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Tesla is getting into the rental car market. Drivers can now rent a Tesla in two Southern California locationsSan Diego and Costa Mesafor three to seven days, starting at $60 daily, according to Electrek. Tesla will be renting, not leasing its EVs, and plans to continue rolling out additional U.S. locations starting this month. Fast Company has reached out to Tesla for comment. The news comes as the electric vehicle (EV) maker looks for new ways to head off further declines in U.S. sales following the expiration of its federal tax credits, and comes amid continued backlash against the company for CEO Elon Musks role in the U.S. government, coupled with growing competition in the EV market. Those federal EV tax credits of up to $7,500 expired on October 1, after President Donald Trump signed his One Big Beautiful Bill Act (OBBBA) into law. Each Tesla rental will include the option for supervised Full Self-Driving and Supercharging, at no extra cost, and as incentive to buy, customers will a receive a $250 credit if they purchase a model within a week, Electrek reported. Shares of Tesla, Inc. (Nasdaq: TSLA) were trading up over 4% in midday trading on Monday. Shares of rental car company Hertz Global Holdings, Inc. (HTZ) were down nearly 3% at the time of this writing in the aftermath of its recent quarterly earnings report. The car rental giant had purchased a fleet of Teslas to increase its EV offerings, but has been selling them as demand decreased, along with resale value. The news comes just days after shareholders approved a controversial pay package for CEO Elon Musk worth up to nearly $1 trillion in compensation, and as a head of Tesla’s ailing Cybertruck business announced he was leaving Tesla following the company’s recall of some 63,000 Cybertrucks due to their bright front lights, per the Associated Press. A look at the numbers shows Tesla’s third quarter earnings missed analyst expectations, even while it reported $28.1 billion in revenue, up 12% from the previous year. Earnings per share (EPS) came in at 50 cents versus an expected 54 cents. The company has reported year-over-year revenue declines the two previous quarters.
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E-Commerce
Think. Create. Change. These three verbs are the driving force behind the World Changing Ideas Summit, a first-of-its-kind event created in partnership with Fast Company and Johns Hopkins University (JHU). This November 19 at the Johns Hopkins University Bloomberg Center in Washington, D.C., the World Changing Ideas Summit will convene academics and senior business leaders for a day of immersive, thought-provoking experiences designed to advance Americas innovation ecosystem. From dynamic panels to interactive innovation showcases to hands-on breakout sessions, the World Changing Ideas Summit aims to go beyond dialogue and inspire action. “The World Changing Ideas Summit is a wholly new kind of event: a partnership between two very different organizations, both known for their commitment to innovation, coming together to explore the near future through the ideas they’re most excited about, says Brendan Vaughan, editor-in-chief of Fast Company. The World Changing Ideas Summit is modeled after Fast Companys annual World Changing Ideas list, which celebrates the businesses and organizations developing creative solutions to the most pressing issues of our time. Paired with Johns Hopkins University’s renowned history of scientific discoveries, the World Changing Ideas Summit stands as a dynamic partnership between two of the most innovative forces in media and academic research, focusing on transformative advancements in healthcare, space exploration, and physical AI.As we celebrate our 150-year anniversary, Johns Hopkins is doubling down on our commitment to improving lives by bringing the benefits of research to the world, said Cybele Bjorklund executive director of the Johns Hopkins University Bloomberg Center. This summit provides a fresh vision and venue to bolster America’s powerful innovation ecosystem, rooted in our drive to forge stronger connections between government, universities and the private sector.” The World Changing Ideas Summit features a mix of JHU faculty and World Changing Ideas honorees including Akhila Kosaraju, cofounder and CEO of Phare Bio; Jordan Shuff, research engineer at the Johns Hopkins Wilmer Eye Institute; Hongquan Li, cofounder and CEO of Cephla; Dennis Woodfork, mission area executive for National Security Space at the Johns Hopkins Applied Physics Laboratory; and more who will unpack key topics from how to use star-mapping technology to analyze cancerous tumors to examining national security implications in space to how AI-powered predictive models are evolving professional sports, and much more. With spotlights on how these innovations can strengthen the health, well-being, and flourishing of the world (and beyond), the World Changing Ideas Summit will highlight the full extent of what is possible when government, academia, and business industries join forces. Visit the World Changing Ideas Summit event page to register for the event and stay up-to-date with the agenda and list of speakers.
