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.
Carlo and Baker cover the heartening news on the Covid front ahead of the holiday, plus President Biden punting student loan repayments again, a new space telescope and Love, Hate, Ate: Christmas Eve Eve Edition!
Stocks closed lower Monday as investors continued to price in COVID-19 omicron variant fears. Reopening stocks like airlines, financial companies, restaurants and hotels, and more, dragged on the major indexes as businesses and events took a pause over the weekend amid rising case numbers in metropolitan areas. This comes a week after the Federal Reserve announced it plans to speed up its asset tapering timeline in January and institute three rate hikes next year. Is that plan aging well? Robert Conzo, CEO of The Wealth Alliance, joins Cheddar News' Closing Bell to discuss market movement, how stocks could close out the year, what the Fed could do in 2022, and more.
After a vote in one Buffalo, New York-area Starbucks created the first workers union in the coffee chain's history, the company has announced that it is ready to negotiate in good faith with the new bargaining unit. But a tense process where labor organizers leveled accusations of anti-union activity at the coffee giant may make that difficult. Cortlin Harrison, a barista at the unionized store, spoke to Cheddar about making a deal. "We can move past all the dirty tricks, the union-busting, the captive audience meetings," he said. "I'm ready to go to the table, and my fellow baristas are ready to go to the table, and just move forward."
This year's worldwide semiconductor shortage limited the supply of everything from new cars to smartphones; and now, many in the chip industry expect the shortage to continue deep into 2022, and maybe even 2023. Semiconductor senior research analyst for Robert W. Baird & Co., Tristan Gerra, joins Cheddar News' Closing Bell to discuss.
Direct health care company Nomi Health recently raised $110 million in a Series A round. Nomi Health lets public and private organizations directly purchase healthcare at reduced costs, and pay providers in real-time. It also delivers healthcare directly to under-served communities via its fleet of mobile care units, which the company says is the largest in the country. Nomi Health says its mission is to improve the health care experience for all Americans. Nomi Health CEO Mark Newman joined Cheddar News' Closing Bell to discuss.
American Express and Nova Credit have partnered the credit passport program aimed at expanding access to credit for immigrants from the Dominican Republic, Nigeria, Kenya, and Brazil. Misha Esipov, co-founder and CEO of Nova Credit, joined Cheddar's Ken Buffa to talk about the program's benefits for immigrants who have to start over in the U.S. and are looking to establish a credit history. "If you were a good borrower in your home country — and you can prove you were a borrower in your home country — when you first arrive here, you can use that information to continue to be a good borrower," he said of the service.
