Tesla’s chief executive originally bought the house — which is considerably smaller than some of his others — along with his now ex-wife Talulah Riley in 2013 for $3.695 million. If the asking price of $4.5 million holds, Musk stands to make nearly $1 million in profit from the sale.
U.S. Food and Drug Administration Commissioner Scott Gottlieb has called for meetings with the chiefexecutives of Juul and its big tobacco buddy Altria over teen vaping concerns, claiming that their $13 billion deal last year undermined promises they made to the agency about getting the dang teens off their products.
In letters respectively addressed to Juul CEO Kevin Burns and Altria CEO Howard A. Willard III this week, both were accused of contradicting agreements the companies had previously made with the agency during meetings in October. Both companies, Gottlieb said, should be ready to lay out in a joint meeting with the FDA exactly how Altria’s 35 percent minority stake in the vaping giant affects those prior commitments.
“I am aware of deeply concerning data showing that youth use of JUUL products represents a significant proportion of the overall use of e-cigarette products by children,” Gottlieb wrote. “I have no reason to believe these youth patterns of use are abating in the near term, and they certainly do not appear to be reversing.”
A Juul spokesperson told Gizmodo in a statement that the company was “as committed as ever to preventing underage use of electronic nicotine delivery systems.”
“We are moving full steam ahead on implementing our action plan to limit youth usage and this is unchanged since we announced our plan in November 2018,” the spokesperson added. “We look forward to a constructive dialogue with FDA as we keep our commitments to combat youth usage.”
The FDA chief said back in December that he planned to meet with the companies following the announcement that Juul had agreed to a deal with big tobacco—which, by way of some mental gymnastics, the company insists actually furthers Juul’s mission of getting adult smokers to make the switch to vaping. As TechCrunch noted, the deal gives Juul some of Altria’s display space in stores and will allow Juul to advertise through inserts in cigarettes packs.
Juul has consistently claimed that it is committed to keeping its products out of the hands of teens (even if it stands accused of advertising to them for years). Through agreements with the FDA, the company has pulled some flavored Juul pods from stores, killed some of its social media accounts, worked to boot teens from its website, and seriously overhauled the way that its products are being marketed. Even still, teen vaping continues to see a staggering spike.
Speaking at a public hearing last month, Gottlieb threatened that the entire e-cigarette industry could be in for a world of hurt if the trend continues.
“It could be ‘game over’ for some these products until they can successfully traverse the regulatory process,” Gottlieb said. “I think the stakes are that high. And would be a blow for all of the currently addicted adult smokers who, I believe, could potentially benefit from these products.”
Update 2/8/19 8:15 p.m. ET: A spokesperson for Altria issued the following statement to Gizmodo:
“We agree with the Commissioner that underage vaping has to be addressed. Both Altria and JUUL have taken significant steps that exceed what others in the industry have done and we remain committed to being part of the solution. For example, we are actively supporting efforts at the federal and state level to raise the minimum legal age to purchase all tobacco products to 21. We believe this is the most effective action to reverse rising underage e-vapor usage rates.”
SAN FRANCISCO (Reuters) – When Tesla Inc announced last month a second round of job cuts to rein in costs, one crucial department was particularly badly hit. The automaker more than halved the division that delivers its electric vehicles to North American customers, two of the laid-off workers said.
Some 150 employees out of a team of about 230 were let go in January at the Las Vegas facility that gets tens of thousands of Model 3s into the hands of U.S. and Canadian buyers, they said, in a sign the company expected the pace of deliveries to significantly slow in the near term.
The cuts, which have not been previously reported, could fuel investor worries that demand for the Model 3 in the United States has tailed off after a large tax break for consumers expired last year and the car remains too expensive for most consumers.
Tesla has said its focus this quarter is on supplying cars to customers waiting in China and Europe.
“There are not enough deliveries,” one of the former employees told Reuters. “You don’t need a team because there are not that many cars coming through.”
Delivery of the Model 3 was the company’s key priority in the latter half of 2018, as Tesla tried to supply all buyers wanting the full benefit of the $7,500 U.S. tax credit before it was cut in half at year’s end.
The Model 3 is crucial to Tesla’s plans for long-term profitability. The company aims to post a profit in each quarter this year, based on the expectation that it will sell more Model 3s and continue to cut costs.
Tesla declined to comment on the job reductions in the delivery team. The company still has an undisclosed number of delivery personnel attached to other locations.
‘EVERY BEING ON THE PLANET’
Even before the paring back of the delivery team, investors questioned the level of demand for the Model 3 remaining after Tesla’s all-out push to supply buyers ahead of the tax credit cut.
