Get Woke, Go Broke: Disney To Lay Off Employees After Billions In Operating Losses
The company that once defined family entertainment is going from media giant to epic failure, suffering over $1.4 billion in streaming losses and a stock drop of around 39% for the year. And, it would appear that these financial declines are inevitably leading to employee layoffs.
Disney has put a freeze on hiring, it is limited employee travel and is also reviewing workers for efficiency with plans to introduce cuts as a means to make the company “more nimble.” CEO Bob Chapek noted in a leaked memo to senior staff:
“As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review.
…I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions.”
Chapek mentions in the same memo the problem of “macroeconomic factors” out of Disney’s control. He does not, however, mention his habit of bending the knee and groveling to woke activists, attempting to sabotage Florida’s anti-grooming legislation for public schools, or the company’s steady supply of content that pushes far-left narratives.
It is not so much the “macroeconomic factors out of Disney’s control” that are causing the conglomerate’s downfall. Rather, it is all the factors within their control, including their refusal to produce content that consumers actually want. American audiences are done with leftist propaganda in their films and television and are now actively researching and avoiding any content that promotes woke ideology and social justice talking points. After around five years of consumers withholding their money, Disney is finally starting to feel the pain.
This is what happens when a company markets its products to a tiny minority of leftist activists and LGBT fanatics, most of whom have very little money to spend anyway. Specifically, parents are concerned with Disney’s “family entertainment” evolving to focus on LGBT characters, being that LGBT concepts are purely sexual in nature and far outside of the understanding of the average child. Highlighting the obscure sexuality of characters within a children’s production is a bizarre notion.
Furthermore, the company’s hostility towards Florida’s Parental Rights In Education bill, which makes it illegal for public school teachers to groom young children with sexualized concepts and gender ideology, raises questions among consumers about Disney’s agenda in entertainment.
It is therefore no surprise that the company is now floundering, with a vast array of politically motivated box office bombs and streaming disasters that struggle to bring in even moderate viewership. Though they will never openly admit it, ultimately, Disney proves yet again that going woke also means going broke.
Watch Live: Trump Announces 2024 Run For President
Former President Donald Trump has formally filed a statement of candidacy for a 2024 presidential bid, and will make an announcement live Tuesday night.
According to polls, he will immediately become the front-runner for the Republican nomination despite last week’s lack of a “red wave” during the midterm election – after which Democrats held the Senate and lost the House by a much smaller-than-anticipated number.
Democrats probably won’t be able to pass federal legislation codifying the struck-down Roe v. Wade abortion protections, President Joe Biden said on Nov. 14.
“I don’t think there’s enough votes to codify, unless something happens unusual in the House,” Biden said at a press conference while traveling in Asia.
While control of the U.S. House of Representatives is still undetermined because some states have struggled to count votes in a timely manner, Democrats have already lost a number of seats and are likely to be in the minority.
“I think we’re going to get very close in the House. But I don’t—I think it’s going to be very close, but I don’t think we’re going to make it,” Biden added.
The Supreme Court in June struck down Roe, the 1973 decision that concluded access to abortion was a constitutional right, and an associated ruling called Planned Parenthood v. Casey that also barred states from imposing some restrictions on abortions.
Since then, Biden and other Democrats have repeatedly said they want to approve and sign into law a bill that would not only codify Roe but expand abortion protections beyond what they were with Roe.
The Democrat-controlled House in July passed the measure, although Democrats lacked enough support in the Senate, which had already rejected the legislation.
Sen. Joe Manchin (D-W.Va.), who opposed the legislation because it went further than Roe, joined Republicans in voting against the measure.
Meanwhile, several Republican senators, including Sens. Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska), have sometimes voted for pro-abortion legislation but they voted against the bill earlier this year.
Biden claimed over the summer that Democrats only needed a few more votes in the upper chamber to codify Roe.
“We need two additional pro-choice senators and a pro-choice House to codify Roe as federal law. Your vote can make that a reality,” he said, as he condemned the Supreme Court for its decision that struck down Roe.
“The fastest way to restore Roe is to pass a national law codifying Roe, which I will sign immediately upon its passage at my desk,” he also said.
On Nov. 14, Biden also said that he thought the midterms showed “the strength and resilience of the American democracy” and championed voters largely rejecting candidates who have questioned election results.”
