This is a published version of the Forbes Daily Newsletteryou can sign up to receive Forbes Daily in your inbox here.
It’s not just Taylor Swift’s blockbuster tour that’s breaking records. Some box office projections for the opening weekend of Taylor Swift: the era tourthe film adaptation of the concert, would amount to 100 million dollars, according to a Deadline report.
This would make it the highest-grossing concert film of all time at the national box office. The film doesn’t hit theaters until October 13, but it has already sold $65 million in advance tickets, putting it in the top four. Other top-grossing concert films include Justin Bieber: Never say never And Hannah Montana and Miley Cyrus: the best of both worlds concert.
California sued Exxon Mobil, Shell, Chevron, ConocoPhillips and BP, accusing the companies of lie about the climate impacts of their business practices and alleging massive financial damages. “California taxpayers should not have to foot the bill for billions of dollars in damages: wildfires wiping out entire communities, toxic smoke clogging our air, deadly heat waves, record droughts drying up our wells,” said Governor Gavin Newsom in a statement. statement.
BUSINESS + FINANCE
Stocks suffered their worst day since August following big losses in the technology sector after Adobe beat expectations for quarterly results but forecast sales for the current quarter in line with analyst projections. The decline in the stock despite results above expectations shows “the bar is high for all bets on AI” Oanda analyst Edward Moya explained.
Grocery delivery startup Instacart significantly increased its initial public offering lineup Friday, giving the company a valuation between $9.3 billion and $9.9 billion. The higher estimate came hours after British chip designer Arm’s biggest IPO in nearly two years delivered an explosive first trading session.
Former Wells Fargo executive Carrie Tolstedt was sentenced to three years of probation for cover up a widespread scandal of false accounts at the bank, avoiding up to 16 months in prison because she does not pose a risk to society. Wells Fargo paid nearly $5 billion to settle several claims over the fake accounts scandal, according to Bloomberg.
TECHNOLOGY + INNOVATION
Generative AI strengthens financial fraud and could ultimately making state-of-the-art fraud prevention measures obsolete, like voice authentication and even “activity checks” designed to match a real-time image with the recorded one. In 2022, consumers reported losing $8.8 billion to fraud, an increase of more than 40% from 2021, reports the U.S. Federal Trade Commission.
The European Union’s top TikTok regulator has fined the social media company $370 million over its handling of children’s data, the largest fine the company has faced to date. The Irish Data Protection Commission found that TikTok had violated several parts of the landmark EU privacy law, the General Data Protection Regulation, in 2020, including sections relating to the processing of data of younger users and so-called “dark patterns,” or design decisions. that trick or manipulate users into performing certain actions within an application.
MONEY + POLITICS
President Joe Biden expressed solidarity with the striking United Auto Workers union in a speech at the White House on Friday: woo a key union group who sometimes criticized him. “Ultimately, autoworkers helped create the American middle class,” he said. “They deserve a contract that supports them and the middle class. »
MORE: United Auto Workers union President Shawn Fain took issue with some of President Biden’s remarks, including that “negotiations have failed.” Fain insisted that business and UAW leaders are “working hard at the negotiating table.” While largely benefiting from the unequivocal support of the unions, Biden was treated with suspicion by the UAW because of its wholehearted support for electric vehicles, which the union fears could lead to fewer jobs.
SPORTS + ENTERTAINMENT
Drew Barrymore backtracked on her plans to bring back her talk show amid the months-long writers union strike, after criticism and picketing outside the studio. Barrymore had said last Friday that she was taking responsibility for returning to production because “other people’s jobs were on the line,” echoing other talk show hosts who were still bringing their shows back during the strike , as In Real Time with Bill Maher.
DAILY COVER STORY
Musk’s Cybertruck is almost here. But will anyone buy the “ridiculous” vehicle?
TOP LINE Elon Musk’s bold electric reinterpretation of the pickup truck, the Cybertruck, is expected to go on sale in the coming weeks.
Tesla has not said how many people have paid $100 to reserve one, although fan sites estimate that more than 1.5 million people have done so since its November 2019 unveiling. It is unclear with certainty how well it will sell, but one thing is certain: environmentalists hate it.
The rise of the unstable multi-billionaire in vans has less to do with environmental benevolence than with the essential: vehicles intended for work are the The largest and most lucrative segment of the American automobile market. Americans bought about 2 million pickup trucks last year, selling for an average of $59,000.
The large amount of energy, aluminum and mining materials needed to build the Cybertruck appears to be at odds with Musk’s old principles of climate preservation. And although materials extracted from batteries eliminate tailpipe emissions, their extraction has made it possible environmental damage and human costs.
Advocates have railed for decades against the auto industry’s shift away from smaller cars to ever-larger, more profitable pickup trucks and SUVs, which are subject to less stringent government fuel economy requirements. fuel.
Potentially, the Cybertruck could reduce carbon emissions by about 50% over its entire operating life, assuming a buyer replaces a similarly sized gas-powered truck, said Nick Molden, CEO and founder of Emissions Analytics , an independent automotive research company based in the United Kingdom. an owner uses it less frequently than the gas truck, “this would hurt the climate benefit because the manufacturing emissions required to make a Cybertruck would be amortized over too few miles,” he said.
Tesla’s fan base may be excited, but general consumer interest in Cybertruck suggests it faces headwinds. This is the lowest level of consideration among consumers interested in purchasing electric pickup trucks, according to an August survey by Cox Automotive. Ford’s F-150 Lightning led the survey, followed by Dodge’s Ram EV, Chevrolet’s electric Silverado and the Rivian pickup.
WHY IS THIS IMPORTANT “The Cybertruck is the first addition to Tesla’s vehicle lineup since the release of the best-selling Model Y crossover in early 2020,” says Forbes Alan Ohnsman, editor-in-chief. “How it sells remains a mystery, especially since the company has yet to release basic details, including even its price.”
MORE $3 Billion Monster Truck Company to Electrify Commercial Vehicles
FACTS AND COMMENTS
Planet Fitness, one of the largest gym chains in the United States, saw its stock price fall after the board meeting abruptly ousted the company’s CEO, Chris Rondeau:
15%: Drop in the Planet Fitness share price at the start of the session on Friday, to the lowest since August 2020
18.4 million: Number of Planet Fitness members around the world, on 2,472 sites
Nearly 30: Number of years Rondeau worked at Planet Fitness, working his way up the ranks since receiving the gym’s first location
STRATEGY AND SUCCESS
At any stage of the hiring process, it’s difficult to hear this dreaded phrase: “You are overqualified.” Here are five common reasons you might hear this from a potential employer, including not being able to meet your salary requirements, thinking you’re too focused on the short term, or unable to adapt, or he simply doesn’t know how to reject. You.
S&P Global Ratings lowered the credit rating of a shoe store chain on Friday. The news follows which retailer’s shares are falling after announcing a decline in sales and profits and reducing its outlook for the year?
A. Shoe Carnival
B. New balance
C. Foot locker
Check your answer.
IN THE EDITORIAL ROOM
- Get a weekly overview of the top headlines and exclusives in cybersecurity, internet privacy and surveillance with our newsletter. Wiretapping. Click here to join.
Thanks for reading! follow us on Twitter for up-to-the-minute updates on the latest economic and financial news throughout the day.