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Elon Musk’s strict return-to-office policy causes problems for Tesla

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Elon Musk, the CEO of Tesla, enforced a stringent return-to-work policy this spring. On May 31, he abruptly informed staff members via email that they would need to “spend a minimum of forty hours in the office every week.” He asserted that anything less was “phoning it in.”

According to insiders who work for the firm in the United States and internal documents seen by CNBC, Tesla still does not have enough space or resources to bring all of its employees back to the office three months after this directive. Because they were not allowed to speak to the press on behalf of the company, the individuals chose not to give their names.

Morale has also suffered as a result of the return-to-office policy, particularly in teams where prior to Covid-19, staff was permitted to work remotely as needed.

Before the pandemic, Tesla had a generally positive attitude toward office workers working remotely. In recent years, as the company’s personnel increased, the emphasis was placed on developing global hubs and a new facility in Texas. At existing locations in Nevada and California, it did not construct enough additional workspaces or buy enough office supplies to staff all office workers and long-term contractors for forty hours each week.

A recent attempt by Tesla to send its employees in the San Francisco Bay Area to the office for three days a week apparently failed due to a lack of chairs, desk space, parking spaces, and other resources. (The Information has previously covered some of this.) Tesla reduced the number of in-office days to just two per week.

The company is now surveilling employees’ attendance, with Musk receiving detailed weekly reports on absenteeism.

 

In early September, internal records show, about one-eighth of employees were out on a typical day in Fremont, California, the home of Tesla’s first U.S. vehicle assembly plant. Across all of Tesla, that number was only slightly better, with about one-tenth of employees absent on a typical workday.

 

The numbers have remained within that range since March 2022, pre-dating Musk’s orders, according to internal reports viewed by CNBC. Absenteeism spikes on weekends and around holidays, as one might expect.

Absenteeism at Tesla is measured using data from workers badging into facilities, with unplanned absences divided by planned time off to tabulate daily totals, according to internal records and people familiar with the reports sent to Musk.

Not all employees are tracked the same way. Direct reports to Elon Musk do not have their badge swipes counted for the internal reports, for example.

The return-to-office policy — murky and informal as it is — has caused a significant decline in morale among some employees, according to internal messages seen by CNBC.

Before COVID-19 restrictions, Tesla managers generally figured out how much remote work was appropriate for their teams. Musk’s hardline policy eliminated that freedom in theory, though some execs may still be able to carve out deals for “exceptional” employees.

In early June 2022, right after Musk mandated 40 hours on site for all, Tesla made steep cuts to its headcount. Employees who were previously designated as remote workers but who could not relocate to be in the office 40 hours a week were given until September 30 to move or take a severance package from Tesla.

About a week after making that offer internally, Tesla HR asked people who lived far away whether they planned to move and work in a Tesla office 40 hours a week. Some of those who said they were not sure if they could relocate, or who said they definitely could not move, was dismissed in June without warning, according to internal correspondence read by CNBC and two people directly familiar with the terminations.

The policy has also depleted some of Tesla’s power to recruit and retain top talent. At least a few well-liked employees quit because they wanted more flexible arrangements, according to internal correspondence and two resignations confirmed by CNBC.

Some workers who lived far from a Tesla office are now living hours away from their families to meet the new requirements, one employee told CNBC.

This employee said they worried most of all about immigrant workers at Tesla, who could lose their visas if the company suddenly decides to terminate their roles over the shifting attendance mandate.

They also worried about how Tesla’s closed-mindedness about remote work could hit the company’s diversity goals.

 

In its 2022 diversity report, released in July, Meta disclosed that: “US candidates who accepted remote job offers were substantially more likely to be Black, Hispanic, Native American, Alaskan Native, Pacific Islander, veterans and/or people with disabilities,” and “Globally, candidates who accepted remote job offers were more likely to be women.”

In Tesla’s most recent 2021 Impact Report, which it published in May 2022, the company boasted about how it kept employees feeling connected even as they worked from remote offices.

