10 things in tech you need to know today
Welcome back, readers. Peloton is set to face calls from an activist investor to sack its CEO, while Elon Musk is due to give some updates on the much-delayed Cybertruck.
Let's get started.
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1. Peloton will be urged to fire its chief executive John Foley after the company revealed it had temporarily halted production. The Wall Street Journal reported that activist investor Blackwells Capital is readying a push to encourage the company's board to sack Foley and seek out a sale for the business.
- Peloton offers high-end exercise bikes and treadmills with virtual classes. It's thought to have boomed in the pandemic, which shuttered gyms across the world.
- But for some time it was struggling to keep up with demand. Now, the company has an oversupply of stock with not enough people to buy them.
- Shares in the company sank on Thursday after it announced it was temporarily halting production due to the drop-off in demand, which has coincided with the re-opening of global economies.
Read more on Blackwells' intentions to push Foley out and have the business sold.
In other news:
2. Tesla may start selling audio products like headphones and megaphones. A new trademark filing by the electric vehicle-maker suggests the company could open an entirely new product line. Here's more on a potentially bizarre new direction for Tesla.
3. How hustle culture got America addicted to work. For 100 years the workweek was getting shorter before that trend came to an end in 1980. We broke down why Americans are working longer hours than their European counterparts.
4. Intel is planning to create the "largest silicon manufacturing location on the planet" in the US. Patrick Gelsinger, the tech giant's CEO, plans to move the firm's semiconductor supply chain to Ohio by 2025. Here's why Intel is spending $20 billion to upend its manufacturing setup.
5. Shopify is cutting contracts with warehouses across the US, marking a shift in its push to challenge Amazon's massive fulfillment machine. Once the changes are brought in, Shopify's network is set to have around half of its previous capacity.
6. American Airlines is suing The Points Guy over the TPG app's frequent flyer mile management tool. The airline claims the app violates trademark and private rules. Read more about the lawsuit that has escalated the dispute between the companies.
7. Airbnb CEO Brian Chesky believes a future of flexible work and travel will give the company a boost. Chesky told CNBC that he expects remote work to create a category of working travelers. His comments came after he announced he would start "living on Airbnb", moving to a different town or city every few weeks. Here's more on how Chesky plans to make the best of the post-pandemic working world.
8. Former SpaceX engineers are building self-driving electric freight train cars. CNBC reported an LA-based startup called Parallel Systems that was created by three former engineers at Elon Musk's space exploration firm just raised $50 million in a Series A funding round. Here's more on the startup.
9. Google's search and advertising arm remains one of its most vital sectors. We mapped out 141 of its most important people in our exclusive org chart.
10. Elon Musk is set to deliver an updated product roadmap this week. The Tesla CEO will likely discuss long-delayed vehicles like the Cybertruck pick and Roadster supercar. Here's what to expect from Wednesday's earnings call.
What we're watching today
- NASA's $10 billion James Webb Space Telescope is due to arrive in its final observing station. More on it here.
- IBM earnings expected today. This kicks off a big week of tech earnings — as Apple, Microsoft, Samsung, and Tesla earnings are expected later this week.
Curated by Michael Cogley in London. Tips or feedback? Email mcogley@insider.com or tweet @michaelcogley.