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From "Next Tesla" to Total Wipeout: The Fisker Saga

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Ponder Road
May 21, 2024

Remember Fisker, the EV startup that promised to be the next Tesla? Turns out, they're more like the next DeLorean (without the cool gull-wing doors).

Here's the Fisker rundown:

  • They burned through almost all their cash and are drowning in debt, owing around $180 million. Oof.

  • Production has stopped, and employees are getting the boot on June 28th unless someone swoops in with a rescue package.

  • Their first car, the Ocean SUV, flopped harder than a pancake. It was riddled with software glitches, faced shipping delays, and got slammed by reviewers (one even called it the "worst car he's ever reviewed").

  • Fisker's stock, which once peaked at $28.50, is now worth a measly 4 cents. That's less than a gumball.

Key takeaways:

  • Building a car company is hard. Like, really hard. Just ask the folks at Lordstown Motors and Arrival, who also went bankrupt after going public through SPACs.

  • Investors are getting tired of EV hype. Flashy designs and big promises aren't enough – you need to actually deliver a quality product, and Fisker just couldn't hack it.

Looks like Fisker's dream of conquering the EV world has gone up in smoke. Better luck next time, guys.

Source: WSJ

Remember those weird commercials during the Bengals-Bills game last year? Turns out they were from a bank lobbying group fighting against new regulations that would require them to hold more capital. Yeah, big banks are going hard against these proposals, even taking their case to the public.

The new rules, dubbed Basel III Endgame, are meant to make the banking industry safer after the 2008 financial crisis and the recent regional bank failures. They essentially force big banks (those with over $100 billion in assets) to increase their capital reserves by about 16%.

Banks are crying foul, claiming these "onerous" requirements will stifle their ability to lend and hurt everyday Americans. They argue they aced recent crises and don't need Big Brother looking over their shoulder.

Regulators, however, point to the recent bank bailouts as evidence that more capital is needed to prevent future disasters. They'd rather play it safe than risk another financial meltdown.

Bottom line: This battle is far from over, and the outcome could have a major impact on the economy. Keep an eye out for this one, folks!

Key Takeaways:

  • More capital, more problems? Banks are fighting new rules requiring them to increase capital reserves, arguing it will hurt lending and the economy.

  • Deja vu all over again? Regulators say more capital is needed to prevent future bank failures, citing recent bailouts as evidence.

  • Who will win this tug-of-war? The fight over Basel III Endgame is just heating up, and the stakes are high for both banks and the economy.

Source: Knowledge@Wharton

The Miss USA organization is in hot water after both Miss USA and Miss Teen USA resigned, citing a "toxic work environment."

Here's the tea:

  • Miss USA Noelia Voigt and Miss Teen USA UmaSofia Srivastava quit, alleging bullying and harassment. Voigt's resignation letter was extra spicy, with the first letter of each sentence spelling out "I AM SILENCED."

  • Social media director Claudia Michelle also jumped ship, blasting "workplace toxicity and bullying."

  • Miss Colorado resigned in solidarity, demanding change within the organization.

  • The runner-up for Miss Teen USA declined the offer to replace Srivastava, prioritizing her values and "female empowerment."

  • Miss Hawaii Savannah Gankiewicz, last year's Miss USA runner-up, will now take the crown. She plans to use her platform to support Maui's rebuilding efforts after the devastating wildfires.

But the drama doesn't stop there:

  • Many state titleholders are calling for transparency and the release of Voigt from her NDA.

  • The CW Network, which recently signed a multi-year deal to broadcast the pageants, is now reevaluating its partnership.

What's next? The Miss USA organization is scrambling to address the controversy and insists on creating a "healthy and supportive environment" for everyone. We'll see if they can pull it off, especially with the upcoming Miss USA and Miss Teen USA competitions just around the corner.

Source: NPR

Researchers using high-tech radar just uncovered a mysterious underground structure near the Great Pyramid of Giza. This "anomaly," found in a previously unexplored area of a royal graveyard, consists of two connected structures.

Key Highlights:

  • L-Shaped Structure: A shallow, L-shaped structure filled with sand, possibly an entrance to something deeper.

  • Mysterious Deeper Structure: Radar detected a "highly resistive anomaly" below the L-shaped structure, the contents of which remain unknown.

  • Excavations Underway: Archaeologists are currently digging to uncover the secrets of this puzzling find.

Could this be a hidden chamber? A secret passage? Only time (and excavation) will tell! Stay tuned for updates on this ancient Egyptian riddle.

Source: Smithsonian

Thinking about college or grad school? This new research might make you think twice. Turns out, almost half of all master's degrees actually have a negative return on investment. Ouch.

The study analyzed over 50,000 programs and found that while most bachelor's degrees still pay off, associate and master's degrees are much riskier.

Here are the key takeaways:

  • Major matters: Engineering and computer science rule the ROI roost, while fine arts and education bring up the rear.

  • Location, location, location: An English degree from UVA is a financial slam dunk, but the same major at VCU? Not so much.

  • Federal funding fail: Nearly 30% of federal student aid goes to programs with negative ROI. Yikes.

The bottom line? Choosing a college major and school is more than just following your passion. Do your research and make sure your investment will actually pay off in the long run.

Source: Reason