“Given the need for revenue to cover costs and generate cash, the financial community should be focused on the level of demand for Tesla vehicles – in particular the Model 3,” wrote Barclays analyst Brian Johnson in January.
The two former delivery workers said the 2018 sales push has left Tesla’s reservations list plucked clean of North American buyers willing to pay current prices of over $40,000 to get their hands on a Model 3.
Chief Executive Elon Musk initially said in 2016 the car would start at $35,000 – which sparked a rush of reservations – but Tesla has yet to actually sell any cars at that price, despite two price cuts already this year.
“We sold through just about every car we had on the ground and we called almost every being on the planet who had ever expressed desire to own a Tesla to let them know the tax credit was expiring,” said the other ex-employee.
Tesla workers around the company were reassigned to pitch in, that source said.
“They said, ‘Your job is off the table now, we have to get these cars delivered. Because if we don’t get these cars delivered, you don’t have a job tomorrow,’” the former employee said.
HALF A MILLION BUYERS
At the Model 3 launch in July 2017, Musk said over half a million buyers had put down deposits on the new car. That helped send Tesla shares up almost 15 percent over the following six weeks.
The company delivered 145,610 Model 3s in 2018, but all of them at prices far above $35,000. Musk said last week a $35,000 version that could be sold profitably was perhaps six months away. Even with two price cuts this year, the lowest price tag on a Model 3 is now $42,900.
Musk maintains that Model 3 demand is “insanely high,” but his company has not released any figures to demonstrate that.
Asked about the reservations list last week by analysts, outgoing Chief Financial Officer Deepak Ahuja declined to disclose how many people remained, calling it “not relevant.”
Musk has said Tesla has multiple ways of stoking demand, if it chose to, such as offering leases or boosting marketing efforts.
The Model 3s now rolling out of Tesla’s Fremont, California, factory are going to Chinese and European buyers, Tesla says.
The two laid-off employees said delivery targets for North America – made up of mostly U.S. buyers – this quarter would be 55 percent to 60 percent of what they were in the last quarter of 2018.
If Tesla does not cut prices soon, it risks losing potential customers – and ones already on its reservation list – to a slew of German and Asian competitors whose electric vehicles will hit the U.S. market this year. Each of the new entrant’s first 200,000 buyers will be eligible for a full federal subsidy.
FILE PHOTO: A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo
Having met that number already, the U.S. tax credit for Tesla buyers drops in half to $3,750 for the first six months of 2019, then falls by half again in the second six months.
Musk said last month his “rough guess” was that Tesla would begin building the $35,000 Model 3 in mid-2019.
One of the sources said that could recharge U.S. demand: “If there was a Model 3 for $35,000 that was still a really good car, that blows away the competition, I could see demand going through the roof.”
Reporting by Alexandria Sage in San Francisco; Editing by Greg Mitchell and Bill Rigby
Daniel Ek, chief executive officer and co-founder of Spotify AB.
Cramer said Wall Street has misread Spotify‘s latest earnings report and guidance, and that misunderstood stocks like these give investors an opportunity to make some money.
he called out stock analysts like Everscore ISI’s Anthony DiClemente who have downgraded the equity over concerns about subscriber growth.
“I think this is lunacy,” saidCramer, who has been bullish on the music streaming platform since it went public last April.“It’s like the market just doesn’t know how to read this company or its quarterly guidance. In my view, Spotify is very much on the right track.”
The stock was rocked after a seemingly mixed quarterly earnings released Wednesday, Cramer said. After Spotify reported lower-than-expected sales, tight cash flow and conservative guidance across the board including subscriber growth, shares sold below $129 at one point in Thursday’s session.
But Cramer noted that the company beat expectations on operating profit and gross margin, which was 120 basis points higher than was asked for.
“I think the sellers were missing a lot of context here and the context is something I like to talk about a lot and it’s called UPOD. They under promise … and then they over deliver,” he argued. “At this point, CEO Daniel Ek and his team have established a track record of giving cautious guidance—under promise—and then beating it—over delivering.”
Spotify’s guidance includes planned investment costs and the company could “become the premier platform for podcasts,” a hot market for hard-to-reach millennials, Cramer said.
Carlos Ghosn’s secretaries are to blame for the “misunderstanding” that led the fallen car executive to hold a wedding reception at the Palace of Versailles without paying, his lawyer has said. Read More
Eating pizza with fork and knife can easily cause a scandal, but if they’re gonna talk, let’s give them something to REALLY talk about. Buzz60’s Maria Mercedes Galuppo has more. Buzz60
Saturday is deemed National Pizza Day. And oh, how we love our pizza. A recent survey by Offers.com found that nearly a quarter of Americans spend $21-$40 a month on pizza. The survey also revealed, no surprise, that pepperoni was the most popular topping, followed by sausage.
