MUSK SEEKS REPLACEMENT
During a video conference at the World Government Summit in Dubai, Elon Musk said that he's looking to "find someone else" to lead Twitter by the end of 2023. Between now and then, he said his goal is to "stabilize the organization" and make sure "it's financially in a healthy place."
Musk hinted in December that he would step down eventually but didn't provide specifics.
EU GAS-POWERED CAR BAN
The European Union has approved a law that will ban the sale of gas-powered vehicles from the trading bloc by 2035. In addition, the EU will require cars sold by 2030 to cut emissions by 55 percent from 2021 levels. While some automakers are resisting the rule, others are being proactive. Volkswagen said it will only produce EVs in Europe by 2033.
SUBWAY EXPLORES SALE
After weeks of speculation, Subway has confirmed that it is considering a sale. The Wall Street Journal reported last month that it had hired advisors to look into a deal that could value the company at more than $10 billion. However, "there is no indication of timing or assurance that a sale will occur," the company said in a press release. "J.P. Morgan is advising the company and will conduct the sale exploration process." Subway has more than 37,000 restaurants in more than 100 countries. Same-store sales in North America were up 7.8 percent in 2022.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Modelo Especial is now the top-selling beer in the United States, dethroning Bud Light after 22 years. In May, sales of Modelo Especial hit $333 million. That's up 15.6 percent from the same period last year.
Electric vehicles made by General Motors will be able to use much of Tesla's extensive charging network beginning early next year. In addition, GM will adopt Tesla's connector, the plug that links an electric vehicle to a charging station.
The Supreme Court on Thursday gave whiskey maker Jack Daniel's reason to raise a glass, handing the company a new chance to win a trademark dispute with the makers of the Bad Spaniels dog toy.
Cheddar News checks in to see what to look for on The Day Ahead with Chinese EV-maker Nio due to release its report and Jurassic Park is celebrating the 30th anniversary of its release. Meanwhile, 'Transformers: Rise of the Beasts' debuts on Friday across the country.
Kelly Ann Winget, founder of private equity firm Alternative Wealth Partners and author of 'Pitch the Bitch,' a financial guide for those often left out of the male-dominated investment world, spoke to Cheddar News about her experience as an LGBTQ+ manager in the industry.
With wedding season underway, couples can get overwhelmed with finances and planning. Guests also feel stressed, especially when being invited to several weddings. Ted Rossman, senior industry analyst with Bankrate.com, joined Cheddar News to discuss setting up a budget if attending multiple ceremonies.
Tracking Consumer Spending Trends With Tanger Outlets CEO Stephen Yalof
Meta has introduced Whatsapp Channels, a feature aimed at making the app a "private broadcast messaging product."
Edward Moya, chief market strategist with Oanda, joined Cheddar News to discuss Thursday's gains as investors were surprised by a jump in weekly job claims and as Wall Street braces for key inflation data and the Fed's latest policy announcement.
