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<ul class="summary-list"><li>Street vendors in Paris were found storing food in the city's sewers, per Le Parisien. </li><li>Several videos show vendors putting items into and taking them out of the ground.</li></ul>Street vendors in Paris have been caught storing food in the city's sewers, local newspaper <a target="_blank" href="https://www.leparisien.fr/paris-75/paris-au-champ-de-mars-la-pate-a-crepes-vendue-a-la-sauvette-est-stockee-dans-des-bouches-degout-08-10-2023-IHE2663DQNHSLMFPGBJFSAYIPY.php">Le Parisien</a> reported in October.These vendors, who sell <a target="_blank" href="https://www.businessinsider.com/savory-crepe-is-perfect-breakfast-2016-2">crepes</a> and sandwiches, were found storing ingredients in manholes along the <a target="_blank" href="https://www.insider.com/tiktoker-debunks-romantic-notions-around-paris-london-goes-viral-2023-7">Champ-de-Mars near the Eiffel Tower</a>, per the report."Many use frozen dough that has been stored in questionable conditions. To mask the smell and rancid taste, they sprinkle it with vanilla sugar," one vendor told Le Parisien in French. The vendor was not identified in the report.A video posted by Le Parisien showed <a target="_blank" href="https://www.youtube.com/watch?v=SgunAywVaZc">several clips of people removing bags containing food from sewer access points and electricity grates.</a> One clip showed a man placing a bucket underground and walking to a food cart. Business Insider could not independently verify the authenticity of the clips.Crepe batter and other types of food, including meat and beverages, were also found stored in manholes, hatches, and vents, Le Parisien reported, citing a resident who lives in the 7th district — an affluent neighborhood and home to the Eiffel Tower. The food is then reheated and put up for sale, per the report, citing another local resident.Frank Delvau, president of the Union of Hospitality Trades and Industries of <a target="_blank" href="https://www.insider.com/paris-syndrome-tiktok-reasons-to-visit-paris-2023-7">Paris</a> and the Ile-de-France, said the sellers represent a public health risk, noting they have no way to wash their hands, per Le Parisien. Some were seen selling "tainted merchandise, water bottles filled up at the tap," Delvau said.Delvau said the food stands are not often not licensed. Many of the vendors themselves are undocumented and exploited by criminal organizations, he said.They also present unfair competition for local licensed restaurants that "pay rent, fees, and need to face inspections from hygiene regulators," said Delveau."We're about a year away from the Olympics, and if we do nothing, it will become a veritable illegal food market around the Eiffel Tower," David Zenouda, vice-president of the Union of Hospitality Trades and Industries of Paris and the Ile-de-France, told Le Parisien.Nicolas Nordman, deputy mayor of Paris, told Le Parisien he was aware of the dangers these vendors pose, especially to people visiting the city."We must warn potential consumers, often tourists, of the dangerousness of the products on sale, because it is a real public health issue," he said.Rachida Dati, the mayor of the 7th district of Paris, told Le Parisien that the city has started cracking down on these unsanitary practices."In each intervention, the police seize and destroy 30kg of merchandise. During the week of September 11 to 16, they seized 380 bottles of water, 50 of wine, 200 of beer, and 90 ears of corn," she said.Paris police chief Laurent Nuñe spoke about putting an end to street vending before the 2024 Olympic Games. "We will, of course, have completely eradicated the phenomenon of street vending, fortune-telling and other delinquent activities," Nuñe said, per <a target="_blank" href="https://www.euronews.com/2023/10/25/paris-police-plan-street-clean-up-ahead-of-olympic-games">Euronews</a>. This incident comes after an American tourist visiting in<a target="_blank" href="https://www.insider.com/american-tourist-says-paris-is-rat-infested-feeds-rodents-video-2023-8"> August voiced his concerns about Paris being infested with rats</a>. And in September, the French capital reported<a target="_blank" href="https://www.insider.com/paris-battles-infestation-of-bloodsucking-bedbugs-in-cinemas-airports-2023-9"> battling a major bedbug infestation.</a>Nordman and Dati did not immediately respond to a request for comment from Business Insider, sent outside regular office hours.

Street vendors in Paris are selling food stored in sewers to tourists, report says