NBC Pushes ‘Tripledemic’ Fear Mongering – Claims Children At Risk During The Holidays
Why can’t leftists and the mainstream media let go of the pandemic, accept that it is over and move on? There are a number of reasons, but much of it can be explained by the psychological drivers within the mind of the average progressive.
Leftists are often defined by their addiction to fear. For them, fear is a powerful tool, a great motivator for organization and a means to manipulate large groups into conformity with an agenda that would normally take many years or decades to accomplish otherwise. The hype surrounding covid is just one example – We can also see the political left’s love affair with fear in their obsession with “systemic racism” (which does not exist), or their rantings on the “climate crisis” (which does not exist).
Fear is a path to control over others and society at large and tends to be a tool used by weak people who cannot assert their ideologies through force of arms. It is also a great way to excite a population into mob impulses; a way to use large mindless crowds as a political weapon.
On the individual level, leftists like to live in the midst of constant crisis. For them, crisis creates meaning in their otherwise meaningless existence. The typical mindless leftist drone subsisting day-to-day without producing anything of value, often without marriage, without children and without a greater purpose, is going to be desperate to feel as though they are a part of something. They are looking for anything to make life more interesting; they don’t create value in their own lives, they have to search for it outside of themselves and live vicariously through events and vast groups and governments.
They are part of the hive, and the accomplishments of the hive are their accomplishments as well.
The covid pandemic was one of those moments in history where this collectivist mentality could be justified and all the worst impulses of narcissists and authoritarians and micro-managing control freaks could be put on display without much criticism. It was all being done for the “greater good”, you see. If the covid virus had been an actual large scale mortal threat no one would have been more happy than leftists.
Instead, they got a minimal threat with a 0.23% median Infection Fatality Rate. Covid was not the crisis they were hoping for, and not as useful in asserting dominance as they had originally envisioned. Still, the dream lives on. This is why we continue to see corporate media outlets pumping out not only covid fear, but also fear of any old viruses we have been dealing with for generations.
NBC is spearheading the latest fear narrative with the threat of the “Tripledemic”, a supposed spike in cases involving covid, the flu and a respiratory illness called RSV. Not surprisingly, the outlet is making the risks to children the focus of their propaganda. This makes perfect sense give the fact that covid was a non-issue for younger people, and leftists have learned over the past two years that fear is far more effective if the danger involves children.
NBC goes on to suggest that letting unvaccinated people near children should be avoided and that vaccines are the best option for protection. What their “medical expert” does not mention is that there is no vaccine for RSV and covid vaccination for kids is pointless. But why is NBC trying to tie covid together with the flu and RSV?
First, because the public at large no longer sees covid as a reason to isolate, nor a reason to spurn their unvaccinated relatives. So, they need to now lump covid in with a host of other diseases in order to maintain a sense of urgency.
Second, and perhaps most importantly, is that Big Pharma companies like Moderna are currently promoting the release of a new type of vaccine that combines a flu shot with an RSV and covid immunization. It’s not a coincidence that the mainstream media is suddenly hyping a “Tripledemic” of those same diseases.
In other words, if you want to get a flu shot you would also have to take a new mRNA RSV shot and covid shot at the same time. A problem to note is that Moderna is attempting to introduce this new vaccine product without the extensive clinical trials necessary to ensure safety. No surprises there.
The establishment is seeking to make the existence of viruses a perpetual crisis that requires steady injections of new mRNA technology to stay safe, and leftists are eating up the propaganda. Yes, it’s about money for companies like Moderna, but it’s also about control. When people are separated from their families due to vaccination status and worried about their children’s health they are more likely to submit to untested treatments and also unconstitutional rules. Fear is the fuel that keeps leftist movements alive.
Is there a questionable relationship between Sam Bankman-Fried’s bankrupt FTX, Ukraine, and the Democrats? In the aftermath of the collapse of the cryptocurrency exchange, new questions are being raised surrounding these connections, from crypto partnerships to the billionaire’s contributions to Democrats.
But is there something behind the curtain or was it a group of young people in over their heads?
It All Begins with ‘Aid for Ukraine’
In March, the Ukrainian government established a crypto donations website, allowing Kyiv to convert digital token contributions into fiat money that would be deposited at the National Bank of Ukraine. The Ukraine government maintained a goal of $200 million. By October, it had raised more than $60 million.
The contributed funds have been used to purchase everything needed for the war effort, such as digital rifle scopes, medical supplies, field rations, fuel, military clothing, and other critical items.
