Plus, Lego fans upset over company's new packaging.
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After Liz Truss' resignation, Rishi Sunak is set to become the U.K.'s new prime minister. Sunak will meet with King Charles III on Tuesday to be formally appointed to the post. Sunak is the first person of color to become prime minister; his Indian grandparents immigrated to Britain from east Africa. More: - During an address on Monday, Sunak promised to fix the economy, noting there will be integrity, professionalism, and accountability at every level of the government he leads.
- U.K. financial markets responded well to Sunak's confirmation, with the 10-year gilt yield falling to 3.73%.
- The sterling rose 0.9% against the dollar, and U.K. government borrowing costs fell back to the levels seen before last month's volatile mini-budget reveal.
- Sunak, a former chancellor, is expected to keep Jeremy Hunt as his chancellor.
- The Treasury said it would present a medium-term debt-cutting plan to Parliament on Oct. 31.
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Brad Gerstner, founder and CEO of Altimeter Capital, published an open letter addressed to Mark Zuckerberg and Meta's board of directors. Altimeter has been a long-term investor in Meta. Gerstner said Meta has too many employees and is losing investors' confidence. More: - Gerstner recommended Meta cut its employee headcount by 20% and cut back on the company's investments in the metaverse to no more than $5B a year.
- Meta has been investing heavily in VR hardware and software technology, believing it would be the next iteration of social media.
- The company had said it plans to spend up to $10B a year to develop the new technology.
- In the letter, Gerstner noted that Meta spending an estimated $100B+ in an unknown future is super-sized and terrifying, even by Silicon Valley standards.
- As of July, Altimeter Capital has more than 2 million shares of Meta.
- Meta shares closed at $129.72 on Monday, down less than 1% for the day.
- The firm is down more than 60% YTD.
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 A message from IMPACT How much do influencers charge per post? Influencer marketing costs In 2020, the global value of influencer marketing was estimated at a whopping $9.7 billion, according to Influencer Marketing Hub. In a 2019 survey by Mediakix, 48 percent of marketers found influencer marketing return on investment (ROI) better than other channels while another 41 percent said the ROI was comparable. In this blog, you'll learn: - Different pricing structures per influencer based on the type and social media channel.
- US and global pricing tiers.
- The ROI influencer marketing can drive your business.
- Identifying the right fit for your influencer campaigns.
Read the blog
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As Elon Musk’s $44B Twitter acquisition deadline draws near, the social media firm is looking at an estimated annual interest payment of more than $1B. In the last five years, Twitter’s yearly average EBITDA has been around $700M. Last year Twitter’s annual interest payment was $51M. More: - As part of the deal, Twitter would add about $13B of debt to its balance sheet.
- According to analysts, Twitter might end up paying more in interest payments, given some of its buyout debt is expected to be a floating rate.
- Last week, the Washington Post reported that Musk told prospective investors in his Twitter acquisition deal that he plans to cut about 75% of Twitter’s 7,500-person workforce.
- Twitter and Musk are expected to close the deal by Oct. 28.
- Twitter shares closed at $51.52, up over 3% for the day.
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Chinese ADRs fell more than 10% following Chinese leader Xi Jinping paving the way for a third term run. The Invesco Golden Dragon China ETF, which tracks the Nasdaq Goldman Dragon China Index, hit a new 52-week low on Monday. More: - The Nasdaq Goldman Dragon China Index has 65 Chinese companies whose common stock is publicly listed in the U.S.
- Alibaba shares were down more than 14% following a 19% drop to a new 52-week low.
- Tencent Music Entertainment shares were down more than 4% following an earlier 18% decline.
- Hong Kong’s Hang Seng index dropped more than 6% to its lowest level since April 2009.
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Dutch healthcare giant Royal Philips plans to cut 5% of its workforce, or about 4,000 jobs, as part of a restructuring. The business has been struggling with supply-chain issues and a significant fallout from a recall of its devices used to treat sleep apnea. More: - The company reported a 5% drop in sales in Q3 to €4.3B and a net loss of €1.3B (~$1.3B).
- The company posted nearly €3B (~$2.96B) in profits during the same period last year.
- Philip said it expects prolonged operational and supply challenges, a worsening economic environment, and continued uncertainty relating to COVID-19 measures in China.
- The company lowered its full-year outlook, saying it now expects sales to decline in the mid-single-digits, compared with its previous forecast of 1-3% sales growth.
- Philips said its planned job cuts would simplify its operations and save the company about €300M ($296M) a year.
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Tesla cut the price of its Model 3 and Model Y vehicles sold in China amid rising competition from other EV makers. The price cuts come days after CEO Elon Musk said China and Europe are currently undergoing a recession. More: - Last week, during Tesla's Q3 earnings call, Musk said demand for Tesla's vehicles was strong, and he expected the company to be recession resilient.
- Last year Tesla cut prices in China to be more competitive in the country.
- Tesla raised prices on its vehicles sold in the U.S., citing the higher cost of input materials.
- Tesla is China's third best-selling EV manufacturer, after BYD Motor and SAIC-GM-Wuling.
- According to the China Passenger Car Association, Tesla is the only foreign EV maker in China's top 15 best-selling EVs.
- Tesla shares closed at $211.25 a share, down ~1.5% for the day.
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Quick Hits - Get ahead of the holiday madness and gear up your influencer and affiliate strategy for success.*
- Lego fans are upset over the company’s plan to switch the packaging of its figurines from plastic bags to recyclable cardboard boxes.
- FTX will reimburse users impacted by the 3Commas phishing scam $6M. CEO Sam Bankman-Fried said the reimbursement would be a one-time thing.
- Medical device company Medtronic said it is splitting its patient-monitoring and respiratory intervention businesses to boost its long-term prospects.
- Telehealth firm Cerebral plans to cut about 20% of its workforce as part of its restructuring efforts. The company said the move aims to match patient demand and lower growth targets.
*This is a sponsored post.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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