What you need to know today
More job cuts
Tesla has cut more than 14% of its workforce in 2024, reducing its global headcount to just over 121,000 employees. This figure, based on an internal email list, surpasses the 10% reduction announced by CEO Elon Musk in April. Musk hinted at even larger cuts, citing a 25-30% inefficiency level in the company. In a recent email, Musk announced the reinstatement of performance-based stock options for exceptional employees, a move potentially aimed at boosting morale and motivating the remaining workforce.
Tesla has cut more than 14% of its workforce in 2024, reducing its global headcount to just over 121,000 employees. This figure, based on an internal email list, surpasses the 10% reduction announced by CEO Elon Musk in April. Musk hinted at even larger cuts, citing a 25-30% inefficiency level in the company. In a recent email, Musk announced the reinstatement of performance-based stock options for exceptional employees, a move potentially aimed at boosting morale and motivating the remaining workforce.
Apple AI Europe delay
Apple won’t release three new features, including its flagship “Apple Intelligence” AI product, in the European Union due to regulatory concerns. The company believes that the EU’s Digital Markets Act (DMA) antitrust regulation could force it to compromise user privacy and data security. The DMA aims to prevent major tech companies from acting as “gatekeepers” by requiring basic functionalities to work across competing devices and ecosystems.
Apple won’t release three new features, including its flagship “Apple Intelligence” AI product, in the European Union due to regulatory concerns. The company believes that the EU’s Digital Markets Act (DMA) antitrust regulation could force it to compromise user privacy and data security. The DMA aims to prevent major tech companies from acting as “gatekeepers” by requiring basic functionalities to work across competing devices and ecosystems.
‘Living wills’
U.S. banking regulators identified shortcomings in the “living wills” of four major banks — Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America. These plans, outlining how the banks would be dismantled in a crisis, were deemed inadequate due to issues with unwinding their massive derivatives portfolios. Specifically, the banks struggled to demonstrate their ability to quickly test and adjust their unwinding strategies under different scenarios, raising concerns about their preparedness for potential financial distress.
U.S. banking regulators identified shortcomings in the “living wills” of four major banks — Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America. These plans, outlining how the banks would be dismantled in a crisis, were deemed inadequate due to issues with unwinding their massive derivatives portfolios. Specifically, the banks struggled to demonstrate their ability to quickly test and adjust their unwinding strategies under different scenarios, raising concerns about their preparedness for potential financial distress.
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Some famous words of Buffett. I hope it's useful to you. : )
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