ITK Daily | July 29

Californians and other Americans are flooding Mexico City. Some locals want them to go home: In recent years, a growing number of tourists and remote workers — hailing from Brooklyn, Silicon Valley, and points in between — have flooded Mexico’s capital and left a scent of new-wave imperialism. LAT

The end of social media: Recommendation media is the new standard for content distribution. Here’s why friend graphs can‘t compete in an algorithmic world. Michael Mignano

Former Republicans and Democrats form new third US political party: Reuters reports dozens of former Republican and Democratic officials announced on Wednesday a new national political third party to appeal to millions of voters they say are dismayed with what they see as America's dysfunctional two-party system.

Most third parties have failed. Here’s why ours won’t. David Jolly, Christine Todd Whitman + Andrew Yang

Eleven Madison Park wanted to go vegan. Then it all went wrong. Since the launch of an all-vegan menu, one of the world’s most famous restaurants has had a string of bad reviews and allegations of food waste and bad worker treatment. Bon Appetit

ESPN: Sebastian Vettel to retire from Formula One at end of season

Sebastian Vettel announces F1 retirement Video

+ @LewisHamilton: Seb, it’s been an honour to call you a competitor and an ever greater honour to call you my friend. Leaving this sport better than you found it is always the goal. I have no doubt that whatever comes next for you will be exciting, meaningful, and rewarding. Love you, man.

ITK Daily is global business news at the intersection of globalization, disruption, and politics.