Evening Briefing

The switch from fossil fuels to renewable energy was never going to be easy, and the past few weeks seem to have proven that point. The world is living through the first major energy crisis of the clean-power transition, and it’s unlikely to be the last. The shortages jolting natural gas and electricity markets from the U.K. to China are unfolding just as demand comes back. While volatile energy markets and supply squeezes are hardly new phenomenons, what’s different now is that the richest economies are starting to undergo one of the most ambitious overhauls of their power systems since the dawn of the electric age. This comes with some thorny complications. —David E. Rovella

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Here are today’s top stories Facebook played a key role in what intelligence agencies have said was a sprawling effort by Russia to subvert the 2016 U.S. presidential election. The social media company has been repeatedly cited as a favored platform for white supremacists and other hate groups. But according to Facebook whistleblower Frances Haugen, who testified before Congress Tuesday, Facebook has always chosen profit over protecting democracy, society, individual safety and the health of children. “I saw Facebook repeatedly encounter conflicts between its own profits and our safety,” she said. “Facebook consistently resolved those conflicts in favor of its own profits. The result has been more division, more harm, more lies, more threats, and more combat.” Senator Richard Blumenthal sharply criticized Chief Executive Officer Mark Zuckerberg for not taking responsibility for the harm his company caused and said Zuckerberg needs to appear before the committee. “Facebook knows its products can be addictive and toxic for children,” Blumenthal said. “They value their profit more than the pain they caused children and families.”

Mark Zuckerberg Photographer: Niall Carson - PA Images/PA Images Driller Amplify Energy took more than three hours to halt California’s worst oil spill in almost three decades. Following an alarm around 2:30 a.m. on Oct. 2 from its San Pedro Bay Pipeline, Amplify didn’t shut the pipeline down until 6:01 a.m. When it did shut it down, the Texas-based company didn’t report the alarm for another three hours. The disaster befouled some of Southern California’s most beautiful beaches.

The cost of shipping in containers has gotten so expensive that Coca-Cola is switching its cargoes from container ships to vessels normally used for commodities like coal and iron ore to help keep the soda flowing.

Generation X has experienced a wealth boom during the pandemic. Household wealth distribution is shifting from older generations to those reaching their peak earnings years.

The clouds seem to be parting for Bitcoin again. The cryptocurrency rallied to around $50,000 after Bank of America strategists threw their weight behind crypto as a new asset class. It probably also helped that Securities and Exchange Commission Chair Gary Gensler said the U.S. (unlike China) won’t ban digital tokens.

Some of the symptoms of so-called long-Covid—ailments that can persist for months after a Covid-19 infection—may be caused by inflammatory molecules trapped inside tiny blood clots. The coronavirus death toll in the U.S. this year is poised to surpass the number of fatalities in 2020, with the overall confirmed total now exceeding 700,000, though the actual number is likely higher. The nation’s fifth infection wave—fueled by the delta strain—is waning, but daily infections still hover near 100,000 and more than 1,800 are dying daily—primarily those who have refused vaccination. Here’s the latest on the pandemic.

On the 10th anniversary of Steve Jobs’s death, Apple Chief Executive Officer Tim Cook told employees that the visionary co-founder would be eager to see what the company develops next. Read the memo.

Tim Cook, chief executive officer of Apple Inc., speaks during an event at the Steve Jobs Theater in Cupertino, California, in 2017. Photographer: David Paul Morris/Bloomberg

What you’ll need to know tomorrow Facebook tries to recover from its devastating system collapse. How Mark Zuckerberg lost $6 billion in just a few hours. Tesla was ordered to pay $137 million over racism in rare verdict. U.S. is pushing Singapore to let Americans enter the city-state freely. All you need to know about Merck’s game-changing Covid pill. Hedge funder Ken Griffin says young workers should go to the office. This is the best restaurant in the world.

What’s Driving the Huge U.S. Rent Spike? Every one of the nation’s 100 largest metro areas has seen month-over-month rent growth during the last five months. The current spike in rents is most pronounced in places like the Phoenix metro area or Boise, where rents for two-bedroom apartments have climbed 15% and 21%, respectively. But those markets aren’t unique: It’s a nationwide phenomenon that’s having a significant impact on housing markets, affordability and access. So what’s behind it all?

Photographer: Joe Raedle/Getty Images North America Photographer: Joe Raedle/Getty Images North America Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert

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