Hello, Insiders. This is Joe Ciolli, a deputy executive editor in Insider's business division. What happens when a Wall Street analyst who covers Tesla tries to buy a car at a traditional dealership? Morgan Stanley's Adam Jonas gave us the answer last week when he wrote about his frustrating experience. In today's Big Story, Insider's Graham Rapier relays the highlights, including how Jonas was forced to haggle for list price. The ordeal left Jonas convinced that buying a Tesla is "as easy as Amazon Prime," giving it a clear advantage. In today's edition: |
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THE LATEST JPMorgan, drones, & Disney |
- JPMorgan reached a settlement over a class-action lawsuit filed by one of Jeffrey Epstein's victims. Read JPMorgan's statement.
- Moscow said that Russia repelled a mass attack by Ukraine's high-speed marine drones on a reconnaissance warship in the Black Sea. Read the story.
- Protesters carrying Nazi flags and DeSantis imagery gathered outside Disney World in Orlando, Florida. What to know.
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THE BIG STORY Tesla vs. dealerships |
AP Photo/David Zalubowski
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You've likely encountered the typical car-dealership treatment: You verify the dealer will let the vehicle go for the asking price, but when you arrive, the salesperson asks for thousands above the suggested retail price. This was the exact experience of Adam Jonas, a Morgan Stanley analyst who said it left him wishing he had bought a Tesla. Jonas said Tesla's ownership of the entire product-sales cycle — from design and production to sales and delivery — makes the "shopping experience as easy as Amazon Prime." That means no haggling, no arbitrage between stores, and all consumers pay the same price. Although there are advantages to the dealership model, times are changing. Tesla and other startups are focusing on direct sales, dealership tactics are starting to grate on Americans, and some automakers have hit friction with their own dealers. |
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TOP READS CEOs, home prices, & more |
Evan Agostini/Invision/AP
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- Being a CEO sucks right now. Recent exits at CNN, GameStop, and NBCUniversal show that leaders are under more behavioral and performance scrutiny than ever. With more turmoil on the horizon, the latest CEO to go, Chris Licht, won't be the last. Read why.
- If you think former President Donald Trump is about to face justice — hold on just one moment. He's probably going to get a favorable judge who would have enormous power to prevent Trump from getting convicted, a former federal prosecutor turned high-end defense attorney said.
- A startup "mass extinction event" has begun. Startups raised a ridiculous amount of money in recent years through 2021. However, the money spigot has run dry. Expect nasty cram-down recapitalizations, ultra-cheap acqui-hires, and yes, bankruptcies. For the full analysis, click here.
- The newest employee at Elon Musk's SpaceX is only 14. SpaceX has hired Kairan Quazi, a young prodigy, to join its Starlink division as a software engineer. Quazi is set to graduate this month from Santa Clara University, where he studied computer science and engineering. More here.
- Sorry, but Netflix's password-sharing crackdown seems to be going really well. It might not be the news you wanted to hear, but data shows Netflix has had four of its largest US customer-acquisition days in more than four years following its password-sharing crackdown. More here.
- Check out the 51 US cities with the highest forecasted home-price increases. We've also got the five areas where home prices are at risk of falling in the next 12 months. It's good news for homeowners in Anaheim and Seattle. But things look bleak for Lakeland-Winter Haven, Florida. The full list.
- A top executive was caught on video with his mistress — now, the dress she was wearing is selling out. The executive was fired after a video of him holding hands with a coworker went viral. But thousands of people then rushed to buy her dress. More here.
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TAKE A LOOK Premium Plus vs. Economy |
Joi-Marie McKenzie/Insider |
"The $400 upgrade wasn't worth the cost." Joi-Marie McKenzie, the editor-in-chief of Insider's Life division, recently took a seven-hour flight to London, and another flight back to Newark. One was in United's Premium Plus, and the other was in Economy. She compared the two experiences. |
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Every item in an air force gunship pilot's go bag. Maj. Riley Feeney breaks down every item a pilot carries in their go bag, including a pair of night-vision goggles, an iPad, and their helmet. Feeney explains why the items are integral for each flight. Watch here. |
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This edition was curated by Joe Ciolli, and edited by Hallam Bullock, Lisa Ryan, and J.R. Stacey. Get in touch: insidertoday@insider.com. |
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