Raphael Stevens

Salad chain Sweetgreen filed to go public on the New York Stock Exchange under the ticker SG.
In the fiscal year ended Dec. 27, Sweetgreen reported a net loss of $141.2 million on revenue of $220.6 million.
The salad chain’s business has bounced back this year, with same-store sales rising 21% as of Sept. 26.

A Sweetgreen location in Bethesda, Maryland.
Jeffrey MacMillan | Getty Images

Salad chain Sweetgreen filed Monday to go public on the New York Stock Exchange under the ticker SG, aiming to become the latest restaurant company to hit the public markets this year.
The company’s losses widened and sales shrank as the pandemic battered its business last year. In the fiscal year ended Dec. 27, Sweetgreen reported a net loss of $141.2 million on revenue of $220.6 million, according to its prospectus. The chain’s same-store sales shrank 26% during that time after climbing 15% in the prior fiscal year.

The chain has bounced back this year. Same-store sales have risen 21%, as of Sept. 26. Its losses narrowed to $86.9 million from a loss of $100.2 million in the year-ago period.
Sweetgreen operates 140 restaurants across 13 states and Washington. In the prospectus, Sweetgreen said it plans to double its footprint over the next 3 to 5 years. More than two-thirds of its revenue comes from digital sales. The average unit volume for a location is $2.5 million, as of Sept. 26.
Founded in 2006, Sweetgreen has found a loyal customer base with its menu of customizable salads and warm bowls that appeal to consumers looking for healthy, convenient options. The company has also leaned into restaurant technology. In August, it acquired Spyce, a Boston restaurant company that made a name for itself with robotic restaurant tech. A few months prior, Sweetgreen shared that it had confidentially filed to go public.
The chain hasn’t avoided controversy. In September, CEO and co-founder Jonathan Neman penned a LinkedIn post that connected Covid-19 deaths to obesity, drawing backlash on social media. The post was deleted, and Neman apologized for the comments.
A string of other restaurant chains have made their public market debuts this year with mixed results. Shares of coffee chain Dutch Bros have soared 82% since its initial public offering in September. First Watch Restaurant Group’s stock has fallen 2% since its debut earlier this month.

WATCH LIVEWATCH IN THE APP More

The Biden administration plans to allow vaccinated visitors from abroad into the country starting Nov. 8.
The Covid-era travel restrictions barred most visitors from the U.K., EU, Brazil and other countries.
Unvaccinated inbound travelers, including U.S. citizens, will have to show proof of a negative Covid test from within one day of departure.

A traveler wears a face mask while checking their phone on the arrivals level outside the Tom Bradley International Terminal (TBIT) at Los Angeles International Airport (LAX) amid increased Covid-19 travel restrictions on January 25, 2021 in Los Angeles, California.
Patrick T. Fallon | AFP | Getty Images

The White House on Monday said it will require airlines to check U.S.-bound air travelers’ proof of Covid-19 vaccination and provide contact information to federal officials as part of new rules that take effect when the U.S. lifts curbs on international visitors next month.
The Biden administration earlier this month said it plans to lift pandemic restrictions that barred most visitors from more than 30 countries, including the U.K. and Brazil, on Nov. 8, allowing in vaccinated travelers. The rules were put in place first by the Trump administration in early 2020 and then extended by the Biden administration this year.

The new rules, issued by President Joe Biden on Monday, will be applied to foreign visitors, including those coming to the U.S. from countries that were not on the prohibited list.
Exemptions to the visitors’ vaccine requirements include travelers under the age of 18 or those who have medical reasons prohibiting them from getting a vaccine, senior Biden administration officials said. Foreign visitors between age 2 and 17 must still take a Covid test three days before departure if they are traveling with a fully vaccinated adult.
Other exemptions include those traveling on non-tourist visas from countries with low vaccine availability. A senior administration official said there are about 50 countries that would fit that bill, but that individuals who receive the exemption for low vaccine availability have to provide a U.S.-government issued letter stating the urgent need for travel.
Officials consider fully vaccinated two weeks since the last dose of a Covid-19 vaccine or a single-dose vaccine like Johnson & Johnson’s. The Centers for Disease Control and Prevention earlier this month said it would accept a combination of two doses from vaccines that have Food and Drug Administration authorization or are on the World Health Organization’s list for emergency use. Digital and paper copies of vaccine certificates will be accepted.
The CDC will require airlines to collect and track contact information from travelers and potentially share that with federal officials.

