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.
As fears of recession loom, the consumer price index up 6.5 percent and inflation at historic highs, funds that Americans saved during the COVID-19 pandemic are nearing depletion.
This year, the Crypto Bowl is out as beer and booze take over the ad breaks during Super Bowl LVII.
Another busy day on tap for earnings is set for Tuesday as companies like Chipotle, Hertz and Royal Caribbean will report results.
Shake Shack unveiled its White Truffle burger and fries to its menu.
Google announced "Bard," its own chatbot, to compete with the increasingly-popular ChatGPT.
AMC announced a new ticket pricing tier based on where customers sit.
Pinterest saw shares plunge in after-hours trading after revenue fell shy of Wall Street estimates and gave a weak outlook for the current quarter.
Mario Veneroso, partner & wealth manager with Kingsview Asset Management, joined Cheddar News to discuss Monday's trading session following last week's Fed decision to hike rates as well as Friday's jobs data.
Kelley Long, CPA, personal finance specialist and certified financial planner, joined Cheddar News to offer tips on how people can protect themselves from tax-related scams during the filing season.
Alex Smereczniak, CEO of 2ULaundry & LaundroLab, joined Cheddar News to discuss the mobile laundry service company after raising a fresh $20 million in a Series B round.