<ul class="summary-list"><li>Tesla is about to unveil its Robotaxi, the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-full-self-driving-promise-experts-2023-2">self-driving car</a> Elon Musk has talked about for years.</li><li>The event could be the "most hyped" day for the company in a decade, one analyst said.</li></ul>Elon Musk is headed into what might be the most important day for his electric car company in years. Tesla will host its long-awaited Robotaxi event on Thursday, where the company is set to unveil the <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">self-driving car</a> Musk has <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-worth-basically-zero-without-self-driving-2022-6">teased for years</a>. Some Wall Street analysts say it could be a pivotal moment for Tesla. The company's <a target="_blank" href="https://markets.businessinsider.com/stocks/tsla-stock">stock is</a> down 40% from its all-time high in 2021, and investors are looking for fresh catalysts amid <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q3-deliveries-sales-stock-price-2024-10">concerns about demand</a> and rising competition in the EV market. Tesla shares have rallied 12% over the last month, a sign traders are anticipating the new unveiling of the model, according to Jay Woods, the chief global strategist at Freedom Capital Markets. But investors will have to wait and see if that surge lasts, or if the upside quickly dissipates as Tesla discloses more about its self-driving car model, he said in an interview with Schwab Network this week."This is the <a target="_blank" href="https://www.youtube.com/watch?v=j0N46S3OACc">most hyped event</a> that Musk has had in almost a decade. They've been talking about autonomous driving, the Robotaxi, for about 10 years," Woods said. "Now, we finally get to see what's underneath the hood."<a target="_blank" class="" href="https://www.businessinsider.com/tesla-robotaxi-release-date-elon-musk-stock-price-2024-9https://www.businessinsider.com/tesla-robotaxi-release-date-elon-musk-stock-price-2024-9">Questions are lingering</a> over how and when the autonomous vehicle, rumored to be called the Cybercab, will be deployed. Tesla shares slumped earlier this year after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-says-tesla-robotaxi-event-delay-due-to-redesign-2024-7#:~:text=Elon%20Musk%20explains%20why%20Tesla's%20Robotaxi%20event%20is%20delayed&amp;text=Elon%20Musk%20on%20social%20media,combination%20of%20Airbnb%20and%20Uber.%22">Musk delayed the Robotaxi event</a> from August to October, fueling concerns about the new technology. Here's what Wall Street is expecting from the big event on Thursday. <h2 id="b97de4e4-3e71-4b0b-a0a5-0a3a3d6e8da8">UBS</h2>Tesla has a big opportunity to convince investors that it's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-stock-price-outlook-overvalued-bear-call-artificial-intelligence-bubble-2024-1">stock isn't overvalued</a>, but the self-driving car may not be able to live up to expectations, UBS strategists said in a note."We wouldn't be surprised to see relative strength in the stock leading into the event. But can TSLA live up to expectations and sustain momentum post the event? We are less convinced on this front," analysts at the bank said, adding they believed it could take years for the Robotaxi to actually hit the streets.Tesla is also <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-event-warner-bros-discovery-studio-report-2024-9">hosting the Robotaxi event</a> at Warner Bros. Discovery's movie studio, Bloomberg reported. That venue may be able to demo the self-driving car with a Hollywood polish, analysts have said."But there is some irony in hosting it at a Hollywood studio. <a target="_blank" class="" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">Waymo</a> runs actual Robotaxi service in "real world" LA (and SF and more)," UBS wrote.UBS has a "sell" rating on the stock and a price target of $197 a share, implying 19% downside from current levels.<h2 id="438b1d2c-f2c5-44b1-87d5-a132f30bef2e">Truist Securities</h2>Truist Securities said in a note that Tesla is likely to target its Robotaxi release date in late 2026 and try to distinguish the new car model as smaller and lower-cost than its other cars. The company is also expected to unveil Optimus 2, or give investors a "sneak-peak" at a third model of the <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robots-ai-automation">humanoid Robot</a>. In sum, the event could be more about AI than <a target="_blank" class="" href="https://www.businessinsider.com/tesla-future-models">coming car models</a>, Truist added."We recognize the potential for this event to be a positive catalyst if TSLA were to reveal the car it intends to introduce in 2025 that includes a smaller form factor and a less expensive drivetrain; however, we see this as relatively unlikely."The firm reiterated its "hold" rating on the stock and its price target of $236 a share, implying 3% downside from current levels.<h2 id="358db29f-8117-464b-b778-bd770085495f">Wedbush Securities</h2>The Robotaxi unveiling could be a true turning point for Tesla, according to Wedbush."We believe Robotaxi Day will be seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-fsd">FSD</a>, and AI future at Tesla. We continue to believe Tesla is the most undervalued AI name in the market," strategists said in a note, adding that they expect Tesla to release info on the vehicle's scale, cost per mile, as well as a potential ride share app.AI and full self-driving developments could yield as much as $1 trillion in value for Tesla alone, the firm added, though it acknowledged the "number of hurdles and questions" investors had about the car."With very few industry events as widely anticipated as this, we believe Musk will address the near-term pain points seen by investors and the company's long-term vision as Tesla goes through its second transformation not seen since the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-model-3-us-cost-china-tariffs-model-y-musk-2024-10">Model 3</a>/<a target="_blank" class="" href="https://www.businessinsider.com/tesla-model-y">Y</a> production overhaul. We firmly believe that Tesla remains a Robotics/AI play in the future rather than just an EV vendor," the note added.Wedbush reiterated its "outperform" rating on the stock and its price target of $300 a share, implying 23% upside from current levels.<h2 id="9af82e19-55df-4465-abee-c540e40fac5d">CFRA Research</h2>Investors may be expecting too much from the Robotaxi, according to Garrett Nelson, a senior equity analyst at CFRA Research. The car probably won't be sold for several years and has "numerous technological hurdles" as well as safety and regulatory obstacles, he added."In our view, investor expectations are sky high, raising the likelihood of a disappointment and a "sell the news" reaction in its aftermath," Nelson wrote in a note this week.He added that the company likely "remains far" from a high-functioning self-driving vehicle. "In our opinion, there is an increasing disconnect between the stock's lofty valuation and the reality that TSLA's earnings growth has hit a wall – and intermediate-term growth drivers are unclear," Nelson said.CFRA reiterated its "hold" rating on the stock and $240 price target, implying 1% downside from current levels.

Tesla is approaching its 'most hyped' event in a decade. Here's what Wall Street is expecting from Robotaxi Day.

From Rishikesh to Varanasi to Mumbai, India’s leading mobile payments and financial services company <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, is transforming businesses with the convenience and security of mobile payments, serving as a catalyst for financial inclusion. The innovative Paytm-pioneered QR code has empowered millions of people across the length and breadth of India with its reach and adoption. A man who sells idlis on his cycle in Varanasi recently caught the attention of social media. He has integrated Paytm QR into his business, accepting digital payments on the go. “Saw Paytm QR like this in Varanasi while having idli. He accepted <keyword id="4023222" type="General" weightage="20" keywordseo="paytm-payment" source="Orion">Paytm payment</keyword> not cash .. India is Truly digital and it would be immense pleasure for its founder when he visits roadside see similar things like this,” tweeted Lalit Jayswal. In Mumbai, a tadgola (ice apple) seller, as NPCI CEO Dilip Asbe tweeted, also uses Paytm to receive payments. “Bought summer special to beat the Mumbai heat at Carter road, Bandra using RuPay CC on UPI. With Digital Credit on UPI, the street vendors can now accept credit money and be part of the credit ecosystem,” he said. Paytm users can make UPI payments through their eligible RuPay credit cards, enhancing the vendor’s ability to accept a wider range of payment methods. Paytm’s reach extends even to the Ganga Ghat in Rishikesh, where an unschooled seller who sells flower baskets and empty cans for collecting Gangajal was seen taking digital payments with the help of Paytm. The reach and adoption of the Paytm-pioneered QR Code show how far India has come from a cash-reliant country to a digital-first economy. The revolutionary technology, as illustrated by a cobbler at Churchgate station in Mumbai with a Paytm QR, has been enabled by millions of shopkeepers, street vendors, and service providers. “Digital payments have also reached the bottom of the pyramid too. Came across this ⁦Paytm⁩ QR at Churchgate station,” tweeted Anurag Shah, who shared the picture. Paytm’s innovation does not stop at QR codes. The company pioneered Soundbox, a user-friendly device that announces payment confirmations through a voice alert. This feature helps merchants easily verify transactions without having to check their smartphones, making the payment process even more seamless and efficient. The widespread adoption of the <keyword id="9290101" type="General" weightage="100" keywordseo="paytm-qr-code" source="Orion">Paytm QR code</keyword> and the Paytm Soundbox is a testament to its ease of use and convenience for both merchants and consumers. The company has deployed over 71 lakh Soundboxes and remains the leader in person-to-merchant UPI payments in India. Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organization and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on insiderstudios@businessinsider.in

