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Brace yourselves, speed demons. Faraday Future claims it has a Tesla-beater that can go from zero to 60 mph in a whopping 0.11 seconds less than the Model S can. But a car still only takes you so far. If you’re looking for an escape that doesn’t need roads, don’t miss Bloomberg Pursuits’ 2017 travel list below, which does all the legwork in rooting out the best spots and the cheapest times to visit each. —Megan Hess
Faraday Future staked its claim to the world’s fastest electric car with its FF91 production model, showing footage of it outracing Tesla’s Model S during an event in Las Vegas. The FF91 can go from zero to 60 miles per hour in 2.39 seconds, according to the company. That compares with 2.5 seconds for Tesla’s Model S P100D in its fastest ‘Ludicrous’ mode.
Rex Tillerson will cede control of $240 million in Exxon. If confirmed as secretary of state, the former Exxon CEO will sell the more than 600,000 shares he owns in the largest U.S. oil exporter, to comply with conflict-of-interest requirements. He would also transfer the value of more than 2 million in deferred shares to an independently managed trust, Exxon said.
Trump’s vow to kill Obamacare on “Day 1” is probably impossible. Republican leaders will start deploying fast-track procedures on Wednesday to get the repeal bill through the Senate, but that will require weeks of wrangling, if not longer. VP-elect Mike Pence promised an "orderly transition" after the repeal, as Obama urged Democrats to fight to protect it.
Americans are putting billions more than usual in their 401(k)s. On average, workers in 2015 put 6.8 percent of their salaries into 401(k) and profit-sharing plans, according to a recent survey of more than 600 plans. That represents a 10 percent rise in the amount flowing into those plans over just five years, or billions of dollars.
Trump will pick a Wall Street lawyer to run the SEC. Sullivan & Cromwell partner Jay Clayton will be chosen for the job, positioning a top lawyer to banks and hedge funds to lead Wall Street’s main regulator. Clayton represented Goldman Sachs in connection with the $10 billion bailout it received in 2008.
Authorities missed many red flags at a hedge fund. In the years before Mark Nordlicht was arrested for what’s alleged to be one of the biggest investment frauds since Bernie Madoff’s, U.S. authorities had plenty of reasons to suspect something fishy about his hedge fund, Platinum Partners. The fact it was able to avoid scrutiny for so long illustrates flaws in the regulatory regime.