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E-Commerce
Feed Mes Emily Sundberg has launched her first foray into podcasting with Expense Account. The first episode, out today, features chef and author Alison Roman in conversation with host Jason Lee (formerly Semi Anonymous Restaurant Critic J Lee)s, revealing her secret order at Keens, her new tomato sauce business, and the importance of keeping fresh flowers at home. Expense Account is a food podcast for everyone. Insiders, outsiders, your mom, your dad, New Yorkers, Angelenos and also people from Florida (we love you). Anyone who enjoys eating food, the shows description reads. Its even for people who hate food. The podcast marks Sundbergs first step in turning Feed Me from a popular Substack newsletter into a multi-format media brand. Since launching Feed Me in 2022, Sundberg has grown it into one of Substacks most popular business publications, recently bringing on a managing editor and associate editor to expand coverage. Podcasting is a logical next step. The global podcast industry generated $7.3 billion in sales last year, more than double most estimates, with celebrities, influencers, small businesses, and random dudes with mics launching podcasts daily. With Substacks new tools for video and podcasting, writers like Sundberg are evolving and embracing the studio model to reach new audiences and position themselves as thought leaders in their industries. In spite of a highly saturated market, Sundberg believes she has spotted a gap. Theres a white space in food media that Feed Me plans to fill: a good podcast about food, Sundberg wrote back in September, announcing the podcast venture. Something focused on the fast-paced news cycle of New Yorks hospitality worldthe gossip, secret doors, and personalities that make this the best food city in the world. We hope to build a hub where every lover of food can converge and converse. While newsletters remain Feed Mes bread and butter, Sundberg has made clear her plans to transition to a studio mindset. Expense Account is born from Lees restaurant column of the same name. A few months ago, while editing one of Jasons pieces, I paused on a line that read, Ill save that for the pod, wrote Sundberg in her daily newsletter. He didnt have a podcast, but the phrase felt like a manifestation. I texted him: Do you want one? He said yes, so we made one. For Expense Account, Feed Me is partnering with Public Sound, a New York-based production company that has worked with brands like Nike and Supreme. Substack serves as the presenting sponsor. Whats next for Feed Me studio? Maybe next year well make a movie, or open a bar, Sundberg wrote. Watch this space.
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E-Commerce
Last week, four Condé Nast staffers were abruptly fired after participating in a union protest at the publishers 1 World Trade Center headquarters. The journalists had confronted chief people officer Stan Duncan outside his office, demanding answers on a fresh wave of layoffs that had just hit the company. The incident followed Condé Nasts announcement that Teen Vogue would be folded into Vogue.com, resulting in multiple layoffs, including Teen Vogues editor-in-chief. Footage obtained by The Wrap shows Duncan declining to engage with employees, instead repeating that they should go back to the workplace. In the clip, one of the journalists asks, What counts as congregating? Whats your definition of congregating? while another presses: Is there a place youd be able to speak to us? Do you think were not worth speaking to, Stan? Duncan eventually retreats into an office. Hours later, Condé Nast fired four union members involved in the incident citing gross misconduct and policy violations. The company also filed a complaint with the National Labor Relations Board, accusing the NewsGuild of repeated and egregious disregard of our collective bargaining agreement. The clip, which The Wrap described as the most brutally awkward thing youll see today, has since garnered over 4 million views on Xwith many weighing in on the state of workplace politics. And reactions have been fairly mixed. Critics of the firings accused Condé Nast of union-busting: Just outrageous, shameful behavior from Condé’s head of HR Stan Duncan. You’ve just laid off some of your most respected, beloved, unionized staffand the union reps come to ask questions. You have a professional duty to sit with them. That is literally your job, one X user wrote. Others defended the companys decision. Easy decision to fire these folks, another wrote. These folks have a union, so they can simply let their representatives handle their concerns! Bringing a mob of folks to confront HR with cameras rolling?! So entitled, so dumb. On Reddits r/Layoffs forum, users were similarly divided. Im in HR and people like this give HR a bad reputation. Why would you be scared to talk to employees? one commented. Another wrote: HR doesnt make layoff business decisions. Curious what their goal was here and why they thought ambushing and filming someone in the workplace was the right thing to do lol. One simply put: corporate drama at its finest. bet hr had a great day. In a statement, Condé Nast said: Extreme misconduct is unacceptable in any professional setting. We have a responsibility to provide a workplace where every employee feels respected and able to do their job without harassment or intimidation. We also cannot ignore behavior that crosses the line into targeted harassment and disruption of business operations. However, union leaders disputed the companys claims, arguing the footage tells a different story. Managements attempt at union-busting, using intimidation and grossly illegal tactics to try to suppress protected union activity, will not stand, said Susan DeCarava, president of The NewsGuild of New York, in a statement. The NewsGuild of New York has zero tolerance for bad bosses who harass, target and disrespect our fellow Guild members. We represent nearly 6,000 media workers across the tri-state area and we stand firmly in solidarity, ready to fight for the rights of our members illegally fired from their jobs at Condé. As the workforce continues to be roiled by layoffs and employer-employee relations more fraught than ever, its unlikely controversies like these will dissipateespecially when someone nearby is filming it with their phone.