Financial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox

What a difference three months makes.At the end of 2023 and the start of 2024, it appeared that the US was on a glide path to what I termed "<a target="_blank" href="https://www.businessinsider.com/2024-outlook-us-economy-stock-market-jobs-inflation-interest-rates-2023-11">economic nirvana</a>": Growth would stay steady, if not spectacular, as inflation cooled off to a more manageable pace. This combination would not only let America continue its four-year expansion but also allow the Federal Reserve to ease up on its attempts to rein in the economy — and maybe even cut interest rates.The data released over the past couple of months has forced me to reconsider my expectations for that nirvana, or at least the timing of its arrival. Recent signs point instead to an inflationary boom: a <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-jobs-growth-low-inflation-paul-krugman-2024-2">slightly hotter economy</a> in which growth has stayed strong while inflation has sped back up. The labor market has been resilient, with recent jobs reports mostly coming in ahead of expectations and the Employment Cost Index, a widely followed measure of employee-compensation growth, picking up.But perhaps the most eye-catching development has been the persistence of inflation, which caught economists, analysts, and, most importantly, members of the Federal Reserve by surprise. The core personal consumption expenditures index — the Fed's favored inflation gauge that excludes volatile categories such as food and energy — has accelerated, undoing much of the progress from the previous six months. This inflationary-boom dynamic has pushed out expectations for rate cuts, <a target="_blank" href="https://www.businessinsider.com/stagflation-recession-us-economy-outlook-gdp-dimon-inflation-rate-cuts-2024-4">caused some more alarmist analysts</a> to suggest that the US is about to be gripped by <a target="_blank" href="https://www.businessinsider.com/stagflation-us-economy-gdp-growth-outlook-recession-forecast-inflation-rates-2024-4">another bout of high inflation</a>, and left some wondering whether the <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-powell-fomc-inflation-relief-2024-4">Fed's next move will instead be to hike rates</a>.It is, of course, fair to <a target="_blank" href="https://www.businessinsider.com/top-economist-us-economy-recession-federal-reserve-interest-rates-inflation-2022-7">reevaluate one's expectations when new data</a> is presented. Sticking with one's projection <a target="_blank" href="https://www.businessinsider.com/wall-street-scaremonger-economists-stock-market-analysts-cost-investors-money-2023-2">just to avoid being wrong</a> is a sign of poor analysis. But after carefully examining the underlying inflation dynamics that have driven the recent freak-out about renewed overheating, I estimate the worries are overdone.In the lead-up to 2024, the pace of <a target="_blank" href="https://www.businessinsider.com/inflation-consumer-price-index-economic-outlook-food-gas-prices-october-2023-11">price hikes was falling back to earth </a>— or at least the Fed's goal of 2% year over year. Core PCE rose at an annually adjusted rate of 1.9% in the six months ending in December. It seemed like "mission accomplished." But in the first three months of this year, the measure heated back up: Core PCE surged to 4.4%. Typically, price increases are a slow-moving process, so it is rare to see core <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-food-gas-housing-prices-february-2024-3">inflation accelerate this much this quickly</a>. When I started digging into the data, however, I had a hard time explaining the reversal based on the fundamentals.I think of inflation as a triangle: Each leg helps explain our overall price picture. The first leg is expectations — various surveys help gauge the degree to which inflation has become embedded in the minds of consumers and businesses. If these expectations start to creep up, that could be an indication that inflation is soon to follow. The second element is aggregate demand: If people suddenly have more to spend, that can push up spending and cause prices to rise along with it. One way to measure this is unemployment — if there is a sudden surge in Americans getting new jobs, demand is likely to jump as well. The final piece is supply shocks: How much have one-off disruptions helped raise prices on things like imported consumer goods or oil? Using this framework, it's difficult to pinpoint why inflation has strengthened so much.The Survey of Professional Forecasters has found longer-run expectations for inflation have leveled out at 2% — the Fed's target. The <a target="_blank" href="https://www.businessinsider.com/job-market-layoffs-recession-outlook-us-economy-hiring-unemployment-slowdown-2024-4">unemployment rate is up modestly</a> from 12 months ago, which suggests that price hikes aren't being driven by a sudden surge in consumer or household demand. And there have been no widespread supply bottlenecks to speak of. The ISM vendor-deliveries index, which measures the amount of time purchasing managers have to wait to get the goods they need, indicates that the supply chain is running smoothly.On a deeper level, it appears that the acceleration in inflation is somewhat random, with much of the recent pickup being driven by industry-specific factors as opposed to overall economic conditions. Healthcare-services inflation is a notable example. PCE inflation includes both what consumers pay out of pocket for their care and payments made on behalf of individuals by employers or the government. Well, because of government rule adjustments in the first quarter, Medicaid payments surged, helping to drive up the overall index. Similarly, the cost of financial services went up as fees paid to financial advisors increased, but this is simply a lagged response to the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-ai-inflation-federal-reserve-rally-bull-market-2023-12">strong performance of the stock market</a> at the end of 2023. Since fees are a set percentage of a person's portfolio, the big run-up in equities at the end of last year meant that people may have paid more in total dollars to their advisor, but that's only because the value of their investments was also soaring.These one-offs have had an outsize impact on the overall inflation picture. Ahead of 2024, the contribution from acyclical components to core inflation was essentially zero. Over the past three months, it has swelled to 4.4%. By contrast, the impact of cyclical components — those elements that are correlated to the overall health of the economy — on inflation has slowed marginally since last year.Given the nature of the recent hot inflation readings, the fundamental case for a return to the path of nirvana is strong.For one thing, economic growth is not getting away from the Fed. If growth were materially accelerating, it would drive up the demand leg of the inflation stool, increasing prices as Americans went out and threw around their newfound cash. But that's not what's happening. Real GDP rose at a 1.6% annualized pace in the first quarter, with private demand — which excludes company inventory buildups, government spending, and net exports — climbing 3.1%. The strong growth in private demand suggests that second-quarter GDP could be even more robust. Rather than a sudden reignition of the economy, the under-the-hood data suggests that this is simply the US settling into a steady-state economy. For one, investments in residential real estate surged, adding half a percentage point to GDP in the first quarter. But with borrowing rates rising and building permits declining, that kind of housing contribution is unlikely to repeat. Second, the rise in consumption over the past two months was driven almost entirely by declines in the savings rate. Put another way, Americans were fueling their purchases by dipping into their cash reserves. I would not expect households to dip into their savings quite as much going forward, especially since wage growth is still moderating. The Indeed Wage Tracker, a measure of changes in wages and salaries advertised in job postings on Indeed, <a target="_blank" href="https://www.businessinsider.com/goldilocks-job-market-openings-quitting-unemployed-wage-growth-job-seekers-2024-4">has been steadily slowing</a> — down to 3.1% growth over the past year. This measure tends to move ahead of the more widely followed Wage Growth Tracker from the Atlanta Fed by roughly eight months. Add all this up, and it paints a picture of a resilient but certainly not red-hot economy.I've been surprised at how quickly equity markets have shrugged off the inflation news. If inflation persists as it has, it introduces real downside risks to growth. Real incomes will slow as inflation remains strong, which will weigh on household consumption and, in turn, corporate earnings. This is not like last year. The labor markets are not in the same place. Thus, instead of reinforcing the inflationary-boom narrative, stronger inflation today implies more of a downside risk to the economy.The good news is that there are strong reasons to expect the recent pickup in US inflation to fade. Expectations are steady, labor-market turnover remains low, and inflation continues to moderate in many parts of the developed world.In terms of an outlook for the market, the upshot is that if my analysis is right, the slowing in core inflation and stability in economic growth ought to renew some of the enthusiasm for the prospects of a soft landing. If that's right, I'd take bonds over stocks for the time being, though they should both do well.Bringing inflation down from multidecade highs was never going to be a simple or straightforward task — the start of the year has proved as much. Expecting inflation to continue its downward trend is not a matter of keeping the faith. It's a clear reading of what the data is really telling us: Nirvana is still possible.<a target="_blank" rel="" href="https://www.businessinsider.com/author/neil-dutta">Neil Dutta</a> is head of economics at Renaissance Macro Research.

