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<ul><li><keyword id="19896380" type="General" weightage="20" keywordseo="reliance-industries" source="keywords">Reliance Industries</keyword> is expected to launch an IPO for <keyword id="6354504" type="General" weightage="20" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> in 2025.</li><li>Reliance Retail is expected to go public after <keyword id="19906886" type="General" weightage="20" keywordseo="jio" source="keywords">Jio</keyword>, with no date fixed yet.</li><li>The <keyword id="7784314" type="General" weightage="100" keywordseo="reliance-jio-ipo" source="Orion">Reliance Jio IPO</keyword> will emerge as the country’s biggest IPO, beating the Hyundai IPO.</li></ul>Mukesh Ambani-led Reliance Industries is reportedly gearing up to launch the initial public offering (IPO) of its telecom arm, Reliance Jio in 2025. The telco will join its competitors, Bharti Airtel and Vi, which are already public. According to a<a href="https://www.reuters.com/world/india/ambanis-reliance-jio-ipo-set-2025-retail-debut-much-later-sources-say-2024-11-04/"> report</a> by Reuters, Reliance Jio is expected to go public in 2025 and the IPO for the retail arm is planned later. As per two sources familiar with the matter, <keyword id="19916798" type="General" weightage="20" keywordseo="mukesh-ambani" source="keywords">Mukesh Ambani</keyword> plans on sticking to the timeline he mentioned in 2019, where he said he will “move towards” listing in five years. <div type="Article" hostid="261" msid="114931927" title="October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow" mstype="2" mssubtype="0"></div> The company has firmed up plans of taking the telecom arm public as it feels the company has achieved a stable business and revenue stream. Jio is currently the biggest telecom operator in India, with over 471 million subscribers as of August 2024. Reliance Industries has raised over $25 billion for the company’s digital, telecom and retail businesses from investors like KKR, Abu Dhabi Investment Authority, General Atlantic and more. <h2>Reliance <keyword id="6059106" type="General" weightage="20" keywordseo="jio-ipo" source="Orion">Jio IPO</keyword> to be India’s biggest</h2>Existing rules state that companies that are valued at ₹1 lakh crore or more need to sell at least 5% of total shares during an IPO. Jio is currently valued at $112 billion (₹9.42 lakh crore) as per Jefferies. A 5% stake sale would put the IPO at around ₹47,100 crore, beating the recently concluded IPO of Hyundai Motor India, which raised ₹27,870.16 crore. <h2>Retail IPO further away</h2>While no timeline has been mentioned, the retail arm’s IPO has reportedly been pushed further away, as the company feels it needs to address internal business and operational challenges. Not only this, the company reportedly wants to avoid two big IPOs hitting the Dalal street in the same year. With Jio’s IPO planned for 2025, we might see the retail arm going public in 2026 or later. Reliance Retail operates over 3,000 supermarkets and also deals in the e-commerce segment. The company feels the retail arm has grown “too fast” and needs some stability before the IPO. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-this-week-swiggy-niva-bupa-health-insurance-and-more/slidelist/114937405.cms">Upcoming IPOs this week – Swiggy, Niva Bupa Health Insurance and more</a> <a href="https://www.businessinsider.in/business/auto/news/october-auto-sales-maruti-suzuki-and-tata-motors-report-a-decline-mahindra-continues-to-grow/articleshow/114931927.cms">October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-13-announced-with-snapdragon-8-elite-6000mah-battery-and-more/articleshow/114842638.cms">OnePlus 13 announced with Snapdragon 8 Elite, 6,000mAh battery and more</a>

Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away

<ul class="summary-list"><li>Celebrities are getting into the soda industry and launching their own beverages.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/gen-z-loves-expensive-groceries-snacks-erewhon-whole-foods-2024-10">Healthy soda options</a> are in demand, with brands like La Croix seeing record sales.</li></ul>From <a target="_blank" class="" href="https://www.businessinsider.com/michelle-obama-background-kamala-harris-campaign-2024-10">former first lady Michelle Obama</a> to supermodel Bella Hadid, celebrities are piling into the soda business.The stage has been set for beverages to become the next big thing for famous people to sell for a while now, experts told Business Insider.While Coca-Cola and Pepsi still dominate the soft drinks market, smaller brands have seen a big rise in popularity over the last four years in the US, according to data collected by Citi from marketing research firm NielsenIQ.One major driving force behind the growth in the sector: a push into healthier beverages. Sodas have become associated with <a target="_blank" class="" href="https://www.businessinsider.com/aspartame-is-a-possible-carcinogen-but-still-safe-to-ingest-2023-7">unhealthy choices</a>, Emily Contois, a researcher of food and media at Tulsa University, told BI. As the wellness industry boomed, Contois said alternatives have emerged to fill the void for health-conscious consumers."This idea about sodas as indulgent and fun is also colliding with these newer ideas where sodas are configured as healthy," she said.Poppi and Olipop, two of the most popular prebiotic soda brands, have exploded in popularity since 2020. Olipop's annual sales were around $3.7 million in 2020; 2024 sales have already topped $325 million as of October 5. Poppi has had a similar trajectory. It's grown from less than $1 million in sales for 2020 to nearly $260 million in 2024. Both have grown their market share in the US.While some brands have partnered with influencers to push their "healthy" sodas, celebrities are using their star power to launch new beverages.Filippo Falorni, an equity research director at Citi, compares the celebrity-owned beverage industry's trajectory to that of the beauty industry — which took off in the 2010s when<a