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☆ Elon Musk wanted Tesla to slash its headcount by 20% because its quarterly vehicle deliveries fell by that much, Bloomberg source says
▼ + stars: | 2024-04-22 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Elon Musk wanted Tesla to reduce its workforce by one-fifth, Bloomberg reported. Musk wanted the layoffs to match the drop in quarterly vehicle deliveries. Tesla delivered 386,810 cars in the first quarter of 2024, a 20.1% drop from the last quarter. The reduction, Musk reasoned, should match the reduction in vehicle deliveries between the fourth quarter of 2023 and the first quarter of 2024, per Bloomberg. Earlier this month, Tesla said it delivered 386,810 cars in the first quarter of 2024, a 20.1% drop from the previous quarter.

Persons: Elon Musk, Tesla, Musk, — Organizations: Bloomberg, Service

☆ Zuck just revealed the secret ingredient in his bromance with Jensen Huang
▼ + stars: | 2024-04-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg talked about his budding friendship with Jensen Huang in a new podcast. Related stories"He and I, at this point, are the longest-standing tech founders of Big Tech companies," Zuck said. Zuck wrote in a comment: "He's like Taylor Swift, but for tech." Jensen Huang is the clear leader of the tech industry in this regard." Representatives for Zuckerberg at Meta and Huang and Nvidia did not immediately respond to requests for comment from Business Insider, made outside normal working hours.

Persons: Mark Zuckerberg, Jensen Huang, cheesesteaks, Huang, Time100, —, Jensen, Roberto Nickson, Zuck, Elon Musk, Zuckerberg, they'd, Taylor Swift, Zuck's, we've, I'm Organizations: Nvidia, Meta, Service, Big Tech, Bloomberg, Elon, Facebook, Business

☆ Red Lobster, home of the endless shrimp, mulls bankruptcy after spoiling its customers with all-you-can-eat lobster: report
▼ + stars: | 2024-04-18 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

It may be the end of the line for the seafood chain Red Lobster, per Bloomberg. AdvertisementSeafood chain Red Lobster is considering filing for bankruptcy, Bloomberg reported Wednesday. According to the outlet, Red Lobster is being advised by the law firm King & Spalding. Red Lobster and King & Spalding did not respond to Bloomberg's requests for comment. Representatives for Red Lobster and King & Spalding did not immediately respond to requests for comment from Business Insider sent outside regular business hours.

Persons: —, Spalding, Red Lobster's, Ludovic Garnier, servings, Ian Borden, Borden Organizations: Bloomberg, Service, King, Spalding, Thai Union Group —, Golden Corral, Business Insider Locations: Maine

☆ Caitlin Clark, the top rookie female basketball player in the US, is making less than the average detective or acupuncturist
▼ + stars: | 2024-04-16 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Caitlin Clark will earn less in the WNBA than some trade jobs – and the average athlete. Despite her low base salary, Clark could make over $3 million from brand sponsorships and endorsements. Clark, who wore a $17,000 Prada outfit to the draft, will make an estimated base salary of $76,535 in her first year. Lower-level draft picks make $64,154 as a base salary, but salaries are much higher for non-rookie players: The highest-paid WNBA players make over $200,000 in base salary. Despite the low base salary, Clark, who has over two million social media followers, stands to make major money from brand sponsorships and endorsements.

Persons: Caitlin Clark, Clark, —, she'll, I've Organizations: WNBA, NBA, Service, Basketball Association, Indiana Fever, NCAA, of Labor Statistics, Bureau of Labor Statistics, Revenue, Bloomberg, Nike, Gatorade, State Farm Insurance

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday. WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. In January 2022, Trump Media instead turned to a smaller accounting firm to conduct the audit, BF Borgers, which has less than stellar record with regulators. The company's shares initially skyrocketed when it went public in March, only for prices to plunge just a week later. That isn't great for Trump, whose net worth is tied to his holdings in Trump Media.

