Good morning. It's Friday, July 11, and we're covering a new ruling on birthright citizenship, a record-breaking Birkin bag sale, and much more. First time reading? Join over 4.5 million intellectually curious readers. Sign up here.
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A federal judge in New Hampshire issued a nationwide block yesterday against President Donald Trump’s executive order ending birthright citizenship. The decision comes nearly two weeks after the Supreme Court ruled 6-3 to limit federal judges from issuing nationwide injunctions on Trump’s executive orders but left open the possibility in the case of class-action lawsuits.
In his decision, Judge Joseph LaPlante appeared to acknowledge the Supreme Court’s ruling by granting class-action status to a lawsuit brought last month by the American Civil Liberties Union. The suit (read here) seeks to represent babies born to people living in the US illegally or temporarily; plaintiffs and advocates—including an unnamed pregnant woman and two parents of infants—claim more than 150,000 babies will be born annually in this class.
LaPlante, who was appointed by former President George W. Bush, cites the 14th Amendment definition of US citizenship in his ruling. At issue is the phrase “subject to the jurisdiction thereof” and the status of individuals born stateless. |
The Defense Department has purchased $400M of stock in MP Materials, operator of the US’ sole rare earths mine, the company revealed yesterday. The deal requires MP Materials to build a new magnet manufacturing facility in the US and makes the Pentagon the company’s single largest shareholder, owning 15% of all shares. MP Materials’ stock rose roughly 50% on the news—the highest price point in three years.
There are 17 rare earth elements in the world. The deal gives the US military preferential access to two—neodymium and praseodymium—at a 10-year minimum price of $110 per kilogram. Those ingredients are found in commercial items like car batteries and smartphones, but also weapons, including F-35 planes, drones, and submarines. China operates the largest rare earths mine and accounts for 70% of the global market. MP Materials operates the second-largest mine, in Mountain Pass, California. The deal comes as the Trump administration works to build up US independence in the industry, and amid ongoing trade negotiations.
Learn more from 1440 Topics here. |
The original Hermès Birkin bag sold yesterday at Sotheby’s Paris for approximately $10.1M, the most expensive handbag ever sold at auction. The black leather prototype, featuring actress Jane Birkin’s initials, a nondetachable strap, and gilded brass hardware, was purchased in under 20 minutes by a Japanese private collector.
The bag’s story began in the 1980s when the actress met Hermès CEO Jean-Louis Dumas on a flight. Frustrated with her handbag, Birkin described her ideal bag to Dumas, and they famously sketched the design on an airsickness bag. Today, the bag is a global symbol of exclusivity and wealth, with prices for new bags typically ranging from $10K to $60K and waitlists that can last years. Only select clients—often those who have spent thousands on prior purchases—are invited to buy.
Birkins are widely considered investment pieces, with some estimates showing an average annual value increase of 14.2%. Each bag is made by a single artisan and reportedly takes at least 18 hours to construct. |
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