The lowdown

Here’s what you missed while you were living your best life:

• ₿ El Salvador scales back Bitcoin ambitions under IMF deal. The country is reversing key parts of its Bitcoin initiative as part of an agreement to stabilize its economy. This is a blow to the crypto community after a stellar year for Bitcoin.

• 🇺🇸 Trump-backed government funding bill fails. A bill to prevent a U.S. government shutdown, championed by former President Trump, failed to gain enough support in Congress. If no deal is reached by midnight tonight, non-essential services will grind to a halt.

• 💰 Perplexity closes $500M funding round. The AI-powered search startup has secured a significant funding round, underscoring the growing competition in the search engine landscape.

Featured story

Amazon Workers Walk Off the Job as Union Pressure Mounts

Thousands of Amazon workers at seven U.S. facilities went on strike Thursday, pushing for a labor contract in what the Teamsters call the largest walkout against the company yet. The strikes, targeting key delivery hubs in cities like New York, San Francisco, and Atlanta, come during Amazon’s busiest season. While Amazon claims the strike won’t disrupt operations, the timing raises stakes for the retail giant, with potential shipment delays looming if the walkout continues.

The battle highlights Amazon’s ongoing resistance to unions. The company has refused to negotiate contracts, even at unionized sites like Staten Island’s JFK8. Teamsters are pressing hard, arguing that Amazon exerts control over subcontracted drivers and warehouse workers despite Amazon’s claims otherwise. Striking workers and union leaders say the company’s refusal to recognize their demands has left them no choice but to escalate.

This strike isn’t just about Amazon; it’s a flashpoint in the broader labor movement sweeping through tech and logistics industries. With regulatory backing and growing worker momentum, unions are forcing big players like Amazon to reckon with labor demands they’ve long resisted. Whether this walkout triggers a larger wave or fizzles under Amazon’s dominance could define the future of unionization for the e-commerce giant.

The content we're consuming today

Here’s what we’re reading this week:

• Business Insider: Santa Claus rally could boost the stock market. Analysts are pointing to rate cuts and bullish momentum as reasons the year-end trading season could deliver a much-needed boost.

• The New York Times: Mobile-home prices continue to surge. Even this traditionally affordable housing option isn’t immune to rising costs, with prices climbing alongside broader real estate trends.

• Newsweek: Tesla recalls 700,000 vehicles over tire pressure warnings. Popular Tesla models are affected by a failure in the tire pressure monitoring system, drawing new scrutiny over quality control.

Off-balance sheet items

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  Meme Credit: The Chive

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