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KFC World Famous Chicken restaurant in Plano, Texas, illuminated at night
Plano, Texas, USA - January 30th, 2022: KFC World Famous Chicken restaurant, illuminated at night
TFC?

KFC is moving its headquarters out of its Kentucky home, heading for Texas

There are more KFCs per person in Kentucky than any other state. The company’s moving anyway.

KFC — formerly known as Kentucky Fried Chicken, until the company officially changed its name to its current initialism in 1991 — is taking the K out of KFC, as the fast-food chain plans a move out of its spiritual and physical home.

The transition comes as its parent company, Yum! Brands, plans to relocate the business to one of its two brand headquarters in Plano, Texas, per an announcement yesterday. The company’s other subsidiary, Pizza Hut, will also join KFC to move to the Lone Star State, while Taco Bell and Habit Burger & Grill will remain headquartered in the Irvine, California, location.

The move is a big one for a company associated so strongly with the state. Indeed, Kentuckians still seem to love the chain: there are 114 KFC restaurants in Kentucky, which, according to our calculations, is equivalent to ~25 KFC restaurants per million people. That’s the most KFC restaurants per person of any state.

Texas, by contrast, ranks pretty middling on our KFCs-per-million metric, coming in with 10.35 KFCs per million people.

Other KFC hot spots include Mississippi, West Virginia, and New Mexico. Eastern states like New Jersey and Massachusetts rank bottom, with just 6.2 KFCs per million New Jersey residents.

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How Tesla quietly wound up owning a small piece of SpaceX

Tesla is converting its recent $2 billion investment in Elon Musk’s AI company, xAI, into a small ownership stake in SpaceX — just months before the rocket maker’s highly anticipated IPO.

Here’s what happened: Tesla announced its xAI investment in late January, after a shareholder proposal to invest fell short last year. Several days later, xAI merged with SpaceX. All three companies are headed by Musk.

Now, regulatory filings with the Federal Trade Commission show Tesla converting that investment into a small stake in SpaceX, formalizing the financial link between the companies ahead of the rocket maker’s IPO. SpaceX is expected to go public this year at a valuation some speculate could top $1.75 trillion, potentially making it the biggest company to ever go public. (The current record holder, Saudi Aramco, went public at a more than $1.7 trillion valuation in 2020.)

While the size of Tesla’s stake wasn’t available, Bloomberg reports that the investment would equate to ownership of less than 1%.

While SpaceX and Tesla have engaged in related-party transactions over the years, Tesla had not previously disclosed an equity investment in SpaceX.

Now, regulatory filings with the Federal Trade Commission show Tesla converting that investment into a small stake in SpaceX, formalizing the financial link between the companies ahead of the rocket maker’s IPO. SpaceX is expected to go public this year at a valuation some speculate could top $1.75 trillion, potentially making it the biggest company to ever go public. (The current record holder, Saudi Aramco, went public at a more than $1.7 trillion valuation in 2020.)

While the size of Tesla’s stake wasn’t available, Bloomberg reports that the investment would equate to ownership of less than 1%.

While SpaceX and Tesla have engaged in related-party transactions over the years, Tesla had not previously disclosed an equity investment in SpaceX.

Southwest Airlines At San Diego International Airport

Southwest stopped fuel hedging a year ago. Whoops.

It’s been a year since Southwest said it would end its fuel-hedging program. Oil’s moves this year make that decision look like a mistake.

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