Airlines, hotels and other travel companies have urged the U.S. government for more than a year to reopen borders. The U.S. established those restrictions in early 2020 at the start of the Covid pandemic.
Delta Air Lines, United Airlines and American Airlines executives this month said that that bookings for trans-Atlantic travel have surged since the Biden administration announced it planned to replace the country-specific travel bans with the vaccination requirements.
“Clearly, there’s significant pent-up demand for travel to and from the U.S. and many customers are eager to return to travel when it’s permitted,” American’s president, Robert Isom, said on a quarterly call on Thursday.
European countries began opening up to U.S. travelers in the spring with testing and vaccine requirements, but the move was not reciprocated  by Washington.

WATCH LIVEWATCH IN THE APP More

Some 50 million people live under armed, non-state groups, with another 100 million living in volatile areas, according to the Red Cross.
WHO’s global vaccine initiative COVAX aims to provide free Covid shots to struggling nations that will cover at least 20% of their population.
The program, however, faces logistical difficulties of administering multiple vaccine doses in conflict zones.

Taliban members gather and make speeches in front of Herat governorate after the completion of the U.S. withdrawal from Afghanistan, in Herat, Afghanistan on August 31, 2021.
Mir Ahmad Firooz Mashoof | Anadolu Agency | Getty Images

War-torn countries will miss the World Health Organization’s goal of vaccinating 70% of their populations against Covid-19 by the middle of next year, health leaders from Harvard said at a conference hosted by the university on Monday.
Health-care systems and public infrastructure have been devastated in nations of conflict over the course of the pandemic, said Claude Bruderlein, a lecturer at Harvard’s T.H. Chan School of Public Health. Some 50 million people live under armed, non-state groups, with another 100 million living in volatile areas, according to the Red Cross.

“We’re talking about 70% for mid-2022,” Bruderlein said of the WHO’s target. “There is simply no way that the countries in conflict will reach any of these goals.”
Bruderlein called on the international medical community to reevaluate COVAX, a WHO initiative that aims to improve the production and distribution of Covid vaccines in the developing world. COVAX aims to provide Covid shots for at least 20% of countries’ populations, but Bruderlein said the program was unsustainable due to the logistical difficulties of administering multiple vaccine doses in conflict zones and the lack of long-term outbreak protection offered by just 20% vaccination coverage.
Instead, Bruderlein called for health authorities to assess the nations most vulnerable to evolving Covid variants and invest in vaccine rollouts in hopes of immunizing up to 60% of their populations against the virus. COVAX is also running low on vaccines, further impeding the fight to control the virus in conflict zones, Harvard School of Public Health visiting scientist Madeline Drexler said.
“Really the biggest hurdle is this vaccine shortage,” Drexler said. “The COVAX facility, which is distributing vaccines to low-income countries all around the world, is desperately short of doses. So really there’s a global equity problem right now.”

CNBC Health & Science

WHO officials have for weeks called on high-income nations to transfer their surplus Covid vaccines to poorer countries to help alleviate the strain of global immunization disparities. The organization set a target to vaccinate 40% of every country’s population by the end of the year and 10% of their populations by the end of September, but 56 nations missed the September goal.

