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Tuesday, May 24, 2022

10 things you need to know in tech today

Welcome again readers. Peloton is set to face calls from an active investor to sack its CEO, while Elon Musk is about to give some updates on the much-delayed Cybertruck.

let’s get started.

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Peloton CEO John Foley next to a sinking Peloton bike against a red background with downward arrows and falling PTON stock graph

Getty; Marianne Ayala / Insider

1. Peloton will be urged to sack its chief executive, John Foley, after the company disclosed that it had temporarily ceased production. The Wall Street Journal reported that active investor Blackwells Capital is preparing a push to encourage the company’s board to sack Foley and seek a sale for the business.

  • Peloton offers high-end exercise bikes and treadmills along with virtual classes. It is believed to have sparked a pandemic, which has closed gyms around the world.
  • But for some time it was struggling to meet the demand. Now, the company has an oversupply of stocks and not enough people to buy them.
  • Shares of the company on Thursday announced it was temporarily halting production due to a fall in demand, which coincides with the reopening of global economies.

Read more about Blackwell’s intention to bail out Foley and sell the business.

In other news:

Elon Musk

Tesla CEO Elon Musk has openly criticized Web3, labeling it as a “marketing buzz”.

Images combine via Patrick Plull/Getty Images

2. Tesla may start selling audio products like headphones and megaphones. A new trademark filing by an electric vehicle maker suggests the company could open up an entirely new product line. Here’s more about a potentially bizarre new direction for Tesla.

3. How the hustle culture made America addicted to work. The workweek was getting shorter for 100 years before that trend ended in 1980. We explained why Americans are working longer hours than their European counterparts.

4. Intel plans to build the “largest silicon manufacturing location on the planet” in the US. The tech giant’s CEO Patrick Gelsinger plans to move the firm’s semiconductor supply chain to Ohio by 2025. That’s why Intel is spending $20 billion to scale up its manufacturing setup.

5. Shopify is cutting contracts with warehouses across the US, marking a turnaround in its effort to challenge Amazon’s giant fulfillment machine. Once the changes are rolled out, Shopify’s network is set to be about half its previous capacity.

6. American Airlines is suing The Points Guy over the TPG app’s frequent flyer mile management tool. The airline claims that the app violates trademarks and private regulations. Read more about the lawsuit that escalated the dispute between the companies.

7. Airbnb CEO Brian Chesky believes the future of flexible work and travel will propel the company. Chesky told CNBC that he expects remote work to create a category of commuters who work. His remarks came after he announced that he would begin “living on Airbnb”, moving to a different town or city every few weeks. Here’s how Chesky plans to make the best of the post-pandemic working world.

8. Former SpaceX engineers building self-driving electric freight train cars. CNBC reported an LA-based startup called Parallel Systems, created by three former engineers at Elon Musk’s space exploration firm, raised $50 million in a Series A funding round. Here’s more on startup.

9. One of its most important areas is the search and advertising arm of Google. We’ve mapped out 141 of its most important people in our exclusive organization chart.

10. Elon Musk is set to deliver an updated product roadmap this week. Tesla CEO will discuss long-delayed vehicles like the Cybertruck pickup and the Roadster supercar. Here’s what to expect from Wednesday’s earnings call.

what are we watching today

  • NASA’s $10 billion James Webb Space Telescope is about to arrive at its final observation station. More about this here.
  • IBM earnings expected today. It marks the start of a big week of tech earnings — as earnings from Apple, Microsoft, Samsung and Tesla are expected later this week.

Curated by Michael Cawgli in London. Suggestion or Feedback? E-mail mcogley@insider.com or tweet @michaelcogley,

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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