The Big Short: China Edition

Rent has long been an expense people wanted to pay on credit cards. In 2022, Wells Fargo launched a credit card with Bilt Technologies that allowed users to pay for rent, avoid processing fees and earn points. But the partnership is costing Wells Fargo millions. WSJ’s AnnaMaria Andriotis reports. Further Listening: -The Fight Over Your Credit Card Swipe  -The Deal That Could Change Credit Cards  Further Reading: -Wells Fargo Bet on a Flashy Rent Credit Card. It Is Costing the Bank Dearly.  Learn more about your ad choices. Visit megaphone.fm/adchoices

An activist investor says Southwest Airlines is stuck in the past. Elliott Investment Management says it has amassed a $1.9 billion stake, making it one of Southwest’s biggest shareholders and one of its most vocal critics. WSJ’s Alison Sider explains what Elliott wants, and why critics say some of the things that made Southwest great are now holding it back.  Further Reading: - Southwest Changed Flying. Now It Can’t Change Fast Enough  - Meet the Southwest Superfans Who Don’t Want the Airline to Change  Further Listening: - Ryanair: Cheap, Cramped and Making Its CEO a Fortune  - The Love Triangle Over Spirit Airlines  Learn more about your ad choices. Visit megaphone.fm/adchoices

For about a decade, Zyn, a brand of nicotine pouch, was a niche product used by former smokers. But now it’s exploded in popularity and is hard to find on store shelves. WSJ’s Jennifer Maloney explains how Zyn achieved social media virality and has found itself in the middle of a culture war. Further Reading: - Zyn Nicotine Pouches Take Off—and Land in the Culture Wars  - Why America Is Running Low on Zyn Nicotine Pouches  Further Listening: - The Juul Paradox  - The ‘Existential Threat’ Facing Big Tobacco  - How Puff Bar Became the Most Popular Vape for Kids  Learn more about your ad choices. Visit megaphone.fm/adchoices

OpenAI CEO Sam Altman has a day job and a side gig. Only one of them makes him rich. WSJ's Berber Jin explains how Altman makes most of his wealth through investing in tech startups and how some of those startups' business relationships with OpenAI raise questions about conflicts of interest. Further Reading: - The Opaque Investment Empire Making OpenAI’s Sam Altman Rich  Further Listening:  - Artificial: The OpenAI Story  - Tesla's Multibillion-Dollar Pay Package for Elon Musk  Learn more about your ad choices. Visit megaphone.fm/adchoices

Gum arabic is a widely used but little-known ingredient found in products like soda, gum, makeup and beer. But as WSJ’s Nicholas Bariyo and Alexandra Wexler report, the product has been used for a darker purpose: helping to fund the civil war in Sudan.Further Reading: -How Soda, Chocolate and Chewing Gum Are Funding War in Sudan  -What Is Happening in Sudan? The Fighting Explained  Learn more about your ad choices. Visit megaphone.fm/adchoices

Yahya Sinwar is the Hamas leader inside Gaza who allegedly plotted the October 7th attacks. According to private messages reviewed by the WSJ, Sinwar believes that a rising Palestinian death toll—and the international condemnation it brings—is in the best interest of his cause. WSJ’s Rory Jones walks us through Sinwar’s strategy. Further Reading: - Gaza Chief’s Brutal Calculation: Civilian Bloodshed Will Help Hamas  - The Hamas Leader Who Studied Israel’s Psyche—and Is Betting His Life on What He Learned  Further Listening:  - Why Israel and Hamas Could Be Headed Into a Forever War  - Inside the White House's Scramble to Avert a Bigger Middle East War  Learn more about your ad choices. Visit megaphone.fm/adchoices

Tesla shareholders voted to reapprove Elon Musk’s multibillion-dollar pay package, signaling support for the EV maker’s CEO and giving the board ammunition in its fight to preserve the court-rejected compensation plan. WSJ’s David Benoit explores the fight to get Musk billions and why the Tesla board is so invested in making the huge pay package happen. Further Listening:  - Elon Musk’s Unusual Relationships With Women at SpaceX  - Why is Tesla Pulling Back on EV Charging?  - Money, Drugs, Elon Musk and Tesla’s Board  Further Reading:  - Tesla Shareholders Vote to Uphold Elon Musk’s $48 Billion Pay Package  - Elon Musk’s $55.8 Billion Tesla Pay Package Struck Down by Judge  - Tesla Hits the Road to Persuade Shareholders to Pay Elon Musk $46 Billion  Learn more about your ad choices. Visit megaphone.fm/adchoices

Joshua Wright was a star in the world of antitrust, from his time at the Federal Trade Commission to his work with some of the biggest tech companies. He was well respected and powerful until accusations of sexual misconduct came to light. WSJ’s Brody Mullins talks us through his reporting on Wright’s downfall. Further Reading: - The Hidden Life of Google’s Secret Weapon  - For Years, an Esteemed Law Professor Seduced Students. Was He Too Important to Fire?  - Hubris, Revenge and a Breakup Brought Down Big Tech’s Proudest Ally  Further Listening: - Elon Musk’s Unusual Relationships With Women at SpaceX  - Lewd Photos, Booze and Bullying: Inside the FDIC’s Toxic Culture  Learn more about your ad choices. Visit megaphone.fm/adchoices

The billionaire founder showed several female employees at SpaceX an unusual amount of attention or pursued them. WSJ's Joseph Palazzolo describes the revelations. Further Reading: -Elon Musk’s Boundary-Blurring Relationships With Women at SpaceX  Further Listening: -Money, Drugs, Elon Musk and Tesla's Board  -Elon Musk's 'Demon Mode'  Learn more about your ad choices. Visit megaphone.fm/adchoices

The nation’s first congestion-pricing plan was set to take effect at the end of June. But last week, New York Gov. Kathy Hochul called to indefinitely delay the program. WSJ's Jimmy Vielkind unpacks the surprising move and explores why Hochul made the 11th hour change. Further Reading: -New York Gov. Kathy Hochul Abruptly Halts Manhattan Congestion Pricing  Further Listening: -NYC’s Food Delivery Workers Fight for a Minimum Wage  -New York City's 'De Facto Ban' on Airbnb  Learn more about your ad choices. Visit megaphone.fm/adchoices