Persons: —, Donald Trump's, WithumSmith, Brown, Trump Media & Technology Group's financials, Trump, Borgers, BF Borgers, Forbes, Jean Carroll, Stormy Daniels Organizations: Service, Financial Times, Trump Media & Technology, Business, Trump Media, Public Company, BF Borgers, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media's, Prosecutors, WithumSmith, Trump Media & Technology Group, Business Insider Locations: freefall, Manhattan

☆ China's GDP rose 5.3% in the first quarter, but it doesn't mean the economic pain is over
▼ + stars: | 2024-04-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's economy grew 5.3% in the first quarter of 2024, surpassing analyst expectations. China's property market struggles persist, with 1Q new home sales falling nearly 31% from a year ago. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: —, Sheng Laiyun Organizations: Service, National Bureau, Statistics —, Bloomberg, NBS, Business Locations: China, Beijing

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because they no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

☆ Taylor Swift's return to TikTok shows even the world's biggest stars still need the app
▼ + stars: | 2024-04-12 | by ( Dan Whateley | ) www.businessinsider.com time to read: +4 min

Taylor Swift is back on TikTok despite a feud between the app and her label Universal Music Group. Swift's reemergence shows that even the world's biggest stars need TikTok to promote their work. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . UMG artists can still post videos on TikTok, but they can't use their own tracks, making it harder to push a new album. Related storiesSwift's return to TikTok shows that even the industry's biggest stars still need to use the app to help a new album take off.

Persons: Taylor Swift, Swift's, —, Drake, Olivia Rodrigo, Taylor, she's, Swift, TikTok, Chauncey Hollis Jr Organizations: Universal Music Group, Service, Universal, Poets Department, Business, Spotify, AMC, Bloomberg Locations: TikTok, Hollywood, Singapore, Australia

☆ Sam Altman's plans for AI's next act keep getting more complex
▼ + stars: | 2024-04-12 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Sam Altman's plans for the next act of AI are getting more complex. The OpenAI CEO hopes to solve AI's chip shortage, energy demands and data needs. AdvertisementSam Altman's plans to bring the artificial intelligence industry into a new era are getting more complex by the day. That eye-watering sum gave a small insight into Altman's plans. Taken together, then, it looks like Altman is trying to mastermind a strategy to develop next-generation AI that involves the energy, chips and data sectors.

Persons: Sam Altman's, —, it's, Altman, Altman's, he's Organizations: Bloomberg, Service, United Arab Emirates, Energy Locations: Gulf, Davos, UAE, Washington

☆ Judges just unsanctioned 2 Russian oligarchs worth almost $20 billion
▼ + stars: | 2024-04-10 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

A top EU court struck down sanctions against two billionaire Russian oligarchs on Wednesday. Judges found there was insufficient evidence that they had backed Vladimir Putin's war in Ukraine. The oligarchs, Mikhail Fridman and Petr Aven, are worth almost $20 billion combined, per Bloomberg. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJudges in Brussels struck down sanctions against two Russian billionaires on Wednesday, potentially handing Moscow a big win as the war in Ukraine rages on.

Persons: Vladimir Putin's, Mikhail Fridman, Petr Aven, —, they'd Organizations: EU, Bloomberg, Service, Moscow, European Union, Business Locations: Ukraine, Brussels, European

☆ Saudi Arabia's futuristic $500 billion Neom megacity just got a lot smaller ... for now, report says
▼ + stars: | 2024-04-06 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +1 min

Saudi Arabia has cut estimates for people living in its $500 billion Neom project. Its government hoped the futuristic "The Line" city would hold 1.5 million by 2030. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementSaudi Arabia has cut estimates for the number of people living in its Neom megacity project by 2030.

Persons: — Organizations: Bloomberg, Service, Business Locations: Saudi Arabia

☆ China has a problem with electric cars and that's bad news for Elon Musk
▼ + stars: | 2024-04-05 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Read previewBYD and Tesla both posted anemic first-quarter sales this week, serving up a reminder that demand for electric cars appears to be stalling around the world. China, the world's largest EV market, hasn't been immune from the slowdown. Related storiesCEO Elon Musk appears to have backed away from the price cuts strategy this year, however. There are plenty of public charging stations — about 2.7 million as at the end of 2023, according to the China Electric Vehicle Charging Infrastructure Promotion Alliance. AdvertisementIf China joins the US in loving EVs a little less, both Tesla and BYD could be in for a difficult 2024.

