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.
Pfizer and BioNTech are working to develop an mRNA-based shingles vaccine following the success of the COVID-19 shot. This latest collaboration will mark the third time the pharmaceutical companies have worked together on a vaccine.
On Monday, President Biden announced his new plan to take on inflation by taking down the big meat monopolies - turning to the federal government's antitrust authorities to investigate the major meatpackers that control a significant share of the market. The White House plans to devote one billion dollars to aiding independent meat and poultry producers in an effort to undercut the few powerful meat producers that have control of the sector. Austin Frerick, deputy director of Thurman Arnold Project at Yale, joins Cheddar News to discuss.
Flight cancellations remain high nearly two weeks after the Christmas holiday, with more than 1,400 counted on Tuesday. Carriers are facing a number of factors including staff shortages linked to COVID-19 spread as well as inclement weather.
SGH, formerly known as Smart Global Holdings, reported Q1 earnings after the bell on Tuesday. The holdings company reported solid net sales, up a whopping 60 percent from the same period last year, marking its seventh consecutive quarter of year-over-year revenue growth. SGH also announced a two-for-one share split in the form of a share dividend of one ordinary share for every one ordinary share owned. Mark Adams, CEO, SGH and Former President, Micron, joined Wake Up with Cheddar to discuss.
For the first time in 90 years, General Motors has officially been dethroned as the top car seller in the U.S. after Toyota sold 2.3 million vehicles last year. Paulina Likos, an investing reporter at U.S News & World Report, said that the Japanese auto giant's 2021 success is linked to its large stockpile of semiconductor chips that allowed it to continue producing vehicles while others lagged behind. Likos noted that both GM and Toyota noted that this is unlikely to be a long-term trend and pointed to both automakers' push to become EV leaders. "I think what's great in this EV market is that there are so many different competitors, and certainly both GM and Toyota are trying to be leaders in this space," she said.
As the pandemic drags on, so does the widespread great resignation. In November alone, 4.5 million Americans quit their jobs, marking a new record high, and showing a 9 percent jump from the month prior. On the flip side, the number of people filing tax paperwork to start new businesses is surging, with over 430,000 new businesses launching in November. Rhett Buttle, the founder of Public Private Strategies and national business advisor to the Biden for President campaign, joined Wake Up with Cheddar to discuss.
New York Attorney General Letitia James is ramping up a civil investigation into The Trump Organization. The AG's office has subpoenaed Ivanka Trump and Donald Trump Jr. They have refused to comply with the subpoenas. Bradley Moss, national security attorney, joins Cheddar News to discuss the next steps in this investigation.
LG announced its latest cooking appliances including its ThinQ Recipe service. The app allows people to choose from up to 10,000 recipes and have the ingredients delivered to their doorstep. LG Electronics executive Brandt Varner joins Cheddar News to talk about the products.