target="_blank" class="" href="https://www.businessinsider.com/manny-mua-youtube-instagram-drama-popularity-controvery-dramageddon-beauty-youtubers-2021-9"> beauty gurus dominated YouTube</a>. Just as social media helped celebrity makeup lines sell, Falorni said their drink brands have the same potential."The influence of social media on consumption behavior obviously has been up dramatically over the last five, 10 years," Falorni said.Celebrities with millions of fans already have a head start when it comes to selling. Actor Blake Lively, who has 45.6 million followers on Instagram, promotes her Betty Buzz brand on the platform. Singer Katy Perry (205 million Instagram followers) launched De Soi, a line of sparkling drinks made with adaptogens from mushrooms, in 2022.PLEZi Nutrition, a company cofounded by Obama in 2023, launched its soda alternative, PLEZi Fizz, in March. The drink is aimed at kids; Obama had previously said, "We know how much concern parents and pediatricians have about sugary drinks." PLEZi Fizz has 70% less sugar than the leading carbonated soft drinks, according to its website.Contois also said that beverage brands are a convincing way to sell consumers a lifestyle. When it comes to celebrity beauty and wellness brands, Contois said people usually hope there's a "magical elixir" that will elevate their own life.It could be a <a target="_blank" class="" href="https://www.businessinsider.com/bella-hadid-kin-euphorics-adaptogen-benefits-side-effects-2021-9">Kin Euphorics</a> drink to look more like Hadid or a PLEZi Fizz to feel more like an Obama — sharing a favorite drink with a public figure brings a brief sense of closeness, Contois said.Still, Citi's Falorni said distribution giants like Coca-Cola and PepsiCo don't have to worry about healthy seltzers stealing away business because soda sellers who make it big will eventually need them to help with distribution.Famous booze-free beverage founders could also follow the well-trodden path of celebs creating alcoholic drink brands and then selling them for a lot of cash. Diageo acquired actor <a target="_blank" class="" href="https://www.businessinsider.com/george-clooney-tequila-brand-casamigos-started-by-accident-2017-6">George Clooney's Casamigos</a> tequila for about $1 billion in 2017, and the same alcohol company bought <a target="_blank" class="" href="https://www.businessinsider.com/ryan-reynolds-apologizes-george-clooney-email-sells-aviation-gin-610-million-2020-8">Ryan Reynolds' gin brand</a> in 2020 for $610 million.A-listers may feel more comfortable promoting sodas as guilt-free indulgences on their massive platforms compared to alcohol. The relatively low price points — a four-pack of Betty Buzz is less than $10 — also mean consumers can share a celebrity's taste for a few dollars."It's an aspirational investment that people are willing to make," Contois said.

From Michelle Obama to Bella Hadid, celebrities are piling into the soda business 

Artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) became a buzzword in the tech industry with the launch of ChatGPT in 2022. The emerging technology is now being used in various industries and more and more sectors are trying to find ways to use the technology to their benefit. Now, AI might come to your rescue even if you are struggling with <keyword id="21423322" type="General" weightage="20" keywordseo="IPO-filings" source="keywords">IPO filings</keyword>. <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, during a conference, said that <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> filing will get faster and even easier with the help of AI. She also elaborated on how AI is already being used for processing of public documents and does 80 percent of the job. <h2>Sebi chief on AI making IPO filing quicker</h2>According to an Economic Times report, Buch talked about plans to process IPO documents using AI during an <keyword id="22645005" type="General" weightage="20" keywordseo="FICCI-conference" source="keywords">FICCI conference</keyword>. She revealed that a fill-in-the-blanks template form is in the works which will simplify the process of IPO filing for companies. As a result, the entire process can be fast-tracked as only the final approval will come from an officer. For young companies, this could mean that filing an IPO is not just quicker, but easier as well as there could be set templates that they will just have to fill in. The report quoted Buch saying, "The normal track (of processing of IPO applications) would be so fast that you won't need fast track." <h2>IPO process in India</h2>In India, the process of filing an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) involves several steps. Firstly, the company hires an underwriter or investment bank to guide the process. These financial experts analyze the company's financial health and sign an underwriting agreement detailing the deal, the amount to be raised, and the securities being issued. Next, the company prepares a registration statement and a draft prospectus, known as the Red Herring Prospectus (RHP), as mandated by the Companies Act. This document includes definitions, risk factors, use of proceeds, industry and business descriptions, management information, financial statements, and legal details. The RHP must be submitted to the registrar of companies three days before the public offering and must comply with SEBI regulations. Following this, the company applies to SEBI for IPO approval. SEBI then verifies the company's disclosures. If approved, the company announces the IPO date. Subsequently, the company applies to the stock exchange to list its shares. The pricing of the IPO can be done through a Fixed Price Offering or a Book Building Offering, where a price range is announced, and investors bid within this range. The booking period usually lasts three to five working days, during which investors can revise their bids. After bidding, the final price, or Cut-Off price, is determined. Finally, the company, along with the underwriters, allocates shares to investors. In cases of oversubscription, partial allotments are made. The shares are typically allotted within ten working days of the last bidding date.

