Tuesday, April 1, 2025

Elon Musk is on the ballot in Wisconsin

Plus: 10 companies to watch
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There are elections today in Florida that will send two new members to Congress, but Joshua Green is closely watching a race farther north. So is Elon Musk. Plus: 10 companies to watch right now, and how airlines have just about mastered serving burgers in flight. If this email was forwarded to you, click here to sign up.

Tonight, political attention will shift to Wisconsin's Supreme Court election, which is technically nonpartisan but will in reality determine whether the court maintains its 4-3 liberal majority or flips to conservative control. The candidates on the ballot are Judge Susan Crawford (liberal) and Judge Brad Schimel (conservative). But over the past several weeks, the contest has turned into a referendum on someone who's neither a judge nor a Wisconsinite: Elon Musk. 

Politically speaking, Wisconsin is one of the most evenly balanced states, so the Supreme Court race was always going to draw interest. Most people in politics assumed it would be a useful measure of party strength in the new Donald Trump era and an early verdict on how voters are feeling about his chaotic second term as president. "If you'd asked four weeks ago, I'd have said this race was all about how well each party has mobilized its base voters," says Charles Franklin, director of the Marquette Law School Poll.

Then Musk got involved.

As perhaps the most polarizing figure in US politics today, Musk made a noisy entrance that guaranteed Wisconsin's election would be nationalized. And indeed it has: The Milwaukee Journal-Sentinel found that more than 100,000 donors from all 50 states have sent money to the two candidates, though none more than Musk, the world's richest man.

He and his allied groups have contributed about $20 million, shattering previous spending records in judicial elections. Lest anyone miss the news of his money bomb, Musk showed up at a rally on Sunday in Green Bay and handed out giant Publishers Clearing House-style checks for $1 million, after a court declined to take up a lawsuit by the state attorney general concerning the giveaways. "The reason for the checks," he explained, is "really just to get attention."

Well, he's got it. Last fall, I wrote in Bloomberg Businessweek about how Musk had displaced the Koch brothers as the great supervillain in Democratic minds and started popping up in political attack ads. That was before he'd emerged as Trump's top adviser, chief henchman and field general in the DOGE assault on government. Today, Democratic hatred of Musk is far more intense and widespread, to the point that liberals are protesting at Tesla dealerships—and sending tons of money to Wisconsin to counter his influence there. As University of Wisconsin at Madison political scientist Barry Burden illustrated on Bluesky, the result has been a tidal wave of spending on the Crawford-Schimel race:

Franklin says this enormous influx of political money tied to Musk's involvement has had a distorting effect on the election. "Musk has suddenly emerged as a prominent figure in the race, not just because of his large financial contribution but because Democrats have seized on it and made him the target of most of their negative advertising," he says. "The tagline is, 'Musk is trying to buy the Supreme Court.' That's changed the nature of the race."

The most recent Marquette Law School Poll sheds light on why both parties are so eager to turn this election into a referendum on Musk. On one hand, Republican voters in Wisconsin give Trump sky-high approval ratings (92%), even as Democrats virulently disapprove of him (97%). So Republican officials in Wisconsin view Musk's willingness to fund millions of dollars of ads and to pay workers stumping for the Trump-backed candidate as a godsend.

Democrats, on the other hand, are more focused on what the poll says about Musk's popularity in Wisconsin. Among Democrats, sentiment toward Musk is every bit as negative as it is toward Trump, with 97% disapproving of him. But Republicans' feelings toward Musk, while warm overall, aren't nearly as positive as they are for Trump, with 80% having a favorable view of the high-profile entrepreneur. This has convinced Democrats that Musk is a juicier target in the Supreme Court race than Trump, who, after all, won the state by about 30,000 votes in November.

In a strange way, tonight's election results should still provide plenty of interesting and useful information about the current state of our politics. It just won't necessarily tell us a great deal about the state of play in Wisconsin or about issues like abortion or congressional redistricting that seemed to be the dominant themes in the race until you-know-who got involved. 