Misinformation, political lies and the global spread of the anti-vaccine movement have increased the difficulty of administering vaccines in conflict zones, Drexler said. And the destruction of war makes it even more challenging to fight the pandemic, said Esperanza Martinez, head of the Covid-19 crisis team at the Red Cross.
“The protracted nature of conflict generally weakens health systems, and key parts of the health system that are needed for vaccination are rendered dysfunctional,” Martinez said.
“Additional elements to the health system – for example, infrastructure, roads, bridges, water and electricity to run the cold chain – is often not there,” she added.

WATCH LIVEWATCH IN THE APP More

The SPAC stock linked to Donald Trump’s planned social media platform dropped in price after booking huge gains following news that it would merge with his social media company.
Digital World Acquisition Corp. stock fell double digits, days after two hedge funds sold their stakes.
Trump is banned by Twitter and Facebook for inciting the Jan. 6 Capitol riot.

The social media app will be developed by Trump Media and Technology Group (TMTG).
Rafael Henrique | LightRocket | Getty Images

Phunware, which was involved with Trump’s 2020 reelection campaign, saw a 470% surge in price on Friday.

There is no indication that DWAC and Phunware have a business relationship. But Phunware’s rise last week coincided with the spike in the SPAC’s stock.
Short-seller Iceberg Research unveiled a bearish position on the DWAC on Monday, saying that investors face uncertainties in this blank-check deal as Trump could become a dominant shareholder after the merger.
“Now that initial excitement has passed, we see only risks for investors in near future. Based on Trump’s track record, at current price, renegotiation is likely to keep more of the merged company for him,” Iceberg Research said in a tweet.
“SPAC holders don’t own a piece of this project yet. Trump has leverage, not them.”
DWAC remained a popular chatroom topic among retail traders, who were credited last week with turning the SPAC into the latest hot “meme” stock in 2021.
The DWAC ticker was the second-most popular name on Reddit’s WallStreetBets chatroom on Monday, after Tesla, the electric-vehicle giant that hit a $1 trillion market capitalization on the same day, according to alternative data provider Quiver Quantitative.
One trending post on WallStreetBets on Monday said “DWAC- ALL IN,” which attracted more than 500 comments.
SPACs, also known as blank-check companies, are created to raise capital in the public equities markets, with the goal of using the cash to purchase or merge with private firms.
Trump’s new social media company, Trump Media & Technology Group, on Wednesday said it and DWAC had reached an agreement to merge so that the former president’s firm will become a publicly listed company.

CNBC Politics

Read more of CNBC’s politics coverage:

WATCH LIVEWATCH IN THE APP More

As lawmakers inch closer to finalizing their social spending package, Senate Democrats are eyeing a tax on billionaires to help fund the plan. 
Americans with $1 billion of wealth or those earning $100 million annually for three consecutive years may face a yearly tax on asset growth, such as stocks and bonds, regardless of when they sell.
However, it’s unclear if the proposal has the Democratic support needed in the Senate and House. 

U.S. Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles P. Rettig at a June 8, 2021 Senate Finance Committee hearing.
Tom Williams | Pool | Reuters

As Democrats inch closer to finalizing their social spending package, Senate Democrats are eyeing a tax on billionaires amid pushback on income and corporate levy hikes.
The proposal, called the Billionaires Income Tax, may affect roughly 700 Americans with $1 billion of wealth or earning $100 million annually for three consecutive years.

Billionaires may face an annual levy on the increased value of assets, such as stocks and bonds, regardless of when they sell, known as “mark-to-market.” However, investors may still write off losses every year.