Struggling with IPO filing? AI might come to your rescue soon

<ul class="summary-list"><li>The healthcare market looks nearly ready for the next wave of IPOs.</li><li>Barclays' Jon Swope says IPO hopefuls should prepare by increasing the awareness of their companies.</li></ul>It's been a rough few years for healthcare initial public offerings. But the next wave of public healthcare companies looks to be on the horizon.At least two healthcare companies are considering public-market debuts in the not-so-distant future. The diabetes startup <a target="_blank" class="" href="https://www.businessinsider.com/exclusive-omada-health-confidentially-filed-s1-ipo-public-2024-10">Omada Health confidentially filed its S-1 this summer</a>. And the physical-therapy startup <a target="_blank" class="" href="https://www.businessinsider.com/hinge-health-s-1-morgan-stanley-ipo-2024-9">Hinge Health has hired banks including Barclays</a> as it prepares to file its S-1 confidentially.Hinge and Omada likely aren't the only healthcare companies <a target="_blank" class="" href="https://www.businessinsider.com/healthcare-startups-ipo-public-markets-reopens-2024-1">weighing an IPO as market conditions improve</a>.Jon Swope, a managing director in Barclays' healthtech division, told me he expects a pickup in healthcare IPOs in 2025 after a three-year drought.<div type="image" title="A headshot of Jon Swope." height="1200" width="846" msid="114356715" hostid="261" sizebytes="24914"></div>I spoke with him about what the next wave of healthcare IPOs could bring — and which healthcare startups are in the best position to test the public markets.The following has been edited for clarity and length.In the past few years there have been a number of take-privates and near-delistings in healthcare, as well as plenty of healthcare companies that have otherwise struggled in the public markets. What can we learn from those companies' challenges, and how might they impact the next round of healthcare IPOs?The whipsaw of the public markets over the last five years has created a challenging backdrop, even with the overall market improving.From 2019 through 2021, nearly 20 companies went public through IPOs or SPACs in healthtech. At its peak, the total market cap for healthtech and digital health was over $300 billion. Through both take-privates and declines in share prices, that's down to just about $90 billion.Large take-privates like Change Healthcare, Nuance, Cerner, Inovalon, and others are part of the story. The other part is that, on average, the companies that went public or were already public are down by about 80% — names like Teladoc, Accolade, and Health Catalyst.The enthusiasm that supported the last wave, with respect to the positive and innovative business models in healthtech and digital health, is not gone. It's just that these companies haven't been able to achieve growth with profitability. When there's a next set, there's going to be more of a focus on growth and profitability.You see that in the IPOs that happened this year: Waystar and Tempus. Waystar is large-scale, profitable, with growth, and Tempus has the promise of AI, high growth, and emerging profitability. Both have performed since their public debut.In the private sphere, many investors have leaned away from healthcare services and into healthcare AI. What models do you expect the healthcare market to favor in this next round of IPOs?There are three general categories that are investible in healthtech and digital healthcare. One is simply data and then technology and healthcare. Healthcare is arguably two decades behind every other industry in the adoption of technology. Whether it's software, tech-enabled models, or, importantly, the data opportunity and AI opportunity, tech and data infrastructure for healthcare is No. 1.No. 2 is consumer-centric models, such as some B2B2C models, the employer and payer digital-health models, or even direct-to-consumer models. Look at <a target="_blank" class="" href="https://www.businessinsider.com/inside-hims-founders-journey-to-go-public-via-spac-2021-1">the performance of Hims</a>, which has emerged from its post-SPAC purgatory.Consumer-centric healthcare is the future of healthcare, and it's becoming more of our collective reality. The companies with consumer-centric business models that deliver longitudinal engagement and outcomes, financial and clinical, for consumers and the payers of healthcare, both employers and insurance companies, are certainly on the list.No. 3 is value-based care. Much has been made of that as a category, tying together costs and outcomes. And while some of the brick-and-mortar value-based care companies have had their own challenges, support for the adoption of value-based care by providers will continue to be where healthcare is going.Are there models in healthcare that you think are perhaps not the best fit for the public markets right now?The less complex the elevator pitch, the better. While I can't say there's a model that's not a fit, what we heard from investors as things were bending in the wrong direction last boom cycle was: "Wait, what did I just buy? I'm not sure I fully understand this company's business model."Now you have to juxtapose that against the reality of healthcare, which is complex. So it's companies that can articulate a clear and simple story while also navigating the layers of the healthcare ecosystem in executing on their business model.That includes riding the existing rails. In the last five-plus years we've seen companies figuring out how to work with the payers and providers that make up the healthcare ecosystem to bring innovation and disruption to how we experience healthcare.Given the major slowdown in SPAC deals in the past few years and Nuvo's poor performance (<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-22/newly-public-pregnancy-care-firm-nuvo-files-for-bankruptcy">and bankruptcy</a>) this year, could we see more SPAC deals for healthcare startups next year?It's a four-letter word for the foreseeable future. I imagine there will be SPACs created, and there are still others that haven't run out of time, but it's unlikely that we see companies using that vehicle that could go public the regular way.For startups that don't go public, will we see M&amp;A pick up in 2025? With large retailers like Walmart pulling away from healthcare, who are the potential buyers?M&amp;A is picking up already, as evidenced by volume this year, and it will continue to, particularly in an easing financing environment and macro backdrop where bid-ask spreads are narrowing.The consolidation activity is in three categories. First, there are the large-cap consolidators including retailers, payers, and Big Tech. There will be deals there, but there are only so many that will be done by that group, which is not much more than a dozen companies.The next is large-cap, and often private-equity-backed, healthtech consolidators. A number of them are private and will continue to be buyers.The third category is just smaller mergers of equals. Especially for enterprise sales, selling into payers or selling to providers, scale matters, and so size matters. We'll see small companies merge with other small companies to get there.Anything else startups should know that might impact this next cycle of IPOs?While these companies that went public in the last cycle may not have fulfilled their promises, they set the stage for an attractive IPO market by going public the right way — executing on the business and growing it, and increasing awareness around the company well in advance of an IPO.At the back end of the last boom wave there was a rush to go public, and SPACs were examples of that. I think that in the 2025, 2026, and 2027 IPO classes, there will be a number of companies that think about it the right way, not rushing to get to the public market.