We've entered a world of zombie inflation. Wall Street is scared witless.

With globalisation and the fading lines between economies, patriotism now has a multi-dimensional notion. The very mention of nationalism stirs a myriad of emotions within us. While our valiant soldiers shield our frontiers, safeguarding us from external threats, a parallel narrative has unfolded within our nation’s boundaries – one where countless individuals are working to build India’s stature. Current-day entrepreneurs are emerging as pivotal architects in making India one of the fastest-growing economies in the world. <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword>, an e-commerce giant, and an Indian household name, is an embodiment of true patriotism. The iconic Indian brand not only champions the "Make in India" philosophy but is also serving as a catalyst for numerous aspiring entrepreneurs to help bring about a change. From the lush valleys of Himalayas to the vibrant streets of Mumbai, entrepreneurs from every corner of India are leveraging Flipkart’s platform to scale their businesses. <h3 style="line-height:1.295;margin-top:2pt;margin-bottom:0pt;">Empowering veterans </h3>For any country to succeed, it must have a robust economy with ample growth opportunities for its people. Flipkart has become a cornerstone in empowering people with entrepreneurial aspirations and charting their journey from humble beginnings to success stories. The e-commerce company has allowed small businesses to sell their products and connect with buyers from other parts of the country. Flipkart is playing a vital role in nurturing this by paving a path for entrepreneurs like <a href="https://stories.flipkart.com/navy-officer-online-entrepreneurship-seller/">Manish Katela</a>, a former naval officer who embarked on his entrepreneurial journey as a seller of men's clothing brand Fubar, armed with a nominal investment of Rs 15,000 and an army truck- turned storage. His dedication, discipline, and guidance from Flipkart has helped him turn his small business into an enterprise with a fully equipped warehouse with the capacity to store 60,000 units. Soaring high with dreams Indian Air Force veteran <a href="https://stories.flipkart.com/flipkart-seller-veteran-ikramullah-khan/">Ikramullah Khan</a> found the perfect platform to launch his sportswear brand on Flipkart in 2021 to fulfill his entrepreneurial aspirations post-retirement. With an age-no-bar concept for anyone who wants to become a part of the e-commerce company, Flipkart handheld Khan's dream of starting his own business and becoming a successful entrepreneur by keeping him updated on the latest sales trends and market insights . Khan attributes his triumph to Flipkart, a platform that made his brand known nationwide. <h3 style="line-height:1.295;margin-top:2pt;margin-bottom:0pt;">A journey of grit and resilience </h3><a href="https://stories.flipkart.com/make-in-india-ashish-kukreja/">Ashish Kukreja's </a>story is no different. From running a small business from home to becoming a successful entrepreneur, he has come a long way. Before launching his footwear brand Kraasa on Flipkart, Kukreja ran his venture out of his modest home, with his mother and sister helping him pack orders. With a small capital of Rs. 50,000 and dreams of making it big, Kukreja started his journey as a seller on Flipkart. In the years that followed, he achieved some major milestones and overcame many roadblocks to become the owner of a company with a turnover of Rs 50 crore. His success story stands as a testament to Flipkart’s commitment to nurturing small-scale ventures into leaders. Flipkart’s support for entrepreneurs weaves a narrative of resilience and determination. With 'Made by India' and 'Make in India' as its guiding tenets, Flipkart has shown how entrepreneurship can boost the foundations of a robust nation and build a future filled with promise and prosperity. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Inspiring seller stories: Celebrating Independence Day with seller stories that showcase the spirit of India

