November 12, 2023 • 4 min read |
Hi! This is Cadie Thompson, an executive editor for Insider's business division, filling in for Matt Turner. Welcome back to Insider Today's Sunday edition, a roundup of some of our top stories. |
But first, it's a terrible time to be a HENRY. |
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Johner Images/Getty Images |
Things are getting ugly for HENRYs, and it'll probably be that way for a while. HENRYs — Americans who are high earners, not rich yet — are typically between 27 and 42, make six figures, and tend to live in metropolitan areas, according to Stash Wealth. These wealthier Americans are seeing their wages stall, job opportunities dry up, and cost of living increase more so than lower wage earners. And given inflation and the slowing labor market for the industries these folks tend to work in, it's likely HENRYs won't actually get rich anytime soon. In short, they're stuck — and it's forcing them to make some lifestyle changes. Think more shopping trips to Walmart, dollar-store runs, and dinners at McDonald's as opposed to eating out at a sit-down restaurant. What's more, HENRYs may be making their financial situation worse by being too cautious and oversaving for retirement. One financial expert told Insider that oversaving for the future ultimately means HENRYs will have to make sacrifices on things they want or need now.
Of course, this isn't the case for all HENRYs. Some Gen Z HENRYs are striking a balance of saving enough while managing to splurge on experiences and things that matter to them.
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Mike Windle/Getty Images; Jenny Chang-Rodriguez/Insider |
In a bid to increase sales and fend off competitors, Tesla has spent the past year cutting the average price of its models by about 25%. There's only one problem: It's not working. Despite the drastic reduction in price, the number of cars Tesla delivered to customers in the third quarter actually declined. The company also watched its share of the electric-car market drop to about 50% from 62% at the beginning of the year. Experts argue Musk's desperate price war will only undercut the value of Tesla's brand and open the door for more-patient automakers. More on Tesla's impossible price war. Also read: |
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Get back to the office!
Why?
Because I said so! That, in a nutshell, has become many companies' approach to getting workers to abide by return-to-office policies. These mandates are light on data, instead making broad statements about "togetherness" and "culture." In reality, in-office requirements are about reestablishing a surveillance society, Ed Zitron argues. They also serve as a convenient antidote to drops in revenue and profitability, which allow executives to shift the blame to lazy workers sitting at home. Read about the ugly fight to get workers back in the office. | |
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Allen Berezovsky/Getty, Roberto Machado Noa/Getty, skynesher/Getty, Rowan Jordan/Getty, Tyler Le/Insider |
Inside Iger's first year back at Disney |
Bob Iger received a hero's welcome when he returned to Disney last November to retake the helm. But a year into his second run as CEO of the Mouse House, the goodwill has mostly dried up. Layoffs, talk of selling assets, and an unclear path forward have led some to question his leadership. "There was a lot of excitement and hope at the return of Bob Iger a year ago," a current Disney staffer told Insider. "As far as I can tell, a lot of that, if not all of that, has dissipated." Why Disney insiders are anxious and losing faith. Also read: |
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Stephanie Keith/Getty Images; Mikhail Klimentyev/Pool/AFP via Getty Images; Rebecca Zisser/Insider |
What Peter Thiel told the FBI |
Last month, Insider exclusively reported that the billionaire tech founder Peter Thiel was an FBI informant. Now, Insider and Welt report that Thiel was informing on the Kremlin. Thiel dished to the FBI about two Kremlin invites to private meetings with Vladimir Putin. The Russia leader's outreach to Thiel, made through a Russian diplomat, occurred in 2018 at a party in Vienna, and again in 2022. Read the full report here. |
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"Don't talk about the group chat outside the group chat." |
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More of this week's top stories: |
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The Insider Today Sunday team Cadie Thompson, executive editor, in New York City. Matt Turner, editor in chief of business, in New York City. Dan DeFrancesco, senior editor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Grace Lett, associate editor, in Chicago. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City. Get in touch insidertoday@insider.com To read unlimited articles, subscribe to Insider. |
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