2025 could bring a wave of healthcare IPOs. Here's what startups should know, according to a top banker.

<ul class="summary-list"><li>Jón Óskar Árnason was looking for a new hobby after he and his wife got divorced.</li><li>The former Michelin-starred chef, based in Sweden, transformed his daughter's old bedroom into a makeshift distillery.</li></ul>Everything was on track when it came to <a target="_blank" class="" href="https://www.instagram.com/illhaveoneofeach/">Jón Óskar Árnason's</a> culinary career — until it wasn't.Born and raised in Iceland, Árnason partnered with his then-wife Sarah to open a bistro named <a target="_blank" class="" href="https://www.bryggargatan.se/">Bryggargartan</a> in her Swedish hometown in 2004. Five years later, they relocated to Skellefteå, a town 480 miles north of Stockholm with a population of under 80,000 people.Skellefteå, part of Swedish Lapland, has become known as the "kitchen pantry" of Scandinavia following the <a target="_blank" class="" href="https://www.businessinsider.com/moving-living-sweden-canada-surprising-differences-2023-5#sustainable-and-seasonal-eating-is-valued-but-dont-ask-a-swede-about-their-secret-mushroom-spot-5">New Nordic culinary movement</a>. It's where many Michelin-star chefs forage, hunt, and catch their own ingredients — including grouse, arctic char, and cloudberries — for their restaurants. Árnason is one of those chefs."Our focus was on bringing top-level gastronomy to a region that had been in a gastronomical standstill for decades," Árnason told Business Insider.Árnason said he had always felt in control of his career, but when the pandemic hit, he found himself at a crossroads. After almost twenty years of marriage, he and his wife were going through a divorce, and his daughter Judith had moved out — she was starting a career as a sommelier. Árnason found himself wanting more.<div type="image" title="Man holding bucket and foraging for gin ingredients in Sweden." height="4000" width="6000" msid="113007411" hostid="261" sizebytes="1107124"></div><h2 id="412c2f60-25ac-4cf9-ab1d-5a2639cf7d54">His divorce led to a new hobby</h2>Árnason, now 46, had considered selling the restaurant, but when the pandemic hit, he said no buyers were interested in buying it, so he has continued running it with his ex-wife.But he still wanted to find another channel for his creativity.He found inspiration four years ago while sitting in his seaside house overlooking the Baltic Sea. He wanted to know what the nature around him would taste like when distilled with alcohol."The hours of sunshine and the northern climate must affect the taste, I thought to myself," said Árnason. "Surely, our Swedish water can make an exceptional gin that can be served neat and not always as a cocktail."Rather than using dried juniper, cloves, and peppercorns sourced from Asia to make a typical London Dry, Árnason started handpicking his own berries, herbs, and roots like fallow deer and cloudberries — ingredients that flower and are in full bloom in Swedish Lapland, depending on the season.Árnason said he doesn't dry his ingredients out — he puts them in fresh, making the spirit drinkable both straight and with a mixer. In contrast, popular gin brands like Hendricks and Tanqueray use dry botanicals or essences to achieve their flavors."I want to work with what nature gives me and create something so clean it can be enjoyed neat," Árnason says.<div type="image" title="Home in Skellefteå, Sweden with gin ingredients on display in the front lawn." height="1365" width="2048" msid="113007412" hostid="261" sizebytes="303210"></div><h2 id="02249372-3cbb-481d-8032-1582e4a467bf">A new hobby led to a new career</h2>After converting Judith's bedroom into a makeshift distillery, production slowly became more than a hobby. It became a business.This is what eventually led to the start of Ógin, which means "not a gin," in Icelandic.Árnason teamed up with creative director and designer Jakob Nylund. "Together, we mapped out the plan to make Ógin a high-end spirit company focused on products for the best restaurants in the world," he said.Árnason financed his first prototype through funds from pre-paid orders. He reached out to people who he had met during his years as a chef. "A lot of the early investment was my own money and time. I also managed to claim a small amount from an agricultural fund financed by the European Union, but to be honest, the biggest investment has been the time spent by both Jakob and myself," he said."We also had support from my bank very early on in the project, which surprisingly believed in us," he said. Árnason did not share the bank loan details with BI.It was two years later, when the Swedish investor Konrad Bergström joined, that they gained more financial freedom. "A guest of my restaurant turned friend, joined us as a partner — this made us more economically sustainable," Árnason said. Bergström is a Swedish serial entrepreneur, perhaps best known for starting <a target="_blank" class="" href="https://www.businessinsider.com/x-shore-tesla-of-the-seas-build-new-electric-boat-2022-8">X Shore, a company that claims to be the "Tesla of the Seas.'</a><div type="image" title="Gin cocktail shot from above with fresh ingredients on top." height="3666" width="5499" msid="113007415" hostid="261" sizebytes="485248"></div>Today, the bottles of Ógin <a target="_blank" class="" href="https://www.ogindistillery.com/our-products">listed on the brand's website</a> range in price from 751 to 1,688 Swedish Kronasells, or $74 to $165.