⚡ Tesla gets less exclusive

Sharing the green juice… The White House announced that Tesla will open up at least 7.5K of its US charging stations to non-Tesla EVs by the end of next year. That’s a big first, because Tesla’s US chargers are compatible only with its own cars. The open chargers will include Tesla’s Superchargers (which can recharge cars in 30 minutes), plus “destination chargers” in places like hotels and restaurants. Why Tesla’s giving up its exclusivity edge:

• Gov’t cash: The Biden admin wants at least 500K publicly accessible EV chargers on US roads by 2030. By opening up its chargers, Tesla would qualify for a share of billions in federal funding offered for building a national network.
• Not just Elon: The White House also secured commitments from GM, Ford, ChargePoint, and others that operate charging networks. They stand to win funding for projects that meet federal requirements, like the Combined Charging System plug standard (which Tesla currently doesn’t use).
• FYI: Federally funded EV chargers won’t necessarily need to be powered by clean energy (they could use gas-fueled electricity).

Tesla-only zone… Charging networks are key to easing EV range anxiety and spurring adoption. With its US network of 17.7K fast chargers in 1.6K locations, Tesla runs the country’s second-largest charging network (after ChargePoint). Its Tesla-exclusive Supercharger stations are a big reason some EV buyers chose Tesla over other brands. But now it risks losing that competitive edge.

A bustling meta-tropolis… Shares of tween-favorite online gaming platform Roblox popped 26% yesterday after it reported surprisingly strong bookings, suggesting that interest in its version of the metaverse (VR headset not required) is booming. Roblox said daily active users grew 19% last quarter to 58M+ people (who spent nearly 13B hours playing). Its bookings grew 17% as users bought its “Robux” in-game virtual currency.

Where "kidults" reign… Roblox found success with kids thanks to breakout games like "Jailbreak" and "MeepCity." In 2020, the company said that 75% of US kids ages 9 to 12 played Roblox. But efforts to attract older users (and grow up with its audience) are paying off: yesterday Roblox said user growth was especially strong with players over 17, and in the fall it said half its players were 13 or older. To engage more mature age groups, Roblox embraced adult-friendly entertainment:

• Footblox: Last year the NFL said it'd have a presence in Roblox through games and live events (FIFA's there too). Last week the NFL held a live Super Bowl concert on the platform, featuring an exclusive performance by Saweetie.
• Superstars: Mariah Carey performed on Roblox in December, and Elton John and Lil Nas X have done exclusive shows there.

• Cozy: Airbnb took home its first-ever annual profit as Americans took advantage of the strong dollar to stay at “discounted” European rentals. The travel-palooza also boosted results for Marriott and Hilton.
• Thin: Some digi-health startups are offering and promoting diabetes drugs for weight loss. But health experts say the get-thin-quick fad could trigger a drug shortage and lead to eating disorders.
• Strap: Luxe fashion group Kering said Gucci (its biggest brand) saw a rare 14% sales dip last quarter after China’s Covid lockdowns. Its Balenciaga brand also saw a sales slump after its children's-ad controversy.
• Saucy: Ketchup king Kraft Heinz saw 10% sales growth last quarter, but said profits could get crunched by rising costs. The cheesy mac maker said it would (finally) halt price hikes as Americans tighten their food budgets.
• Specs: Snap is collabing with Tiffany on "ray-tracing" AR lenses, which let users try on and buy Tiffany bling in the Snap app. Snap said 250M users tried its AR Shopping Lenses last year.

• Weekly jobless claims
• Earnings expected from DraftKings, DoorDash, US Foods, Dropbox, LabCorp, Redfin, Re/Max, Hyatt, and WeWork

Authors of this Snacks own shares: of Snap, Apple, Tesla, and GM

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