The initiative, known as “Aid for Ukraine,” garnered the support of FTX, staking outfit Everstake, and Ukraine’s Kuna exchange. It has been powered by the Ministry of Digital Transformation.
“At the onset of the conflict in Ukraine, FTX felt the need to provide assistance in any way it could. By setting up payment rails and facilitating the conversion of crypto donations into fiat currency, we have given the Central Bank of Ukraine the ability to deliver aid and resources to the people who need it most,” Bankman-Fried said in a statement in March. “We are grateful for the opportunity to work with Sergey [Vasylchuk] and the Everstake team as they continue to work tirelessly in helping Ukrainians as they suffer from this conflict.”
Days after the launch of the Ukraine–FTX collaboration, U.S. President Joe Biden announced an extra $800 million in security assistance to Ukraine, bringing the total contribution to $2 billion since the start of the administration. In total, it’s estimated that the United States has given more than $60 billion to Kyiv.
While it’s unclear if reports that Ukrainian officials have invested in FTX are accurate, many are seeking an explanation as to whether Ukrainian officials have used funds delivered to Kyiv through FTX to funnel money to Democratic campaigns.
Bankman-Fried’s Donations to Democrats
Bankman-Fried was the second-largest Democratic donor for the 2021–22 cycle, donating $39.8 million. This was behind George Soros’s total donations of $128 million. Bankman-Fried gave the most amount of money to the Protect Our Future PAC, a group that “endorsed Democratic candidates such as Peter Welch, who won his bid to become Vermont’s next senator, and Robert J. Menendez of New Jersey, who secured a House seat,” according to Fortune. But this past summer, Bankman-Fried suggested that he could’ve spent $1 billion on the midterm elections to support the Democrats, although he stepped away from this proposition.
In the first half of 2022, he contributed $865,000 to the Democratic National Committee, $66,500 to the Democratic Senate Campaign Committee, and $250,000 to the Democratic Congressional Campaign Committee.
In addition, Bankman-Fried made multiple visits to the White House. According to White House visitor logs, he met with White House counselor Steve Ricchetti on April 22 and May 12. The FTX founder also met with Charlotte Butash, a policy adviser to the White House deputy chief of staff, on May 13.
Mark Wetjen, the head of policy and regulatory strategy at FTX, who served as a commissioner on the Commodity Futures Trading Commission (CFTC) under former President Barack Obama, also attended some of the meetings.
Visitor logs also show that Bankman-Fried’s younger brother, Gabe, made visits to the White House on March 7 and May 13. His first appointment was with Nathaly Maurice, special assistant to the president and director of partnerships at the White House. His second visit was with Butash.
Gabe had previously worked as a Capitol Hill staffer and is the founder and director of Guarding Against Pandemics.
Bankman-Fried has been open about his attempts to influence public policymaking, explaining that he’s championing crypto regulations, including legislation that would codify licensure for crypto assets. The bill, the Digital Commodities Consumer Protection Act of 2022, was proposed by Senate Agriculture Committee Chair Debbie Stabenow (D-MI) in August. A key aspect of the legislative pursuit is that it would allocate crypto regulatory power to the CFTC. Bankman-Fried donated $5,800 to Stabenow’s campaign in February.
“One in five Americans have used or traded digital assets—but these markets lack the transparency and accountability that they expect from our financial system. Too often, this puts Americans’ hard-earned money at risk,” Stabenow said in a statement. “That’s why we are closing regulatory gaps and requiring that these markets operate under straightforward rules that protect customers and keep our financial system safe.”
So everything that has transpired between Bankman-Fried, FTX, Ukraine, and the Democrats has raised some eyebrows. Billionaire CEO Elon Musk is also intrigued by the latest developments.
“Was FTX being used to launder money for the Democratic Party?” a Twitter user asked.
Alex Bornyakov, the deputy minister of Digital Transformation of Ukraine, took to Twitter on Nov. 14 to dismiss this “narrative.”
“A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March,” he tweeted. “Ukraine’s gov never invested any funds into FTX. The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly.”
A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March. Ukraine’s gov never invested any funds into FTX. The whole narrative that Ukraine allegedly invested in FTX, who donated money to Democrats is nonsense, frankly 🤦♂️
Is there truth to any of the speculation that Ukraine funneled money to Biden through FTX or that there was anything iniquitous in the Ukraine-FTX partnership?