Árnason is not the first chef to dabble in the spirits world. Chefs behind Michelin-starred restaurants like <a target="_blank" class="" href="https://www.le-gavroche.co.uk/eshop/p/le-gavroche-gin">Michael Roux Junior</a> and <a target="_blank" class="" href="https://www.thedrinksbusiness.com/2024/07/chef-alex-dilling-launches-gin/#:~:text=Alex%20Dilling%2C%20the%20chef%20behind,available%20in%20a%20mini%20size.">Alex Dilling</a>, along with celebrity TV presenter <a target="_blank" class="" href="https://www.santospirits.com/">Guy Fieri</a>, have also launched their own spirits.The global gin market has been on the rise and is projected to increase by $7.36 billion between 2023 and 2028, according to <a target="_blank" class="" href="https://www.technavio.com/report/gin-market-industry-analysis#:~:text=The%20Gin%20market%20size%20is,%247305.78%20million%20in%202024%2D2028%20.">Technavio</a>, a market research company.<h2 id="eec27833-0b76-4945-809f-5724f1f6af6d">Dividing the passion</h2>At the beginning of his project, the chef bottled 70 liters of gin. Now, he produces approximately 10,000 liters per season and makes both gin and vodka. All his clients are Michelin-starred restaurants, and that's how he intends to keep it."I'm not going to sell to every restaurant or to the supermarkets in Europe," he said, adding that he wants to open the client base up to high-end hotels and top bars.The chef still runs the restaurant with his ex-wife, splitting his time between that and his new company. The workload for the brand varies depending on the season.Árnason says they've achieved profitability but declined to provide specifics. "It's still small, and it will probably be a few years before I make more from Ógin than from Bryggargatan," he said.While Ógin is growing, Árnason says he's not in a hurry: "This is about building a brand that stands for the highest quality and no compromises."

A former Michelin-starred chef was looking for a new hobby after his divorce. He started a gin business in his daughter's old bedroom.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Add this to the list of things that might scare you about artificial intelligence: losing your home. Real-estate scammers are <a target="_blank" href="https://www.businessinsider.com/scammers-use-ai-deed-fraud-title-theft-to-steal-homes-2024-10">using AI tools to commit deed theft</a>, with the owner of a $137.5 million mansion saying they're among the victims.In today's big story, Tesla reports earnings this afternoon with the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">focus back on its cars business</a>.What's on deck:<ul><li>Markets: Breaking down the <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">74-page slideshow</a> activist investor Starboard presented to Pfizer.</li><li>Tech: Amazon's $100 billion data center dream <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">is turning into a bit of a nightmare</a>.</li><li>Business: A deadly E. coli outbreak linked to McDonald's <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">sent its share price tumbling</a>.</li></ul>But first, back to basics.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Tesla the car company</h2><div type="image" title="Photo illustration of Elon Musk." height="882" width="1176" msid="114513508" hostid="261" sizebytes="107410"></div>Tesla has spent plenty of time discussing the future, but Wall Street wants to bring the EV giant back to the present.Elon Musk's company reports third-quarter earnings this afternoon, and analysts are focused on its core auto business. Business Insider's Matthew Fox has a rundown on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10">analysts' expectations ahead of Tesla's big day</a>.(To get real-time updates on Tesla's earnings, be sure to check out our <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">live blog here</a>.)Musk has spent time talking up everything but the cars his company currently sells. From robotaxis to autonomous vehicles and bartending bots, Tesla's earnings calls have been heavily focused on what's next instead of what's now.Tesla has good reason to avoid talking about the present. Its sales dropped for two straight quarters <a target="_blank" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">before righting the ship in Q3</a>. It'll now take a massive fourth quarter for its 2024 sales to eclipse last year's figure.Touting robotaxis and pitching the company as a leader in artificial intelligence has eased the pain (and helped the stock price), but even that has its limit. Tesla's share price is still down more than 12% year-to-date after its flashy robotaxi event <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">mostly fell flat with investors</a>.That's why all eyes are back on its core business of selling cars, including the status of its industry-leading profit margins.The report could signal the worst is behind Tesla … or is yet to come.<div type="image" title="Generel Motors photo collage" height="1500" width="2000" msid="114513510" hostid="261" sizebytes="91326"></div>Tesla also needs to worry about what's in its rearview mirror.General Motors' third-quarter earnings report topped estimates, leading to a nearly 10% surge in its stock. Part of its success included <a target="_blank" href="https://www.businessinsider.com/gm-stock-earnings-crushing-it-suvs-trucks-evs-2024-10">improved EV growth and profitability,</a> writes BI's Benjamin Zhang. GM now holds a 9.8% share of the US market, trailing only Tesla.That comes during what's been an overall tough time for the EV market. (But a good time for any <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">who's in the market for one</a>!)While the industry continues to grow, it's at a much slower pace than a few years ago. Automakers have been forced to readjust their strategy around breaking into the market.Overseas, things aren't much better for Tesla. China, the world's largest auto market and an area of growth for Tesla, has gotten increasingly competitive. Domestic rivals <a target="_blank" href="https://www.businessinsider.com/tesla-chinese-ev-rivals-record-deliveries-pressure-on-elon-musk-2024-10">recently posted a record month for sales</a>, and China's EV giants stole the show at <a target="_blank" href="https://www.businessinsider.com/china-ev-giants-innovation-ai-auto-show-european-rivals-despair-2024-10">Europe's largest auto show</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Former Abercrombie &amp; Fitch CEO Mike Jeffries <a target="_blank" href="https://www.businessinsider.com/former-abercrombie-and-fitch-ceo-mike-jefferies-arrested-2024-10">arrested in sex-trafficking case</a>.