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It seems nothing can hold bitcoin down. After news of the $31 million hack of a cryptocurrency peer on Tuesday sent its price lower, bitcoin recovered to hit another record high after topping $8,000 for the first time on Monday. Hedge fund manager Mike Novogratz told Bloomberg TV he sees the most widely known digital currency ending the year at $10,000. And traditional wealth managers are being inundated with calls from clients desperate not to miss out on bitcoin’s incredible run.—Katie Robertson
FCC Chairman proposes abandoning Obama-era net neutrality rules. U.S. Federal Communications Chairman Ajit Pai’s proposal handed a victory to broadband providers such as AT&T and Comcast. Supporters of the rules adopted in 2015 by a Democratic-led FCC say they are needed to keep network owners from favoring their own content, while critics argue that they discourage investment and expose companies to a threat of heavier regulation including pricing mandates.
Robert Mugabe, who ruled Zimbabwe for nearly four decades, steps down. The 93-year-old president, the world’s oldest leader, submitted a resignation letter to parliament days after the African National Union-Patriotic Front party fired him as its leader and ordered him to leave office. Zimbabweans took to the street in celebration, but questions remain about what’s next. Mugabe leaves behind an economy in tatters.
Tesla’s burning through $4 billion a year, or $8,000 a minute, Bloomberg data show. Few Tesla watchers expect the cash burn to continue at such a breakneck pace, and the company says it’s ramping up output of the all-important Model 3, which will bring money in the door. But the company’s need for fresh cash was highlighted last week when Elon Musk unveiled his latest plan to raise funds: asking customers to pay upfront for vehicles that may not be delivered for years.
The House tax bill is littered with loopholes for Wall Street’s wealthiest. Investors in billion-dollar hedge funds might be able to take advantage of a new, lower tax rate touted in the bill as a break for small businesses, and private equity fund managers may be able to sidestep a proposed new tax on their earnings. Meanwhile, the Senate released the text of its sweeping tax legislation for the first time on Tuesday, which Republican leaders plan to hold a floor vote on within 10 days.
Apple’s HomePod is three years behind the Amazon Echo. The Apple speaker started as a side project, and was cancelled and revived several times. Despite having all the ingredients for a serious competitor to the Echo—including Siri and the App store—Apple never saw the HomePod as anything more than an accessory. As a result, when the $350 gadget debuts early next year, it won’t be able to do many of the things the Echo can.
Stuck inside the opioid grey zone. America’s silent majority of opioid sufferers are the millions of painkiller-dependent users who are somewhere between medical patient and drug addict. They are finding themselves suddenly abandoned in droves by the medical system. Under threat of lawsuits and government and insurance industry crackdowns, doctors have been cutting off the supply of painkillers.
Mobile homes are so expensive now, hurricane victims can’t afford them. Hurricane victims emerging from ravaged trailer parks are discovering that the U.S. mobile-home market has left them behind. In Florida and Texas, dealerships are swarmed by buyers looking to rebuild their lives after hurricanes Harvey and Irma, but many leave disappointed.