A cryptocurrency expert, who wished to remain anonymous, told The Epoch Times that there isn’t much credence to the suggestions. Although Bankman-Fried was a significant Democratic donor, the downfall of FTX was because of mismanagement, poor decision-making, and a lack of experience and corporate controls. It was an enormous financial firm that was run by 20-somethings.
The other factor was that FTX’s assets were denominated in volatile cryptocurrencies, and many of these tokens’ valuations crashed in 2022. FTX’s balance sheet, which was obtained by the Financial Times, shows that its assets were comprised of joke coins or unreliable tokens, including TRUMPLOSE, the Brazilian Digital Token, Oxygen (OXY), and FTT (FTX’s native coin).
In recent months, FTX has been acquiring troubled assets throughout the crypto and tech industries. In May, Bankman-Fried revealed a 7.6 percent stake in Robinhood, but the value had tumbled by more than 5 percent since the purchase.
It has been a year of turmoil for a wide array of crypto firms, such as Coinbase, crypto lending firm Celsius, BlockFi, and Singapore-based crypto trading platform Three Arrows Capital—which Bankman-Fried bailed out with a $750 million credit line.
“We’re willing to do a somewhat bad deal here if that’s what it takes to sort of stabilize things and protect customers,” he said in June.
The FTX scandal will likely have a domino effect in the sector. BlockFi, a crypto lender, revealed that it had large exposure to FTX. The Wall Street Journal also reported that BlockFi is exploring a bankruptcy filing, citing people familiar with the matter.
There’s growing concern that Gate.io and Crypto.com could be the next two giants in the crypto ecosystem to experience financial troubles.
Zelensky Issues 10-Point Plan To End War In G20 Virtual Address
Russian Foreign Minister Sergei Lavrov was quick to reject what he called “unrealistic and inadequate” terms for future peace talks put forward by Ukrainian President Volodymyr Zelensky on Tuesday.
Zelensky had addressed the G20 summit in Bali via video link earlier in the day, in which he presented a 10-point peace plan to end the war. Key features of the plan include withdrawal of all Russian troops from Ukrainian territory, the assurance of nuclear safety, food security including the ability to freely export, and an “all for all” prisoner swap.
FM Lavrov, who is representing Russa in Bali in President Putin’s stead, was in attendance for Zelensky’s video address, reportedly having remained in his seat for the duration. Lavrov later confirmed to reporters that he listened to the whole thing, which marks at least a “start” in terms of the potential for a future negotiated settlement.
Lavrov responded to the peace terms, saying “I reminded him [Macron] that all the problems are on the Ukrainian side, which categorically refuses any negotiations and puts forward terms that are obviously unrealistic and inadequate,” as quoted in AFP. Addressing accusations that it is Moscow that remains unwilling to enter talks, Lavrov said, “If anyone is refusing, it is Ukraine. The longer it refuses, the more difficult it will be to reach an agreement.”
The Kremlin has also previously pointed the finger at the US and UK for at every turn pushing Kiev away from meaningful ceasefire talks.
Below is the “10-point peace plan” which was presented by Zelensky before the G20 on Tuesday:
Radiation and nuclear safety
Food security
Energy security
Release of prisoners and deportees
Implementation of the UN Charter
Withdrawal of Russian troops and cessation of hostilities
Justice
Ecocide and the protection of the environment
Prevention of escalation
Confirmation of the end of the war
Despite talking “peace” – Zelensky throughout the speech took repeat swipes at Russia, for example mocking Putin’s absence at Bali by calling it the “G19 summit”.
Zelensky further charged that Moscow has continued making nuclear threats and that its forces have turned the Zaporizhzhia Nuclear Power Plant into “a radioactive bomb that can explode at any moment.”
Despite each side remaining further entrenched in their corners and unwilling to compromise, and at a moment Ukraine has maintained the momentum of its counteroffensive by taking Kherson, Zelensky’s 10-point plan does at least represent an opening of sorts, given just a couple months ago there wasn’t so much as discussion or possibility of a “peace plan”.
Crucially, noticeably absent from Zelensky’s peace plan was his prior demands of accelerated entry to NATO…
NEW: #Zelensky just issued a “10 point plan for peace” at the #G20 but said there will be no “Minsk 3” to end the violence.
Currently, the idea of a diplomatic solution is also being debated in Washington, so this perhaps represents an inching forward on the possibility of future negotiated settlement.
