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.
Despite a champagne shortage ahead of New Year's Eve, adult beverage retailers are staying optimistic about 2022. Cathy Lewenberg, COO at online alcoholic beverages platform Drizly, joined Cheddar to talk about the sunny outlook for next year and the current state of the industry. She noted a 20 percent higher demand for champagne year-over-year has led to the holiday's shortfall and that the spirit category is continuing to thrive with tequila on pace to outsell vodka for the first time. "Tequila has just been on fire on our platform. It's grown 13 percent in share on our platform over the last couple of years where vodka obviously had been the leader," she said. "Tequila is the top thing in addition to bourbon that retailers are looking to give more shelf space to in 2022."
Travel expert Francesca Page joined Cheddar's Baker Machado to break down how the omicron-fueled COVID-19 surge of cases on cruise ships is impacting the industry, as the CDC is actively monitoring at least 92 ships for outbreaks. Page also talked about the upcoming expiration of the CDC's conditional sailing order mandating mask-wearing and addressed passenger concerns. "Everyone is asking, financially, should I cancel my cruise should COVID surges keep going, which it looks they are, and to a large degree I think that decision is very personal and is based on one's own risk tolerance," she said.
