Business

Tesla critic crows 'my work is vindicated' after Elon Musk agrees to pay him $10,000 to settle defamation lawsuit

Elon Musk agreed to pay $10,000 to settle a defamation lawsuit by a Tesla critic who became a hero to short sellers with his Twitter posts and then accused the CEO of smearing him with false allegations that he menaced the electric-car makers employees, according to lawyers for the plaintiff.

Randeep Hothi got into a court skirmish with Tesla in California after he gained a following on Twitter under the handle Skabooshka calling out the companys rocky production of its Model 3 sedan in 2018. Hothi grew up near Teslas factory in Fremont, where he monitored production output using cameras and drones and his on-the-ground research caught the attention of several hedge funds.

In 2019 Tesla sought a restraining order against Hothi over claims he stalked its factory and harassed its employees including dangerously swerving his car toward a Model 3 that was on a freeway test drive and injuring a Tesla security guard in a hit-and-run on company property.

Hothi denied those allegations and Tesla dropped its court complaint, but Hothi claimed in a 2020 defamation suit that Musks public criticism of him triggered an online hate campaign in which he was accused of being a liar, a murderer, a terrorist, and a deranged maniac.

Hothi said in a statement issued by his lawyers Monday that the settlement achieves his goal to clear his name and he tweeted about being vindicated.

In a tweet, he said: In March 2023, Musk asked me to settle. I believe my work is now vindicated. For several reasons, I have decided to accommodate Musk (for a modest $10k). I now join the rest of you who are watching his public meltdown in real time.

Musk and his lawyers, Adam Cashman and Adam Mehes, didnt immediately respond to emails and calls seeking comment. Gil Sperlein, one of Hothis attorneys, said in the statement his client accepted Musks offer to settle the case. A court filing Monday indicates Hothi is dropping the case, but doesnt disclose the terms of settlement.

The case was scheduled to go to trial this year in Alameda County Superior Court in Hayward.

The settlement was reported earlier by the Los Angeles Times.

Elon Musk's private jet use releases 2,000tons of carbon emissions

Elon Musk dreams of colonizing Mars, but here on Earth hes settled for frequent flyer of the sky. The Twitter, Tesla, and SpaceX CEO, and worlds second-richest man, also holds the title of most active private jet user in the U.S., according to a new report from the Institute for Policy Studies and the Patriotic Millionaires. Musk has tried to keep details regarding private jet use private, famously suspending an account from college student Jack Sweeny, and this report establishes just how much Musk flies privatelyits a lot.

The report from the left-leaning IPS and the Patriotic Millionaires, who regularly urge the government to raises taxes on them, looked at Wealth-X data regarding the relative net worths of jet owners, as well as Federal Aviation Administration user data, along with public information regarding figures like Musk.

Clocking in at a little under one flight every two days, the report found Musks travels consumed 837,934 liters of jet fuel and produced 2,112 tons of CO2 emissions just last year132 times that of the average American. Hes been expanding his collectables; Musk owns four jets and recently dropped $78 million on a Gulfstream G700, intended to replace his Gulfstream G650ER.

While climate change is a man-made global issue, research like this has found that some particular men are making the crisis bigger, as companies and high-net-worth individuals tend to account for especially hefty individual contributions. This report puts a number on the environmental cost of 5-minute flights typical of Musk and other private jet flyers. Wealthy jet flyers release at least 10 times more pollutants per passenger than regular air flights, explain the authors. Private plane usage has skyrocketed over the past couple of years, as the pandemic divided people into their own bubbles. It all means that the wealthiest 1% is responsible for a Godzilla-sized carbon footprint, with the report arguing that 1% of the population are likely responsible for half of all air-related carbon emissions. And Musk, the top of the 1%, is an even bigger proportion within that small group.

The affluents greater share of pollution has led the IPS and Patriotic Millionaires to call for a jet fuel tax. Recommending Musk pay an extra $3.94 million in taxesa drop in the (dwindling) water for Musk, who even with his Twitter shopping spree taking out at least a $20 billion chunk of his fortune, is worth $187.1 billion.

A 2022 Oxfam study found that the richest billionaires emit on average more than 1 million times the carbon dioxide each year as 90% of the population does. Billionaires are also investing in companies that generate greater emissions, Oxfam found; each year the scale of emissions from billionaires investments was the same as the yearly carbon emissions in all of France.