Responsible Statecraft observes of Zelensky’s speech, “A possible diplomatic shift in the war in Ukraine may have gone largely unnoticed when Kiev appeared to signal that it might be willing to give up its aspiration to become a member of NATO. Or at least downgrading its urgency.”
Poland Invokes NATO Article 4 Over Alleged Russian Missile Attack
Update(1715ET): Despite the alarmist talk all afternoon that NATO could invoke the Article 5 collective defense treaty over the alleged Russian rocket attack on a border town, the result of the Polish government national security emergency meeting is going in the opposite direction, and it seems there won’t be escalation today.
Polish govt spokesman Piotr Mueller said Poland has agreed to“increase its military readiness” – though crucially still admitted “It was not clear what caused the explosion in the southeastern town of Hrubieszów.” Russia has vehemently denied it was behind the explosions which killed two people. So instead of Article 5, Warsaw is merely talking the much lesser known Article 4. Article 4 requires “consultations” when a NATO member is threatened.
NATO AMASSADORS TO MEET ON WEDNESDAY AT REQUEST OF POLAND ON BASIS OF ALLIANCE’S ARTICLE 4 – TWO EUROPEAN DIPLOMATS SAY
“A moment ago it was decided to increase the readiness of some military units in Poland and other uniformed services,” Mueller told reporters in a press briefing. Across Ukraine and as far west as Lviv, Russian airstrikes pummeled Ukraine’s energy infrastructure on Tuesday. The Hill reports after a terrifying day for Ukraine, “Russia’s widespread missile attack on Ukraine – firing what Zelensky said was 90 missiles – was aimed primarily at the country’s electrical infrastructure following an embarrassing Kremlin retreat from the key Ukrainian city of Kherson.”
It is entirely possible that amid this large barrage of rockets, which also triggered Ukraine’s anti-air defense measures, an errant projectile strayed into NATO member Poland’s territory. Polish Senate Advisor Marcin Zaborowski said late in the day that if indeed it was accidental, Moscow should immediately apologize. So far the Kremlin has denounced the reports as a “deliberate provocation” – suggesting that Ukraine’s backers are seeking to draw NATO into escalation.
Article 4 call is wise. It seems Poland does not want to be blamed for a possible fait accompli. Discussion with NATO countries buys time for investigations to reach definitive data.
All NATO decisions are made by consensus, after discussion and consultation among member countries. Consultation between member states is therefore at the heart of NATO since Allies are able to exchange views and information, and discuss issues prior to reaching agreement and taking action.
As for the Ukrainian government reaction, it was somewhat predictable, with President Zelensky calling it a “really significant escalation” in the war while demanding “action” from the West.
“Hitting NATO territory with missiles… This is a Russian missile attack on collective security! This is a really significant escalation. Action is needed,” Zelensky said his Tuesday night video address. He said it is “only a matter of time before Russian terror goes further.”
Unconfirmed video purporting to show the strike aftermath on the Polish side of the border was aired on a Polish TV station:
NEW: Footage reported to show the immediate aftermath of the explosion in Poland today pic.twitter.com/vTsbg0CpYX
Meanwhile, a highly respected weapons tracker social media account that’s generally seen as sympathetic to the Ukrainian side has broken ranks, suggesting what landed on the Polish town was a Ukrainian anti-air missile…
So what crashed in the village of Przewodów, Poland today?
With the cooperation of @blueboy1969 we analyzed the available photos of fragments and came to a clear conclusion that they belong to the 48D6 motor of the 5V55-series missile of the S-300 AD system- a Ukrainian one. pic.twitter.com/f0Ex3USLN8
With the narrative quickly changing, and available photographic evidence from the impact site now coming under broader scrutiny, Ukraine officials are in damage control…
Update(1500ET): Russia has issued its first statements in the wake of conflicting reporting concerning the suspected missile attack on Polish territory, just across the border with Ukraine. Russia is calling the reports a “deliberate provocation” and is denying that its forces have aimed any missiles near the Ukraine-Poland border, per Interfax news.
The Russian Defense Ministry issued a statement saying it has not taken part in “strikes against targets near the Ukrainian-Polish border” using “Russian weapons” – as is being alleged by Polish sources. The Russian statement further said it’s Warsaw’s attempt to escalate the situation. The Pentagon has meanwhile said it can’t corroborate the reports at this early stage but is gathering more information. A Pentagon spokesman vowed the US stands ready to “defend every inch of NATO territory.”