Here’s What You Should Know About the ‘Billionaire Income Tax’

• Why is there a billionaire tax proposal? After pushback on corporate and individual tax hikes, some Democrats are pushing for a levy on billionaires to help pay for their social spending package. The proposal targets the wealthiest Americans who may receive income from interest, dividends, capital gains or rent, from investments, known as capital income, and often defer or avoid taxes by timing sales or offsetting profits with losses. 
• What is the Billionaire Income Tax? Some Democrats are proposing an annual tax on the increased value of assets, such as stocks and bonds, regardless of when they sell. However, investors may still write off losses every year. The plan also includes non-tradeable property like real estate, with a charge for deferred gains upon sale. 
• Who would be affected by the Billionaire Income Tax? Americans with at least $1 billion in assets or those earning $100 million per year for three years in a row — roughly 700 taxpayers — may be affected by the Billionaire Income Tax. 
• How is the Billionaire Income Tax different from a wealth tax? The Billionaire Income Tax is a levy on so-called “unrealized gains” or investment growth. The plan calls for annual taxes on gains from tradeable assets, so there’s no bill without asset increases. However, a wealth tax, like the plan proposed by Sen. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt., targets all assets.
• Does Congress support a Billionaire Income Tax? It’s unclear whether the Billionaire Income Tax will make the final cut as it needs backing from nearly every Democratic member of the House and all Democrats in the Senate, and there hasn’t been Republican support. 

The plan also addresses growth for the wealthy’s non-tradeable property like real estate, including a charge for deferred gains upon sale. 
“In a package that’s supposed to be about giving everybody a shot to get ahead, it would be a big mistake, from both a policy and political perspective, not to ask billionaires to pay a fair share,” said Senate Finance Committee Chairman Ron Wyden, D-Ore., who first proposed a mark-to-market plan in 2019.
Most Americans earn a living through wages, whereas the ultra-wealthy may receive income through interest, dividends, capital gains or rent, from investments, known as capital income. 
More from Personal Finance:What the first bitcoin futures ETF means for the cryptocurrency industryHow to estimate your monthly Social Security benefit increase for 2022Bigger state and local tax cuts still possible as Democrats negotiate

While everyday workers cover levies through their paychecks, the wealthiest Americans may not see income on their tax returns because they may time when to sell investments or use losses to offset their gains. 
The top 1% of Americans may be avoiding $163 billion in annual taxes, according to the U.S. Department of the Treasury, and the White House estimates the 400 richest families paid an average 8.2% in federal income tax from 2010 to 2018.
“The Billionaires Income Tax is about fairness and showing the American people taxes aren’t mandatory for them and optional for the wealthiest people in the country,” Wyden said. “No working person in this country thinks it’s right that billionaires can pay no taxes for years on end, and sometimes never at all.”

However, it’s unclear if the plan has necessary backing from nearly every Democratic member of the House and all Democrats in the Senate to pass. 
House Speaker Nancy Pelosi, D-Calif., appearing on CNN’s “State of the Union” Sunday, said she expects a billionaire tax in the bill, estimating $200 to $250 billion of revenue from the measure.
However, the plan’s financial impact hasn’t yet received a score from the non-partisan Joint Committee on Taxation, she said.    
“I wouldn’t call that a wealth tax,” Treasury Secretary Janet Yellen added, following Pelosi’s appearance. But the levy may help reach gains from “exceptionally wealthy individuals,” she said.  
Earlier this year, Democrats, including Sen. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt., called for a 3% annual tax on wealth exceeding $1 billion.

WATCH LIVEWATCH IN THE APP More

Dr. Scott Gottlieb told CNBC on Monday he plans to get his young kids vaccinated against Covid “as soon as they’re eligible.”
“I think it’s going to be liberating for their lives,” he said.
The former FDA chief and current Pfizer director said elementary schools are unlikely to see widespread mandates if the shots are indeed approved for kids 5-11.

Dr. Scott Gottlieb told CNBC on Monday he plans to get his young kids vaccinated against Covid “as soon as they’re eligible.”
Pfizer said Friday its two-shot vaccine at smaller doses was 90.7% effective in a clinical trial at preventing symptomatic illness in kids 5-11. Food and Drug Administration scientists — ahead of Tuesday’s vaccine panel meeting to consider inoculations for that age group — said the benefits outweigh the risks.