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E-Commerce
If you work in an office, chances are good that youre familiar with the slop bowl, TikToks term for the ubiquitous lunch of nine-to-fivers that involves a bunch of ingredients mixed together with a base of salad or rice. Now, Cava, the fast-casual Mediterranean-inspired restaurant chain, is introducing its first-ever merch line that pays homage to its fans most beloved slop bowl ingredients. The collection is set to debut on the Cava Shop on Thursday, November 13. It includes a hat emblazoned with the word Feta, which, according to a press release, is a staple for the MILF (Man, I Love Feta, of course) crew; a T-shirt that doubles as an ode to Cavas extra pickled onions; and a vacation tote thats inspired by the chains hot harissa vinaigrette. Prices range from $25 to $75. Cava is far from the first fast-casual restaurant to offer merch, and its not even the first within the subcategory of upscale salad-slash-slop bowl purveyors. In recent months, other brandslike Sweetgreen and Panerahave used clever merch launches to both cultivate a lifestyle brand aesthetic and to score some extra visibility on social media, especially as lower spending power and high living costs draw young consumers away from their favorite slop bowl haunts. Why does every salad shop have merch now? In recent years, some fast-casual restaurants have been increasingly focused on expanding beyond just food to become known as lifestyle brands, or brands that project a certain aesthetic and status through their offerings. Case in point: Sweetgreens loyalty program, which gives customers early access to merch drops on clothing like a crewneck that simply reads Salad!, or Erewhons $335 monochrome track suit. Beyond giving a brand a certain cool factor, creative merch drops can also serve as excellent fodder for social media engagementsomething Panera discovered with its viral BAGuette bag, which sold out twice in a row after going viral on TikTok. According to Andy Rebhun, Cavas chief marketing and experience officer, fans of the brand have been asking for merch for yearsbut this launch makes perfect sense for where the industry is today. Food brands, especially those in the fast-casual space, have evolved far beyond being just a place to eat, he says. Theyve become part of peoples daily rituals, their culture, and even their identity. For many guests, the bowl they build is a reflection of their taste, their lifestyle, and what they value, and now they can wear that connection, too. [Photo: Cava] Cavas new collection balances trendiness with a dash of humor that feels especially designed to appeal to the young, social media savvy crowd. Each piece is made in a desirable silhouettelike a retro-inspired crewneckbut with a silly element, like the word Skhug (for one of Cavas popular sauces) added on top. We wanted to maintain the authenticity of what makes Cava unique (the flavor elements and the playful nature) while designing pieces that people will actually want to wear in their everyday lives, whether thats lounging at home, running errands, or traveling, Rebhun explains, adding that the brands playful personality shines through in the line. We lean into the natural zeitgeist around our brand with phrases like Extra Pickled Onions and our MILF Crew Man, I Love FETA callout, but the designs come through feeling clever, not gimmicky. Fast-casual restaurants face declining sales among young people Cavas new merch shop comes at a tricky moment for fast-casual slop bowl purveyors. On an October 29 earnings call, Scott Boatwright, CEO of Chipotle Mexican Grill, said that customers aged 25 to 35 are visiting the chain less as they face unemployment, increased student loan repayment, and slower real wage growth.” And on November 4, Cava Group cut its full-year forecast for the second quarter in a row. It cited 15% fewer visits from the 25- to 35-year-old group, which makes up 30% of its total consumer base, as one reason behind the decision. Cavas revenue in the third quarter was up 20% compared to the same period last year, but its stock (NYSE: CAVA) is currently down almost 67% year-over-year. At the same time, Chipotle stock (NYSE: CMG) is also down almost 49%, while Sweetgreen is down more than 86%. When you look at different age demographics of fast-casual, the 25- to 34-year-old consumer seems to be impacted a bit more than others, Cava CFO Tricia Tolivar told CNBC in an interview. Fast casual tends to have a higher concentration of those consumers within their guest portfolio. Gen Zers and millennials may be cutting out their daily slop bowl, but with Cavas new merch launch, at least they can literally wear their love of feta on their sleeves.
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E-Commerce
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