Elon Musk Reduces Tesla Prices Due to Weak Q3 Sales | Wealthy Perceptions Impact Hiring and Competence | Crocs Thriving Amid Casual Dress Preferences

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Elon Musk is cutting Tesla's list prices in the U.S. again after poor Q3 sales - Fortune

Elon Musk is slashing U.S. prices once again for both the Model Y and the Model 3 which together are responsible for over 95% of his vehicle sales.

While this is good news for new buyers, it raises more concerns among investors that demand is tailing off. Tesla has adopted a dynamic approach to pricing designed to match real-time new orders with factory supply, so changes are made in order to bring the two into equilibrium.

Coming so soon after a disappointing quarter, it raises the prospects of Wall Street earnings downgrades as the average selling price per vehicle will drop about 4% for most of its models.

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People Perceived as Wealthy Get Hired More Often and Are Seen as More Competent, According to Cambridge Researchers - Inc.com

A study published in the Journal of Experimental Psychology shows that wealthy individuals are perceived to be significantly more competent than their non-wealthy counterparts and this judgment is based on the underlying assumption that wealthy individuals "earn" their wealth. In turn, people display more willingness to hire wealthy individuals, due to their higher perceived competence. This research was carried out by eight researchers, led by Amar Sarkar, a scientist at the University of Cambridge.

Economic inequality is swiftly rising in the U.S. While millions of Americans lost their job and fell into poverty during the pandemic, the collective net worth of billionaires grew 1.1 trillion dollars in the past year. In fact, three billionaires (Jeff Bezos, Bill Gates and Warren Buffet) own as much wealth as the bottom half of the American population.

Once known as the "land of opportunity", it's now clear that low-income Americans are heavily subjected to diminished economic mobility, making it difficult to increase their wealth and quality of life. To make matters worse, there is a common belief that the financial hardships of poorer individuals are due to a lack of hard work and ambition. This harmful stereotype often helps maintain the existence of inequality.

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Crocs CEO says business is booming because people just don't want to dress smartly anymore - Fortune

It’s happening at home, it’s happening in offices — it’s even happening in the Senate.

The public are increasingly dressing more casually, whether it’s during the working week or in their own time.

And for Crocs, which saw business boom during the pandemic when people were confined to their homes, a “casualization” of the nation has meant great things for its bottom line.

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Bill Ackman wants another shot at shaking up IPOs - The Economist

BILL ACKMAN is hunting for deals. The boss of Pershing Square, a hedge fund, is on the lookout for “large private growth companies” which are seeking to raise $1.5bn or more, but are wary of the “risks and expenses” of a conventional initial public offering (IPO). His solution: a special-purpose acquisition-rights company, or SPARC. On September 29th regulators approved the novel investment vehicle, which Mr Ackman bills as a fairer, cheaper alternative to its tainted cousin, the special-purpose acquisition company (SPAC), which enjoyed a boom in 2021.

There is much to like about this financial innovation. First, unlike SPACs, which raise a pot of money via an IPO and then scour the market for potential targets, the SPARC will find a merger candidate first. Helpfully, Mr Ackman has more time to make the deal—ten years, compared with two years for SPACs. He has also lined up potential investors: Pershing Square has granted SPARC rights at no cost to shareholders of its previously disbanded SPAC. Pershing Square itself can retain up to 5% of the new company.

Once a deal is agreed with a target firm, the SPARC’s shares can start trading on an exchange. The SPARC rights-holders can then purchase stock at a price agreed in the deal within four weeks of the stockmarket debut. If an investor chooses not to exercise the rights, they expire. By pledging to chip in between $250m and $3.5bn as anchor investor, Pershing Square is aligning its incentives with those of its investors.

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