🐰 Bad Bunny's triple crown

Plus: Tesla's growing threats | Wednesday, November 30, 2022

Open in app View in browser   Presented By Upside   Axios Closer By Hope King and Nathan Bomey · Nov 30, 2022 Wednesday ✅. Today's newsletter is 677 words, a 2½-minute read. 🚨 Situational awareness: Salesforce co-CEO Bret Taylor steps down; shares slide 6.6% after the close. 🔔 The dashboard: The S&P 500 closed up 3.1%, as Fed chair Jerome Powell signaled a slowdown in the pace of rate hikes. Biggest gainer? Estee Lauder (+9.7%), the cosmetics company, ending a streak of losses in three straight trading sessions. Biggest decliner? NetApp (-5.8%) the cloud computing company, after missing revenue estimates for the quarter and providing disappointing guidance for the full year.     1 big thing: Tesla shares losing power Illustration: Rebecca Zisser/Axios   Tesla investors are getting frustrated at Elon Musk's Twitter obsession, if the automaker's stock is any indication, Nathan writes. Unnerved investors have driven Tesla shares down about 41% since mid-September. Why it matters: Tesla shares have long seemed impervious to Musk's external affairs, making him the richest person in the world and ultimately enabling his Twitter takeover. State of play: Investors are fretting that Musk may need to sell off more Tesla stock to backstop Twitter as the social media service suffers a drop in advertising, CFRA Research analyst Garrett Nelson tells Axios. "He's certainly scaring a lot of Tesla investors," Nelson says, though he says the concerns "may be overblown" due to Twitter's stockpile of cash. Zoom out: Tesla has other problems on its hands, as well, including battery and chip shortages — plus mounting threats from automotive and tech competitors that could challenge its electric vehicle crown. Tesla's U.S. EV market share is estimated at 65% in 2022, but that's poised to fall below 20% by 2025, S&P Global Mobility projects. Nissan, which pioneered the cheap EV space with the Leaf passenger car, is among the automakers spelling out plans to gain ground. Yes, but: Tesla's quiver isn't exactly empty. The company is holding a rare event Thursday to showcase the delivery of the first Tesla Semi — and Musk has promised that the long-awaited Cybertruck pickup will finally arrive in 2023. The bottom line: Tesla investors are hoping that Musk soon diverts his attention away from Twitter. "I think the sooner that he names a CEO to take over Twitter, the better," Nelson says.     2. Charted: Into the home stretch Data: Bespoke Investment Group; Table: Alice Feng/Axios So, it's been a rough year in the stock market, Nathan writes. That often means a rough December, too. By the numbers: The S&P 500 is down at least 10% through November for the fifth time this century, according to Bespoke Investment Group. It's averaged a 1.4% decline in December in those previous cases. Yes, but: In 55.6% of those occasions, the index posted December gains. The bottom line: As seen today, optimism could be growing. But this could go either way.     3. What's happening 🚪DoorDash is cutting about 1,250 workers after expanding too fast. (Axios) 📺 CNN is laying off "a couple hundred" employees, part of Warner Bros. Discovery's cost-cutting campaign. (Axios)     A message from Upside How to fight inflation with your everyday spending     The Upside app pays you back a little from each purchase to help offset rising costs. On average, users earn $148 annually. You can get cash back at: Gas stations. Convenience stores. Grocery stores. Restaurants. Take back control of your budget and download the free Upside app.     4. Zuck takes a bite of the Apple Photo: Michael M. Santiago/Getty Images   Meta CEO Mark Zuckerberg on Wednesday added to the growing chorus of concerns about Apple, arguing that it's "problematic that one company controls what happens on the device." Why it matters: Zuckerberg has been one of the loudest critics of Apple in Silicon Valley for the past two years, Axios' Sara Fischer writes. His comments today come just days after Elon Musk publicly attacked the company, alleging its app store policies are an abuse of power. Details: "I think the problem that you get into it with the platform control is that Apple obviously has their own interests," Zuckerberg said at the New York Times' DealBook conference. Those interests, he said, may conflict with what may be in the best interests of people, overall. "I do think Apple has sort of singled themselves out as the only company that is trying to control, unilaterally, what apps get on the device, and I don't think that's a sustainable or a good place to be," he said. Go deeper.   Share Axios and earn rewards If you like this newsletter, your friends may, too! Refer your friends and get free Axios swag when they sign up. Be a good friend and share   5. Spotify wraps up 2022 🎤 Bad Bunny. Photo: Kevin Winter/Getty Images   Everyone's listening to Bad Bunny. Driving the news: Spotify today unveiled its Spotify Wrapped recap for 2022. Bad Bunny was the most-streamed artist globally for the third year in a row, Axios' Herb Scribner writes. Yesterday, Apple named his "Un Verano Sin Ti" the biggest album of the year for its streaming service. Between the lines: Spotify listeners in the U.S. streamed Drake more than anybody else. If you say you didn't listen to Harry Styles' "As It Was" this year, you're probably lying. It was the most-streamed song in the world. And Taylor Swift was named the most viral artist. Ticketmaster knows all about that.     6. What they're saying "It will take substantially more evidence to give comfort that inflation is actually declining." — Fed chair Jerome Powell today at an event hosted by the Brookings Institution.     A message from Upside This app is helping users treat themselves     Upside is on a mission to make sure that, even during expensive times, people still have a little extra money for a rainy day fund. The free app gets users cash back on: Gas. Groceries. Convenience stores. Restaurants. On average, users earn $148 annually. Download the free Upside app to start earning.   Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. Why stop here? Let's go Pro. Join the thousands of professionals using Axios Pro to keep up with the companies, deals and trends changing their industries.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content. 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