Hello, my most splendid subscribers!

It took four days for Elon Musk to throw Donald Trump under the figurative bus after his best friend gave him a golden key in the Oval Office. That’s a long time in billionaire friendships, which are like dog years, apparently — at least when it comes to loyalty and then ultimately peeing in each other’s flowerbeds. Musk did admit to having bladder problems recently so who knows? Maybe he’s been practicing for a while.

News You Need2Know

• Elon Musk goes rogue on Trump’s big bill

• Wanna get rich in America? Fry stuff and sell it.

• Spain cracks down on Airbnb

• Wall Street pulls closer to its February record

• McDonald’s is bringing back snack wraps

Also: SNACK WRAPS.

—Matt Davis, Need2Know Chedditor

Companies mentioned in today’s newsletter

$AIRBNB ( 0.0% )  $META ( ▼ 0.06% )  $SPX ( ▲ 0.38% )  $DG ( ▲ 0.11% )  $MCD ( ▲ 0.42% )

Elon Musk goes rogue on Trump’s big bill

Billionaire Elon Musk’s ketamine use is so frequent it has caused him bladder issues, as reported this past weekend. Still it turns out billionaires who take a lot of horse tranquilizer can still cause presidents a lot of bother.

Musk has attacked Donald Trump’s so-called “big, beautiful bill” as a “massive, outrageous, pork-filled Congressional spending bill” and a “disgusting abomination” on Twitter. “Shame on those who voted for it: you know you did wrong. You know it,” he wrote.

His words have sparked tensions across party lines, even earning Musk a polite rebuke from House Speaker Mike Johnson: “With all due respect, my friend Elon is terribly wrong about the one big beautiful bill,” he wrote — not even mentioning the ketamine thing, which I feel shows great restraint.

Meanwhile, Senate Majority Leader John Thune is feeling the heat from Republican holdouts and Democratic critics alike. GOP libertarian Rand Paul, for instance, isn’t budging on his principled opposition. Trump didn’t mince words, raging on social media: “Rand votes NO on everything, but never has any practical or constructive ideas. His ideas are actually crazy (losers!).” 

Paul shot back coolly, saying, “I like the president… but I can’t in good conscience give up every principle that I stand for.”

Why not, Rand? I mean, it seems to be relatively easy for the rest of us these days.

With a July 4 deadline looming, let’s hope cooler heads prevail.

Wanna get rich in America? Fry stuff and sell it.

Dave’s Hot Chicken has officially fried its way into the corporate big leagues. The spicy, L.A.-born chain, famous for its Nashville-style hot chicken, announced on Monday that it has been scooped up by private equity giant Roark Capital in a deal worth a sizzling $1 billion.

That’s not bad for a company that started as a humble popup in a parking lot back in (checks notes) 2017. From backyard beginnings to forecasting 400 restaurants worldwide by the end of this year, Dave’s is now seasoned for global domination.

Roark Capital, the Atlanta-based firm behind franchises galore, is no stranger to food court royalty. It owns Subway and backs Inspire Brands, which counts Arby’s, Dunkin’, Sonic, and Buffalo Wild Wings among its holdings. Roark also bankrolls GoTo Foods, the umbrella for iconic indulgences like Auntie Anne’s pretzels, Cinnabon, and Jamba Juice. Adding Dave’s Hot Chicken to the mix is akin to sprinkling cayenne pepper on their already well-varied platter of brands.

Dave’s CEO Bill Phelps, along with the four childhood friends who founded the fiery chicken business, will stick around to steer the ship. Phelps had no shortage of enthusiasm about the marriage, saying: “Our entire organization is excited about the fit between Dave’s Hot Chicken and Roark, and we’re looking forward to continuing to blow our guests’ minds and unlocking growth and value for our franchise partners.” 

Even rapper Drake, an investor in the chain, must be proud right now. After all, the man hands out chicken sliders to fans every October 24th as a birthday tradition. No word yet from rival rapper Kendrick Lamar, although one could probably riff on something about birthdays being important to Drake, particularly if one understood British gay slang when it comes to the context of chicken. Of course, I do not.

Today on the ‘gram: A mugging opportunity

Post of the day: Why not so proud, now?

Quote of the Day

Spain cracks down on Airbnb

Before we start, my editor Sydney just stayed in Airbnbs in Spain and had a bloody good time. Never again.

The right to housing is enshrined in the Spanish constitution, which is a bit tricky if you happen to be in the gentrification business. With that in mind, Spain has thrown down the gauntlet to Airbnb $AIRBNB ( 0.0% ) , serving up a crackdown to remind the world that its housing market isn’t a “free-for-all” playground for profit-hungry enterprises.

Spain evidently hasn’t read a newspaper recently, but ask anyone in Europe: they are fed up with the place crawling with American tourists like Sydney. With that in mind last month, the Spanish government ordered the removal of nearly 66,000 listings from the platform for flouting local laws. Airbnb is, unsurprisingly, appealing the decision.