According to Polish radio broadcaster Radio Zet, local reports have said what hit Przewowo is most likely the remains of a rocket shot down by Ukraine’s armed forces. But there are conflicting and many unconfirmed claims still circulating. The US State Dept. said, “We are working with the Polish government to collect information and assess what happened.” It also called the reports “incredibly concerning.”
Russia’s defence ministry has denied reports that Russian missiles hit Polish territory, describing them as “a deliberate provocation aimed at escalating the situation”.
“No strikes on targets near the Ukrainian-Polish state border were made by Russian means of destruction,” it said in a statement.
Wreckage reportedly found at the scene “has nothing to do with Russian weapons”, it added.
Meanwhile “Article 5” is trending on Twitter.
Article 5 is not an automatic tripwire, it relies on consensus like other NATO decision-making processes. Ukraine (and Poland’s) defense wishlists just became more achievable but a NATO consensus on direct conflict with Russia is hardly a given and all parties involved know this https://t.co/A0m4yR62gu
Are we about to test Art Cashin’s thesis that you should never bet on the end of the world (i.e. sell stocks as the ICBMs start flying). As a reminder:
Art Cashin, the dean of the NYSE floor, told a story on Tuesday at Barry Ritholtz’s Big Picture conference in midtown that illustrated this point perfectly. It was in the days before the Cuban missile crisis. Mr. Cashin was a young trader. One day a rumor mushroomed that the Russians had launched their missiles. World War III was starting. Mr. Cashin ran across the street to find the best trader he knew – who was in a bar having a drink. Mr. Cashin ran in breathlessly, hardly able to talk.
“Stop,” the trader said. “Have a drink. Explain everything.” After hearing all the information, the trader had one order: “Buy. Don’t sell. Buy.”
“Why?” Mr. Cashin wondered.
“Because if you’re wrong, the trade’ll never clear. We’ll all be dead.”
Well, moments ago futures ignored the venerable market strategist’s words and tumbled after a report from Polish Radio ZET according to which two stray rockets fell in the town of Przewodów on the border of NATO-member Poland with Ukraine (while unreported, the prevailing assumption is that the rockets are Russian).
The Associated Press is also confirming, citing a senior US intelligence official who says two people were killed by the missiles. However, the Pentagon followed by saying it cannot corroborate the reports at this time. Stocks quickly reversed higher on the headline.
And Polish sources are reporting – albeit emphasizing the report is still unofficial – that Polish military planes have been scrambled out of the airport near Tomaszów Lubelski. “The Polish Air Force took fighter jets into the air from the Tomaszow-Lubelski airfield in the Lublin Voivodeship,” the local reports say.
And as Bloomberg also confirms, Polish Prime Minister Morawiecki has convened an urgent meeting of the Committee of the Council of Ministers for National Security. Hungarian PM Viktor Orban has also reportedly convened a national defense council meeting.
Estonia has meanwhile issued a statement saying it is “ready to defend every inch of NATO territory, We’re in full solidarity with our close ally Poland,” according to its ministry of foreign affairs.
The news has sent futures tumbling.
And further on the news:
US DEFENSE STOCKS JUMP TO SESSION HIGHS; NORTHROP UP 5%
It will be amusing when reputable news sources deny the whole thing but for now, stocks are dumping and are red on the day after soaring more than 2% earlier.
Hours earlier in the day Ukrainian authorities were reporting a series of fresh missile attack on the capital, and rare airstrikes in Western regions as well, including the city of Lviv.
Supply Hell: Wait Times For Tesla Model 3 And Model Y Just Evaporated Down To One Week, At Minimum
In what we’re sure is a sign of incredible demand (or at least, that’s what we’ll probably be told by the company), Tesla is slashing the minimum wait times on its Model 3 and Model Y vehicles.
The company’s website reflected the changes on Tuesday after Tesla “added to its electric vehicle inventory in Shanghai at its fastest pace ever in October”, Reuters reported on Tuesday morning, citing data from China Merchants Bank International.
The inventory build comes at a time when global auto companies are “bracing for a downturn” as monetary policy conditions globally are slowly grinding the gears of many economies to a crawl.
Tesla’s deliveries in China for October were down sequentially from the month prior and the news comes just days after the idea was floated in financial media about whether or not Tesla could export vehicles from Shanghai to the United States.
