September 27, 2022

Elon Musk’s audacity may finally be catching up to him

3 min read



Here’s the deal: Federal regulators just announced that Musk’s private space tourism company, SpaceX, will no longer receive nearly $900 million in subsidies it was awarded last year because the company “failed to demonstrate was [it] “can deliver” the internet service it promised.

Let’s rewind for a minute.

That bet appears to have backfired, as the FCC is withdrawing subsidies, saying the Starlink service is “still developing technology” and that its speeds are slowing down. My colleague Jackie Wattles reports.

SpaceX did not respond to a request for comment, as is common with Musk-run companies.

The big picture

Part of Elon Musk’s whole spontaneous visionary mega-billionaire persona (believe it or not) is that he runs multiple companies with lofty ambitions, like colonizing Mars in the case of SpaceX.

Even if you see his antics — the over-promising, troll-y tweets, the reckless corporate raids, the naming of one of his kids X Æ A-12 — you’re still cringing. Must be appreciated.

But now it looks like Musk’s bad behavior is finally catching up to him.

In recent days, Musk sold nearly $7 billion worth of Tesla shares only to lose his legal battle with Twitter and be forced to buy the company, which he no longer wants. At the same time, California authorities have filed a complaint alleging that Tesla lied in advertisements about its Autopilot and full-self-driving technologies (which, despite their names, are not fully autonomous). are).

In June, when several SpaceX employees signed a letter criticizing Musk’s behavior, The company fired At least five of the people involved. A month later, a massive SpaceX rocket prototype exploded on launch. Musk’s reaction to this on Twitter?

“Yeah, not good actually.”

We can say the same for Musk right now.

Number of days: 8.5%

The day’s inflation headline was slightly higher than expected, as the annual consumer price index reading for July came in at 8.5% – much slower than June’s 9.1%, but still historically high.

So, this is good news and we should all take a moment to savor it. More good news: Prices overall did not rise between June and July. The last month prices did not increase was November 2020.

It is not. All Good news, though. Prices have not risen for one reason, and one reason only: Energy prices, which are notoriously volatile, have fallen. If you strip them out, prices go up in virtually every other category.

Bottom line: The July report indicates that a Fed rate hike may not have the desired effect. High energy prices likely brought themselves down as demand began to decline.

Italian work

Imagine being in the room when someone at Domino’s, the most aggressively purveyor of pizza on the planet, pitched the idea of ​​entering the Italian market.

Look what we’ll do, we’ll take our objectively inferior American pies and we’ll sell them to the same people who invented pizza and for whom food is not only a matter of national pride but, like, fundamentals. But also Italian cultural identity…

This is madnessreplies the boss. So crazy it can work…

Spoiler alert: It didn’t.

After seven years of trying to make it in Italy, Domino’s has officially closed all of its locations, according to Italian media.

Domino’s had big plans when it entered the Italian market in 2015, signing a 10-year franchising deal with Milan-based ePizza. Together, they planned to introduce a large-scale pizza delivery service to the country, which didn’t really exist at the time.

It was not an immediate disaster. As of early 2020, ePizza was operating 23 stores in Italy and six more through a sub-franchise partner.

But it turns out that Italians prefer Italian pizza over the American variety, with its typical American toppings, such as pineapple.

Who would have guessed? (Besides, like, everyone?)

While some may attribute Domino’s failure to its brazen attempt to invade the pizza homeland, ePizza blamed its demise on competition from food delivery apps.

EPizza filed for bankruptcy in April, after it struggled to sell enough during two years of pandemic restrictions amid “unprecedented competition” from local restaurants.

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