Tesla Explored Minority Stake In Glencore, TuSimple Fires Its CEO Amid Regulatory Scrutiny, Twitter Could Reportedly Lose A Fourth Of Its Employees After Takeover: Top Stories Monday, Oct. 31

Washington Post

Twitter Could Reportedly Lose Up To 25% Or More Workforce After Musk's Takeover

  • Members of Tesla Inc CEO Elon Musk's inner circle discussed with the remaining senior executives of Twitter Inc TWTR regarding the site's approach to content moderation and laying off 25% of the workforce to start.
  • Twitter has over 7,000 employees.
  • Alex Spiro, a well-known celebrity lawyer who has represented Musk for several years, led those conversations.

Financial Times

Tesla Explored Procuring Stake In This Swiss Mining Company To Secure EV Battery Supply

  • Tesla Inc TSLA discussed with Glencore Plc GLCNF GLNCY about acquiring a 10-20% stake in the Swiss commodities group. The discussion began in 2021.
  • The discussion reflected how global carmakers sought to build ties with the mining industry to secure materials needed for the rollout of electric vehicles.
  • Tesla was concerned whether Glencore's extensive coal mining business was compatible with the carmaker's environmental goals and was reluctant to take a minority equity stake.


Apple Employees In Australia Gear Up To Strike Again Amid Dispute Over Pay, Working Conditions

  • Apple Inc AAPL Australian employees are preparing to strike again as the dispute over pay and working conditions escalates.
  • Nearly 68% of workers in Australia rejected a pay and benefits deal proposed by Apple management, results released on Monday showed.
  • 87% of almost 4,000 Apple employees in Australia participated in the survey after the proposed workplace agreement.

iPhone Shipments From China Plant To Decline 30% In November As COVID-19 Woes Hit Apple's Largest Supplier

  • Apple Inc iPhone's November shipments from one of its oldest and largest suppliers, Foxconn's HNHPF Zhengzhou plant, may see up to a 30% decline amid COVID-19 woes.
  • Foxconn is looking to boost production at its Shenzhen factory to compensate for the shortfall.
  • Zhengzhou plant was rocked by discontent over tighter COVID curbs to contain the spread of the virus within the facility, forcing many of its about 200,000 workers to flee the site.

Tesla Supplier To Commence Kansas EV Battery Plant Construction In November

  • Tesla Inc battery supplier Panasonic Holdings Corp PCRFF PCRFY aimed to start building a new battery plant in Kansas in November, with mass production by March 2025.
  • Panasonic's picked Kansas as the site for a new plant to supply batteries primarily to Tesla, joining other battery suppliers planning massive U.S. investments to qualify for new EV tax credit rules and tap its enormous demand.


Walgreens-Controlled VillageMD In Talks With Summit Health For Possible Takeover

  • Walgreens Boots Alliance Inc WBA VillageMD is weighing a merger with Warburg Pincus-backed Summit Health.
  • The deal of VillageMD acquiring Summit would value the combined entity at between $5 billion to $10 billion.
  • Walgreens increased its stake last year in VillageMD to 63% from 30% by investing $5.2 billion in the company.

Thermo Fisher Reportedly Close To Buying UK-Based Diagnostic Firm For Around $2.3B

  • Thermo Fisher Scientific Inc TMO is close to acquiring UK-based diagnostic firm Binding Site from private equity fund Nordic Capital.
  • The lab equipment and supplies giant is reportedly paying more than £2 billion ($2.3 billion) for the deal.
  • The agreement could be announced as early as this week.

Wall Street Journal

TuSimple Fires Its CEO And Chair Following Internal Investigation, Draws Regulatory Scrutiny

  • TuSimple Holdings Inc TSP faced federal investigations over alleged improper financing and transferring technology to a Chinese startup.
  • The concurrent probes by the FBI, SEC, and Cfius probed TuSimple's relationship with Hydron Inc.
  • One of TuSimple's co-founders led Hydron to develop autonomous hydrogen-powered trucks.
  • Investigators at the FBI and SEC scrutinized whether TuSimple and its executives, principally CEO Xiaodi Hou breached fiduciary duties and securities laws by failing to disclose the relationship adequately.

Unionization At Starbucks Slows Down

  • The unionization process at Starbucks Corp SBUX shows signs of slackening as the coffee major prefers to pamper nonunionized cafes.
  • Starbucks has chosen to roll out increased pay and benefits to the nonunionized cafes.
  • The report cited National Labor Relations Board (NLRB) records showing that 12 stores petitioned for representation by the Starbucks Workers United union in September compared to 71 in March.


Elon Musk Hints Twitter Could Aim At TikTok's Social Media Dominance Under His Leadership

  • Tesla Inc TSLA CEO Elon Musk has hinted at plans to bring back Twitter Inc.'s long-defunct short video app Vine and make it better than the ByteDance-owned TikTok.
  • On Monday, Musk conducted a poll on Twitter, asking users if he should bring back Vine. At the time of writing, 1,606,555 people had voted, with 70.5% saying yes.

Elon Musk Says Twitter Board 'Deliberately' Hid Evidence From Court: 'Stay Tuned'

  • Tesla Inc CEO Elon Musk has accused Twitter's former board of directors and the company's lawyers of "deliberately" hiding evidence.
  • Musk tweeted Sunday that Twitter's board and the company's lawyers — the law firm Wachtell, Rosen, Lipton, and Katz — hid evidence from the court.
  • He asked his 112 million followers on Twitter to "stay tuned" as more is to come.

Emerson Electric Offloads 55% Stake In Climate-Technologies Unit At $14B Valuation

  • Emerson Electric Co EMR is selling a majority stake in its climate-technologies business to Blackstone Inc BX, valuing the unit at $14 billion, including debt.
  • The standalone Climate Technologies business represents approximately $5.0 billion of fiscal 2022 sales.
  • The transaction would give Blackstone a 55% stake in the unit.

Credit Suisse Outlines Details On $4B Capital Raise Plan

  • Credit Suisse Group AG CS has enlarged the banking syndicate underwriting the rights issue and announced the reference price for the proposed CHF4 billion capital raise.
  • It said new investors have committed to buying 462 million new shares at a purchase price of CHF3.82, equivalent to 94% of the volume weighted average price of Credit Suisse shares on Oct. 27 and 28, raising CHF1.76 billion.
  • Some 307.6 million new shares are expected to be bought by Saudi National Bank, giving it a 9.9% stake in Credit Suisse.

Stellantis' China JV GAC-FCA To File For Bankruptcy

  • The joint venture between automobile companies Stellantis NV STLA and Guangzhou Automobile Group Co (GAC) in China is expected to file for bankruptcy.
  • The shareholders of the GAC-FCA Joint Venture have approved a resolution authorizing the JV to file for bankruptcy in the wake of making a loss.
  • Stellantis fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half of 2022 financial results.
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