🌯 DoorDash delivers a lawsuit

... and Harvard goes green to get green [Disclosures](   New lawsuit delivery to: City Hall [Ivan Pantic via GettyImages]   Yesterday’s Market Moves   Dow Jones 34,571 (-0.18%) S&P 500 4,474 (-0.16%) Nasdaq 15,182 (+0.13%) Bitcoin $47,558 (-1.21%) Dow Jones 34,571 (-0.18%) S&P 500 4,474 (-0.16%) Nasdaq 15,182 (+0.13%) Bitcoin $47,558 (-1.21%) Hey Snackers, Taco Tuesday is feeling like a shell of its former self: Taco Bell is testing out a daily taco [subscription](. Retail sales unexpectedly jumped in August despite a resurgence of Covid infections, but stocks still inched down for the day. Served DoorDash files a 2nd lawsuit against NYC as the city prioritizes restaurants over delivery apps Just got served… And not in a yummy way. DoorDash sued NYC over a law that requires food-delivery apps to give restaurants more data about customers ordering dumplings at 10pm. That would potentially enable your go-to pizza spot to deliver to you directly (hold the Dash). It’s the latest in a food feud simmering between delivery giants and NYC. Quick recap: - At the start of the pandemic, NYC capped the fees that DoorDash, Uber Eats, and Grubhub can charge restaurants at 15% — they were up to 30% — to keep your local spots alive. - This summer, the City Council made those caps permanent. - Early this week: DoorDash, Uber Eats, and Grubhub sued NYC over the fee limits. - Now: DoorDash sued NYC again over a law that requires delivery platforms share customers’ contact info with restaurants. The profits are getting cold… Food delivery companies struggled to deliver profits even before the pandemic. Now, their fee-skimming biz model is under fire nationwide. DoorDash and Grubhub were sued by Chicago last month for using deceptive fees, and 70 of the 100+ pandemic-era fee caps across the country are still in place. THE TAKEAWAY Cost effective =/= politically effective… In many cities, business isn’t just financial — it’s political. NYC loves restaurants because they employ thousands of full-time workers, promote consumer spending, and generate tax revenue. NYC doesn’t love delivery platforms’ treatment of gig workers or its funneling of profits to distant corporate HQs. Since DoorDash and Uber are failing politically in NY, they need help from the courts to keep their businesses cooking. GreenU The collegiate domino effect: Harvard ups its ESG credentials by divesting from fossil fuels Sustainability is in session… Harvard announced it’s officially ending investment ties to fossil fuels after years of pressure from students, staff, and climate activists. Harvard’s $42B endowment fund is the largest of any school in the US — and is bigger than roughly half of the world’s economies. - 179 to 20: # of Harvard faculty who voted for and against fossil fuel divestment. - <2%: Harvard had already ended direct investment in companies that extract fossil fuels, but a tiny percentage was still indirectly invested — now, Harvard’s letting those “[runoff]( ESG Domino Effect… While the sustainability movement appeals to a wide range of people, younger generations have been among the most vocal supporters. During a Harvard vs. Yale football game, 200+ students stormed the field to protest the school’s fossil fuel investments. This year, a student activist group filed an official complaint with the state’s Attorney General. Dominos are falling: - 2020: The University of California became the largest college to go fossil fuel free. - -90%: How much Stanford has reduced its fossil fuel investments since 2011. THE TAKEAWAY Institutions may have to go green to get peace... Harvard’s landmark decision is yet another example of ESG investing's momentum (Environmental, Social, and Governance). As Millennials and Gen Z are expected to inherit $61T over the next 20 years, companies will need to attract their investment bucks. For higher education, ESG may be one way of satisfying climate conscious students while setting the stage for a new wave of endowments. What else we're Snackin' - [Swiped]( Hinge-owner [Match]( is eager to avoid “App Taxes” by bringing payments in-house, following court cases against [Apple]( and [Google](. - [Electric]( House Democrats are pushing for a $13K EV tax credit, but the proposal is hitting some speed bumps from critics. - [Soar]( Hyundai partnered with Urban-Air Port to build a global network of 65 flying taxi-hubs, kicking off in England by 2022. - [Surge]( [Ford]( addeds 450 new jobs in response to high demand for its electric F-150 pickup (the waitlist just hit 150K humans). - [Tennis]( Shares of Roger Federer-backed On surged 50% above their IPO price yesterday, booting the sneaker company to a $12B valuation. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Virgin Galactic and Blue Origin technically beat SpaceX in the space tourism race — but SpaceX’s launch this week is taking it to new heights (6X higher up, to be specific). [Tune in]( to hear why SpaceX may be shooting for an even bigger opportunity ahead. Snack Fact Of the Day [EV startup Lucid launched an e-car that can travel 520 miles on a single charge — the first EV with a longer range than a Tesla]( Friday - Earnings expected from Manchester United Authors of this Snacks own shares of: Apple and Google ID: 1840790 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security in a self-directed Robinhood account or any other account, and are not an offer or sale of a security. They are also not research reports and are not intended to serve as the basis for any investment decision. 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