Its not just planes. Ultrawealthy individuals are more likely to contribute to the water crisis with amenities like manicured gardens and pools. Leonardo Dicaprios favorite yachts are also carbon wastelands. An analysis of billionaires from 2018 found that two-thirds of their carbon emissions were traced back to superyachts.

At the end of the day, inequality ends up costing us all. In 2021, the median household income in the U.S. was $70,784. Musks realized compensation from Tesla was $23.5 billion in the same year, notwithstanding his profits from other companies down the line. All that extra money gives Musk some more pocket money to spend on his jets.

Busy dealing with the buggy and increasingly alt-right platform that is Twitter, Musk might be more on the move as he attempts to improve upon his latest investment while juggling his other ventures. A Washington Post analysis found that much of his air traffic in 2018 was dedicated to his work, and some for family (and both have increased in the years since). Musks insistence on being in person, whether with a bodyguard in the bathroom or not, has also likely led to the need for higher jet usage as he bops from company to company to monitor workers attendance. Known for praising his own attendance at Tesla factories and sleeping on the floor, his solution for a struggling company seems to be showing up in-person.

Until we can teleport, theres unfortunately no alternative that would allow him to do his job as effectively, Tesla spokesman Dave Arnold previously told the Post. SpaceX did not respond to Fortunes request for comment.

Musks already limited time might be better spent curbing his own carbon emissions and addressing an environmental crisis rather than fixating on the underpopulation crisis hes been vocal about (despite the U.N. saying the worlds population will continue to grow). If Musk really wants people to build families or much less build a future for their children, he might want to cool his jets on the jet-setting.

Hollywood writers are already making picket line signs as they prepare for a potential strikeHere's what they're fighting for and what's at stake

The union representing 11,500 writers of film, television and other entertainment forms could go on strike as soon as Tuesday. It would be the first writers strike and the first Hollywood strike of any kind in 15 years. Heres a look at the storylines the fight has spawned.

The talks

Months of negotiations, primarily over writers pay for streaming shows, have still left considerable distance between the two sides: The Writers Guild of America whose East and West versions are technically two unions that act as a unit in these talks and the Alliance of Motion Picture and Television Producers, which represents Hollywoods studios, streamers and production companies in negotiations.

The current contract expires Monday, and a labor stoppage could be called for the following day. Many in the industry have been acting as though a strike is inevitable. Writers, who voted overwhelmingly to authorize their leaders to call a strike, have already begun making signs for picket lines.

But 11th-hour deals are common. If the two sides are making progress, they can talk past the deadline. The last time a writers strike seemed imminent, in 2017, a deal was reached in the hours immediately after the contract expired. Last year, an agreement was reached two days before the deadline to avert a strike of 60,000 Hollywood crew members.

The talk shows

Late-night talk shows, heavily dependent on same-day, current-events-based comedy writing, will be the first to feel a strikes effect. The shows have been the de facto frontline during previous writers strikes. Shows like NBCs The Tonight Show Starring Jimmy Fallon and ABCs Jimmy Kimmel Live! are scheduled to air new episodes next week. Theyll shift to reruns if a labor stoppage starts. James Cordens Thursday night farewell to his Late Late Show was well-timed.

Saturday Night Live has a slightly longer production timeline but is even more dependent on its writers. A strike would upend the last three episodes of this season, starting with the May 6 show with host Pete Davidson.

The status of daytime talk shows, which lean more into host chats and interviews, would be less certain. ABCs The View was uninterrupted during the last strike, which began late in 2007 and ended early in 2008.

The story for scripted

A strikes impact on scripted series will take far longer to manifest. Even daily soap operas tend to have scripts completed many months in advance. Noticeable effects on the movie release calendar could take even longer.

Production on finished screenplays can proceed as planned (without the benefit of last-minute rewrites). Thats assuming that crews whose union recently came very close to striking and actors whose guilds own contract with the AMPTP expires June 30 are willing to cross picket lines and work.

Productions, long aware of the looming deadline, sought to wrap before it arrived. FilmLA, which hands out location permits for the Los Angeles area, say that none have been requested for television dramas or sitcoms next week.

Many viewers and moviegoers may not notice the effects of a strike until long after its over, if at all. The menus on Netflix and Amazon Prime Video will look no different next week, but because this would be the first writers strike of the streaming era, there is no template for how they will look months down the line.