</li><li>Starbucks just pre-released its sales figures, and they show <a target="_blank" href="https://www.businessinsider.com/starbucks-quarterly-sales-dropped-as-it-faces-us-china-headwinds-2024-10">its new CEO has an uphill struggle ahead</a>.</li><li>A Michelin star might <a target="_blank" href="https://www.businessinsider.com/restaurants-awards-michelin-star-new-york-city-dining-rent-costs-2024-10">kill your favorite restaurant</a>.</li><li>The Polymarket 'whale' is placing as many as 71 bets a minute <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-trump-vs-harris-betting-odds-polls-election-2024-10">in favor of Donald Trump</a>.</li><li>Bhutan is known for prizing happiness. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/bhutan-known-gross-happiness-employees-longest-working-hours-in-world-2024-10">Its people also work longer than any other country</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="114513505" hostid="261" sizebytes="38178"></div><ol><li>Activist investor Starboard aired its grievances to Pfizer. The hedge fund, which reportedly has a $1 billion stake in the drug giant, recently presented <a target="_blank" href="https://www.businessinsider.com/starboard-jeff-smith-74-page-presentation-pfizer-13-monitor-2024-10">a 74-page slideshow to Pfizer</a>. Its complaints included a lack of R&amp;D spend and a failure to deliver on its drug pipeline.</li><li>The bond market is scrambling to recalibrate itself. Bond yields are rising and prices are dropping as <a target="_blank" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">traders reset their expectations of future interest rate cuts</a>. Strong economic data and a potential Trump win are believed to be the biggest factors preventing more rate cuts.</li><li>Inside Citadel Securities' massive tech rebuild. Ken Griffin's market maker is revamping the tech that powers its trades as it eyes growth. The goal is to prepare the firm for what lies ahead, <a target="_blank" href="https://www.businessinsider.com/inside-citadel-securities-multi-year-rebuild-trading-technology-2024-10">Citadel Securities' chief technology officer told BI</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Illustration of an Amazon data center wrapped in an orange-colored electrical cord, with three lightning bolt symbols" height="1000" width="2000" msid="114513501" hostid="261" sizebytes="86046"></div><ol><li>Amazon's data center dream is battling "zombie" facilities, high costs, and labor shortages. Amazon plans to spend more than $100 billion expanding its data centers over the next decade. But the ambitious plan means it's increasingly running into physical constraints. <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">According to internal documents viewed by BI,</a> electricity and labor headwinds are hampering the company's long-term data center growth.</li><li>The plane-tracker who got on Elon Musk's bad side says he's lost faith in big social media. College student Jack Sweeney ran Threads accounts that tracked the movements of celebrities' private jets — or at least he did until Monday, when Meta removed the accounts citing safety concerns. <a target="_blank" href="https://www.businessinsider.com/jet-tracking-meta-ban-jack-sweeney-faith-social-media-2024-10">Sweeney told BI</a> he thinks he was targeted by one of the public figures he's tracking.</li><li>Disney and Apple are on the outs. Disney is <a target="_blank" href="https://www.businessinsider.com/disney-apple-app-store-hulu-disney-plus-2024-10">no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store</a>, which takes up to 15% of the monthly fees generated by Disney's subscription services. Though the companies are still working together on some projects, the move points to a notable rift in the pair's long-standing relationship.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Illustration of block homes." height="2000" width="4000" msid="114513507" hostid="261" sizebytes="419628"></div><ol><li>Should America be more like Whoville? To bring down housing prices, America needs to break from its cookie-cutter tradition and build more weird homes. These five wacky home ideas could help <a target="_blank" href="https://www.businessinsider.com/home-prices-america-should-build-weird-houses-apartments-real-estate-2024-10">create the housing we need</a>.</li><li>The CDC said a deadly E. coli outbreak was linked to McDonald's Quarter Pounders. Shares in the Golden Arches dropped more than 9% in extended trading on Tuesday following the announcement that <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">one person died and 10 others were hospitalized</a>. A total of 49 cases across 10 states have been reported thus far, but the extent of the outbreak is "likely much higher," the CDC said.</li><li>Does anyone know what Disney's post-Bob Iger plan is? The company's announcement that it would name a new CEO in 2026 — far later than most expected — has left <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-ceo-succession-plan-questions-2024-10">more questions than answers</a>. The stakes are high: Disney flubbed Iger's last exit plan so badly that it had to bring him back after less than two years.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Billionaire Marc Lasry claims in a new lawsuit that a former employee is trying to extort him for $50 million. <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">Here are the most eye-catching excerpts</a>.</li><li>Diddy's children break their silence on his arrest and <a target="_blank" href="https://www.businessinsider.com/diddy-children-arrest-accusations-response-2024-10">compare the accusations to 'conspiracy theories.'</a></li><li>Elon Musk's X has made hundreds of thousands of dollars <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-america-super-pac-advertising-revenue-2024-10">from his super PAC</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Tesla, Boeing, IBM, Coca-Cola, and other companies report earnings.</li><li>Harvey Weinstein appears in New York court on additional charges of sexual assault.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Tesla's earnings report will include refocusing on its car business, and it comes as competition heats up