But we will learn plenty about the relative popularity of Musk. "Four weeks ago, I'd never have said this race was a referendum on Trump or Musk," says Franklin. "But he—Musk—has made it one. And Democrats have accepted the challenge."

In Brief

Stocks for the Second Quarter

Illustration: Oscar Bolton Green

Following our list of 50 Companies to Watch in January, we're back with 10 names you should know—for better or worse—specifically for the second quarter. Bloomberg Intelligence analysts have dug into their scenarios to identify the most interesting companies from a larger group of high-confidence Focus Ideas. Spanning sectors and regions, each scenario outlines a catalyst in the next few months that supports our case.

Here's a sample:

BioNTech
Outlook: Sunny
The German pharma company is one of the two leaders in developing a novel antibody that has the potential to revolutionize cancer immunotherapy, but the market seems more focused on declining sales of the Covid vaccine that rocketed BioNTech to global fame four years ago. Several data releases in 2025 should boost confidence in the potential of the new drug class. —Javier Manso Polo

Kering
Outlook: Sunny
For the past two years, the luxury conglomerate has been weighed down by troubles at Gucci, but the beleaguered brand has a new CEO and appears poised for a turnaround. A new head designer and a refresh of its lineup should reverse Gucci's underperformance, auguring a 10%-plus positive earnings surprise for Kering in 2025-26. —Deborah Aitken

Keep reading: Biscuits, Handbags and Chatbots: 10 Companies to Watch Right Now

In-Flight Dining Is on the Way Up

A tray of airline food featuring a Shake Shack burger entree. Photographer: Bailey Garrot for Bloomberg Businessweek

By all accounts, airlines have no business serving cheeseburgers on flights. Airplane food is essentially glorified leftovers: Whatever gets served at 35,000 feet gets cooked ahead of time, chilled to a safe temperature and then reheated in the air—a bit like trying to re-create last night's restaurant meal for today's dinner. The process is full of potential pitfalls, and to deliver a burger, you have to avoid all of them: soggy bread, hockey-puck meat, bland taste, wilted lettuce.

But Delta Air Lines Inc. went for it with the rollout of burgers from Shake Shack Inc., offered to first-class passengers on longer domestic routes from several of its top hubs starting in March after a Boston test run. It's proved so popular that burgers now account for nearly 15% of the roughly 4,500 hot meals prepped every day at the company's Atlanta flight kitchen. Just a few weeks into the expanded program, the on-ground facility is ordering a third bun-toasting-and-buttering machine—the same ones Shake Shack uses in its restaurants—to make sure it can keep up

The Shake Shack partnership is the most visible example of airlines' push to improve in-flight food and capitalize on travelers' growing willingness to pay for premium options. Airline stocks have declined this year after warnings of a pullback in consumer spending, but that weakness is so far concentrated at the lower end of the income spectrum, leaving carriers hyperfocused on the well-heeled flyers who can still afford to pay for the pricier front-cabin tickets that pad airlines' profit margins.

Brooke Sutherland and Mary Schlangenstein write about the changes in in-flight dining and how avocado toast might be the next big hurdleWith Shake Shack in First Class, Airline Food Is No Longer a Joke

The John D. Rockefeller of Mexico

$82 billion
That's the size of the fortune of Carlos Slim, Mexico's richest man. Slim spoke in an interview with Bloomberg News about his companies, his family and Donald Trump.

Polar Spaceflight

"My own journey has been shaped by lifelong curiosity and a fascination with pushing boundaries. As a kid, I used to stare at the blank white space at the bottom of the world map, wondering what was out there."
Chun Wang
Cryptocurrency investor 
Elon Musk's SpaceX launched the first human spaceflight mission to fly over the Earth's polar regions, funded and commanded by Wang. Over the course of three to five days, the crew will fly over and observe Earth's North and South poles and conduct research on the impact of spaceflight on human health.

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