What I read this week…

The business of smuggling, problems at Carta, BP's bet on EVs

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Caught my eye…

• Networks of smugglers have built lucrative businesses catering to migrants desperate to reach the U.S., charging up to $5K per person and making $1.7Bn annually. Read more in our analysis on the problems at the southwest border.

• Carta’s CEO jumped head-first into hot water after sending a surprise email to customers regarding "negative press" about sexual abuse claims against former execs. He then directed them to more details in a Medium post.

• BP made its biggest EV investment ever in the U.S., purchasing $100mm of Tesla’s ultra-fast chargers to build out its own independent charging network. This is just the first of many more moves in BP’s $1Bn commitment to U.S. EV infrastructure.

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Other reading…

• Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest (WSJ)

• Democrats' Rating of Biden Slips; Overall Approval at 37% (Gallup)

• The Power Sector at a Crossroads: A Tale of Two Utilities (Latitude Media)

• Fintech Firms Like Worldline Caught Naked as Tide Goes Out (Bloomberg)

• How Anduril Is Fueling VC’s Push Into Defense Tech (The Information)

• Europe-Bound Americans Will Need Travel Authorizations Starting in 2025 (Axios)

• Hasan Minhaj Offers Detailed Response to New Yorker Story (Hollywood Reporter)

• One-Way Plane Tickets: NYC Offers Migrants Free Travel Anywhere to Move (Politico)

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On X…