Australian teens now have what amounts to a very expensive calculator as the first nationwide ban on social media for users under the age of 16 took effect there on Wednesday. After a year of wondering if Aussie officials would go through with it, social media companies will now have to shut down over 1 million accounts as the rest of the world watches.

The ban, aimed at protecting kids from what officials say are highly addictive platforms, will affect the nearly 86% of Australians between the ages of eight and 15 who used social media in the country, according to the Australian government. Social media companies—including Instagram, TikTok, Snapchat, YouTube, X, Reddit, Kick, Twitch, and Facebook—are now required to institute age verification or face a fine of up to ~$32 million for repeated offenses:

• Social media platforms must now have age verification systems in place. The systems range from asking users to submit live video selfies or official documents to verifying via email.
• Reports are already surfacing of the verification systems incorrectly identifying teens’ ages, and of users illegally evading the ban with VPNs.

The ban is popular

A 2024 YouGov poll found that 77% of Australians supported the ban, with proponents arguing it will decrease cyberbullying and help protect children’s mental health. Meanwhile, platform execs, free speech advocates, some parents, and young people claim the ban will jeopardize privacy and push kids to even more dangerous parts of the internet. Two 15-year-old Australians are pursuing a legal challenge, saying it unconstitutionally silences young people. Other critics have pointed out that social media provides a vital connection for rural teens and kids in marginalized groups.

Could it happen here? Statewide bans in the US have faced similar legal challenges, but a nationwide ban has not been attempted. However, a number of other countries, including Denmark, Malaysia, and Norway, seem poised to introduce a ban. Whether they will likely depends on the reaction to Australia’s.—MM

SCOTUS weighed whether to scrap campaign finance limits. Following oral arguments yesterday, it wasn’t totally clear how the Supreme Court will rule in a case over the legality of existing caps on how much political parties can spend on candidates. Challenging those caps is a group of Republicans that includes Vice President JD Vance, who was an Ohio Senate candidate when the dispute began. Experts say that allowing unlimited spending by parties would likely benefit Republicans, as it would neutralize Democrats’ long-standing advantage with small-dollar contributions. That could save the GOP “tens of millions” during next year’s midterms, per the New York Times. A ruling is expected by July.

Trump pressed Ukraine to accept a peace deal with Russia. Ukrainian President Volodymyr Zelensky “is going to have to get on the ball and start accepting things,” President Trump said in an interview with Politico on Monday, adding that he believes “Russia has the upper hand” and Ukraine “is losing.” A draft of the US’ ceasefire proposal that circulated last month was widely seen as favorable to the Kremlin, and would give Russia parts of Ukraine’s Donbas region that it has not captured on the battlefield. Zelensky opposes ceding territory to Russia and said Ukraine is ready to present the US with a new proposal. Trump has reportedly given Zelensky “days” to accept a proposal that relinquishes territory to Russia in exchange for US security guarantees, according to the Financial Times.

CVS’s turnaround plan appears to be working. The pharmacy giant raised its 2025 profit outlook for the fourth time and projected more growth in 2026 following CEO David Joyner’s efforts to lift the company out of a tumultuous period across the industry due to rising medical costs. CVS’s overhaul included cost cuts and exits from underperforming markets, CNBC reported. The moves have excited investors: CVS shares have skyrocketed more than 70% this year and were up ~3% yesterday.—AE

Like a tourist treating locals to beers in exchange for under-the-radar recs, Ford tapped France’s Renault to help it win back Europeans navigating narrow cobbled roads.

The two automakers announced yesterday that they’re teaming up to bring affordable and small Ford-branded EVs to European dealerships starting in 2028, amid what Ford CEO Jim Farley said was “a fight for our lives” against Chinese competitors.

Ford fumbles

The Detroit automaker’s blue oval has become a rarer sight on Europe’s streets than cafes serving iced coffee:

• Ford has lost more than half of its passenger car market share on the Continent in the last decade, falling from 7.2% in 2015 to 3.3% this year (through October).
• Meanwhile, Chinese automakers like BYD and SAIC Motor wooed Europeans with cheap rides stuffed with digital features, commanding 6.7% of the market in Q3.

Sagging sales have led Ford to announce cuts of 5,000 jobs at its German plant beginning in 2024.

Renault to the rescue

Ford is banking that infusing Renault-engineered compact EVs with Ford’s design and driving dynamics know-how, will help it stave off Chinese competition as well as European rivals like Volkswagen.

Beyond petite passenger cars…the two companies will consider co-producing commercial vans, which are Ford’s bread and butter in Europe.—SK

Instacart tried to replace “Yesterday’s price is not today’s price” with “Today’s price might not be the same price for everyone.” The online grocery giant is experimenting with algorithmic pricing that can cost shoppers an extra $1,200 per year, a study released yesterday found.

The methodology: In September, Consumer Reports and the progressive think tank Groundwork Collaborative used ~200 volunteers to check prices on 20 items in four cities. The volunteers simultaneously chose the same product from the same store and found price differences in ~75% of items. Costco, Kroger, Safeway, and Target were among the retailers included.

The price is not right for everyone

• Instacart uses pricing tools from Eversight, an AI company it purchased in 2022, that can create as much as a 23% increase in prices for customers and 2%–5% jump in profit for stores, according to CR.
• Experts told CR that Instacart was testing customers’ price sensitivity. This was confirmed when an email between Instacart and Costco that called the practice “smart rounding” was accidentally sent to CR by Costco.

Shop of horrors: This type of dynamic pricing, which has proliferated in the age of AI, can contribute to steeper costs, according to an academic paper released this year. And Instacart is all in on AI: The company and OpenAI just announced a partnership that will allow customers to cook up recipes in ChatGPT and pay for groceries without leaving the chat interface.—DL

Twelve years after former Meta COO Sheryl Sandberg published Lean In, women appear to be leaning out at the workplace. For the first time, women are now less interested than men in getting promoted, according to a new report from McKinsey and LeanIn.org.

The so-called “ambition gap” shows up at every career stage:

• 69% of entry-level women want a promotion vs. 80% of entry-level men
• 82% of mid-career women want a promotion vs. 86% of mid-career men
• 84% of senior executive women want a promotion vs. 92% of senior executive men

Per the report, the gap is not because women are any less ambitious—it’s because they’re receiving less support. The decline of DEI programs, combined with the rise of return-to-office mandates, has limited opportunities for their career development. “Corporate America is signaling that they’re kind of rolling back their commitment to women, and women themselves are signaling that they’re feeling it,” LeanIn CEO Rachel Thomas told Bloomberg. “Together, that’s a recipe for disaster.”—AE