During the last strike, when broadcast and cable networks with well-established seasonal schedules were still predominant, many shows, including 30 Rock, CSI, and Greys Anatomy, shortened their seasons.

Unscripted reality television grew in strength at the time. Big Brother and The Amazing Race both increased their output. The Apprentice, hosted by Donald Trump, got new life when a celebrity version of the shelved show was created to help fill the scripted void.

The stakes

Streaming and its ripple effects are at the center of the dispute. The guild says that even as series budgets have increased, writers share of that money has consistently shrunk.

Streamers use of smaller staffs known in the industry as mini rooms for shorter stints has made sustained income harder to come by, the guild says. And the number of writers working at guild minimums has gone from about a third to about half in the past decade. Writers of comedy-variety shows for streaming have no minimum protections at all, the guild says.

On TV staffs, more writers are working at minimum regardless of experience, often for fewer weeks, the guild said in a March report.

The lack of a regular seasonal calendar in streaming has depressed pay further, the report says. And scheduled annual pay bumps under the current contract have fallen well short of increases in inflation.

The weekly minimum for a staff writer on a television series in the 2019-2020 season was $4,546, according to industry trade outlet Variety. They work an average of 29 weeks on a network show for $131,834 annually, or an average of 20 weeks on a streaming show for $90,920. For a writer-producer, the figure is $6,967 per week.

Some who defend studios and producers say thats far from the poor-house picture writers present publicly.

AMPTP leaders say their priority is the long-term health and stability of the industry and they are dedicated to reaching a fair and reasonable agreement.

The striking writers

A full stop to work will mean major economic losses for screenwriters, though many say its worth it to fight the day-to-day dwindling of income.

Guild strike rules prevent members from striking new deals, making new pitches, or turning in new scripts. They are allowed to accept payment for any writing thats already been done.

Those known in the industry as hyphenates, including showrunners who act as head writer-producers, performer-writers, and people like Quinta Brunson of Abbot Elementary who do all the above, are allowed to do the non-writing parts of their jobs under union rules, though that work may be minimal as they seek solidarity with their writing staffs.

A brief history of striking scribes

Writers have gone on strike six times, more than any group in Hollywood.

The first came in 1960, a Writers Guild walkout that lasted nearly five months. Strikes followed in 1973, 1981, and 1985. The longest work stoppage, lasting exactly five months, came in 1988.

The 2007-2008 strike was resolved after three months. Among the main concessions the writers won were requirements that fledgling streaming shows would have to hire guild writers if their budgets were big enough. It was an early harbinger of nearly every entertainment labor fight in the years that followed.

The skills gap is so big thatnearlyhalf ofworkerswill need to retrain this decade

You cant rely on much in the talent market this year. But one things for certain: It doesnt (really) matter what you doas long as you do it well.

Between the disruption of the pandemic, ChatGPT, offshoring, and wave after wave of layoffs, the job market is evolving more rapidly than most agile workers can keep up with. Nearly 70 million new jobs will be created worldwide and 83 million will be eliminated by 2027, predicts the World Economic Forums 2023 Future of Jobs report. In the grand scheme of things, that means theres little any individual worker can do to remain immune to shifting norms. But one thing they can do: upskill.

The skills gap is so big that its one of the main barriers preventing companies from modernizing their business model, companies told WEF. Theres clearly a need for training and reskilling; to keep up with the fast-shifting landscape, WEF finds, nearly half (44%) of an individual workers skills need to be updated.

The long-term trend is pretty undeniable that the demand for skills outpaces the supply of skills, Dan Shapero, chief operating officer of LinkedIn, tells Fortune. He added that 2022 was the tightest labor market hed seen in his 15 years at LinkedIn. This year is a little more balanced, he acknowledged, but still tight.

Workers might want to consider these top 10 skills, which employers say are rising in importance over the next five years:

Creative thinking
Analytical thinking
Technological literacy
Curiosity and lifelong learning
Resilience, flexibility, and agility
Systems thinking
AI and big data
Motivation and self-awareness
Talent management
Service orientation and customer service

And a bonus 11th skillleadership and social influence. (In other words, you should probably get on Twitter or TikTok.)

With items like AI and big data, systems thinking, and technological literacy, employers seem to recognize the growing importance of artificial intelligence and other sophisticated tech in the workplace. Over the next five years, WEF wrote, AI and digitization will change nearly a quarter of all jobs.

