Happy Tuesday, N2K reader!

Here’s a nice image sent in by reader Kristin Cooney yesterday, showing how she passed the snowstorm:

And this week’s world-famous news haiku competition™ is about how communities across the country came together in the face of the deluge. I believe that you, yes, you, dear reader, can craft a spectacular haiku on the subject. So: Send me your entry — to our spiffy new email address, haiku at cheddar dot com — by noon ET Thursday, for consideration by your Cheddar peers!

And now for something completely different.

Matt Davis — Need2Know Chedditor

News You Need2Know

• Minnesota CEOs urge calm after fatal federal shoot …

• Tech workers call for CEOs to speak against ICE

• Why are so many people leaving the country?

• Inside the push to bring air taxis to city skies

• How market reactions influence the president’s dec …

• Poll of the day: Thank goodness for your freezer!

What’s the stock market up to, eh?

$SPX ( ▼ 0.2% ) $DJI ( ▲ 0.53% ) $NDX ( ▼ 1.24% )

Companies mentioned in today’s newsletter

$TGT ( ▲ 2.54% )  $BBY ( ▲ 4.47% )  $UNH ( ▼ 2.91% )  $GOOGL ( ▼ 1.89% )  $META ( ▼ 3.32% )  $AMAZ ( 0.0% )  $CRM ( ▲ 1.56% )  $PLTR ( ▼ 11.72% )  

Minnesota CEOs urge calm after fatal federal shooting

In the wake of two fatal shootings by federal agents during an immigration crackdown in Minnesota, over 60 CEOs from major companies, including Target $TGT ( ▲ 2.54% ) , Best Buy $BBY ( ▲ 4.47% ) and UnitedHealth Group $UNH ( ▼ 2.91% ) , have signed an open letter urging immediate de-escalation in the state.

"With yesterday's tragic news, we are calling for an immediate de-escalation of tensions and for state, local and federal officials to work together to find real solutions," the letter stated.

Until now, many of Minnesota’s top companies have refrained from making public statements on the enforcement operations and ongoing unrest. However, growing pressure from protests, including demonstrations targeting businesses perceived as silent on the issue, has made neutrality increasingly untenable.

The economic toll has also been significant. A recent state lawsuit against federal immigration agencies cited reports of businesses experiencing up to an 80% drop in sales due to unrest and enforcement activity.

"In this difficult moment for our community, we call for peace and focused cooperation among local, state, and federal leaders," the letter continued. Minnesota’s businesses, families, and communities, it urged, must unite to build a “bright and prosperous future.”

The New York Times dug up people who used to work for Immigration and Customs Enforcement and were critical of the Minnesota operation. “You’re not addressing the problem by throwing a 500-pound gorilla into these inner cities,” said Oscar Hagelsieb, 52, who said he voted three times for President Trump and retired from the Department of Homeland Security in 2023. “It’s completely unfair to the agents who have been put in this position.”

President Trump declined to say on Sunday night whether the federal officer who shot Alex Pretti had acted appropriately and said the administration was reviewing the incident. Pressed further by The Wall Street Journal, the president said, “We’re looking, we’re reviewing everything and will come out with a determination.” Administration officials have publicly defended the officer. Yesterday Trump said he had a “good call” with Minnesota governor Tim Walz and said he would consider reducing the number of border agents in the state.

Tech workers call for CEOs to speak against ICE

More than 450 employees from companies including Google $GOOGL ( ▼ 1.89% ) , Meta $META ( ▼ 3.32% ) OpenAI, Amazon $AMAZ ( 0.0% ) , and Salesforce $CRM ( ▲ 1.56% ) have signed an open letter urging their leaders to pressure the White House to order Immigration and Customs Enforcement to leave U.S. cities. The campaign, organized by IceOut.Tech, highlights concerns over escalating federal operations targeting immigrants across the nation.

“For months now, Trump has sent federal agents to our cities to criminalize us, our neighbors, friends, colleagues, and family members,” the letter says. It condemns ICE’s tactics, likening them to a “military occupation” in cities such as Minneapolis, Los Angeles, and Chicago. Minneapolis has especially been a flashpoint, with ICE operations marked by violent crowd control methods like tear gas, pepper spray, and rubber bullets. “This cannot continue, and we know the tech industry can make a difference,” the letter emphasizes, calling for tech leaders to leverage their influence.

Some high-profile figures in tech are already speaking up. LinkedIn $LNKD ( 0.0% ) co-founder and Democratic donor Reid Hoffman called ICE’s actions “terrible for the people,” while Signal’s Meredith Whittaker urged tech leaders to “draw on the courage of your convictions.” Industry giants Jeff Bezos, Sundar Pichai, and Mark Zuckerberg have all remained silent.

