What we’re reading (8/11)

• “Sen. Kamala D. Harris Named As Joe Biden’s Running Mate” (Washington Post). “Biden’s announcement, made in a text and tweet, aligns him with a former presidential rival whose most electric campaign performance came when she criticized his record on school integration during a debate.”

• “S&P 500 Closes Lower For The First Time In Eight Days As Tech Shares Drop” (CNBC). All three of the major indices were down, but the Nasdaq was down a full 1.7 percent.

• “Airbnb Plans To File For IPO In August” (Wall Street Journal). Airbnb will purportedly file its registration statements with the S.E.C. this month. Morgan Stanley is apparently “lead left” on a potential initial stock offering this year, with Goldman “also playing a lead role,” whatever that means.

• “I Am The CEO Of Uber. Gig Workers Deserve Better.” (New York Times). Shots fired in the NYT opinion pages (not only at the editorial board, but also a nice jab at Khosrowshahi’s predecessor): “Many of our critics, including The New York Times editorial board, believe that Uber and our gig economy peers have failed drivers by treating them as contractors, and that we will do anything to avoid the cost of employee benefits like health insurance. Given our company’s history, I can understand why they think that. But it’s not true, and it’s not what I believe.”

• “Will Richard Branson Ever Be Richard Branson Again?” (CNN Business). Virgin Group, which is heavily concentrated in travel—airlines, trains, hotels, cruises—is reportedly getting absolutely pummeled by covid. In the words of Branson himself, “If you want to be a Millionaire, start with a billion dollars and launch a new airline.”