Goodbye, my coin… Last year Elon claimed Tesla had “diamond hands” for bitcoin. Turns out Tesla sold 75% of its bitcoin (worth $936M) as of last quarter. On last week's earnings call, Musk said Covid crackdowns in China forced Tesla’s (apparently paper) hand since it needed cash. BTC's price has plunged since Tesla bought $1.5B worth last year, but the company says it sold at a gain. The EV icon stopped accepting bitcoin as payment last year. Its unloading of the OG crypto could signal an end to Musk's days as a crypto hype man.
Asada bowl, extra guac… and a side of organized labor. Last week Chipotle closed a store in Maine after workers filed to form what could’ve been the chain’s first union. Owners cited staffing issues, but workers called it union backlash. It’s not just Chipotle: US labor organizing is rising, and 200 Starbucks have unionized since last fall. This year, Amazon and Apple workers also formed their companies’ first US unions. Union membership has declined for years, but support for unions is near record highs — which could lead to higher costs and more friction for companies.