Biden administration puts the final nail in the coffin for incandescent light bulbs
LED light bulb (L) and a compact florescent (CFL) light bulb
Scott Olson | Getty Images
On Tuesday, the Biden administration put the final nail in the coffin for incandescent light bulbs, the result of a decade-plus-long legislative path.
The journey began in 2007 when the Energy Independence and Security Act passed. That law required the Department of Energy to evaluate whether efficiency standards for light bulbs needed to be set or amended and required a minimum standard of energy efficiency for light bulbs of 45 lumens per watt to be considered.
Lumens are a measure of how much light is coming from a light bulb and is a more modern measure than watts, which measures energy usage, according to the DOE. A rule requiring the minimum standard efficiency of 45 lumens per watt for light bulbs effectively bans halogen and incandescent bulbs.
The 2007 law required that if the DOE determined a new energy efficiency standard was necessary, it should go into effect by January 1, 2017. But politics intervened as the Trump administration appealed those rules.
The Biden administration picked the issue back up. And in April 2022, the Biden administration issued a rule requiring the minimum standard efficiency of 45 lumens per watt, which became effective in July. At that time, the Department of Energy said it would have a gradual transition to the new rule so that stores with inventory would not be stuck with light bulbs they could no longer sell. In Department of Energy lingo, this is called “progressive enforcement.”
Full enforcement of the ban for retailers took effect on Tuesday.
The DOE does not disclose its techniques for enforcing these step-wise implementation of the rule. However, the agency’s new regulations will be enforced in “a fair and equitable manner,” and smaller retailers are advised to reach out to the DOE to speak about existing inventory they may still have on hand, a spokesperson told CNBC.
Enforcing the sale of the more energy-efficient light bulbs will save consumers nearly $3 billion per year on their utility bills, according to DOE estimates, and cut carbon emissions by 222 million metric tons over the next 30 years. That’s about the quantity of emissions that 28 million homes generate in a year, the Department of Energy said.
“By raising energy efficiency standards for lightbulbs, we’re putting $3 billion back in the pockets of American consumers every year and substantially reducing domestic carbon emissions,” Energy Secretary Jennifer Granholm said in a written statement back in April 2022 when the rules were reinstated. “The lighting industry is already embracing more energy efficient products, and this measure will accelerate progress to deliver the best products to American consumers and build a better and brighter future.”
Not all light bulbs are included in the ban. Exceptions include a whole slew of specific light bulb implications, including appliance lamps, black light lamps, bug lamps, colored lamps, general service fluorescent lamps, marine lamps, marine signal service lamps, mine service lamps, sliver bowl lamps, showcase lamps, and traffic signal lamp, to name a few.
Also, while the 45 lumens per watt energy efficiency standard was being phased in, in December the Biden administration kickstarted the process to consider increasing the energy efficiency standard for light bulbs to over 120 lumens per watt for the most common bulbs. That would accelerate the transition away from comapct fluorescent bulbs as well, toward more efficient and long-lasting LED bulbs. If that more restrictive energy efficiency rule were to go into effect for light bulbs, then there would be a timed phase-in, similar to the rule for 45 lumens per watt.
Anne Wojcicki attends the WSJ Magazine Style & Tech Dinner in Atherton, California, on March 15, 2023.
Kelly Sullivan | Getty Images Entertainment | Getty Images
23andMe CEO Anne Wojcicki and New Mountain Capital have submitted a proposal to take the embattled genetic testing company private, according to a Friday filing with the U.S. Securities and Exchange Commission.
Wojcicki and New Mountain have offered to acquire all of 23andMe’s outstanding shares in cash for $2.53 per share, or an equity value of approximately $74.7 million. The company’s stock closed at $2.42 on Friday with a market cap of about $65 million.
The offer comes after a turbulent year for 23andMe, with the stock losing more than 80% of its value in 2024. In January, the company announced plans to explore strategic alternatives, which could include a sale of the company or its assets, a restructuring or a business combination.
23andMe has a special committee of independent directors in place to evaluate potential paths forward. The company appointed three new independent directors to its board in October after all seven of its previous directors abruptly resigned the prior month. The special committee has to approve Wojcicki and New Mountain’s proposal.
“We believe that our Proposal provides compelling value and immediate liquidity to the Company’s public stockholders,” Wojcicki and Matthew Holt, managing director and president of private equity at New Mountain, wrote in a letter to the special committee on Thursday.
Wojcicki previously submitted a proposal to take the company private for 40 cents per share in July, but it was rejected by the special committee, in part because the members said it lacked committed financing and did not provide a premium to the closing price at the time.
Wojcicki and New Mountain are willing to provide secured debt financing to fund 23andMe’s operations through the transaction’s closing, the filing said. New Mountain is based in New York and has $55 billion of assets under management, according to its website.