How much do we buy? According to the NationalDayCalendar.com more than 3 billion fresh pizzas are sold in the U.S. each year — plus another billion frozen pizzas.
Last Sunday’s Super Bowl was a huge day for pizza. According to Pizza Hut, an official NFL sponsor, they sold enough pizza to cover more than 41,000 football fields and served up 10 million ounces of cheese during the big game. They also delivered nearly 6 million chicken wings. Their largest order during the game was a location in Kansas, for $5,134.09.
Regardless of whether you prefer thin-crust, deep-dish or Detroit-style, and want to celebrate the day, here are some noteworthy deals at several metro Detroit pizza places.
Domino’s: Domino’s is giving customers a chance to win free pizza for a year. awarding one winner five $100 Domino’s gift cards. The sweepstakes runs through Sunday on Twitter where one winner will receive five $100 Domino’s gift cards and 10 runners-up will get $50 e-gift cards. On Saturday only, you can enter on Instagram, where there will be one winner of $500 in Domino’s gift cards.
Little Caesars: Stuffed Pretzel Crust Pizza is $9. And for a limited time, you can get the Pretzel Crust Pizza for $6.
Papa John’s: Any large specialty pizza for $12, including the Philly Cheesesteak Pizza, which is back for a limited time.
Pilot Flying J: The operator of travel centers in North America will offer a free slice of its pizza through Sunday when you use the Flying J app. The offer is redeemable at any location. Pilot Flying J has more than a dozen locations in Michigan, including Woodhaven, Monroe and Saginaw, and 300 nationwide. If you’re a first-time user of the Flying J app, you also get a free drink.
Pizza Hut: Just after its first Super Bowl sponsorship, Pizza Hut is saying thank you to fans. For a limited time, you can get any large pizza, up to five toppings, for $10.99. You will need to use the code “THANKYOU” when checking out. Keep in mind there’s an extra charge for stuffed crust, extra cheese, and orders with more than five toppings
Contact Susan Selasky: 313-222-6872 or email@example.com. Follow @SusanMariecooks on Twitter.
Read or Share this story: https://www.freep.com/story/life/food/2019/02/08/national-pizza-chain-deals-national-pizza-day/2815324002/
Daniel Loeb’s Third Point dissolved its stakes in Netflix, Microsoft and Alibaba as of Dec. 31, according to a Friday filing with the Securities and Exchange Commission.
trimmed his firm’s positions in technology stocks. In the November filing, Third Point disclosed it had slashed its position in Netflix by more than 33 percent, but had increased its position in Microsoft.
It’s been a strange, painful couple of days for some Wells Fargo customers.
A tsunami of problems hit the bank this week, leaving some customers not knowing how to access their money. As a result, an army of angry Wells Fargo customers hit social media to report missing their paydays, trouble using debit cards, and problems with mobile banking apps. As of Friday morning, after two days of technical issues, the bank says the problem should finally be fixed.
On Thursday, a power shutdown at one of Wells Fargo’s main data centers caused a cascade of issues that hamstrung many of the bank’s core operations. The shutdown occurred after fire suppression systems were activated following utility work on Thursday, but no actual fire happened, according to the company. When the bank’s backup plans didn’t work as expected, customers started to see problems.
The most striking complaints were from customers worried they had missed paydays and companies unable to file payroll. A bank spokesperson said all the transactions were processed, but the bank appears to have failed to properly notify customers about the issue. Customers reports suggest the bank initially had trouble playing catch up as it recovered from the power shutdown and ended up processing the transactions in batches, resulting in delays that caught people off guard.
The spokesperson said everything should now be back to normal as of Friday. A sizable flow of complaints is still rolling in on social media, however. So, if you’re a Wells Fargo customer who had issues, it’s worth checking back with your account to see if all is now well.
Wells Fargo tried to deal with the onslaught of complaints by apologizing repeatedly on Twitter:
“As a result of the process to restore systems yesterday, some transactions and balances were not visible in online banking or ATMs earlier today,” the bank told Gizmodo on Friday. “The transactions were processed normally, and customers can use their accounts with confidence. This issue has now been corrected, and all transactions are now visible. We are experiencing higher than normal volumes so there still may be delays in online banking and contact center response times.”
If you work at Wells Fargo and know details about how the incident played out inside the company, Gizmodo would like to know: firstname.lastname@example.org.
In the first phase of development, In-N-Out will build a 97,900-square-foot distribution facility on the site. A 150,000-square-foot office building and a 4,772-square-foot restaurant will follow after that.
An opening date for the first Colorado In-N-Out Burger has not yet been announced.