Walmart Workers’ Pay Rise | Biden’s Billionaire Backers | Bike Makers’ Uphill Sprint

Plus: The Tesla Mafia: Elon Musk’s Ex-Employees Vie To Become His Top Rival

Good morning.

Markets were not impressed with Walmart’s performance, or the retailer’s decision to increase pay for some of its employees. We also take a closer look at the support President Joe Biden’s campaign received from billionaires and at why bike manufacturers are unable to meet demand.

In The News Today

Uber lost a legal battle in the U.K. after the country’s Supreme Court ruled that the app’s drivers should be treated as workers.

A newly published study indicates Pfizer and BioNTech’s Covid-19 vaccine is 85% effective after a single dose.

Top Take-Aways

Walmart, the largest private employer in the U.S., plans to raise pay for 425,000 of its workers. The announcement, along with profits falling short of expectation, caused a 6% drop in the retailer’s shares, wiping nearly $13 billion off the fortune of Walmart founder’s descendents.

Bicycles have become a hot pandemic item, but there’s a shortage in supply as bike makers face difficulties in ramping up production. Kent International’s third-generation CEO Arnold Kamler talks to Forbes about his industry’s struggle to meet surging demand.

The eight prestigious American colleges known as the Ivy League will not hold spring sports competitions in 2021, having stuck with the principle that athletes are treated the same as students who don’t play sports. 

Surf Air, a California subscription-based air travel provider, was a target customer for Ampaire. Now it's buying the startup for roughly $100 million in stock with the aim to use its technology to convert small passenger planes to hybrid powertrains and expand lower-cost regional air travel.

In the second installment of a four-part series exploring the money poured into the 2020 vote, Forbes found 230 billionaires or spouses of billionaires who donated to Biden’s campaign ahead of the presidential election.

The Queen Anne Victorian house in western Pennsylvania that stood in for Buffalo Bill’s home in the Silence of the Lambs is turning into a boutique vacation rental where movie buffs can spend a few nights or several weeks, beginning this summer.

NASA Perseverance Mars rover landed on the red planet after a nearly 300 million-mile journey. Here are eight more exciting space missions to look forward to this year.

Today's Must Read

In Case You Missed It

What was expected to be a low-profile beta launch for photo app Dispo turned into a much buzzier debut, the invite-only app quickly—and unexpectedly—maxing out its 10,000-person limit. Alexis Ohanian, the Reddit cofounder who has invested in Dispo, might have had something to do with it.

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Across Forbes