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Elon Musk wants to challenge America’s “one-party” system

On Saturday, with the ink from President Trump’s “big, beautiful bill” sign-off barely dry, Tesla boss Elon Musk announced the formation of the “America Party,” following through on the result of a poll he put to X users on Independence Day.

The president told reporters that he thinks the plans for a third political party are “ridiculous,” taking to Truth Social to add that the former DOGE chief has gone “completely off the rails.”

Independent thinking

Like Trump, Tesla investors aren’t overly enamored with Musk’s political comeback, sending the EV maker’s shares down as much as 7% in early trading today. Despite not everyone getting behind the “America Party” proposal just yet, there has been appetite for a third party in the US for more than a decade.

In September 2024, the last time Gallup asked the nation for their views on the idea of a third party in the US, some 58% of American adults said that a third party was needed. Though that’s down from the record 63% share in 2023, it still reflects a huge shift in the way that the electorate views the political landscape since the first time Gallup conducted the survey in late 2003, when just 40% of respondents saw the need for a third party.

Independent candidates and third parties have historically struggled to make an impact at the ballot box. Last year, a whopping 98.1% of votes in the presidential election went to one of the major parties, and the last time an independent candidate made truly notable headway was in 1992, when Texas businessman Ross Perot captured 18.9% of the popular vote.

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It’s Amazon Prime Day vs. Walmart Deals in a retail discount showdown

When e-commerce titans clash, the ground shakes, websites take longer to load, and maybe you get a bargain on the tablet that you’ve had your eye on. That’s what could happen this week, as Amazon and Walmart’s flagship annual discount periods see the retail giants go head-to-head.

Double dating

This year’s Amazon “Prime Day” promotion will start from July 8-11, overlapping with the “Walmart Deals” sale, which runs from July 8-13. For the first time, Amazon has also extended its Prime Day(s) sale from two days to four — a change Walmart responded to by stretching its own event from four days to six.

Annual discount periods are a significant revenue driver for both online and brick-and-mortar retailers, but they also help platforms stay top of mind for consumers.

This year, Amazon is expected to sell $21 billion worth of goods during its 96-hour extended Prime Day, per Bank of America, a staggering 60% jump on last year’s effort. 

Amazon has long dominated the world’s online shopping landscape, but rival Walmart, whose US e-commerce business raked in $79 billion in revenue last year, has been catching up at a daunting, precedented speed — similar to Amazon’s explosive growth in the late 2000s and early 2010s. With a fleet of 4,600 stores as its online unit’s backbone, Walmart’s promotion this year will also feel a little like Amazon’s, with its Prime-like Walmart+ subscription at the center, with members getting early access from July 7.

It’s Amazon vs. Walmart. The winner? Maybe bargain-hunting consumers. The losers? Any non-billion-dollar online stores trying to sell stuff over the next week.

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Del Monte’s bankruptcy is a reflection of just how much America’s eating habits have changed

Del Monte Foods, the 138-year-old canned goods giant, has filed for Chapter 11 bankruptcy and is seeking a buyer.

The bankruptcy follows Del Monte's miscalculated bet on the Covid boom, when it ramped up production to meet record-high demand for shelf-stable goods. Naturally, as that buying frenzy tapered off, the company was left with excess inventory it had to store, write off, or sell at “substantial losses,” per its court filing. That, combined with rising interest rates that nearly doubled its annual interest expense since 2020, drove the company’s liquidity to historic lows.

Saddled with more than $1.2 billion in secured debt, the company has secured financing to continue operations during the sale process. But, even if the company had weathered the postpandemic period more prudently, it’s hard to escape the reality that’s been eating away at its core business: canned food just isn’t what modern America wants.

According to the USDA, canned vegetables accounted for just 23% of total US vegetables available for consumption in 2019, down from 30% five decades earlier. The decline is even steeper for canned fruit, whose share more than halved, from 11% to 5%, by 2023.

Consumers are increasingly opting for fresher, healthier options — and with inflation still biting, many are also trading down to cheaper store-brand alternatives, leaving legacy packaged goods companies like Del Monte struggling to keep up.

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Off the charts: Which competitive eating legend reclaimed his crown at Nathan’s Hot Dog Eating Contest on July 4th after a year-long ban? [Answer below]. 

Answer here.

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