Elon Musk sent Twitter employees an email titled “A Fork in the Road” early Wednesday morning. Musk informed the staff that the company would need to build a breakthrough Twitter 2.0 to remain competitive. Musk offered employees the choice to commit to being what he referred to as “extremely hardcore.” More: - Musk noted there would be long working hours at high intensity moving forward to accomplish this goal.
- Musk provided employees with a Google form link to indicate their commitment to the new Twitter by Thursday at 5 p.m. ET.
- Employees who do not respond by then or respond “no” in the Google form would be given three months of severance.
- Musk added that Twitter will become more engineering-driven, though design and product management will still be essential.
- Musk said Twitter is a software and servers company at its heart.
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Several crypto firms are dealing with the fallout from FTX’s collapse last week. Crypto lender Genesis Global Capital suspended loan originations and redemptions on Wednesday, pointing to the impact of FTX’s bankruptcy filing on Friday. According to Genesis’ website, the firm had about $2.8B in total active loans at the end of Q3. More: - Genesis is owned by venture capital firm Digital Currency Group (DCG), which also owns crypto asset manager Grayscale.
- DCG said Genesis’ suspension of redemptions has no impact on its operations or the operations of its other subsidiaries.
- Crypto exchange Gemini, founded by the Winklevoss twins, suspended withdrawals on its interest-bearing Earn accounts.
- Crypto lender BlockFi, which disclosed it had significant exposure to FTX, plans to cut jobs and, according to reports, file for bankruptcy.
- Bitcoin fell below $16,400 on Wednesday; the cryptocurrency is down roughly 20% this month.
In related news: - A class action lawsuit was filed in Miami on Tuesday against FTX founder and former CEO Sam Bankman-Fried, also naming several athletes and celebrities as defendants.
- The lawsuit claims that FTX yield-bearing accounts were unregistered securities unlawfully sold in the U.S.
- The suit is seeking $11B in damages.
- Others named in the lawsuit include NFL quarterback Tom Brady, comedian Larry David, tennis star Naomi Osaka, basketball player Stephen Curry, and the Golden State Warriors NBA team.
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Airbnb CEO Brian Chesky announced several measures on Wednesday to help increase the supply of offerings on Airbnb. Chesky noted he was dissatisfied with the increased costs of staying in Airbnbs, pointing to limited supply in popular locations and a jump in cleaning fees. More: - The average daily cost of a stay on Airbnb was $156 in the July-September period, up 5% from 2021 and up more than 40% compared with 2019.
- According to AirDNA, the average cleaning fees for short-term rentals rose 28% in October 2022 compared with the same month in 2019.
- In urban areas, the increase was nearly 50%.
- Some measures announced to address rising costs include Airbnb Setup, a program to pay existing hosts to help new ones get set up on the platform, and plans to reduce cleaning fees.
- Airbnb currently has about 4 million hosts globally.
- Chesky also recently listed his San Francisco home on Airbnb.
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Target shares fell more than 13% on Wednesday following weaker-than-expected Q3 earnings. The retailer posted total revenue of $26.5B, up 3.4% YoY. Comparable sales increased 2.7% YoY. Net income was $712M, or $1.54 per share, down 52% compared to the same period last year. More: - Target said it anticipates a weaker holiday quarter, expecting a low single-digit decline in comparable sales in the October-December period and an operating margin rate of around 3%.
- Target said its inventory was up about 14% YoY compared to 36% reported in Q2 and 43% in Q1.
- Target CFO Michael Fiddelke said the company is seeing a higher level of shoplifting, noting it rose about 50% YoY.
- Target said its shoplifting losses had more than a $400M impact on its margins.
- Target said it has seen a drop in sales in October and November, pointing to inflation, rising interest rates, and economic uncertainty.
- Target shares are down more than 30% YTD.
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 A message from VESTABOARD Explore the beautiful messaging display that’s impressing editors at Rolling Stone, Wall Street Journal, GQ, and more. “Eight thousand, four hundred and forty-eight. That's how many magical spinning flaps make up the beautifully tactile heart of the Vestaboard. Ditching the cold, heartless world of simple screens, the Vestaboard is a smart display that can tell you anything from the weather to the time, as well as being controlled to show custom messages, appointments and more, via a handy app. Each plink of the physical flaps will put recipients in mind of old-fashioned train station displays, ensuring that physical objects can still spark joy in this increasingly digital world.” - GQ UK - Owners love using Vestaboard to create a focal point in their home, sharing daily inspiration with their kids and surprising each other with funny messages.
- For businesses, Vestaboard elevates their space and offers high-visibility messaging for employees and customers.
See Vestaboard in action
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Amazon launched a new virtual healthcare business called Amazon Clinic. The clinic will allow patients in 32 states to message healthcare providers through a secure portal to seek personalized treatments and prescriptions for more than 20 common health conditions like allergies, acne, and hair loss. More: - The service does not yet accept insurance, but customers can use insurance to help pay for medications prescribed by a licensed clinician through the platform.
- Amazon Clinic comes just months after the company announced it was shutting down Amazon Care, a different telehealth service, by the end of the year.
- In July, Amazon announced it was acquiring primary healthcare provider One Medical for $3.9B.
- Amazon also has Amazon Pharmacy, which it launched in November 2020.
- Amazon Pharmacy fulfills subscriptions and over-the-counter drugs and ships the items to Prime customers within two days.
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Cosmetics giant Estée Lauder is buying Tom Ford in a deal valued at $2.8B. Estée Lauder will fund the purchase through a combination of cash, debt, and $300M in deferred payments to sellers that become due beginning in July 2025. More: - Estée Lauder beat out other bidders, including Kering SA, to acquire the luxury brand.
- Tom Ford is known for its menswear line; it also offers womenswear and accessories.
- Tom Ford also has a fast-growing beauty business that offers cosmetics and fragrances.
- Estée Lauder has had a licensing agreement with Tom Ford’s beauty business since 2006.
- The purchase is still subject to regulatory approval but is expected to close in H1 2023.
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Quick Hits - Apis Cor holds the current Guinness World Record for the largest 3D-printed building on Earth. Invest in the future of construction.*
- NASA successfully launched its Artemis I mission to the moon on Wednesday around 1:47 a.m. ET from Florida. Artemis I will not land on the moon, but the spacecraft will orbit nearby before returning to Earth in 26 days. There were no astronauts onboard for this mission.
- NATO officials confirmed that the missile that crashed in Poland, killing two people, was likely a Soviet-made weapon fired by a Ukrainian air-defense system. There was no evidence the missile was intentionally directed at Poland.
- Disney announced price increases for its Walt Disney World Florida theme park tickets. The new prices go into effect on Dec. 8.
- Kentucky Sen. Mitch McConnell was re-elected on Wednesday as Senate minority leader, defeating a challenge from Florida Sen. Rick Scott. Republicans gained control of the House of Representatives on Wednesday after securing 218 House seats.
*This is a sponsored listing.
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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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The award-winning messaging display that’s not a digital screen. See it in action at vestaboard.com. | |
