it rejects the boarding pass and sounds an audible alert.
It’s not surprising that people clamor to board and claim limited overhead bin space for their baggage. In fact, American Airlines was the first to charge for checked bags, and earned roughly $1.4 billion from baggage fees last year.
FIRST UP
Google parent Alphabet’s shares fell nearly 5% on Thursday after the Justice Department proposed that Google sell its Chrome browser to “permanently stop” the company’s monopoly over the search engine market. A judge ruled in August that Google is a “monopolist” and acted to maintain a monopoly with its search engine, and JPMorgan said in a note Thursday that the DOJ’s proposal represents the “worst possible remedies” for Google’s antitrust case.
MORE: The DOJ also proposed Google sell any stakes in AI companies with technology that could compete in search, which could hobble Google in the competitive race to control the future of AI. If the judge agrees, that could mean forcing Google to sell off its investment in Anthropic, the firm founded by OpenAI defectors in 2021 and could reportedly be valued at up to $40 billion.
The Biden Administration is in the 11th hour with its regulatory push against Big Tech, as President-elect Donald Trump is expected to dial back antitrust pressure in his second term. The Justice Department’s case against Google is one of the largest antitrust undertakings in the final days of Biden’s presidency, and the FTC has its sights set on Microsoft’s cloud computing business and Amazon.
BUSINESS + FINANCE
The Consumer Financial Protection Bureau has ramped up enforcement action against fintech and financial services companies under President Joe Biden, ordering $3.1 billion in fines and refunds for consumer relief in 2023. But with a second Donald Trump administration and a Republican-controlled Congress, many predict lighter regulation and oversight—plus the CFPB’s funding structure could be at risk.
WEALTH + ENTREPRENEURSHIP
A surge of interest in crypto has also renewed an age-old problem: the constant threat of hacks. Paris-based Ledger’s hardware wallet is essentially a portable hard drive, functioning as a high-tech vault for digital assets. The company claims to have sold more than 7 million ‘cold’ wallet devices across 210 countries, securing around 20% of the world’s cryptocurrency—no less than $400 billion, based on Forbes’ estimates.
Amid bitcoin’s surge, the fortune of its elusive pseudonymous founder, Satoshi Nakamoto, could be worth as much as $106 billion. Satoshi’s wealth is not ranked by Forbes because it’s unclear if he even exists, but the amount estimated held in wallet addresses purported to be his would put him on par with Microsoft founder Bill Gates and the Walton brothers.
TECH + INNOVATION
Nvidia’s stock reached an all-time high Thursday morning as investors had a mixed reaction to its better-than-expected earnings, before turning negative and ultimately ending the day slightly up. The negative stock move is likely a result of the high-growth company forecasting just 7% quarter-over-quarter sales growth in the current period, which would be the slimmest expansion in two years.
MONEY + POLITICS
Former Rep. Matt Gaetz (R-Fla.) withdrew from consideration to be President-elect Donald Trump’s attorney general Thursday, just one week after Trump selected the controversial right-wing firebrand for the role. Gaetz bowed out of the process as lawmakers were debating whether to release a House Ethics Committee report on sexual misconduct and other accusations against him, including an allegation he had sex with a minor, which Gaetz has denied.
MORE: Just hours after Gaetz withdrew, Trump nominated former Florida Attorney General Pam Bondi as U.S. attorney general. Bondi was a part of Trump’s legal team during his 2020 impeachment trial, and a 2020 election denier who oversaw voting-related lawsuits following the election, according to The New York Times.
The House passed controversial legislation that would allow the Secretary of the Treasury to revoke the tax-exempt status of “terrorist supporting organizations,” with no evidence or explanation required. The bill has set off alarm bells for many organizations, who argue the vague language could result in unfair and inappropriate targeting of any organizations that the administration deems to be a threat, including universities and members of the press.
SPORTS + ENTERTAINMENT
Alex Cooper, the superstar behind the hit podcast Call Her Daddy, signed a $125 million, three-year deal with SiriusXM in August to bring her Unwell Network of podcasts to the radio giant with 34 million subscribers. Now it’s up to Cooper to use her social clout to refresh SiriusXM’s older subscriber base with a new, younger audience.
