Elon Musk’s audacity could finally catch up with him

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Here’s the deal: Federal regulators just announced that Musk’s private space tourism company, SpaceX, will no longer receive nearly $900 million in grants it was given last year because the company “n failed to demonstrate that [it] could provide” the promised Internet service.

Let’s go back a minute.

The bet appears to have backfired, as the FCC is withdrawing the subsidies, saying the Starlink service is “still developing the technology” and its speeds have declined, reports my colleague Jackie Wattles.

SpaceX did not respond to a request for comment, as is usually the case with companies led by Musk.

BIG PICTURE

Part of Elon Musk’s idiosyncratic-visionary-mega-billionaire personality (whether you believe it or not) is that he runs multiple businesses with big ambitions — like colonizing Mars, in SpaceX’s case.

Even if you find his antics — the over-promising tweets, the troll-y’s, the reckless corporate raids, naming one of his children X Æ A-12 — off-putting, you should still appreciate the boldness.

But now it looks like Musk’s bad behavior might finally catch up with him.

In recent days, Musk has sold nearly $7 billion worth of Tesla stock in case he loses his legal battle with Twitter and is forced to buy the company he no longer wants. Meanwhile, California officials filed a lawsuit alleging Tesla lied in ads about its Autopilot and Full Self Driving technology (which, despite their names, aren’t fully self-driving).

In June, when several SpaceX employees signed a letter criticizing Musk’s behavior, the company fired at least five of those involved. A month later, a massive SpaceX rocket prototype exploded at launch. Musk’s response to this on Twitter?

“Yeah, actually not good.

We could say the same for Musk right now.

NUMBER OF DAYS: 8.5%

Today’s inflation headline was a little rosier than expected, with the annual consumer price index for July coming in at 8.5% – much slower than June’s 9.1%, but still at a historically high level.

So this is good news and we should all take a moment to savor it. More good news: overall, prices did not increase at all between June and July. The last month the prices did not increase, it was in November 2020.

It’s not everything good news though. Prices did not rise for one reason, and one reason only: notoriously volatile energy costs fell. If you remove them, prices went up in virtually every other category.

Conclusion: The July report indicates that the Fed’s rate hikes may not have the desired effect. High energy prices likely fell as demand began to dry up.

ITALIAN WORK

Imagine being in the room when someone at Domino’s, the most mediocre pizza supplier on the planet, floated the idea of ​​entering the Italian market.

See what we’ll do, we’ll take our objectively inferior American pies and sell them to the very people who invented pizza and for whom food is not only a source of national pride but also, like, the fundamental foundation Italian cultural identity…

It’s crazyreplies the boss. So crazy it could work…

Spoiler alert: it doesn’t.

After seven years of trying to make a name for itself in Italy, Domino’s has officially closed all of its locations, according to Italian media.

Domino’s had big plans when it entered the Italian market in 2015, signing a 10-year franchise agreement with a Milan-based company called ePizza. Together, they planned to introduce a large-scale pizza delivery service to the country, which didn’t really exist at the time.

It was not an immediate disaster. At the start of 2020, ePizza operated 23 stores in Italy and six more through a sub-franchise partner.

But it turns out the Italians preferred, uh, Italian pizza to the American type, with its typically American toppings, like pineapple.

Who could have guessed? (Apart from, like, everyone?)

While some may attribute Domino’s failure to its brazen attempt to infiltrate the homeland of pizza, ePizza blamed its demise on competition from food delivery apps.

EPizza filed for bankruptcy in April, after struggling to make enough sales during two years of pandemic restrictions amid “unprecedented competition” from local restaurants.

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