23andMe declined to comment.
WATCH: The rise and fall of 23andMe
Hims & Hers
Shares of Hims & Hers Health tumbled more than 23% on Friday after the U.S. Food and Drug Administration announced that the shortage of semaglutide injection products has been resolved.
Semaglutide is the active ingredient in Novo Nordisk‘s blockbuster weight loss drug Wegovy and diabetes treatment Ozempic. Those medications are part of a class of drugs called GLP-1s, and demand for the treatments has exploded in recent years. As a result, digital health companies such as Hims & Hers have been prescribing compounded semaglutide as an alternative for patients who are navigating volatile supply hurdles and insurance obstacles.
Compounded drugs are custom-made alternatives to brand-name drugs designed to meet a specific patient’s needs, and compounders are allowed to produce them when brand-name treatments are in shortage. The FDA doesn’t review the safety and efficacy of compounded products.
Hims & Hers began offering compounded semaglutide to patients in May, and it owns compounding pharmacies that produce the medications.
Compounded medications are typically much cheaper than their branded counterparts. Hims & Hers sells compounded semaglutide for less than $200 per month, while Ozempic and Wegovy both cost around $1,000 per month without insurance.
The FDA said Friday that it will start taking action against compounders for violations in the next 60 to 90 days, depending on the type of facility, in order to “avoid unnecessary disruption to patient treatment.”
“Now that the FDA has determined the drug shortage for semaglutide has been resolved, we will continue to offer access to personalized treatments as allowed by law to meet patient needs,” Hims & Hers CEO Andrew Dudum posted Friday on X. “We’re also closely monitoring potential future shortages, as Novo Nordisk stated two weeks ago that it would continue to have ‘capacity limitations’ and ‘expected continued periodic supply constraints and related drug shortage notifications.'”
Him & Hers’ weight loss offerings have been a massive hit with investors. Shares of the company climbed more than 200% last year, and the stock is already up more than 100% this year despite Friday’s move.
Even before it added compounded GLP-1s to its portfolio, the company said in its 2023 fourth-quarter earnings call that it expects its weight loss program to bring in more than $100 million in revenue by the end of 2025.
Despite the turbulent regulatory landscape, Hims & Hers has showed no signs of slowing down.
On Friday, the company announced it has acquired a U.S.-based peptide facility that will “further verticalize the company’s long-term ability to deliver personalized medications.” Hims & Hers will explore advances across metabolic optimization, recovery science, biological resistances, cognitive performance and preventative health through the acquisition, the company said.
That move comes just days after Hims & Hers also bought Trybe Labs, the New Jersey-based at-home lab testing facility. Trybe Labs will allow Hims & Hers to perform at-home blood draws and more comprehensive pretreatment testing.
Hims & Hers did not disclose the terms of either deal.
Technology
Tesla recalls more than 375,000 vehicles in U.S. due to failing power-assisted steering systems
Tesla models Y and 3 are displayed at a Tesla dealership in Corte Madera, California, on Dec. 20, 2024.
Justin Sullivan | Getty Images
Tesla is voluntarily recalling 376,241vehicles in the U.S. to correct an issue with failing power-assisted steering systems, according to records posted to the website of the U.S. National Highway Traffic Safety Administration.
In a safety recall report posted on the NHTSA website, Tesla said the recall includes Model 3 and Model Y vehicles that were manufactured for sale in the U.S. from Feb. 28, 2023, to October 11, 2023, and that were equipped with a certain older software release.
The records said printed circuit boards in the steering systems in affected vehicles could become overstressed, causing the power-assist steering to fail in some cases when a Tesla vehicle rolled to a stop and then accelerated.
When electronic power-assist steering systems fail in a Tesla, drivers need to exert more force to steer their cars, which can increase the risk of a collision.
Tesla told the vehicle safety regulator that it was not aware of any crashes, injuries or deaths related to the power steering failures, and that it was offering an over-the-air software update as a remedy.
The recall follows an earlier related probe and voluntary recall in China concerning the same systems.
President Donald Trump has appointed Tesla CEO Elon Musk to lead a team that is slashing the federal government workforce, and in some cases, regulations and entire agencies. Those cuts already affected the NHTSA, an agency Musk has long seen as standing in the way of some of his ambitions at Tesla.
The regulator has been engaged in a yearslong investigation into safety defects in the systems that Tesla markets currently as its Autopilot and Full Self-Driving (Supervised) options. The features do not make Tesla cars into robotaxis. They require a human driver ready to steer or brake at any time.
The Washington Post reported on Thursday that Musk’s team has led mass firings at the NHTSA, reducing the agency’s workforce and capacity to investigate companies including Tesla by about 10%.
Tesla didn’t respond to a request for comment.
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