“My kids are becoming eligible for vaccination and I’ll get them vaccinated as soon as they’re eligible. I have confidence in the vaccine,” said Gottlieb, former head of the FDA and current Pfizer board member, said in a “Squawk Box” interview. “I think it’s going to be liberating for their lives.”
In May, the Centers for Disease Control and Prevention approved the Pfizer vaccine for kids aged 12 to 15, and some school districts, including the nation’s second-largest, Los Angeles, imposed vaccine mandates for young students.
However, Gottlieb said elementary schools are unlikely to see widespread mandates if the shots are indeed approved for the younger-age kids. “I just don’t see mandates being a prominent feature in how this vaccine is distributed for a long time.”
There’s one difference in the expected approval and rollout of shots for kids 5-11 that may inspire a higher rate of vaccination compared with other age groups, according to Gottlieb.
“I think the fact that this is being distributed in pediatricians offices … is going to make a difference because you don’t want to bring a 5 to 11 year old necessarily to a mass vaccine distribution center or pharmacy. You want to bring them to the comfort of the pediatricians office,” he said.

Though data has shown that Covid is less deadly in children, Gottlieb said the numbers are still high.
“We’ve seen 690 deaths in children under the age of 18 and 115 kids ages 5 to 11” since the beginning of the pandemic, he said. “Just to put that into perspective, before we had a vaccine for chickenpox we would lose about 90 kids a year.”
The U.S. has the highest number of cumulative Covid deaths in the world, with the total since the beginning of the pandemic nearing 736,000, according to data compiled by Johns Hopkins University.
In the 24 states that report child hospitalizations, there have been 25,000, according to Gottlieb. “We still kids getting into trouble with this virus so I’m going to be vaccinating my kids as soon as it’s available for them.”
Currently, more than 57% of the total U.S. population is fully vaccinated, according to CDC data, as defined by two shots of the Pfizer and Moderna vaccines and one shot of the Johnson & Johnson’s vaccine.
Disclosure: Scott Gottlieb is a CNBC contributor and is a member of the boards of Pfizer, genetic testing start-up Tempus, health-care tech company Aetion Inc. and biotech company Illumina. He also serves as co-chair of Norwegian Cruise Line Holdings′ and Royal Caribbean’s “Healthy Sail Panel.”

WATCH LIVEWATCH IN THE APP More

Rocket builder ABL Space on Monday announced the close of a $200 million round of funding from existing investors.
The financing increases the private space company’s valuation to $2.4 billion.
ABL aims to launch its first RS1 rocket from Alaska before the end of this year, President Dan Piemont told CNBC in September.

An RS1 rocket booster is shipped out of the company’s headquarters in El Segundo, California.

Rocket builder ABL Space on Monday announced the close of a $200 million round of funding from existing investors, bumping the private company’s valuation up to $2.4 billion.
ABL’s latest financing is an expansion of the round raised in March, the company said. The funds came from existing investors, which include T. Rowe Price, Fidelity Management, Venrock, New Science Ventures, Lynett Capital, and Lockheed Martin Ventures. The company has raised $420 million to date.

ABL said it plans to use the new funds to scale production of its RS1 rockets and “conduct research and development of future systems.”
The company aims to launch its first RS1 rocket from Alaska before the end of this year, ABL President Dan Piemont told CNBC in September.
ABL is developing its line of RS1s, which stand 88 feet tall and are designed to launch as many as 1,350 kilograms, or nearly 1½ tons, of payload to low Earth orbit. The price of each launch is $12 million.
The price puts the RS1 in the middle of the commercial launch market. Rocket Lab’s smaller Electron costs $7 million per launch, and SpaceX’s heavier Falcon 9 costs $62 million.

A test firing of an E2 engine.

The company noted that its manifest features 14 customers and a backlog of 75 contracted launches. That includes a bulk order from Lockheed Martin earlier this year. The company signed a long-term agreement with ABL for up to 58 rockets for launches through 2029.

WATCH LIVEWATCH IN THE APP More