<ul class="summary-list"><li>I'm exited Singapore Airlines is adding doors to business class after flying the current seat.</li><li>Demand for door-equipped cabins is widespread, with many global airlines hopping on the trend.</li></ul>In early 2023, I <a target="_blank" class="" href="https://www.businessinsider.com/worlds-longest-flight-singapore-airlines-business-review-2023-1">flew Singapore Airlines on the world's longest flight</a> to experience what is considered a top-tier business class.It was one of my first long-haul trips at the front of the plane, so I was easily impressed by the lie-flat bed, the amenity kit, business-class lounge access, and other <a target="_blank" class="" href="https://www.businessinsider.com/business-class-airlines-compared-best-worst-2023-9">posh perks of premium flying</a>.One thing it lacked, however, was a sliding door. Instead, the seat had large privacy wings intended to cocoon travelers. At the time, I was less bothered by the lack of privacy and was just happy with the bed and gourmet food on the 18-hour journey.<div type="image" title="The two seats in the middle section can be separated with a divider." height="1500" width="2000" msid="115093804" hostid="261" sizebytes="139642"></div>Since then, I've flown in door-equipped <a target="_blank" class="" href="https://www.businessinsider.com/flying-ana-the-room-business-class-new-york-japan-review-2023-4">business class on Japan's All Nippon Airways</a> and British Airways. I've joined the club of people who prefer the coziness of a fully enclosed pod, which proved to be a night-and-day difference in privacy.I could sleep and work without feeling like wandering eyes were looking over my shoulder. I was also less disturbed by the noise from the galleys and bathrooms, and I didn't have a neighbor's light annoyingly glaring into my space when the cabin was dark.Although it has taken some eight years to announce a significant upgrade to its high-dollar seat, five-star <a target="_blank" class="" href="https://www.businessinsider.com/singapore-airlines-new-first-class-business-upgrades-privacy-door-trend-2024-11">Singapore is finally jumping on the door trend</a>.The carrier announced plans in November to <a target="_blank" class="" href="https://www.businessinsider.com/singapore-airlines-new-first-class-business-upgrades-privacy-door-trend-2024-11">retrofit 41 Airbus A350 planes</a> with a new door-equipped business class. It will also be on Singapore's <a target="_blank" class="" href="https://www.businessinsider.com/boeing-777x-why-so-important-delays-future-airlines-2024-7">future Boeing 777X aircraft</a>. The first retrofitted plane is expected to launch in the second quarter of 2026.CEO Goh Choon Phong said in a press release that the change was a result of its customers' "evolving preferences and expectations."It is too early to say what exactly Singapore has on deck for the new <a target="_blank" class="" href="https://www.businessinsider.com/flew-on-singapores-airbus-a380-premium-economy-one-flaw-review-2023-1">premium cabin</a>, but the single rendering mirrors the hotel-like suites found on All Nippon Airways and British Airways offer.<div type="image" title="Singapore new business class rending with sliding door." height="1080" width="1350" msid="115093810" hostid="261" sizebytes="59338"></div>Considering the door was the only feature included in the rendering, Singapore clearly wanted to emphasize its addition.I hope Singapore will also retain its other favored business-class amenities, like the food, extra-wide seats, and plentiful storage, that make it <a target="_blank" class="" href="https://www.businessinsider.com/best-airlines-in-the-world-skytrax-survey-2024-6">one of the world's best airlines.</a>Regardless, the new and improved business class cabin will be a welcomed change for me and likely for other travelers who may have once pondered a <a target="_blank" class="" href="https://www.businessinsider.com/flying-business-class-qatar-airways-review-2024-9">competing airline for long-haul travel</a> simply for the more private experience.Plus, the country is known for luxury, so having a business class to match will lure in more high-dollar elites and help Singapore better keep up in the highly-competitive market — especially after it lost out to five-star Qatar for Skytrax's world's best business class in 2024.Air India launched its <a target="_blank" class="" href="https://www.businessinsider.com/air-india-business-class-a350-compared-to-777-legacy-2024-2">new pod-like business class</a> in January as it completely overhauls its brand.<div type="image" title="Air India's business class cabin suites." height="2906" width="3875" msid="115093812" hostid="261" sizebytes="791164"></div>I toured the cabin and thought it could easily boost the company's premium competitive edge — and a much-needed change from its old and <a target="_blank" class="" href="https://www.businessinsider.com/air-india-business-class-boeing-777-review-photos-2024-1">awkward business class</a> still flying many routes.<a target="_blank" class="" href="https://www.businessinsider.com/see-turkish-airlines-new-luxurious-business-class-photos-review-2024-8">Turkish Airlines</a>, American Airlines, and Korean Air are among the handful of other companies also leaning into the popular trend.