<ul class="summary-list"><li>Street-vendor-turned-software-engineer Devin Jackson used free resources to break into tech.</li><li>He started We Build Black to help Black New Yorkers transition into tech and land high-paying jobs.</li></ul>Kris Lee, a network engineer at a law firm, learned how to transition into a software-engineer role for free. And he credits a community of Black tech workers in New York City with his success in making the switch.Lee stumbled upon a warehouse meeting that Devin Jackson, a software engineer who taught others the basics of the coding language Python, led. Today, Lee works as a senior cybersecurity engineer for a software company."I experienced firsthand what having a community does for you," Lee said. Those small meetings were just the start of the workforce-development organization We Build Black's efforts to help people learn how to code. It stems from Jackson's belief that free career-development programs are more effective than informative events like diversity panels at breaking down <a href="https://info.jff.org/increasing-opportunities-for-black-learners-and-workers-within-digital-it-careers">institutional barriers</a> that keep Black people out of tech, he said. His drive to enact socioeconomic change fueled his efforts to create an organization that aims to help Black people, especially at-risk youth and women, build community and land high-paying jobs in tech."I used to really feel annoyed about the fact that certain opportunities are not afforded to us," Jackson told Insider. "And I wanted to complain. But I also wanted to concretely do something."After Jackson founded We Build Black in 2017, the Brooklyn-based nonprofit has evolved from a one-man operation into a volunteer-run group that has raised millions of dollars to support more than 3,000 members in their career advancement, Jackson said. But before starting We Build Black, Jackson first broke into software engineering himself from a non-technical background. Unlike <a href="https://brainhub.eu/library/do-software-developers-need-college-degrees">most software engineers</a>, Jackson never went to high school or college; he sold graffiti t-shirts and comedy tickets on the streets of Times Square. He left the streets to attend coding workshops, received scholarships to enroll in Python and data-analysis bootcamps, and studied for multiple professional IT-skill certifications.He started his tech career in 2013 as an IT help-desk intern at the consulting firm Accenture, and about a year later, he got his first job as a full-stack developer at a boutique-software firm in Brooklyn, according to LinkedIn. Today, Jackson works as a technical-product manager at the cannabis-tech firm LeafLink."It was nuts," he said. "I was like 'I'm never doing anything else except for this.'" <h2>We Build Black hosts coding meetups for Black tech workers to network and learn new skills </h2>Similar to organizations like <a href="https://www.blackwomentalktech.com/">Black Women Talk Tech</a>, <a href="https://www.blackboyscode.com/">Black Boys Code</a>, and <a href="https://www.businessinsider.com/pariss-athena-chandler-viral-tweet-recruiting-black-tech-pipeline-2022-1">Black Tech Pipeline</a>, We Build Black offers coding classes, mentorships, and networking events to Black workers looking to pursue tech careers. After all, less than 5% of the 3.2 million software engineers employed in the US are Black, according to data from the career-building platform <a href="https://www.zippia.com/software-engineer-jobs/demographics/">Zippia</a>.But Jackson said We Build Black looks to differentiate itself by taking a community approach to its programming. A member comes in with a goal — for example, to fix a bug or to learn how to code with Python — and attendees with that skill can offer their help. "Nine times out of ten, you talk to somebody in our community, they just say they don't have the money for that or they can't do it," Jackson said. "When you knock down those barriers and provide those resources, there's no excuse." In the past, We Build Black has hosted hackathons, conferences, coding competitions, and even a recidivism program to help teens with criminal records learn web-development skills. Due to timing and financial constraints, these programs have ended indefinitely, according to Jackson. <h2>The next step for We Build Black will be building out its job pipeline</h2>We Build Black is now focused on building out its workforce-training programs, Jackson said.The program chose ten Black students out of hundreds of applicants to learn user-experience design, data analytics, or Android-app building through its fast track program. The students are incentivized to complete the training with perks like computers, smart phones, and cash prizes, according to Jackson.Once they finish the course, students work on a capstone-coding project for their portfolio and interview for internships at Shopify. Students that don't get the internship are matched with jobs at other tech companies, Jackson said.New programs will continue to roll out. In 2023, We Build Black plans to launch Crowns and Code to match high-school seniors with mentors from Bungie, a game-developer firm, according to Jackson. And former students, like Lee, have stuck around to help the organization grow through partnerships, funding, and other efforts.Jackson said he wants to ensure that people don't have to go through the same financial obstacles that he had to face. "It sucks, but you gotta keep trying to find a way to break through that door if that's the door you want to walk through," he said.

A former Times Square street vendor has helped 3,000 Black New Yorkers learn to code, changing their lives

