In other news, Citi's wealth business is undergoing major changes under the leadership of Andy Sieg, with almost a dozen executives leaving since his arrival. A new survey found that 56% of teens who own VR devices rarely use them, posing a challenge for companies like Apple and Meta. More Americans are moving abroad due to the rising cost of living in the US. Lastly, New York is using AI to challenge wealthy remote workers and those requiring a change in tax residency.
Key takeaways:
- Tesla is facing a new phase of growth, with CEO Elon Musk announcing the unveiling of robotaxis in August. However, the company recently cut 10% of its workforce and a major executive resigned, causing concerns among market watchers.
- Shares of Tesla have fallen more than 35% this year, despite the company's market share in the US electric vehicle market growing to 51.3%.
- The Andy Sieg era at Citi's wealth business has seen massive changes, with almost a dozen executives leaving since he took over in September.
- A new survey found that 56% of teens who own VR devices rarely use them, posing a potential problem for companies like Apple and Meta that are investing heavily in the technology.