WORLD
The International Criminal Court, which works in cooperation with the United Nations, issued arrest warrants on Thursday for Israeli Prime Minister Benjamin Netanyahu, former defense minister Yoav Gallant and a high-ranking Hamas official, accusing the three leaders of war crimes during Israel’s war with the militant group. The ICC said Netanyahu and Gallant “bear criminal responsibility” for using starvation as a method of warfare in Israel’s war with Hamas. Meanwhile, it accused Hamas leader Mohammed Deif—who Israel said was killed in an airstrike in July—of crimes against humanity and war crimes related to the group’s attack on Israel on October 7, 2023.
DAILY COVER STORY
Why Florida’s New Immigration Crackdown Could Be A Blueprint For Trump
TOPLINE Florida’s SB1718, which took effect last year, required businesses with 25 or more employees to use the online system E-Verify to confirm the immigration status of new hires.
It was part of a broader effort to crack down on undocumented workers in the state. Critics said it placed extra burdens on small businesses, especially in agriculture, construction and hospitality, where finding workers was already difficult. Many warned it could lead to labor shortages and disrupt the Sunshine State’s economy.
So far, the critics have been wrong. According to the Bureau of Economic Analysis, the state’s gross domestic product increased by 9.2% last year, tops in the nation and outpacing the national average by nearly 3 percentage points. This comes despite the Florida Policy Institute warning that the E-Verify requirement alone could cost the state $12.6 billion in its first year.
Florida’s SB1718 could offer a glimpse into how the new Trump Administration’s crackdown on undocumented workers might affect small businesses nationwide—or be tempered to minimize the impact.
During his campaign, Trump promised an immigration policy even harsher than Florida’s, including mass deportations—something the state can’t do. But campaign promises are often bluster, and Trump, if anything, is a negotiator known for asking for the moon to get what he ultimately wants or will settle for. Republicans—and Trump himself—have always been big boosters of small businesses. Trump’s incoming Border Czar, Tom Homan, has already acknowledged that without large-scale funding from Congress, deportations are more likely to be targeted than sweeping.
If that’s the case—and with two months before any new policies could even take effect, it’s anyone’s guess what will happen—Florida’s law and its impact could provide valuable insight as to what small business owners can expect.
WHY IT MATTERS “Critics warned Florida’s SB1718 would wreak havoc on the state’s economy, but the data a year later tells a different story,” says Forbes reporter Brandon Kochkodin. “While Trump’s tough campaign rhetoric risks economic disruption, Florida’s experience suggests a path forward—one that faced criticism yet hasn’t slowed the state’s economic growth.”
MORE Why Small Business Owners Are The Only Surefire Winners In This Election
FACTS + COMMENTS
Positive test rates for Covid-19 hit a five-year Thanksgiving low, and levels of the flu and RSV are also at pre-pandemic lows. But the CDC warned it expects to see an uptick in Covid and RSV levels in the coming weeks:
3.6%: The weekly test positivity rate for Covid the week of November 9, compared to 10.1% in 2023
250: The number of deaths attributed to Covid in the week of November 9, according to the CDC, an all-time low
75 and older: RSV vaccines are recommended for adults in this age group, those between 60 and 75 who are at increased risk, and pregnant women
STRATEGY + SUCCESS
Showing that you are a strategic thinker in an interview can help convince hiring managers of your leadership potential. Ask key questions about the role and its responsibilities, such as what success looks like and how it aligns with the company’s broader goals. It’s also important to inquire about growth opportunities and the company’s position in its industry.
VIDEO
QUIZ
Attorneys representing Miley Cyrus moved to dismiss a lawsuit claiming her song “Flowers” lifts lyrics and melodies from a 2013 song by which artist?
A. One Direction
B. Demi Lovato
C. Bruno Mars
D. Katy Perry
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire, Chris Dobstaff and Caroline Howard.