Recall, about three weeks ago, Tesla cut the price of some of its cars in China, first raising suspicions about a potential lack of demand days after Musk said the company would continue robust production regardless of whether or not the global economy slipped into recession.
At the time, Tesla slashed the price of its Model 3 and Model Y to 265,900 Chinese yuan ($36,615) from 279,900 yuan and to 288,900 yuan versus the previous price of 316,900 yuan.
The cuts offset price hikes that took place earlier in the year, which came as a result of higher input costs. “China is experiencing a recession of sorts,” CEO Musk said at the end of October.
The week prior, on a company conference call, Musk had said: “To be frank, we’re very pedal to the metal come rain or shine. We are not reducing our production in any meaningful way, recession or not recession.”
“The public at large realizes that world’s moving towards electric vehicles, and it’s foolish to buy a new gasoline car at this point because the residual value of that gasoline car is going to be very low. So, we’re in a very good spot.”
“I wouldn’t say it’s recession-proof but it’s recession-resilient, because basically the people of Earth have made the decision in large part to move away from gasoline cars,” he added.
Well now it’s starting to look as though Tesla may have more vehicles on its hands than it knows what to do with…
This year’s average U.S. gasoline prices on Thanksgiving are expected to be at their highest level ever for the holiday and beat the previous record from Thanksgiving of 2012, according to estimates from fuel-savings app GasBuddy.
Despite the record-high average gasoline prices, 20% more Americans plan to travel by car for the holiday weekend, compared to 2021, especially after Covid precautions have significantly eased compared to the previous two years, according to GasBuddy.
Moreover, gasoline prices have dropped a lot from the record highs in June.
Per GasBuddy estimates, the national average is projected to stand at $3.68 a gallon on Thanksgiving Day – nearly 30 cents higher than last year and over 20 cents higher than the previous record of $3.44/gal set in 2012.
The number of Americans traveling over the Thanksgiving weekend this year is up from 32% last year to 38%, a nearly 20% rise, according to GasBuddy’s Thanksgiving survey. A total of 21% said they had chosen not to drive due to high fuel prices.
Most respondents in the survey indicated they would travel less than an hour away.
“While 21% say high fuel prices are impacting their travel, surprisingly fewer are citing high gas prices this year (46% vs. 51% in 2021) for impacting their travel plans,” GasBuddy said.
The majority of respondents traveling for Thanksgiving, 73%, will not be crossing state lines to do so.
“It has been a dizzying year at the pump, with motorists likely feeling nauseous not from the eggnog, but from the roller coaster ride at the pump with record gasoline prices earlier this year, which have fallen significantly since mid-summer,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Americans, however, are proving that while we’ll openly complain about high gas prices, most of us aren’t deterred from taking to the highways to observe Thanksgiving with those that matter most to us, especially as precautions from the pandemic have eased.”
On Monday, De Haan said he expected that in the next ten days, the national average price of gasoline would fall to its lowest level since March. The number of states with below-$3 average gas prices will rise to 5 by the end of the month, he added.
FTX Founder Sam Bankman-Fried Faces ‘Trip’ For Questioning In US
FTX founder Sam Bankman-Fried is facing the possibility of a ‘trip’ to the US (not an ‘extradition’ – as Bloomberg puts it), as US and Bahamian authorities have been discussing the possibility of bringing him to America for questioning over this firm’s devastating implosion, according to Bloomberg, citing people familiar with the matter.
Conversations between law-enforcement officials in the two countries have recently intensified, as they probe what led up to cryptocurrency firm FTX’s meltdown. He has reportedly been cooperating with Bahamian authorities, according to one source.
Since FTX began its tailspin last week, prosecutors and regulators in the US and the Bahamas have opened probes. Bahamian police interviewed Bankman-Fried on Saturday.
Bankman-Fried has apologized repeatedly to FTX’s customers on Twitter. He also said on the social media platform Friday that he was “shocked to see things unravel the way they did” and that he would seek to provide a complete detailing of what happened once he had a better understanding of the situation. -Bloomberg
In a Tuesday tweet, Bankman-Fried said that he’s “meeting in-person with regulators and working with the teams to do what we can for customers,” and that his goals are to “clean up and focus on transparency,” and “make customers whole.”
14) My goal:
a) Clean up and focus on transparency
b) Make customers whole