Persons: —, Tesla, anemic, hasn't, That's, Seth Goldstein, Morningstar, BYD, Elon Musk, Goldstein Organizations: Service, Car Association, Bloomberg, Business, Tesla, China, Alliance, BYD Locations: China, Tesla's, Shanghai

☆ China is producing too much stuff. The West is worried.
▼ + stars: | 2024-04-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

US Treasury Secretary Janet Yellen is seeking to address over-manufacturing during her visit to China, which ends Tuesday. The problem is mainly in areas where China already had the upper hand over the West, like lower-tech goods and building materials after the recent property bust. AdvertisementBeijing is aware of overcapacity and pledged to address itBeijing knows the country has an overcapacity problem in some sectors, which is also bad for its own economy. After all, Chinese solar manufacturers are feeling the heat from solar panel overcapacity. Still, China is framing the West's concerns about overcapacity as protectionism and as moves to curtail the country's economic development.

Persons: —, Janet Yellen, Yellen, isn't, hasn't, overcapacity, Li Qiang Organizations: Service, Business, American, of, Reuters, US Treasury, European, Bloomberg, Longi Green Energy Technology Locations: China, Guangzhou, Europe, Mexico, Japan, Thailand, Beijing, Xinhua

☆ Trump is worth a billion dollars less — on paper — after Truth Social shares tumble
▼ + stars: | 2024-04-02 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Donald Trump's net worth took a huge hit on Monday. The former president's net worth fell by over $1 billion after shares for Trump Media plunged. Trump isn't allowed to sell any of his Trump Media shares until a six-month lock-up period expires. AdvertisementFormer President Donald Trump probably isn't too pleased after his social media company, Trump Media & Technology Group saw a stock price rout on Monday. The stock's decline also meant that Trump's net worth on paper is now down by more than a billion dollars.

Persons: Donald Trump's, Trump isn't, —, Donald Trump, Trump, Jean Carroll Organizations: Trump Media, Service, Trump Media & Technology Group, SEC, Bloomberg, Facebook, Twitter, Trump, Business Insider Locations: New York

☆ McKinsey is offering some staff 9 months of pay and career coaching services to leave the firm: report
▼ + stars: | 2024-04-01 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

McKinsey is reportedly offering some managers money and career coaching services to leave the firm. Staff would also have access to McKinsey's resources and career coaching services. AdvertisementManagement consulting giant McKinsey is dangling career coaching services and nine months worth of pay to staff keen on leaving the firm, British newspaper The Times reported on Saturday. Besides continuing to receive their salary, managers would also have access to McKinsey's resources and career coaching services, per The Times. According to the outlet, employees who receive such ratings have around three months to improve their performance, or they'll be "counseled to leave" McKinsey.

Persons: —, Bloomberg — amping Organizations: McKinsey, Staff, Service, Management, British, The Times, McKinsey's, Times . Staff, Times, Bloomberg, Business Insider

☆ Donald Trump Now Richer Than George Soros, Set to Overtake Mark Cuban
▼ + stars: | 2024-03-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Donald Trump's net worth has jumped $4 billion this year to $7.2 billion, per Bloomberg's rich list. The former president is richer than George Soros and set to surpass Mark Cuban and George Lucas. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump is now richer than George Soros — and is set to overtake Mark Cuban too. The former president's net worth has soared by more than $4 billion this year to an estimated $7.2 billion, per the Bloomberg Billionaires Index.

Persons: Donald Trump's, George Soros, Mark Cuban, George Lucas, Trump, —, Donald Trump, George Soros —, Reed Hastings, Gordon Getty, Bernie Marcus Organizations: Service, Bloomberg, Trump, Netflix, Home, Business

☆ Apple's iPhone China shipments in February look even worse than estimated
▼ + stars: | 2024-03-26 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Apple's iPhone shipments in China have fallen again, government data show. Apple shipped roughly 2.4 million smartphones in February — a 33% drop from 2023, per Bloomberg. AdvertisementThe latest iPhone data out of China imply Apple's still having a tough time in one of its biggest markets. Counterpoint Research, in its report released in early March, estimated that iPhone sales in China had dropped by 24% in the first six weeks of the year. "In essence, Apple needs China, and China needs Apple."