But business highest priorities for worker skills are evergreen, largely intangible traits and soft skills like creative thinking, motivation, and lifelong learning. Employers desire for strong cognitive skills reflects the growing importance of complex problem-solving, WEF wrote.

Even Apple CEO Tim Cook has long encouraged workers with strength in these soft skills to apply to the tech giant. He seeks out four particular traits in new hires, he told students at the University of Naples Federico II in Italy last year: Collaboration, creativity, curiosity, and expertise.

Those are the things that we look for in people, and its been a very good formula for us, Cook remarked. We look for people that think differently, that can look at a problem and not be caught up in the dogma of how that problem has always been viewed.

Neither hard nor soft skills require a degree

Following the seismic shifts of the past three years, industry leaders have been remarking on a skills-based revolution. Often, that can mean moving away from degree requirements and towards a focus on upskilling across the board.

Non-degree-holding candidates can learn new skills at roughly the same pace as college grads, Jeff Maggioncalda, CEO of Coursera, wrote in the WEF report. But getting those two different kinds of workers on equal footing will require public and private sectors to work together on providing an affordable and flexible path that can help workers reskill and transition into jobs of the future.

That should be great news for workers. But the problem is, unlike knows how to code or has managerial experience, portraying soft skills like creative thinking and curiosity can be difficult to put on a résumé.

Instead, you could consider writing that youre always looking to develop and grow in your role, Zahra Amiry, Omnicom Media Groups talent attraction associate director, told Fortune in March. An interviewer will pick up on that and ask what you are doing to develop and grow, she said, explaining that you show glimpses of your best aspects on a CV. Its all about dropping hints so by the time you get to the interview, you can wow them.

Luckily for workers, LinkedIns Shapero believes the power is in their hands, and thats unlikely to shift anytime soon.

Employers are still having difficulty finding the people they need, even in the current labor market, he said. [Thats] because the long-term trend towards your technical skills is just undeniable, and we cant keep up with it.

In terms of who has the upper hand between bosses and workers, every year will probably feel a little bit different, Shapero acknowledged. But the long-term trend, I think, is pretty clear.

Wisconsin Republicans just introduced a bill that would let 14-year-olds serve alcohol in bars

Fourteen-year-olds in Wisconsin could serve alcohol to seated customers in bars and restaurants under a bill circulated for cosponsors Monday by a pair of Republican state lawmakers.

Under current law, only workers age 18 and above can serve alcohol to customers in Wisconsin. The bill would broaden that to workers ages 14 to 17. They could only serve to seated customers, not drinkers who are at the bar itself.

The current age limit on serving alcohol causes workforce issues due to an establishments underage employees only being able to do part of their job, the bill sponsors Sen. Rob Stafsholt, of New Richmond, and Rep. Chanz Green, of Grandview, said in a memo circulated Monday seeking cosponsors.

They said their idea creates a simple solution to the states workforce shortage problems in the food and beverage industry. The bill requires the licensed operator of the bar or restaurant be on the premises and supervising.

Although no one under the age of 21 can legally drink alcohol, those under 21 including minors of any age in Wisconsin can drink in bars and restaurants if they are with their parents.

If the proposal passes, Wisconsin would have the lowest age limit for workers allowed to serve alcohol, according to the National Institute on Alcohol Abuse and Alcoholism.

The measure is a long way from becoming law. It must pass the Senate and Assembly, both controlled by Republicans, and be signed by Democratic Gov. Tony Evers. His spokesperson Britt Cudaback mocked the proposal Monday, listing numerous initiatives Evers has proposed to address the states workforce shortage issue including building more housing and funding schools, before forwarding a message detailing the Republican bill.

A slaughterhouse cleaning company that used more than 100 children as workers keeps losing contracts with big companies

The slaughterhouse cleaning company that was found to be employing more than 100 children to help sanitize dangerous razor-sharp cutting equipment like bone saws has continued to lose contracts with the major meat producers since the investigation became public last fall.

For its part, Packers Sanitation Services Inc., or PSSI as it is known, said it has taken a number of steps to tighten up its hiring practices but it says the rising number of child labor cases nationwide is likely related to the increase in the number of minors crossing the U.S. border alone in recent years.

