5 things to know for Nov. 7: Election, Ukraine, Climate crisis, Severe weather, Elon Musk

(CNN) — As Democrats grapple with election night losses, Trump administration officials are ramping up preparations to return to the White House in January. Trump’s team, however, has actively skipped a series of key deadlines during the initial planning process which could complicate matters between now and his inauguration.

Here’s what else you need to know to Get Up to Speed and On with Your Day.

1. Election

President Joe Biden will address the nation today at 11 a.m. ET following Vice President Kamala Harris’ loss to President-elect Donald Trump. Biden’s address comes a day after Harris delivered her concession speech, promising to keep up the “fight that fueled this campaign.” In her 12-minute remarks, she acknowledged the stinging loss while committing to a peaceful transfer of power. Meanwhile, Trump is ready to move on his agenda and could announce staff picks within days, sources said, as his allies are already jockeying for high-powered spots in his administration. As Trump prepared his next steps, CNN reported that special counsel Jack Smith was in talks with the DOJ about winding down the federal cases against the president-elect.

2. Ukraine

Ukraine is bracing for the implications of a second Trump presidency and a likely dramatic reduction in US support. Under the Biden administration, the US has provided tens of billions of dollars in aid to Ukraine — and plans to surge as much support as possible to Kyiv before Trump takes office. Trump and his running mate, JD Vance, have cast strong doubts on a continued US commitment to Kyiv as the war drags on more than two and half years after Russian forces invaded. Trump’s election victory comes as Russia is said to be bolstering its manpower with North Korean forces. As many as 10,000 North Korean troops are in Russia’s Kursk region and are expected to enter combat against Ukraine in the coming days, US officials have warned.

3. Climate crisis

New data confirms 2024 will be the hottest year on record and the first calendar year to exceed the Paris Agreement threshold — devastating news for the planet that comes as America chooses a president who has promised to undo its climate progress both at home and abroad. Nearly all the world’s countries pledged to strive to keep global warming under 1.5 degrees Celsius in the Paris Agreement. They warn at that level, the human-caused climate crisis — fueled by heat-trapping fossil fuel pollution — begins to exceed the ability of humans and the natural world to adapt. Copernicus data released Wednesday shows 2024 is “virtually certain” to shoot above that threshold. Trump, a noted climate denier, pulled the US out of the Paris Agreement during his first term and has vowed to do it again in his second.

4. Severe weather

Around 27 million people in California are under Red Flag warnings, which are used to describe “extreme and life-threatening fire behavior.” In Ventura County, firefighters are conducting rescues as they battle the Mountain Fire moving at a dangerously fast speed in a dense suburban neighborhood northwest of Los Angeles. Earlier this week, forecasters warned conditions appear concerningly similar to those responsible for “some of the worst fires in Southern California history.” Separately, Hurricane Rafael slammed into Cuba as a Category 3 hurricane Wednesday before losing some strength as it passed over the island and entered the Gulf of Mexico. Rafael, which caused the island’s power grid to crash, is the fifth major hurricane of the year in the Atlantic and the strongest this late in the year since 2020.

5. Elon Musk

Billionaire Elon Musk went all-in supporting Trump’s campaign and now faces both positives and negatives from his election win. On Wednesday, investors bet that Trump’s victory would also be a win for Musk’s major public holding, Tesla, sending shares of his electric vehicle maker up an immediate 13% at the market open, and ending the session up nearly 15%. This made Musk $15 billion richer on paper and marked a massive return on the $119 million he donated to Trump. But much of Musk’s net worth can be traced to the government support his companies, such as Tesla and SpaceX, have received over the years. Even if some of the support for electric vehicles gets trimmed or cut off completely, as is likely during Trump’s second term, Musk’s wealth will remain firmly intact.

BREAKFAST BROWSE

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Cliffside coffee, anyone?
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Former Pepsi boss Indra Nooyi on life as a trailblazing CEO
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Why brain aging can vary dramatically between people
Exercising, avoiding tobacco, speaking a second language or even playing a musical instrument can affect how your brain ages.

TODAY’S NUMBER

16
That could soon be the minimum age for social media users in Australia, as the country’s prime minister pushes to ban children from accessing certain platforms, including Instagram and TikTok.

TODAY’S QUOTE

“It’s been really upsetting. I just didn’t have any control over how people saw me or who I was.”

— Viral breakdancer Raygun, announcing that she will retire and no longer compete following backlash over her Paris Olympics performance. The 37-year-old was mocked online and in the mainstream media for everything from her moves to her green official team kit.

TODAY’S WEATHER

Check your local forecast here>>>

AND FINALLY …

How Trump’s proposed tariffs could impact the economy
CNN’s Vanessa Yurkevich explains how Donald Trump’s tariff plan could affect the prices of items like wine, cheese and laptops. Watch the video here.

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