I've flown on Singapore's world's longest flight in business class. It was nice, but the new seats will be a game changer.

<ul class="summary-list"><li>Five-star carrier Singapore Airlines is investing $830 million to retrofit 41 Airbus A350 planes.</li><li>This includes new first and business-class, which will also be on Singapore's future Boeing 777X.</li></ul>Singapore Airlines plans to spend more than $800 million to retrofit its long-haul planes as customers demand more luxury at 35,000 feet.The carrier, which is regularly ranked <a target="_blank" class="" href="https://www.businessinsider.com/best-airlines-in-the-world-skytrax-survey-2024-6#2-singapore-airlines-19">among the world's best airlines</a>, on Monday unveiled plans to retrofit 41 Airbus A350 aircraft. The first of 34 A350-900s and the first of seven A350-900ULRs will launch in the second quarter of 2026 and the first quarter of 2027, respectively.The overhaul will include new business and first-class seats designed "from the ground up," and <a target="_blank" class="" href="https://www.businessinsider.com/flew-on-singapores-airbus-a380-premium-economy-one-flaw-review-2023-1">"refreshed" economy and premium economy cabins,</a> the company said.The new seats will also be featured on Singapore's highly anticipated <a target="_blank" class="" href="https://www.businessinsider.com/boeing-777x-why-so-important-delays-future-airlines-2024-7">Boeing 777X, which won't enter service until at least 2026</a> amid ongoing production delays.Singapore gave few specific details about the upgraded cabins, but one thing is clear: the airline is finally adding a <a target="_blank" class="" href="https://www.businessinsider.com/british-airways-club-suite-business-class-london-nyc-review-photos-2024-3">sliding door to business class</a>.The privacy door, a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/airlines-qatar-turkish-korean-continue-to-upgrade-business-class-2024-8">flyer favorite</a>, is an increasingly popular perk<a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/flew-first-business-and-premium-economy-on-singapore-airlines-mrbeast-2023-3"> in business class</a>.The feature is absent from Singapore's current business seat, but the bougie new feature could help the carrier level up its business cabin in the ultra-competitive market — especially after it came <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/best-airlines-in-the-world-business-class-seats-skytrax-survey-2024-6">second to Qatar for the world's best business class</a> in 2024.<div type="image" title="One of the seats in the row behind me." height="1197" width="1596" msid="114957636" hostid="261" sizebytes="137560"></div>Airlines worldwide are jumping on the high-demand trend. In recent years, Air India, <a target="_blank" class="" href="https://www.businessinsider.com/see-american-airlines-new-business-class-flagship-suite-for-the-a321xlr-787-2022-9">American Airlines</a>, British Airways, Korean Air, and Turkish Airlines, for example, have all announced new door-equipped business-class cabins to keep up with the competition."Over the past six years, we have extensively engaged customers and stakeholders in the design of our next-generation long-haul cabin products, anticipating their evolving preferences and expectations down to the finest details," Singapore CEO Goh Choon Phong said in a press release.<h2 id="96f450b6-cfdf-4c67-a9bc-4118d764be21">Singapore builds upon its award-winning first-class</h2>The addition of first-class on Singapore's A350-900ULR planes is a significant change. The jet's existing layout only offers business and premium economy and is used for ultra-long-haul flying, including on the <a target="_blank" class="" href="https://www.businessinsider.com/worlds-longest-flight-singapore-airlines-business-review-2023-1">world's longest route between New York City and Singapore.</a>According to the airline's vague rendering, the new first-class appears to stretch across at least three windows and maintain a spacious pod-like design with doors.<div type="image" title="Singapore rendering of its new first-class." height="1080" width="1920" msid="114957635" hostid="261" sizebytes="26834"></div>Singapore already boasts first-class on its Boeing 777-300ERs and Airbus A380 double-deckers. The latter hosts the <a target="_blank" class="" href="https://www.businessinsider.com/singapore-airlines-first-class-suite-double-bed-is-worlds-best-2024-6">world's best first-class, known as Suites</a>. The posh hotel-like cabin includes a separate bed and chair, and two pods can combine into a two-person suite with a double bed.The Suites are not cheap, costing between $16,000 and $24,000 round trip, according to December ticket prices between London and Singapore. The <a target="_blank" class="" href="https://www.businessinsider.com/see-singapores-a380-first-class-suite-bed-armchair-huge-lavatory-2022-5">A380s do not fly to the US</a>, but Singapore's retrofitted A350 jets mean first-class will likely be available in the US once again.The new cabin represents the airline's continued focus on the front of the plane. Singapore's A350-900ULR will add three business class seats but lose 36 premium economy seats to make room for first class. It will not introduce a <a target="_blank" class="" href="https://www.businessinsider.com/flying-singapore-in-economy-12-hours-would-easily-book-again-2023-1">regular coach cabin.</a>Many other airlines, including Air India, Qatar Airways, and Hong Kong's Cathay Pacific, are also planning new international first-class cabins, signaling the cabin isn't dead yet <a target="_blank" class="" href="https://www.businessinsider.com/american-airlines-ditching-first-class-seats-passengers-arent-buying-it-2022-10">despite US airlines ditching the high-dollar seat.</a>

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