This week’s guide to government and politics in under 10 minutes

Happy Monday. Elon Musk became the world’s first trillionaire. For perspective, if you stacked up $1 trillion worth of $100 bills, it would be 6.79 miles high, more than a mile taller than Mount Everest. 💸

Voters in D.C. and Oklahoma have primary elections this week, and Oklahoma voters will weigh in on a minimum wage ballot measure. Alabama voters have a primary runoff. Find your polling place and check your registration status at ASP’s Election Hub. 

I IRAN CEASEFIRE MOU SIGNED

The U.S. and Iran reached a peace agreement over the weekend, with plans to sign a memorandum of understanding (MOU) in Geneva, Switzerland on Friday. The MOU will reopen the Strait of Hormuz and establish a framework for further discussions on Iran’s nuclear program. The agreement extends a ceasefire for 60 days to create a framework for future negotiations.

I FDA APPROVES EMERGENCY SCREWWORM TREATMENT FOR PETS

The Food and Drug Administration announced an Emergency Use Authorization for the drug nitenpyram to treat screwworm infestations in dogs and cats. It is the first generic drug approved for use against the flesh-eating screwworm. At least 12 screwworm infestations have been identified in two states. The parasite poses a risk to warm-blooded animals. The U.S. eradicated the flesh-eating screwworm in the 1960s, and its return, with U.S. cattle stocks at their lowest levels in 75 years, could further increase beef prices. 

>> Find out more about the risks posed by the flesh-eating screwworm here.

 I THE WORLD’S FIRST TRILLIONAIRE

Elon Musk became the world’s first trillionaire based on his combined stakes in SpaceX and Tesla after SpaceX had its IPO on Friday. Musk plans to use the funds raised by the IPO to put more than 100,000 satellites into orbit and has floated the idea of building AI data centers in space. The IPO is expected to create more than 4,000 new millionaires from SpaceX employees, including cafeteria workers whose compensation package includes employee stock options. Prior to its record-breaking IPO, which opened at $135 per share and climbed to $166 by the end of trading, SpaceX had accumulated a total deficit of $41.4 billion since its founding in 2002. 

I FISA SPY POWERS LAPSE

A controversial surveillance power expired last week after Congress failed to reauthorize it. FISA Section 702 allows the government to intercept and review communications of non-U.S. citizens outside the U.S. without a warrant, even if they include communications with people inside the country. Privacy rights advocates argue it violates the Constitution’s protections against unreasonable searches, while proponents of the post-9/11 law say it’s an essential security tool. The provision will remain expired for at least a week as the House is out of session this week. Some lawmakers are threatening to withhold support for a reauthorization until President Trump’s new pick for the Director of National Intelligence, former SEC Chairman Jay Clayton, is confirmed. 

>> Dig deeper into the lapse of Section 702 here.

I SUPREME COURT BLOCKS NITROGEN GAS EXECUTION

The Supreme Court ruled that Alabama cannot proceed with a plan to execute a man using nitrogen gas. The 6-3 decision upheld a lower court order banning the execution on the basis that the use of nitrogen gas violates the Eighth Amendment’s ban on cruel and unusual punishment. The decision does not prevent Alabama from using another execution method to carry out the sentence against Jeffery Lee, who was convicted of a 1998 double murder and has been on death row for more than 25 years.

>> Watch Reps. Sara Jacobs (D-CA) and Don Bacon (R-NE) debate capital punishment here.

Which president got punched so hard that they couldn’t see straight? 🤜👁️

Most retail investors will hear about the SpaceX IPO after it's too late. Discover the positioning strategies serious investors evaluate before volatility begins and the early signals Wall Street is watching right now.

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