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Start your engines: The '24 election cycle has begun

Start your engines: The '24 election cycle has begun

2/14/23 7:00PM

Start your engines

Yesterday, Nikki Haley, the former governor of South Carolina, announced her candidacy for president. The first confirmed challenger to Trump — who launched his own bid to return to the White House in November 2022 — Haley’s announcement comes nearly 21 months, or some 630 days, before the 2024 election date.

Putting political ideology aside, Haley’s early announcement is indicative of just how much goes into running a modern campaign to get the keys to 1600 Pennsylvania Avenue. Fundraising, canvassing, organizing volunteers, polling the public, producing media assets, filming commercials, running social media accounts and — of course — deciding on your flagship policies are time-consuming… but most of all they are expensive.

Indeed, data from OpenSecrets reveals that the most recent presidential election was the most expensive election cycle in history, with political spending in 2020 totalling some $14.4bn, or more than $16bn once adjusted for inflation.

The average winner in the House spent $2.35m, while in the Senate it took a whopping ~$27m to emerge victorious and history suggests that 2024 election spending is likely to reach new highs again.

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Vail’s Epic Pass carved a fresh path for the wider industry — subscription skiing — but demand is showing signs of waning.

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TikTok CEO thanks Trump, will sit with Meta CEO at inauguration

In his first statement following the Supreme Court’s decision to uphold the TikTok ban, CEO Shou Chew thanked incoming President Donald Trump — the same guy who wrote an executive order to ban TikTok during his first term — for potentially working to save the social video platform in the US.

“I would like to thank President Trump for his commitment to work with us to find a solution that keeps TikTok available in the United States,” Chew said on his own platform. “This is a strong stand for the First Amendment and against arbitrary censorship.”

Trump is considering an executive order that would suspend enforcement of the ban for 60-90 days so he could potentially negotiate a sale or another solution.

Chew already seems to be on Trump’s good side. The CEO is expected to sit in a position of honor at Trump’s inauguration, something reserved for former presidents, family members, and, in this case, Mark Zuckerberg, the CEO of Meta, a platform that competes directly with TikTok.

“I would like to thank President Trump for his commitment to work with us to find a solution that keeps TikTok available in the United States,” Chew said on his own platform. “This is a strong stand for the First Amendment and against arbitrary censorship.”

Trump is considering an executive order that would suspend enforcement of the ban for 60-90 days so he could potentially negotiate a sale or another solution.

Chew already seems to be on Trump’s good side. The CEO is expected to sit in a position of honor at Trump’s inauguration, something reserved for former presidents, family members, and, in this case, Mark Zuckerberg, the CEO of Meta, a platform that competes directly with TikTok.

business

FTC: Pepsi illegally saves its best deals for big-box retailers

The Federal Trade Commission sued PepsiCo on Friday over “price discrimination,” alleging it illegally reserves its best deals for big retailers, squeezing smaller independent stores. 

The move comes in the last week of President Joe Biden’s term. The FTC, led by Lina Khan, has aggressively targeted companies and scored some major wins, like blocking the proposed Kroger-Albertsons merger.

The lawsuit against Pepsi appears be an effort to get consumer-friendly litigation out the door before Khan’s time as head of the FTC is up and a more business-friendly antitrust cop enters the role.

The lawsuit accuses Pepsi of violating the Robinson-Patman Act, a 1930s law that prohibits price favoritism for larger customers over small businesses. According to the FTC, Pepsi has done things like offer promotional payments to big-box retailers but not to independent stores.

“When firms like Pepsi give massive retailers a leg up, it tilts the playing field against small firms and ultimately inflates prices for American consumers,” Khan said in a statement. Pepsi did not immediately respond to a request for comment.

Before last month, when the FTC sued beverage distributor Southern Glazer’s over similar allegations, the FTC hadn’t pursued an RPA case since 2000. 

Investors didn’t seem all that rattled by the news, and the stock is up a bit as of noon ET. PepsiCo also announced today that it completed its $1.2 billion acquisition of Siete Foods, a brand that consists of healthy-ish Mexican-inspired foods like tortilla chips and salsas.

The lawsuit against Pepsi appears be an effort to get consumer-friendly litigation out the door before Khan’s time as head of the FTC is up and a more business-friendly antitrust cop enters the role.

The lawsuit accuses Pepsi of violating the Robinson-Patman Act, a 1930s law that prohibits price favoritism for larger customers over small businesses. According to the FTC, Pepsi has done things like offer promotional payments to big-box retailers but not to independent stores.

“When firms like Pepsi give massive retailers a leg up, it tilts the playing field against small firms and ultimately inflates prices for American consumers,” Khan said in a statement. Pepsi did not immediately respond to a request for comment.

Before last month, when the FTC sued beverage distributor Southern Glazer’s over similar allegations, the FTC hadn’t pursued an RPA case since 2000. 

Investors didn’t seem all that rattled by the news, and the stock is up a bit as of noon ET. PepsiCo also announced today that it completed its $1.2 billion acquisition of Siete Foods, a brand that consists of healthy-ish Mexican-inspired foods like tortilla chips and salsas.

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