Consumer Rights Minister Pablo Bustinduy is sounding the alarm, pointing to a balancing act between burgeoning tourism and skyrocketing housing prices, particularly in hotspots like Madrid and Barcelona (where Vicki Christina Sydney stayed). “Tourism is for sure a vital part of the Spanish economy,” he said. “But as in every other economic activity, it must be conducted in a sustainable way. It cannot jeopardize the constitutional rights of the Spanish people.”

A Bank of Spain report only adds fuel to the fire, noting a housing shortfall of around 450,000 homes, with half of some regions being tourist-heavy properties. Locals are hitting the streets, protesting with homemade signs declaring their neighborhoods off-limits to Airbnb interlopers, demanding more rights to housing.

Bustinduy's stance is clear: “Powerful corporations, no matter how large, have to adapt their business models to existing regulations.”

Although if you’ve read the Meta $META ( ▼ 0.06% ) memoir, “Careless People” by Sarah Wynn-Williams, I think you’ll find that’s not true. Corporations generally ask forgiveness, not permission, and even then, only when they’ve, say, empowered horrific mass torture in places like Myanmar. And even then, not really. Seriously, read the book. It’s 👀

Should you check your 401(k) today?

👍️ 

Yes.

Wall Street pulls closer to its February record

Wall Street is back on the rise, gently nudging its way towards record-breaking territory as investors anxiously await more updates on President Donald Trump’s tariffs and their lingering influence on the economy.

On Tuesday, the S&P 500 $SPX ( ▲ 0.38% ) climbed 0.6%, continuing its strong performance in May. Dollar General $DG ( ▲ 0.11% ) stole the show, surging 15.4% after posting better-than-expected profits and revenue for the start of the year while cautiously raising projections. Still, uncertainty around tariffs looms large, prompting many corporations to scale back their financial forecasts for the year.

While Trump-era tariffs have hurt confidence in the economy, their practical impact remains limited — for now. Manufacturers are starting to feel tariff-related pain, but job openings remain plentiful, layoffs low, and inflation tame. A report this week revealed stronger-than-expected U.S. job openings for April, suggesting that the labor market is holding steady. Friday’s jobs report could provide deeper insights into hiring trends in May.

McDonald’s is bringing back snack wraps

Snack Wrap fans rejoice! After a 9-year hiatus in the U.S., McDonald’s $MCD ( ▲ 0.42% ) is reviving its highly requested Snack Wraps on July 10. Originally introduced nearly two decades ago, the Snack Wrap — featuring a tortilla packed with chicken, lettuce, shredded cheese, and sauce — was discontinued in 2016, much to the devastation of its loyal following.

It wasn’t a customer issue; it was a kitchen chaos issue. Preparing the wraps proved too complex for McDonald’s restaurants.

Absence makes the heart grow fonder, and fans kept craving the iconic menu item. Some resorted to DIY Snack Wraps at home, while others came together through petitions, TikTok videos, and Facebook groups declaring their love for the long-lost wrap. One fan-driven petition garnered 19,000 signatures, proving that hunger for Snack Wraps hasn’t gone away. Even TikTok had a moment, showing a U.S. food reviewer tasting the wraps — in Ireland, where they never disappeared — racking up 1.4 million views.

Responding to the vocal fanbase (and perhaps inflation-related dining habits), McDonald’s U.S. President Joe Erlinger announced the Snack Wrap’s return this week, citing “affordability” and “health-minded appeal” as key drivers. The wraps will feature fried chicken (sorry, Dave’s 👆🏻) and come in two flavors: Ranch and Spicy—but no honey mustard or sweet chili, which may disappoint long-time fans. Personally I’m ready to grab a pitch fork over it.

Behind the scenes, reviving the Snack Wrap was a lengthy process. The fast-food giant first had to develop improved fried chicken strips (which you’ll know as its new McCrispy Strips) and simplified preparation to avoid a repeat of its 2016 kitchen woes.

In other news I mentioned I have a postgraduate journalism diploma from the London College of Printing, right? Just checking.

As snack-sized menu items gain traction across the industry, competitors like Burger King and Popeyes have also joined the chicken-wrap battle. For fans of the original, July 10 can’t come soon enough. As one life-long Snack Wrap enthusiast put it: “Hopefully, they taste the same and don’t break my heart again.”

My heart, meanwhile, is already furring up at the prospect.

Poll of the Day: Whose side are you on?

Poll Results: You’re cooking more at home

We asked: Are you cooking more at home lately?

You answered:

🟩🟩🟩🟩🟩🟩 Yes. I am single-handedly responsible for Campbell's sales bump. (411)

 🟨⬜️⬜️⬜️⬜️⬜️ No. I'm still doing caviar bumps at the club. (110)

521 Votes via @beehiiv polls