Industry Round-Up: Furloughs, Ferraris, and Fees

More autoworkers furloughed at Stellantis and Ford, Ferrari accepts crypto, and Tesla disputes legal fees. ⚖️
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Industry Round-Up: Furloughs, Ferraris, and Fees

Stellantis and Ford announced Friday that they will temporarily lay off 1,250 employees due to the impact of the UAW strike — 700 from Stellantis and 550 from Ford.

In total, Ford has furloughed 2,480 employees and Stellantis about 1,340.

Following requests from wealthy, tech-savvy customers, Ferrari has begun accepting cryptocurrency for its luxury sports cars in the U.S. and will likely extend the option to Europe soon.

How come? Ferrari's Chief Marketing and Commercial Officer said cryptocurrencies made sense for two reasons —

It will contribute to efforts to reduce their carbon footprint through the introduction of new software and larger use of renewable sources, and

They want to accommodate (mostly younger) investors who have built their fortunes around cryptocurrencies, or traditional investors who have looked to diversify their portfolios.

On Friday, Tesla urged a Delaware judge to reconsider the $230M in legal fees requested by a team of shareholder attorneys who won a settlement in a dispute over director pay.

How ‘bout $64M and call it even? Tesla's attorney argued the shareholder's attorneys exaggerated the value of the settlement — and by extension their requested fee — by pegging its value to the cost to directors (~$10,690/hour per director) rather than the benefit to the company.

Kathaleen McCormick, Chief Judge on the court heard about two hours of arguments but declined to mention when she would ultimately be issuing her ruling.

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