| Hey Insiders, here's today's top Inside Business stories: - President Joe Biden says he wants all autoworkers to get UAW's deal with Ford, Stellantis, and General Motors.
- Investor Ron Baron believes SpaceX could go public by 2027 and be worth up to $500B.
- National Women's Soccer League reaches record $240M four-year TV deal.
Thanks! Arbër
p/Arber | |
| 1 | | President Biden stated, "All auto industry workers deserve contracts like the UAW employees have won," referring to the deal between UAW and Ford, Stellantis, and General Motors. The new deal will see workers receive a 25% wage increase. More: - According to Joe Biden, the deal between UAW and automakers has set a new standard and is a "game changer" for blue-collar workers across the country.
- Other perks that the UAW workers were able to negotiate include cost-of-living adjustments and retirement benefits.
- These deals, however, must still be formally voted by union members.
- The UAW has not been able to replicate its unionization formula in all automakers, as workers in companies such as Tesla, Volkswagen, and Nissan have not shown the same level of willingness to unionize despite multiple campaigns from union representatives.
Zoom Out: - The 2023 United Auto Workers strike began on Sep. 15, 2023. This was the first trilateral strike against Ford, General Motors, and Stellantis in history, with the trio failing to convince workers to return to work for nearly 50 days.
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| 2 | | 
What happened: Tesla and SpaceX investor Ron Baron has stated that he believes SpaceX will go public by 2027. Baron added that the company could be worth up to $500B by the time it IPOs. More details: Asked about his belief in SpaceX's business model, the famous investor said that the company could provide internet connection for households using a $500 antenna, while currently, the U.S. government is paying $44B to expand internet connection in the country, with an estimated cost of $53,000 per household. He added that he does not want to exit his position in the company within his lifetime and that regulatory intervention is not a concern. Ron Baron, founder of Baron Capital, is known for being a major investor in Tesla and SpaceX. Together, they represent 14% of Baron Capital's portfolio. His company bought $380M worth of Tesla stock in 2014 at an average price of $43.07 per share. The company manages a total of $45B worth of assets, while its stake in SpaceX alone is worth $1.7B. Why it matters: SpaceX's valuation has consistently grown. Since 2020, when the space company was valued at $46B, the Elon Musk-led business has more than tripled in value since then, reaching $150B in 2023. | | | |
| 3 | | The National Women's Soccer League has reached a record $240M TV deal with CBS, ESPN, Prime Video, and Scripps Sports. The deal will last four years. More: - As part of the agreement, CBS Sports, ESPN, Prime Video, and Scripps Sports will broadcast 118 games from the NWSL, an over 300% increase from the current number of games that are broadcast.
- Endeavor's IMG and WME Sports negotiated on behalf of NWSL.
- This deal marks a significant increase from its current three-year deal with CBS, which is worth $4.5M in total.
- Before the CBS agreement, the NWSL had short-term agreements with ESPN, A&E, and Fox Sports.
- The NWSL broke multiple attendance records in 2023, hosting more than one million fans throughout the regular season.
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| 4 | | Weight-loss drug Wegovy has been shown to reduce the risk of heart attacks for obese and diabetic patients by more than 20% in a recent trial. The Ozempic-maker could see another significant boost in the market following the results. More: - Wegovy, a weight loss drug made by Ozempic's manufacturer, Novo Nordisk, showed promising results for over 17,500 patients in a study that was concluded in Aug. 2023.
- Wegovy reportedly reduced the risk of non-fatal heart attacks by 28% in a trial that lasted for five years.
- As for side effects, nearly 17% of people receiving Wegovy in the trial stopped taking the drug due to vomiting and diarrhea.
- The results were presented at the American Heart Association Scientific Sessions and the New England Journal of Medicine.
Zoom Out: - Novo Nordisk, a Danish company founded in 1923, saw its stock price increase by as much as 100% in 2023 due to the popularity of Ozempic, a diabetes treatment effective for weight loss.
- The popularity of Ozempic has sparked numerous research, some of which claim that its effect has already begun to be felt in retail stores that sell food and could result in lower fuel costs for airlines in the future.
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| 5 | | Silicon Valley company Humane has launched its $699 AI-powered Pin that aims to replace smartphones. The company was founded by two former Apple employees who helped create Autocorrect, among other features. More: - The Ai Pin is a wearable device powered by a Snapdragon processor and controlled with voice and gestures. The Pin can take 13-megapixel pictures, video, translate, play sounds, etc.
- According to the company, the wearable will not be recording at all times and must be manually commanded to start taking footage.
- The device is powered by an operating system the company calls Cosmos, which uses Large Language Models such as ChatGPT and not apps.
- The Ai Pin goes on sale Nov. 16 in the U.S. starting at $699, plus a $24 monthly subscription for unlimited calling, texting, and data through T-Mobile.
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| 6 | | Vince McMahon is planning to sell almost a third of shares in TKO, WWE's parent company. McMahon's family founded the business in 1953. More: - According to the official statement from TKO, McMahon will sell 8.4 million Common A shares, valued at $700M.
- The decision could signal that the current Executive Chairman of TKO could be exiting the business after more than four decades of leading his pro wrestling empire.
- In early 2023, WWE merged with UFC and Hollywood giant Endeavor to form TKO. While the company had a $21B valuation on opening day, the stock failed to meet expectations, resulting in reports that the company may be taken private.
- Founded in 1953 as the Capitol Wrestling Federation, Vince McMahon managed to take the family business and grow it to the largest pro wrestling league and one of the largest sports entertainment platforms in the world.
- The company has launched the careers of global superstars such as Dwayne "The Rock" Johnson, John Cena, Dave Bautista, etc.
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| 7 | | Quick Hits: - Bike Friday is on! Upway sells discounted e-bikes from top brands, rigorously inspected and certified by master mechanics. Get discounts of up to $1000 on a selection of e-bikes!
- The NBA held the second day of its inaugural In-Season Tournament, a new format that aims to increase viewership for the league.
- Apple has paid a $25M settlement in a civil court case that claimed that the company favored foreign workers.
- The Michigan EDA is going to donate $2.5M to over 20 organizations in the region.
- A24 is reportedly in talks to develop a biopic movie around the life of Elon Musk.
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Term of the Day Mixed-use properties: Mixed-use properties typically feature residential, recreational, and commercial spaces in a building or land development. Question of the Week What perks would convince you to return to the office? Join the conversation |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Vibha Chapparike | |
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