<ul class="summary-list"><li>Once ChatGPT hit the scene at the end of 2022, Wall Street ramped up its efforts in AI.</li><li>Business Insider has reported on how some of finance's biggest names are approaching the new tech.</li></ul><a target="_blank" href="https://www.businessinsider.com/generative-ai-threat-to-saas-companies-software-as-a-service-2023-5">Generative AI</a> has had Wall Street abuzz since the introduction of Open AI's ChatGPT in late 2022.Business Insider has been reporting on how some of finance's biggest players are approaching artificial intelligence, from how it might impact jobs to how to use it to cut costs and ramp up efficiencies. It might even be the sector to <a target="_blank" href="https://www.businessinsider.com/top-investment-bankers-for-generative-ai-acquisitions-capital-raising-advice">end the drought in dealmaking.</a>Experts in the space are in high demand as banks and investment giants race to understand and implement AI. However, there's a level of trepidation, and most are early in experimenting with different use cases.Here is what we know about how Wall Street is embracing AI:<h2>Banks accelerated their AI research and use cases due to the rise of ChatGPT</h2>We identified 17 of the top AI executives and technologists to know at the country's biggest banks.<ul><li><a target="_blank" href="https://www.businessinsider.com/artificial-intelligence-executives-at-goldman-sachs-jpmorgan-bofa-citigroup-morgan-stanley">How the 6 biggest US banks are thinking about AI and the 17 executives leading the strategy</a></li></ul>JPMorgan CEO Jamie Dimon said banks can win the AI battle against fintech in an earnings call this fall. Dimon laid out his vision for how America's largest bank will win this race through data. Meet the leaders of that mission.<ul><li><a target="_blank" href="https://www.businessinsider.com/jpmorgan-ai-strategy-execs-new-data-analytics-team-2023-6">Jamie Dimon says he's out to win the AI arms race. See who he's put in charge of this critical mission.</a></li></ul>Goldman Sachs' chief information officer and head of machine learning quants say we are at an inflection point with AI. Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. Marco Argenti and Dimitris Tsementzis outlined three areas where the bank is experimenting with LLMs.<ul><li><a target="_blank" href="https://www.businessinsider.com/goldman-sachs-marco-argenti-generative-ai-use-cases-tech-banking-2023-3">Inside Goldman Sachs' plans for AI, from helping non-tech workers do more with software to streamlining how code is documented</a></li></ul>Deutsche Bank is aggressively experimenting with AI capabilities to transform the bank.The bank is on a hiring spree, trying to more than double its AI employee base of around 300, but uncertainty around regulation, talent wars, and the cost of scaling the tech won't make it easy.<ul><li><a target="_blank" href="https://www.businessinsider.com/deutsche-bank-to-launch-generative-ai-tools-hire-hundreds-engineers-2023-9">Deutsche Bank wants to transform its business with generative AI. The German bank's tech chief lays out its strategy as it hires hundreds.</a></li></ul>For a look into how America's biggest banks have been thinking about innovating through AI, just take a look at the patents they've filed through the years. Data from consultancy Evident shows how banks are using the tech in everything from trading to UX.<ul><li><a target="_blank" href="https://www.businessinsider.com/wall-street-ai-patents-use-cases-trading-user-experience-2024-3">How Wall Street's biggest banks are actually looking at using AI, according to patent filings</a></li></ul>AI is entering the deal room. Investment bankers at nine top firms predict that AI will trigger a wave of M&amp;A and IPOs. Here are 11 bankers poised to lead the AI revolution for Wall Street.<ul><li><a target="_blank" href="https://www.businessinsider.com/top-investment-bankers-for-generative-ai-acquisitions-capital-raising-advice">Wall Street is gearing up for an AI shopping spree. Meet 11 bankers poised to come out on top.</a></li></ul><h2>Hedge funds have been on an AI hiring tear as firms look to solidify their teams and strategies</h2>Top AI executives at hedge funds are tasked with setting their companies' AI agendas and ensuring that research and tech development progress is shared across the firm. These execs aren't always responsible for building the technology. For some, their role is influencing—or advocating for — its use among internal stakeholders, like portfolio managers, business leaders, and fund founders.<ul><li><a target="_blank" href="https://www.businessinsider.com/ai-top-hedge-funds-11-experts-2023-11">How 9 hedge funds, including Millennium and AQR, are thinking about AI — and the 11 experts leading the charge</a></li></ul>Bridgewater plans to launch a fund next July that will be driven by AI. The fund's AIA Labs is working to replicate every stage of the investment process with machine learning. The firm's co-chief investment officer and chief scientist outlined the plans of the world's largest hedge fund.<ul><li><a target="_blank" href="https://www.businessinsider.com/bridgewater-building-ai-fund-machine-learning-greg-jensen-2023-11">One of Bridgewater's top investors explains why the world's largest hedge fund is handing the investment process over to AI in a new fund</a></li></ul>Balyasny Asset Management is in the midst of building the AI equivalent of a senior analyst. Charlie Flanagan, the head of applied AI at the $21 billion hedge fund, broke down his plan to amass a collection of bots to automate grunt work for analysts.<ul><li><a target="_blank" href="https://www.businessinsider.com/balyasny-hedge-fund-ai-proactive-analysis-bots-2024-1">How $21 billion Balyasny is building an AI equivalent of a senior analyst</a></li></ul>Man Group, the largest publicly listed hedge fund with $161.2 billion in assets under management, launched a new data and machine learning group focused on generative AI in October. Tim Mace, who heads the department, outlined new capabilities his team is developing.<ul><li><a target="_blank" href="https://www.businessinsider.com/man-group-new-ai-team-plans-alpha-assistant-2023-11">The new AI head at Man Group, the largest publicly listed hedge fund, breaks down his plans to change how investors work</a></li></ul>Interviews with 11 AI executives, recruiters, vendors, and consultants working on Wall Street lifted the hood on the cultural challenges hedge funds might face as they use their deep pockets to lure in AI talent. These leaders can struggle to gain the trust of business leaders and break into investment teams, and AI researchers have struggled with hedge funds' penchant for secrecy.<ul><li><a target="_blank" href="https://www.businessinsider.com/hedge-funds-artificial-intelligence-talent-culture-clash-citadel-2024-2">Inside the rocky marriage of hedge funds and top AI talent</a></li></ul><h2>Other asset managers are also trying to figure out how AI can boost their dealmaking and investment skills</h2>As private equity giants place insurance firms at the center of their private-credit businesses, Blackstone is hoping AI will give it a leg up to capture more of the market. Here's how the firm is giving its insurance clients an edge with revved-up risk management capabilities.<ul><li><a target="_blank" href="https://www.businessinsider.com/heres-how-blackstone-using-ai-win-more-insurance-clients-2024-2">How Blackstone is using AI to win over big insurance companies hungry for private credit</a></li></ul>Swedish PE giant EQT built an AI engine called Motherbrain that has changed how its investors source deals. ChatGPT enables the investing giant to take the next step with its AI ambitions.<ul><li><a target="_blank" href="https://www.businessinsider.com/eqt-using-chatgpt-artificial-intelligence-boost-vc-pe-businesses-2023-2">EQT is using ChatGPT 'to make cyborgs' out of its dealmakers. Here's how.</a></li></ul>AllianceBernstein has been building a team focused on AI and data science since 2017.Andrew Chin, AB's head of investment solutions and data science, talked to BI about how the asset manager uses AI to get an edge, save analysts hours of work, and improve risk management.<ul><li><a target="_blank" href="https://www.businessinsider.com/alliancebernstein-ai-and-data-science-strategy-2023-8">How $704 billion money manager AllianceBernstein uses AI across everything from research to operations to save hundreds of thousands</a></li></ul><h2>AI is shaking up the tech talent market on Wall Street, from creating new jobs to changing what it takes to be a coder.</h2>Banks, hedge funds, and private equity firms are switching into hiring gear thanks, in part, to a seemingly insatiable demand for AI. Five recruiters outline the most in-demand tech roles on Wall Street<ul><li><a target="_blank" href="https://www.businessinsider.com/hottest-wall-street-tech-jobs-and-pay-according-recruiters-2024-4">Here are the most in-demand tech roles on Wall Street and how much they pay, according to 5 top recruiters</a></li></ul>AI is creating entirely new jobs on Wall Street. Here's one, which has some private equity firms shelling out pay packages of up to $2 million to drum up AI at portfolio companies.<ul><li><a target="_blank" href="https://www.businessinsider.com/private-equity-firms-hiring-ai-execs-portfolio-companies-2024-4">Private equity firms are 'clamoring' to hire AI executives with some offering pay packages of up to $2 million</a></li></ul>Blackstone recently hired an AI exec from Walmart to apply the technology at its some 230 portfolio companies.<ul><li><a target="_blank" href="https://www.businessinsider.com/blackstone-hires-walmart-data-exec-apply-ai-portfolio-companies-2024-4">From Walmart to Wall Street: Blackstone hires AI whiz to supercharge its portfolio companies</a></li></ul>AI is redefining what it takes to be a software engineer on Wall Street. Top tech execs from Goldman Sachs and Citi open up about why they want their developers to have liberal arts degrees.<ul><li><a target="_blank" href="https://www.businessinsider.com/wall-street-wants-engineers-liberal-arts-degrees-philosophy-psychology-2024-4">What does Goldman Sachs want in a coder? For them to have studied philosophy.</a></li></ul>Business Insider spoke to five industry experts to get their take on how ChatGPT and its underlying tech could be applied to various sectors of financial services.<ul><li><a target="_blank" href="https://www.businessinsider.com/how-chatgpt-could-be-used-on-wall-street-investing-dealmaking-2023-2">ChatGPT could upend jobs across Wall Street. Here's how 6 areas of finance, from investment banking to wealth management, might be impacted.</a></li></ul>AI could improve the lives of investment bankers by taking on some tedious tasks, but it can also make it harder to break into and alter the skills required for entry.<ul><li><a target="_blank" href="https://www.businessinsider.com/how-ai-will-change-the-investment-banking-career-path-2023-9">How AI will change the job of the junior banker and raise the bar to entry</a></li></ul>As financial firms' AI strategies come into focus, they're hiring more technologists with specialized skills. For those who want to land an AI job on Wall Street, here's everything you need to know about how tech skills and roles are changing.<ul><li><a target="_blank" href="https://www.businessinsider.com/ai-shaping-future-tech-jobs-wall-street-2023-10">The biggest banks are fighting over AI talent. Here are the roles finance firms are looking to hire for, and what skills you need to get them.</a></li></ul><h2>Startups are looking to capitalize on Wall Street's AI fever.</h2>Wall Street firms know the pains of having to satisfy regulators, but advancements in AI are introducing a whole new level of scrutiny and complexity. Meet this startup, which automates some of the most time-intensive parts of the risk management process.<ul><li><a target="_blank" href="https://www.businessinsider.com/validmind-pitch-deck-fintech-ai-risk-startup-point72-ventures-2024-3">Here's the pitch deck this AI risk management startup used to raise $8 million in a round led by Point72 Ventures</a></li></ul>Louisa AI is a startup built to suggest potential deals for investment bankers and venture capital investors. The fintech, which was born inside Goldman Sachs by a former Goldman managing director, has suggested $800 million in deal values per quarter across a handful of clients.<ul><li><a target="_blank" href="https://www.businessinsider.com/louisa-ai-pitch-deck-5-million-dealmaking-fintech-2024-3">See the pitch deck that helped a former Goldman Sachs exec raise $5 million for an AI-powered networking startup that feeds deal ideas to bankers.</a></li></ul>Wall Street has a reputation for a hard-charging work culture, something that every junior banker learns in their life. Gabe Stengel was one such banker, sometimes staying up until 5 a.m. to create earnings summaries or to pull together presentations for superiors while at Lazard. Stengel knew there had to be a better way.<ul><li><a target="_blank" href="https://www.businessinsider.com/rogo-pitch-deck-seed-fintech-ai-2024-2">See the pitch deck that helped former investment bankers raise a $7 million seed round for their generative 'AI consigliere' to bankers and analysts</a></li></ul>