The letter also demands firms sever contracts with ICE, targeting companies like Palantir $PLTR ( ▼ 11.72% ) and Clearview AI, which actively support federal surveillance operations.

Why are so many people leaving the country?

Global political and economic shifts are driving a record number of Americans to look for a Plan B, and for many that means securing a second passport or permanent residency through investment. Eric Major, CEO of Latitude Group, notes the surprising change in his client base. "I myself as a Canadian find it surprising that my number one source market for our services is indeed now Americans," he said.

These "residency by investment and citizenship by investment" programs are generally designed for the "affluent or high net worth or ultra high net worth." Yet, the main motivation for most is not immediate relocation. Major explains that Americans "sure want a Plan B. They want that ability to if they felt that things got suddenly too uncomfortable." He estimates this desire for a "hedge" accounts for "a good 85% of our clientele."

Popular countries like Portugal, Malta, Greece, and New Zealand make this possible without requiring a permanent move. The financial commitment varies: a Portugal residency requires a €500,000 investment and just seven days of physical presence per year, while Malta offers options that start around a €200,000 donation. Even Argentina is entering the market with a powerful passport option they're looking to price around the $500,000 US dollar mark. This rising trend highlights a growing desire for freedom of mobility among wealthy Americans. If you’re not wealthy, then I recommend you simply flee the country without letting on that you’re planning never to return. #NotFinancialAdvice

Song of the Day: Katie Tupper, ‘Disappear’

“Most love songs pick a lane,” writes a reviewer of today’s song of the day. “Either you’re the one who got away or the one who wouldn’t leave, hurting or healing, or you want them back, or you’re glad they’re gone. Katie Tupper refuses the simplicity. She fades when someone comes close and spins around people who drift.” In other words, she’s just like this newsletter!

Inside the push to bring air taxis to city skies

Vertical Aerospace CEO Stuart Simpson is leading a revolution in urban transportation with the electric flying taxi, the Velo. "We are developing this product. It's safe, near silent, ultra clean, and it's gonna transform how people move in and around these great cities of the world," Simpson told us. The company has already announced a transformational route in New York: "Manhattan to JFK in seven minutes,” starting in 2028.

The Velo is a full battery-electric aircraft, designed for simplicity and safety. Simpson detailed the engineering: "It powers eight rotors, it's got a wing... the rotor is set horizontally for vertical take-off, then they tilt forwards and you accelerate and fly like an aircraft." It can travel at 150 miles per hour and carry six passengers plus luggage. Crucially, it operates with "zero operating emissions" and is "silent in a city."

Aiming to build and sell the aircraft to customers like American Airlines $AAL ( ▲ 3.0% ) , the company’s vision is broad. With an operating cost "around $2 per seat per mile,“ Simpson stressed the ultimate goal: "This is engineered to be true mass transport. That's the goal, to transform life in cities," he said. The company is also navigating global regulation, designing to the highest safety standards for market entry by 2029.

How market reactions influence the president’s decision-making

New York Times White House correspondent Luke Broadwater suggests that for a president known for an "emboldened" and "maximalist approach" to policy, the market remains the only reliable external constraint. "I would say the market is the one real check on President Trump,” he said. “Maybe some of the courts to an extent, but in terms of getting him to change his view on something, it's the market."

This influence is not merely theoretical, but has been observed in response to specific policies. "We've seen this time and again with different policies, with tariffs or aggression towards Greenland," he notes. The mechanism is rooted in the president's attention to the economic health of his base.

"When the markets start to tank, Trump hears from his friends in business, he obviously watches, uh, television coverage. He is very attuned to people's 401(k)’s and the economy,” Broadwater said. This connection provides a powerful incentive for, let’s say, course correction. Conversely, "If he sees markets rallying or being unaffected by something he's doing, he's much more inclined to keep going forward with that course of action."

Markets were up 0.5% yesterday after the weekend’s events.

Should you check your 401(k) today?

👍️ 

Sure. It seems they’re optimistic about the future, which is nice.

Poll of the day: Air taxis? Or not air taxis?

Poll of the day: Thank goodness for your freezer!

We asked: How did you handle the snowstorm over the weekend?

You answered:

🟨🟨🟨🟨🟨🟨 What snowstorm? (245)

🟩🟩🟩🟩🟩🟩 We handled it just fine, honestly. But that's because we had enough food in the freezer. (253)

⬜️⬜️⬜️⬜️⬜️⬜️ We had a bad time. Boo, snow! (26)

🟨⬜️⬜️⬜️⬜️⬜️ I live to shovel! (38)

⬜️⬜️⬜️⬜️⬜️⬜️ "The horror." (28)

🟨⬜️⬜️⬜️⬜️⬜️ I was born in an igloo, and my parents are a polar bear and a penguin, so I barely noticed. (54)

644 Votes via @beehiiv polls

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