The report said, “During the global pandemic, we focused a great deal on expanding our community engagement and ensuring our employees stayed connected. Specifically, we expanded our Employee Resource Groups (ERGs) and ensured our programming was accessible in a remote work environment…We ensured our employees felt more heard and connected than ever before as they pivoted to virtual events to promote inclusion across different locations, physical boundaries and time zones.”

The company did not break out numbers for how many employees it allowed to work from remote locations before and after the pandemic began, or how that impacted the demographic mix of its workforce.

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Usain Bolt Gets Duped Of $12 Million Savings

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Usain Bolt Gets Duped Of $12 Million Savings

Usain Bolt, the Olympic sprinting champion from Jamaica, lost millions of dollars in his account with Kingston-based Stocks and Securities Ltd.

The legal team for the racing star stated they are prepared to launch a lawsuit if doing so would allow them to recoup the $12 million that inexplicably vanished from Bolt’s account.

According to a statement made by Bolt’s attorneys, there is reportedly just $12,000 still in Usain Bolt’s account.

“The account was part of Bolt’s retirement and lifetime savings,” his lawyer, Linton P. Gordon, told Fortune magazine over the phone. It’s distressing news for anyone, and certainly in the case of Mr Bolt, who established this account as part of his private pension,” Gordon said on Wednesday.

“We will be going to court with the matter” if the company does not return the funds, Gordon said. It is a grave disappointment, and we are hoping that the matter will be resolved in a way that Mr Bolt will recover his money and be able to live in peace.”

The business’ response was: Stocks & Securities Ltd. stated in a statement on January 12 that it had informed law authorities of the fraudulent activities by a former employee.

It said that it has tightened standards and taken steps to safeguard consumers’ assets.

The “alleged fraudulent operations at SSL that are reported to have affected the accounts of Mr. Usain Bolt and other persons” are being investigated, according to a second statement made on Monday by the Jamaica Constabulary Force.

The Jamaican government participates: Nigel Clarke, the finance minister for Jamaica, asserted SSL had perpetrated “alarming and vile fraud” on Tuesday night and vowed to “bring all perpetrators to account.”

According to the Associated Press, Mr. Bolt’s account with the business was established as a pension for both of his parents as well as the eight-time Olympic gold medalist sprinter.

After dominating the sprinting world for a decade, reviving a sport ravaged by drug scandals, and becoming as well-known as Muhammad Ali, Bolt announced his retirement in 2017.

 

 

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Bitcoin Trades Higher Than Meta and MasterCard In Value

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Bitcoin Trades Higher Than Meta and MasterCard In Value

With a gain of almost 25% over the previous two weeks of 2023, Bitcoin began the New Year on a positive note and was trading above $21,000, trading higher than MasterCard and Meta in value.

Additionally, Bitcoin is now more valuable than brands like MasterCard and Meta, with a market worth of over $400 billion.

By market capitalization, the biggest cryptocurrency has maintained a price above $21,000, which is a level it has not traded since November 2022.

Prior to a flurry of encouraging economic news, notably a drop in the U.S. Consumer Price Index (CPI), which finally sent cryptocurrency and stock prices northward, Bitcoin was trading below $17,000.

A psychological price ceiling of $20,000 and BTC’s 20-week exponential moving average (20-week EMA; the green wave) at $19,500 formed a resistance confluence that was broken by the price increase.

Strong volume breaking three resistance levels demonstrates traders’ confidence in a prolonged market advance. Should it occur, Bitcoin’s next upward objective is at its 200-week EMA (the yellow wave), which is roughly $25,000. This represents a 20% increase over the current price.

Dollar cross of doom The U.S. dollar is down due to anticipation that the Federal Reserve would cease rising interest rates as a result of decreased inflation, which contrasts with Bitcoin’s bullish technical outlook.

Since March 2020, the two assets have usually moved in opposition to one another. According to TradingView, as of January 16, there was a -0.83 daily correlation coefficient between Bitcoin and the U.S. Dollar Index (DXY), a measure of how strong the dollar is relative to its main rivals.