Here's everything we know about how Wall Street is adopting AI

New Delhi, <keyword id="4742614" type="COMPANY" weightage="20" keywordseo="ministry-of-housing-and-urban-affairs">Ministry of Housing and Urban Affairs</keyword> (MoHUA) has joined hands with <keyword id="830092" type="LOCATION" weightage="20" keywordseo="Zomato">Zomato</keyword> for home delivery of <keyword id="6361952" type="UNKNOWN" weightage="20" keywordseo="Street-Food">street food</keyword> in six cities. As a part of Prime Minister <keyword id="456744" type="PERSON" weightage="20" keywordseo="street-vendor">Street Vendor</keyword>'s AtmaNibhar Nidhi (PM SVANidhi) Scheme, the MoHUA entered into MoU with Zomato, to bring <keyword id="6770639" type="COMPANY" weightage="20" keywordseo="street-food-vendors">street food vendors</keyword> on its food-tech platform. In a statement MoHUA said that initially MoHUA and Zomato will run a pilot program by on-boarding 300 vendors across six cities namely - Bhopal, Ludhiana, Nagpur, Patna, Raipur, Vadodara. "The street vendors will be helped with PAN and fssai registration, training on technology/ partner app usage, menu digitization and pricing, hygiene and packaging best practices. Upon the successful completion of the pilot, MoHUA and Zomato plan to expand this initiative across the country in phases," it said. As per the MoHUA, this will give street food vendors online access to thousands of consumers and help these vendors grow their businesses. The MoHUA also launched the Mobile Application for PMSVANidhi se Samriddhi- Socio-economic profiling of PM SVANidhi beneficiaries and their families to link them to various Central government Schemes. "Covid-19 pandemic has restricted consumers from stepping out and forced them to follow physical distancing norms. In the given scenario it is important to connect Street Food Vendors with technology-enabled platforms to help them grow their business, thus helping them gain financially," said the ministry. In a first of its kind initiative, MoHUA entered into an MoU with Swiggy on October 5 last year and it is now joining hands with Zomato to empower street food vendors with digital technology. The MoHUA has coordinated with the key stakeholders including <keyword id="6414396" type="COMPANY" weightage="20" keywordseo="municipal-corporations">Municipal Corporations</keyword>, fssai, Zomato and GST officials to ensure that street food vendors are facilitated in completing the necessary prerequisites for this initiative. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a>

Zomato joins hands with the Indian government to deliver street food in Bhopal, Ludhiana, Nagpur, Patna, Raipur, and Vadodara

