updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Grubhub said that it would offer employees a severance package for 16 weeks but refused to comment on the specific positions removed.
In a message to employees on Monday, June 12, food delivery platform Grubhub stated that it plans to lay off 400 employees i.e. 15% of its corporate workforce. The company cited the reason for maintaining “competitiveness” in the current macro environment.
Also, in comparison to other market players such as Uber Eats and DoorDash, Grubhub has failed to capture the market share. The company said that it would offer employees a severance package for 16 weeks. However, Grubhub refused to comment on the specific groups or positions affected. In his memo, Grubhub CEO Howard Migdal said:
“There is no doubt whatsoever that we have a solid foundation in place and an immense opportunity ahead of us – but it is also clear that we need to make some tough decisions in order to maintain our competitiveness, deliver the best possible service for diners and our other partners, and be successful for the long-term.”
Back in 2021, Dutch multinational Just Eat Takeaway.com acquired Grubhub in an all-stock transaction at a valuation of $7.3 billion. However, it turns out that less than a year after the sale, Just Eat Takeaway said that it has been exploring the “partial or full sale” of Grubhub.
The Grubhub spokesperson hasn’t responded to whether the workforce layoffs are connected to a potential sale process.
Around 400 people are being impacted by job cuts, highlighting the increasing troubles faced by the Chicago-based company. Grubhub, which includes subsidiaries like Seamless and Eat24, has been struggling despite the ongoing demand for takeout. Even though the pandemic boom has subsided, Grubhub has been unable to gain traction.
As of April, Grubhub and its subsidiaries accounted for only 9% of consumer spending on meal delivery in the US, according to Bloomberg Second Measure. Grubhub CEO Howard Migdal said that the company will continue to focus on future business priorities. He added:
“While our business has grown since our 2019 pre-pandemic levels, our operating and staff costs have increased at a higher rate. These changes, while difficult, will help ensure we have the right resources and structure to focus on the business priorities and opportunities ahead.”
The food delivery space is turning more competitive with every passing day, and it will be important to see how Grubhub manages to navigate through these times.
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On Tuesday, Tesla saw its stock take a significant downturn a day after posting its December vehicle production and delivery report.
Tesla Inc (NASDAQ: TSLA) stock recently plunged by more than 12% on the heels of the company’s Q4 2022 vehicle production and delivery report. Although Tesla’s numbers were a record, they fell short of analysts’ expectations.
On Tuesday, Tesla posted 405,278 deliveries for the fourth quarter of last year and 1.31 million total deliveries for all of 2022. The electric vehicle’s full-year figures represent a record 40% growth in deliveries compared to 2021. However, Wall Street expected Tesla to put out 427,000 deliveries for the concluding quarter of 2022. Furthermore, according to a FactSet consensus, estimates ranged from 409,000 to 433,000.
Although some analysts opine that Tesla’s latest delivery miss does not augur well for the company, others remain more optimistic. According to the latter group, the delivery development could provide a buying opportunity for Tesla stock in 2023.
Other noteworthy figures from the Tesla Q4 2022 report include total production (439,701) and total annual production (1.37 million).
Bernstein’s Toni Sacconaghi predicts that Tesla could face a substantial demand problem in 2023. In a recently-issued note, he explained:
“Tesla’s annual order run rate in Q4, including significant discounting, was only about 1M units, and the company’s target is to sell close to 2M units in 2023. We expect demand challenges persisting in 2023.”
In addition, Sacconaghi also pointed out that none of Tesla’s models seems to be eligible for any Inflation Reduction Act rebates. The only notable exception is the EV maker’s Model Y 7-seat version, with the added seat option costing around $3000.
Meanwhile, Goldman Sachs views the Tesla delivery report in a more positive light, terming it an “incremental negative.” According to the banking giant, Tesla appears to be well-positioned for long-term growth. Furthermore, Goldman also recently reiterated its buy rating on Tesla stock. In addition, the leading bank suggested that making vehicles more affordable amid a problematic macroeconomic environment could further drive growth.
Before its stock development and delivery report, Tesla endured a yearlong tech sell-off in 2022. This lengthy downward spiral eventually prompted company CEO Elon Musk to implore Tesla employees to ignore the “stock market craziness.” In late December, the outspoken chief executive also partly ascribed Tesla’s declining shares to rising interest rates. In a tweet from December 20th, he offered:
“As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed; people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”
However, Musk’s critics instead point to his divided attention between Tesla and Twitter as another causative factor. The Tesla CEO acquired Twitter late last year after an explosive back-and-forth with the company’s executives. Musk offloaded Tesla shares worth tens of billions of dollars last year to partly finance the leveraged buyout. Furthermore, since taking over the popular microblogging platform, he has increasingly spent more time trying to reshape it.
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Instead of designing the Tesla Semi as either a right or left-hand drive truck, Tesla placed the steering wheels in the center of the vehicle with screens overlaying the sides.
Since unveiling the Semi heavy-duty trucks in 2017, Elon Musk, the Chief Executive Officer of the American electric car manufacturing company Tesla Inc (NASDAQ: TSLA) has finally flagged off the deliveries of the vehicles. According to a CNBC report, the flag-off event was done at the company’s factory in Sparks, Nevada alongside Dan Priestly, the company’s senior manager for Semi truck engineering.
Pepsico Frito Lay was present at the delivery launch event and after Musk’s speech, he thanked the company and handed over the mic to the officials present. Pepsico is billed as the client that will be receiving the trucks for its production.
Tesla was one of the first electric car manufacturing outfits to unveil the plans for its heavy-duty but many of its competitors have launched their own version well before it did. Amongst these competitors include Mercedes-Benz Group AG (ETR: MBG), and Volvo AB (STO: VOLV-B) amongst others.
