Morning Brew Daily Tesla Scores Big Win in China & The New Era of Grocery Shopping
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Apr 30, 2024 Elon Musk's recent trip to China secures Tesla's approval for its driver systems, giving the company a significant boost in a vital market. Meanwhile, Paramount's CEO steps down amid corporate drama and leadership upheaval. The podcast also explores how cities are adapting to the remote work trend by attracting managerial talent. In Saudi Arabia, the ambitious Neom project seeks international investment, while shoppers increasingly turn to multiple grocery stores to save money amidst rising prices. Additionally, Nike faces backlash over MLB jersey controversies.
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Tesla's China Win
- Elon Musk secured approval for Tesla's driver-assistance software in China during a quick trip.
- This is a major win, boosting Tesla's stock price by 15%, its biggest jump since February 2020.
Tesla's China Relationship
- Tesla's success in China is partially due to Elon Musk's relationship with a high-ranking Communist Party official.
- This is significant given China's typically restrictive stance on foreign automakers.
Paramount Power Struggle
- Paramount Global's CEO, Bob Bakish, was fired amid a power struggle with heiress Shari Redstone.
- Redstone, who controls the majority stake, is pushing for a sale to Skydance, a move opposed by shareholders.