💤 Tesla's snoozer

Plus: The stubborn pay gap | Thursday, March 02, 2023

Open in app View in browser   Presented By Babbel   Axios Closer By Hope King and Nathan Bomey · Mar 02, 2023 Thursday ✅. Today's newsletter is 698 words, a 2½-minute read. 🔔 The dashboard: The S&P 500 closed up 0.8%. Biggest gainer? Salesforce (+11.5%), the cloud software company, on earnings and guidance that far exceeded expectations. Biggest decliner? Tesla (-5.9%), a day after its investor day failed to wow investors. (More below.)     1 big thing: Tesla's ho-hum investor day Screenshot: Tesla   The biggest revelation from Tesla's investor day yesterday was its bench of executives, Hope writes. Why it matters: Since CEO Elon Musk announced plans to take over Twitter nearly a year ago, investors have been worried about his level of distraction and whether the company has a succession plan. Zoom in: Musk shared the stage with 16 executives, which Reuters notes is a departure from previous presentations where he typically dominates. Among them was Musk's right-hand Tom Zhu, who confirmed he's now in charge of global production, sales, delivery and service and he represents all of the company's "Gigafactories." There was also CFO Zach Kirkhorn and VP of vehicle engineering Lars Moravy. Rebecca Tinucci, head of Tesla's global charging infrastructure team, and Laurie Shelby, VP of environmental, health, safety and security, were the only two women featured. Zoom out: The overall ho-hum presentation lacked details about the company's plans to build a mass-market EV, which investors were watching for, Axios Generate co-author Ben Geman noted this morning. But there was a big emphasis on current and future plans to cut costs, which Edmunds analyst Jessica Caldwell noted in emailed comments to Ben and other reporters as "encouraging." What to watch: Tesla said it's working on an electric motor that doesn't need rare earth minerals, and Musk doubled down on Tesla's focus on refining the battery metal lithium. The bottom line: Tesla investors weren't terribly impressed, as today's session shows. But the stock is still up over 76% since the start of the year.     2. Charted: Pay gap persists Data: Pew Research Center; Chart: Axios Visuals Women in the U.S. have earned roughly 82% as much as men for the past two decades, Axios' Ivana Saric writes from a new Pew Research Center analysis. The gaps are more staggering for Black and Hispanic women, who earned 70 cents and 65 cents, respectively, to every dollar earned by a white man in 2022. Zoom in: Half of the respondents to a Pew survey in October attributed the gender pay gap to employers treating women differently. Women were much more likely than men to choose this option. What to watch: Pew noted that further progress in closing the gender pay gap could hinge on changing social and cultural attitudes and ensuring workplace flexibility to allow both men and women to better balance careers and family lives. Go deeper.     3. What's happening 🏦 Crypto-friendly bank Silvergate Capital warned that it may not survive. (Axios) 🏠 Mortgage rates jumped back over 7%. (CNBC) ✂️ Citigroup cuts hundreds of jobs, including in investment banking and mortgage units. (Bloomberg)     A message from Babbel Broaden your ability to connect with anyone     Explore up to 14 languages with Babbel, the expert-led app helping users learn to have real-world conversations in as little as 3 weeks. Lessons even include context tips that offer useful cultural knowledge to help you better understand the words you learn. Get up to 55% off for a limited time.     4. Anti-ESG bill heading for veto President Biden speaks to reporters during a White House event on Wednesday. Photo: Win McNamee/Getty Images   A bill that would remove the right of retirement fund managers to take ESG factors into account is on a collision course with a presidential veto. President Biden is threatening to use his first veto to block the measure, which passed through Congress this week, Axios' Erin Doherty writes. The big picture: An existing Labor Department rule, which the bill would block, doesn't force fiduciaries to do anything — but it allows them to consider ESG factors if doing so benefits the investor, Axios Pro Energy Policy co-author Nick Sobczyk notes. Catch up fast: The Republican bill narrowly passed in the House Tuesday and was sent to Biden's desk yesterday by the Senate. Biden said the government "would be interfering with the market" if the rule is revoked.   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. One large sport, half pepperoni Tony Gemignani. Source: Giphy Later this month an international field of athletes will gather in Las Vegas to be crowned this year's best "pizzaiolo." Pizza acrobatics isn't just an aesthetically pleasing way to play with your food — it's an actual sport, Axios' Jeff Tracy writes. How it works: Competitors choreograph their own routines, flipping dough over their heads, behind their backs, and through their legs. "It's hard. You need agility," Tony Gemignani, who has seven world titles in pizza acrobatics, told the WashPost. "There's some stamina involved. You'd be surprised." Looking ahead: In addition to the World Pizza Games in Vegas, a second international competition, the Pizza World Championships, is set to run in Parma, Italy, in April. 🎨 Watch: The art of pizza acrobatics (YouTube)     6. What they're saying "We are preparing for another down year for the [consumer electronics] industry." — Corie Barry, CEO of Best Buy, on an analyst call this morning discussing the company's latest earnings report.     A message from Babbel Don't just see the world — stop and say "Olá" or "Hola"     'Tis the season to learn Spanish or Portuguese with Babbel, a platform built by more than 150 expert linguists. With daily 10-minute lessons, including videos and live classes with top teachers, you'll be able to hold actual conversations in as little as 3 weeks. Get up to 55% off for a limited time.   Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. ✏️ Was this email forwarded to you? Sign up here to get Axios Closer in your inbox. 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. 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