The delay in the Tesla Semi delivery was first impacted by the supply chain issues that disrupted the market during the COVID-19 pandemic era, as well as the general strain on battery manufacturing materials. However, the delay has been well compensated for with respect to the high tech and performance it was launched with.
Tesla boasts of technological advancements that cannot be gotten anywhere else and it said the truck fast charges and can travel 500 miles when fully loaded.
Instead of designing the Tesla Semi as either a right or left-hand drive truck, Tesla placed the steering wheels in the center of the vehicle with screens overlaying the sides. With this design, the truck can fit into any country irrespective of the transport rules there.
Electric trucks are the next frontier in the bid to debut vehicles that will help combat climate change. With more than 200,000 trucks roaming American streets, the conversion of a bulk of them to electric will aid the climate push to a reduction in greenhouse gasses across the board.
Tesla was silent about the number of Semis it is delivering or whether there will be further delays in battery production. Based on the fact that the Semi delivers up to 1MW, additional insights have been given into the potential of the Cybertruck that is still being produced by Tesla.
Overall, Elon Musk said the Tesla Semi is not just environmentally friendly but will enhance the quality of life of everyone living close to the factory and highways. In addition to the qualities defined earlier, Musk said the Semi trucks are “..also quiet, will improve the quality of your air, and will improve the health of people living near freeways.”
The company’s shares do not seem to be moved by the positive news as they are trading down by 0.15% to $194.41 in the Pre-Market.
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Shiba Inu and Dogecoin holders can now pay for Uber Eats food deliveries with their cryptocurrencies via BitPay.
Other cryptocurrencies supported by BitPay include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, XRP, Dai, Wrapped Bitcoin (WBTC) and stablecoins.
Hungry? Pay for DoorDash and Uber Eats food delivery with #crypto: https://t.co/N9PxyIeHf1 #cryptocurrecy pic.twitter.com/elxa2osLfZ
— BitPay (@BitPay) July 1, 2022
According to a blog post by BitPay, since Uber Eats does not yet accept direct cryptocurrency payments, this method of payment is exclusive to BitPay gift cards and BitPay cards. Alternative payment methods include BitPay partner Menufy, which accepts payments from cryptocurrency wallets for takeout or delivery from regional or national restaurant chains.
Food delivery companies such as DoorDash and GrubHub, as well as takeout restaurants such as Grill, Chili’s, Carrabba’s Italian Grill, Steak ‘n Shake and many more, are accepting crypto via BitPay.
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Acceptance of cryptocurrencies as payment is currently growing. In recent weeks, U.Today reported that luxury watchmakers like Tag Heuer, Hublot and Breitling are accepting cryptocurrencies via payments processor BitPay.
Last chance before the
leaves the launchpad!
The @BitPay x Panini Wallet launches at https://t.co/3GcJnve9Gk NEXT WEEK!
Supported tokens like @ethereum @dogecoin @Bitcoin @shibtoken & more!
Support for wallets like @MetaMask @CoinbaseWallet #NFTs #Doge #BITCOIN #SHIBARMY pic.twitter.com/U4I95xcGOX
— Panini America (@PaniniAmerica) July 1, 2022
In addition to luxury goods and food deliveries, Panini America, a company that specializes in sports collectibles, has announced the upcoming launch of its crypto wallet that will support cryptocurrencies such as Shiba Inu, Bitcoin and others in conjunction with BitPay. Panini America, a multi-national publisher of trading cards, stickers, comics and children’s periodicals, is based in the United States.
According to Santiment, address activity for Dogecoin and Shiba has risen to seven-week highs. The on-chain analytic firm wrote in a tweet on June 29: “Dogecoin and Shiba Inu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, DOGE (+32%) and SHIB (+35%) have seen many returning network interactions.”
Shiba Inu traded at $0.000011 at the time of publication, while Dogecoin was last seen at $0.06.
Mexico-based cryptocurrency exchange Bitso has announced the positive news that users of Rappi Mexico, a delivery company, will now be able to make payments with cryptocurrencies, which includes Shiba Inu.
A Twitter user dedicated to the SHIB community, ”shibainuart” responded to the news: ”Such good news! Surely the initiative will grant more adoption $SHIB.”
In January, Bitso, the largest cryptocurrency exchange in Mexico, announced that Shiba Inu (SHIB) was now available on its platform after teasing its listing in late December.
Que buenas noticias! Seguro la iniciativa otorgara mas adopcion $SHIB.
— MILKSHAKE (@shibainuart) April 14, 2022
Rappi, a Colombian delivery app that enables on-demand delivery of food and other goods across Latin America, has announced the beginning of a cryptocurrency payment pilot program in Mexico.
Rappi has partnered with cryptocurrency providers Bitpay and Bitso to support the new service, which will allow users to convert crypto into credits and use them to make purchases within the app. Rappi, which has offices in nine Latin American nations, also offers financial services in Mexico, Brazil, Peru and Chile, with ambitions to launch digital banking in Colombia this year.
SlingTV, American Cancer Society, Newegg, Menufy, Carolina Hurricanes and Twitch are among the major companies accepting SHIB via BitPay at the moment.
BitPay officially began supporting the Shiba Inu coin in late 2021, which allowed spending SHIB at hundreds of BitPay merchants where Shiba Inu is accepted. BitPay also supports other cryptocurrencies, such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), DogeCoin (DOGE), Litecoin (LTC), Wrapped Bitcoin (WBTC) and USD-pegged stablecoins (BUSD, DAI, GUSD, USDC and USDP).
Shiba Inu was one of the biggest gainers on crypto markets on Tuesday, as Robinhood added the meme coin to its list of crypto offerings. SHIB trades at $0.0000263 at press time.