Persons: —, Apple's, That's, it's, Dan Ives, Nicole Peng, Peng, Tim Cook, Ives Organizations: Apple, Bloomberg, Huawei, Service, China Academy of Information, Communications Technology, Counterpoint Research, Wedbush Securities, EU, China, Forum, CCP, Business Locations: China, Shanghai, Beijing

☆ These are the 3 Apple patents analysts say could hit the production line
▼ + stars: | 2024-03-24 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

Analysts predict which Apple patents are likely to become products. An Apple Watch with a camera, a hand wearable for the Vision Pro, and offline Siri may be possible. He identified three Apple patents he believes the company will likely make. AdvertisementThe patents Saini identified as "highly probable" include:1) An Apple Watch with a cameraApple's patent illustration of an Apple Watch with a camera. "Apple has been silently doing a lot of research on AI," analyst Saini said when asked about Apple's patents related to AI.

Persons: Siri, —, Apple's, Ming, Chi Kuo, Anmol Saini, Saini, Gene Munster, Munster Organizations: Apple, Apple Watch, Vision, Service, GreyB, United States Patent, USPTO, Asset Management, Bloomberg, Google, US Department of Justice

☆ The cocoa market is so hot that the commodity has crushed bitcoin's 150% gain in the last year
▼ + stars: | 2024-03-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Cocoa prices are hovering near historic highs around $8,000 per metric ton. The chocolate commodity has outperformed bitcoin in the last year, gaining more than 200%. A bad harvest and lack of investment have sent cocoa prices higher over recent months. Related storiesRoughly three-fourths of the world's cocoa, per Bloomberg, comes from four countries in West Africa: Ivory Coast, Ghana, Cameroon, and Nigeria. Last month, chocolate giants Hershey and Cadbury both warned of potential price hikes for consumers in light of the cocoa supply shortage.

Persons: —, that's Organizations: Service, Bloomberg, Processors, Reuters, International Cocoa Organization, Hershey, Cadbury Locations: West Africa, Ivory Coast, Ghana, Cameroon, Nigeria

☆ Bitcoin is poised to climb above $80,000 as investors pile into ETFs, Binance CEO says
▼ + stars: | 2024-03-18 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Bitcoin is set to top $80,000 on strong ETF inflows, Binance CEO Richard Teng said. After hitting a record high of $73,679 early last week, bitcoin tumbled back below $70,000. The boss of the world's biggest crypto exchange, Richard Teng, said he now sees the crypto poised to jump past $80,000 after initially predicting it would end the year around that level. Related storiesHe acknowledged that volatility would still shake the world's biggest crypto and that the uptrend won't be a "straight line." AdvertisementBitcoin soared to its record high of $73,679 last week.

Persons: Richard Teng, bitcoin, —, We're, Teng, Kris Marszalek Organizations: Service, Bloomberg, CNBC Locations: Bangkok

☆ Google's Gemini may just be about to make Elon Musk and Sam Altman really jealous
▼ + stars: | 2024-03-18 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Apple and Google are reportedly in talks to integrate Google's Gemini into the iPhone. The deal, if finalized, would be a blow to Google's competitors like Elon Musk's xAI and Sam Altman's OpenAI. AdvertisementApple and Google are in talks to integrate Google's AI model Gemini into the iPhone, Bloomberg's Mark Gurman reported on Monday. The new Gemini-powered features could be introduced to iPhones this year, Bloomberg reported, citing people familiar with the negotiations. Representatives for Apple and Google declined to comment on the talks when contacted by Bloomberg.

Persons: Elon Musk's xAI, Sam Altman's OpenAI, —, Mark Gurman Organizations: Apple, Google, Bloomberg, Service

☆ China keeps on finding ways to hurt USA Inc
▼ + stars: | 2024-03-18 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Beijing has asked domestic EV companies to ramp up spending with local chip makers, per Bloomberg. It has bruised Tesla too, as it battles for market share with domestic EV makers competing on price. AdvertisementApple, for instance, generated almost 20% of its revenue from sales in China last year. Nvidia reported $10.3 billion in revenue from China for its last fiscal year, up from $5.8 billion the year prior. Chinese EV makers like BYD are being asked to buy chips locally instead of from US firms.