In an email, Bradley Duke, co-CEO of cryptocurrency ETP provider ETC Group, claimed that positive economic data in the US, including lower inflation statistics and strong job growth numbers, as well as positive economic data in Europe in which the EU released unemployment stats that were the lowest in 23 years.

The BTC future market echoed this shift in mood, with traders placing long bets four days in a row based on the Long-Short ratio.

Head of research at the Canadian digital asset management 3iQ, Mark Connors, explained:

“Looming large in our three-part thesis on digital asset adoption is the juxtaposition of a growing U.S. debt load set against a declining workforce that is ‘ageing out. If we don’t let inflation cut our debt in real terms and we cannot grow out of it, expect more of it.” He further added, “BTC is more correlated to debasement than inflation, so not surprised to see BTC lift with the prospects of more debt.”

Despite Bitcoin’s 30% increase above $20,000 so far in 2023, on-chain data reveals that institutional investors are not supporting the purchasing trend.

For instance, according to CryptoQuant’s Fund Holdings index, the total quantity of Bitcoin owned by holdings of digital assets such trusts, exchange-traded funds, and other funds has been decreasing amid the coin’s price surge in recent months.

According to comparisons between CryptoQuant’s Token Transferred and Fund Flow Ratio measures, no noteworthy transactions happened on-chain but rather on cryptocurrency exchanges, suggesting that this is solely a retail rally.

Other significant cryptocurrencies were up earlier this week, with CRO, the token of exchange Crypto.com, gaining by more than 7%. SOL, the Solana blockchain’s native coin, increased by more than 1.4% to maintain its recent upward trend. In addition to its recent improbable gains, FTT, the token of troubled cryptocurrency exchange FTX, increased by more than 24% at one time.

Over the weekend, the total value of the cryptocurrency market reached $1 trillion, and since Friday, there have been more than $500 million in short liquidations—bets against rising prices—making this the largest amount since November 2022.

The Crypto Fear & Greed Index has reached 45, remaining in the fear zone. But compared to June, this is perhaps six times more.

 

 

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2023: Millions Of Nigerians In Danger Of Hunger—UN

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2023: Millions Of Nigerians In Danger Of Hunger—UN

World-leading union, UN has risen to warn to the Nigerian government on a projected forecast of hunger in the country in the months of June and August.

In order to avoid 25 million Nigerians from being hungry this year, the UN cautioned that immediate measures must be done.

The United Nations issued a warning that 25 million Nigerians face a starvation risk between June and August of this year and urged immediate action to avert this.

This information was revealed by the UN Associate Spokesperson, Ms. Stephanie Tremblay, on Monday in New York, according to NAN.

The UN asked both public and private partners to commit funds to address the nation’s food insecurity.

According to NAN, Ms. Stephanie Tremblay cautioned that in order to keep 25 million Nigerians from becoming hungry this year, immediate measures must be adopted. Tremblay stated:

2023: Millions Of Nigerians In Danger Of Hunger—UN

“Nearly 25 million Nigerians are at risk of hunger between June and August this year if urgent action is not taken.

“This is according to the October 2022 – Cadre Harmonisé, a food, and nutrition analysis led by the government of Nigeria, in partnership with the Food and Agriculture Organisation, UNICEF, and the World Food Programme”.

Conflict, inflation, and climate change were all mentioned by Tremblay as the main factors influencing the danger of hunger.

From the report:

Continued conflict, climate change, inflation, and rising food prices were the key drivers of this alarming trend, noting that children were the most vulnerable to food insecurity.

Over 400,000 hectares of cropland were destroyed by statewide floods in Nigeria last year, which caused a surge in the country’s food inflation rate, which increased to 23.72% on an annual basis by October 2022.

While insecurity contributed to the failure of the agricultural sector last year, the lack of proper investment could become a huge detriment this year for Nigerians.

 

 

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