<ul class="summary-list"><li>Jesus Morales posts videos about raising money for California <keyword id="466152" type="PERSON" weightage="60" keywordseo="street-vendors">street vendors</keyword> through <keyword id="6762469" type="UNKNOWN" weightage="60" keywordseo="TikTok">TikTok</keyword>.</li><li>Morales asks his followers for donations before presenting vendors with $1,000 in cash.</li><li>His videos of their reactions have been liked millions of times.</li></ul>Jesus Morales, 24, says he is on a mission to support street vendors in <keyword id="6354803" type="LOCATION" weightage="60" keywordseo="Los-Angeles">Los Angeles</keyword> and <keyword id="50578" type="COMPANY" weightage="60" keywordseo="San-Diego">San Diego</keyword> with the help of his one million TikTok followers.Since August, Morales (<a href="https://www.tiktok.com/@juixxe?referer_url=https%3A%2F%2Fjuixxe.com%2F&amp;referer_video_id=6954176670538435845&amp;refer=embed&amp;is_copy_url=1&amp;is_from_webapp=v1s_from_webapp=v1">@juixxe</a> on TikTok) has raised $96,000 to help street vendors get by through donations that his followers send him on <a href="https://juixxe.com/pages/donate">Venmo and CashApp</a>, he told Insider.Morales' videos of vendors receiving the donations have been liked by millions.A child of Mexican immigrants, Morales told Insider that he wanted to do more for the Latinx community."Many of these street vendors are undocumented immigrants who came to this country to look for a better life for themselves and their family," he said. "Seeing the hardships that my parents faced as I was growing up has inspired me to help these street vendors who may be going through the same hardships my parents went through."Morales gives vendors cash donations of $1,000 apiece two to three times a week, he said, though Insider could not independently verify how much he has raised and gifted. In <a href="https://www.tiktok.com/@juixxe/video/6957037918540156166?referer_url=https%3A%2F%2F&amp;is_copy_url=1&amp;is_from_webapp=v1ebapp=v1">one of his most recent videos</a> posted on April 30, Morales shares a recording of his conversation with a 19-year-old fruit vendor. When Morales approaches the vendor with $1,000 in cash, saying that it is a gift from his followers, the vendor asks: "Are you serious?" "We don't make much out here," the vendor added, after accepting the donation. "Sometimes I just make enough to support my family and just something to be able to pay rent." This conversation was particularly memorable for Morales, the TikToker told Insider."He's literally here all by himself, just trying to make a living. He works to be able to provide for his family over in Guatemala," Morales said of the vendor in his video. "I can only imagine how scary that is."In another <a href="https://www.tiktok.com/@juixxe/video/6936345663462460678?referer_url=https%3A%2F%2Fwww.insider.com%2F&amp;referer_video_id=6936345663462460678&amp;refer=embeder=embed">video</a> posted on March 5, Morales has a conversation with a vendor who at first doesn't know how to react to the donation."I don't want to take it," she says. "I don't know if it's right."After accepting the tip, the vendor tells Morales that she needed to send 20,000 pesos, or around $1,000, to her family in Mexico, and that the donation would help her do that. "There's not a lot of business, rent is coming up... and my son passed away," she tells Morales. "I had to send money and now look at this." Morales told Insider that vendors are often hesitant about accepting donations."It just goes to show that they're just not used to being handed anything in life and that they've worked so hard for their money, literally every single penny," he said.Morales said that he was inspired to donate to street vendors by TikTokers <a href="https://www.tiktok.com/@lexylately?lang=en">@LexyLately</a> and <a href="https://www.tiktok.com/@get.it.like.v?lang=en">@Get.it.like.v</a>, who ask for donations from their followers and leave large tips for people in their community."I thought it was incredible that people were able to use their platform to be able to help others, and I wanted to do the same with mine," he said. Morales also sells <a href="https://juixxe.com/collections/all">T-shirts and hoodies</a> on his website, which he said are designed by a friend. He said that 30% of the proceeds go towards donations to vendors. He said that he supports himself through <a href="https://www.tiktok.com/@juixxe/video/6954414721713982726?lang=en&amp;is_copy_url=1&amp;is_from_webapp=v1ebapp=v1">social-media sponsorships</a> and the <a href="https://newsroom.tiktok.com/en-gb/tiktok-creator-fund-your-questions-answered">TikTok creator fund</a> and hopes to continue his street vendor donation project for as long as he can.

A TikToker's viral videos show him giving street vendors $1,000 cash tips funded by his one million followers

<ul class="summary-list"><li>Elon Musk told staff "let them sue" in response to complaints from Twitter vendors over unpaid bills, the FT reports.</li><li>Musk has sought to aggressively cut costs since taking over Twitter in October 2022.</li></ul>Elon Musk has repeatedly said "let them sue," as unpaid bills for Twitter's vendors have piled up since his takeover, the <a href="https://www.ft.com/content/703c3894-3adc-45f1-b280-1a75c4085d60" target="_blank" rel="noopener">Financial Times</a> reported on Friday, citing a former senior employee.After Musk's $44 billion takeover of Twitter, he formed a "transition team" of trusted lieutenants in November, tasked with cutting costs, per the FT. The team frequently refused to compensate Twitter's vendors, landlords, and partners in an effort to keep costs low, the report added."Elon would always say 'Let them sue', it was a constant refrain," a former senior staffer who was laid-off in the latest cuts told the FT. "It's all very short-term thinking."The transition team is reportedly headed by Boring Company CEO and long-time associate of Musk, Steve Davis, who focuses on reducing day-to-day costs at Twitter. He has cut close to $1 billion in costs at Musk's request, per <a href="https://affiliate.insider.com/?h=afa14d37d69d1aef8539eb4d4394847de58ab2796e83a0269e7a7005edb05218&amp;postID=63fdc76bdda1a56bc40580c2&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fmusk-may-have-found-a-hardcore-leader-for-twitter%3Futm_campaign%3DAutomated%2BFallback%2BR%26irclickid%3DzFN12FWOnxyIUuowAszodyBpUkAUkwTFGVzIRI0%26irgwc%3D1%26utm_source%3Daffiliate%26utm_medium%3Dcpa%26utm_campaign%3D10078-Skimbit%2BLtd.%26utm_term%3Dbusinessinsider.com&amp;amazonTrackingID=null&amp;platform=browser&amp;sc=false&amp;disabled=false" target="_blank" rel="noopener">The Information</a>. Musk is also said to be working with his investors to work out how to deal with the existing vendor situation. These vendors range from landlords, companies like Salesforce, Adobe, and Slack, insurance providers, security, limo services, and fertility providers.According to the FT, Pablo Mendoza, a managing director at Vy Capital – who funded $700 million of his $44 billion Twitter takeover – has helped to negotiate some bills down by as much as 90%. Mendoza sometimes plays on vendors' emotions, telling them that his job is at risk if bills are not cut, the FT said. Twitter did not immediately respond to Insider's request for comment about the FT's report.Musk, who has claimed he had to <a href="https://twitter.com/elonmusk/status/1622299765848395779" target="_blank" rel="noopener">"save Twitter from bankruptcy,"</a> has been <a href="https://www.businessinsider.com/elon-musks-twitter-kills-features-has-new-layoffs-seeks-funding-2022-12?r=US&amp;IR=T">desperately attempting to cut costs</a> since his takeover, with the most drastic measure being his laying-off of more than half the company's staff.Other radical cost-cutting measures include <a href="https://www.businessinsider.com/twitter-stopped-paying-rent-not-paying-severance-elon-musk-report-2022-12?r=US&amp;IR=T">not paying rent </a>for offices, <a href="https://www.businessinsider.com/items-auction-elon-musk-twitter-hq-2022-12?r=US&amp;IR=T">auctioning off Twitter merchandise</a>, and getting rid of employee perks like <a href="https://www.businessinsider.com/elon-musk-twitter-free-lunch-scaled-back-2022-11?r=US&amp;IR=T">free lunches</a>. At least nine lawsuits have been filed against Twitter claiming more than $14 million plus interest, over unpaid bills, the <a href="https://www.businessinsider.com/elon-musk-twitter-unpaid-bills-worth-14-million-2023-2?r=US&amp;IR=T">Wall Street Journal reported </a>in February. One marketing agency, Canary LLC, is <a href="https://www.businessinsider.com/twitter-sued-400000-unpaid-bills-marketing-firm-2023-1?r=US&amp;IR=T">suing Twitter for almost $400,000,</a> saying it failed to pay for merchandise.

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