Persons: —, Tesla, BYD, Orin, Fabrice Coffrini Organizations: Bloomberg, Service, China's Ministry of Industry, Information Technology, Huawei, Publishing, Getty, Nvidia Locations: China, Beijing, BYD, Hangzhou, chipmakers, Chinese, AFP

☆ Ukraine drones attack multiple oil refineries in the campaign against Russia's strategic energy industry
▼ + stars: | 2024-03-17 | by ( Cameron Manley | ) www.businessinsider.com time to read: +5 min

Ukraine attacked another Russian oil refinery on Saturday night. AdvertisementA long week of attacks on oil and gas infrastructureThis past week, Ukraine has made a concerted effort to degrade Russia's oil production capabilities. The governor of Russia's Samara Oblast reported on March 16 that Ukrainian drones had attacked two Rosneft oil refineries. One attack had hit another major oil refinery operated by Lukoil in the southwestern Volgograd region. Similar incidents had occurred across Russia in January, hitting the Slavneft-Yanos oil refinery, an oil refinery in Tuapse, a storage facility in Klintsy, and a Baltic sea Ust-Luga terminal.

Persons: —, Ukrainska, Russia's, Andriy Yermak, Volodymyr Zelenskyy, Zelensky, Краснодарському кра РосВдео Organizations: Bloomberg, Service, Business, Astra, Ukrainska Pravda, Security Services, Security Service, Stringer, Anadolu Agency, Getty, Reuters, Staff, Lukoil, НПЗ Locations: Ukraine, Russian, Krasnodar, Moscow, Russia, Russia's Samara Oblast, Ryazan, Nizhny Novgorod, Leningrad, Lukoil's Norsi, Russia's Belgorod, Norsi, Ukrainian, Volgograd, Tuapse, Klintsy, Baltic

☆ China's richest man is under fire over conspiracy theories that say he's secretly promoting Japan
▼ + stars: | 2024-03-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +6 min

China's richest man is being targeted by nationalists who say he's not patriotic enough. AdvertisementZhong Shanshan, the richest man in China, has been beset this month by accusations from an online nationalist crowd that he isn't loyal enough to his country. Some think Nongfu Spring loves JapanThe hostility escalated this week into claims that Nongfu Spring was intentionally planting elements of Japanese culture into its product marketing. CFOTO/Future Publishing via Getty Images and Jinhee Lee/NurPhoto via Getty ImagesAnother complaint accused Nongfu Spring of using a red bottle cap that resembles the Japanese flag. China's nationalist groups have been notorious for turning on typically celebrated figures and businessmen.

Persons: Zhong Shanshan, Zong Qinghou, —, Zhong, he's, Zong, Zhong Shuzi, Jinhee Lee, NurPhoto, Mr Zong, Hu Xijin, shouldn't, Hu, Li Guoqing, Li, Zong Fuli, Mo Yan Organizations: Service, Nongfu, Hong, Hangzhou Wahaha, Hangzhou Wahaha Group, Getty Images, Weibo, Mount, Publishing, Getty, Global Times, The Global Times, Rongsheng Petrochemical, China Newsweek, China News Service, Business Locations: Japan, China, Hong Kong, Hangzhou, Zhejiang Province, American, Tokyo, Mount Fuji

☆ 'We all need Boeing to be better': Airline bosses are getting annoyed that Boeing's problems are derailing their plans
▼ + stars: | 2024-03-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing's 737 Max 10 and Max 7 jets are yet to be certified by regulators. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The 737 Max 10 and Max 7, the longest and shortest version of Boeing's narrowbody jet, are yet to be certified by regulators. The airline's chief financial officer, Mike Leskinen, said last month United is "deeply disappointed" in Boeing due to the delays. Last month, Southwest announced it will suspend all new pilot hiring after March 31 due to the production delays, Simple Flying reported.

Persons: Max, —, Scott Kirby, he'd, Mike Leskinen, Leskinen, Ed Bastian, Bob Jordan, Max — Organizations: United Airlines, Boeing, Service, Alaska Airlines, Bloomberg, Airbus, Reuters, United, JPMorgan, Delta, Southwest, Federal Aviation Administration

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