The baby formula shortage has cast a spotlight on the heavily concentrated industry that manufactures the product, sparking a debate over whether import restrictions, “big bottle” or both set the stage for this crisis, Nathan writes.

Details: Four companies — Abbott Laboratories, Mead Johnson, Perrigo and Nestlé — account for more than 87% of the market, according to IBISWorld.

• The product is expensive to make because it's medically sensitive and it's tightly regulated by the FDA. "It’s almost medical food in a sense," former FDA associate commissioner Peter Pitts tells Axios.
• The difficulty of shipping dairy-based products overseas has historically limited imports, according to IBISWorld.
• Plus, European Union imports are largely prohibited since it's harder to oversee those factories.
• Yes, but: Such imports still occur on the black market, and free-market advocates say they can be imported safely, according to the Cato Institute, a libertarian think tank.

Catch up quick: Parents are scrambling to track down formula following the collision of supply chain issues and a massive recall at an Abbott plant.

• Republicans have criticized the FDA for cracking down too hard on Abbott, while Democrats have blasted the industry for lacking competition.
• The FDA says it’s moving quickly to lift restrictions on imports to help parents who are struggling to find adequate replacements for their babies.

What’s next: Abbott said late Monday afternoon that it had reached a consent decree with the FDA that would allow it to reopen its plant within two weeks after it takes certain initial steps to ensure it can safely operate the site.

• It estimates 8–10 weeks in total from that point before products could hit shelves.

Go deeper.

✈️ JetBlue launched a hostile takeover bid for Spirit Airlines. (CNBC)

⚖️ A California judge struck down the state's 2018 law requiring women on company boards. (WSJ)

🤷‍♂️ A JPMorgan strategist said stock markets are overpricing recession risk. (Bloomberg)

A Twitter deal is "not out of the question" at a lower price, Elon Musk said at the 2022 All-In Summit Monday, as he continued to express skepticism about the company's estimate of spam and fake accounts, Axios' Herb Scribner writes.

Driving the news: In a series of tweets Monday, Twitter CEO Parag Agrawal defended the company's estimate of "well under 5%" fake accounts and bots and laid out how it arrived at the figure.

• Musk replied to Agrawal's tweet with the poop emoji.

Musk went further at the All-In Summit, saying without providing evidence that it "seems beyond unreasonable" that Twitter's number of human accounts is at over 95%.

Go deeper.

There aren't many stranger things than an app that allows you to order pizza with your mind, Nathan writes.

What's happening: Domino's on Monday announced an app that allows you to order pizza using facial expressions and eye movements.

• The app was developed in partnership with Netflix to promote the season four premiere of "Stranger Things" next week.

How it works: "Users can explore the lab" — that is the Hawkins National Lab depicted on the show — as well as "uncover Easter eggs, use their telekinetic powers to gain control of certain objects and place a Domino's Easy Order," Domino's says.

• Domino's says the app came about when "scientists at Hawkins National Lab made a mind-bending discovery, and things didn't go exactly as planned."

💬 Nathan's thought bubble: Now I need to watch "Stranger Things" to understand what this is all about.

"I think in retrospect, yes, it was a mistake."