The scandal that followed the February announcement that PSSI would pay a $1.5 million fine and reform its hiring practices as part of an agreement with investigators also prompted the Biden administration to urge the entire meat processing industry to take steps to ensure no kids are working in these plants either for the meat companies or at contractors like PSSI.

Federal investigators confirmed that children as young as 13 were working for PSSI at 13 plants in Arkansas, Colorado, Indiana, Kansas, Minnesota, Nebraska, Tennessee and Texas. It wasnt immediately clear if any additional children have been found working for the company because PSSI declined to answer that and government officials havent offered an update on the investigation since February.

The Labor Department has said there has been a 69% increase since 2018 in the number of children being employed illegally nationwide, and it has more than 600 child labor investigations underway. Officials have said they are particularly concerned about the potential exploitation of migrants who may not even have a parent in the United States.

PSSI maintains that it prohibits hiring kids and the only way children could have been hired is through deliberate identity theft or fraud at a local plant. Regardless of the reason they occurred, it is our responsibility to address the problem.

As has been widely reported, the recent record rise in unaccompanied minors from abroad and rising prevalence of identity theft has clearly revealed new vulnerabilities in the area of underage labor across hundreds of different businesses including ours, PSSI spokesman Ray Hernandez said.

Cargill, Tyson Foods and JBS have all terminated contracts with PSSI at at least some of their plants particularly any plants where Labor Department investigators confirmed children were working although Cargill went furthest and cut ties with the Kieler, Wisconsin-based company entirely. One of other meat processing giants, Smithfield Foods, said only that it is taking a close look at its contracts with PSSI, which currently cleans about one-third of the companys 45 plants, to ensure that all labor laws are being followed.

Those four companies, along with National Beef, control over 80% of the beef market and more than 60% of the pork market nationwide. National Beef didnt respond to questions about its actions.

Cargill spokeswoman April Nelson said the company notified PSSI in March that it would end all 14 of its contracts because we will not tolerate the use of underage labor within our facilities or supplier network.

Tyson and JBS officials also reiterated their commitment to eliminating child labor in their plants, and they said each of their companies had ended PSSI contracts at several plants. But they declined to provide specific numbers about how many contracts they cut and how many plants PSSI is still cleaning for them.

Tyson Foods is committed to compliance with all labor laws and holding those we do business with to the highest standards of accountability, said Dan Turton, a senior vice president at Tyson, in a letter to members of Congress about their child labor concerns. He promised Tyson would step up its audits of contractors and continue cooperating with federal officials to ensure its own hiring meets all standards.

The major meat processors say they are looking to bring more of the cleaning work at their plants in house, but they will likely continue to rely on contractors in many places. Tyson, for instance, said that its own workers clean about 40% of its plants.

PSSI wouldnt say how many workers it has laid off after losing contracts, but the way it describes itself on its website hints at the job losses. PSSI now says it has about 16,500 employees nationwide working at more than 400 plants, down from the more than 17,000 it cited last fall before the investigation. Still, it remains one of the largest cleaners of food processing plants.

PSSI says it is going above and beyond what the official court agreement required to ensure no kids are working there. And the company, which is owned by the New York-based private equity firm Blackstone, named a new CEO who just took over last week after its longtime top executive retired after 24 years.

PSSI hired a former U.S. Customs and Border Patrol officer to help strengthen the training its managers get to spot identity theft, and brought on a former Labor Department official to conduct monthly unannounced checks on its practices. The company also set up a hotline for employees to anonymously report any concerns.

Regulators just recommended a major shake up to the decades-old $250,000 limit on deposit insurance as yet another bank goes bust

The Federal Deposit Insurance Corp. is recommending the U.S. rethink its decades-old policy of insuring up to $250,000 in bank deposits and replace it with an overhaul that would allow regulators to cover higher amounts on a targeted basis.

The proposed change appears to openly acknowledge that the FDIC is looking for ways to calm both depositors and markets as the organization contends with the third U.S. bank failure this year. First Republic Bank became the second largest failure in history Monday when regulators seized it and JP Morgan Chase stepped up as a buyer.

The recent failures of Silicon Valley Bank and Signature Bank, and the decision to approve Systemic Risk Exceptions to protect the uninsured depositors at those institutions, raised fundamental questions about the role of deposit insurance in the United States banking system, FDIC Chairman Martin J. Gruenberg said in a statement Monday accompanying the regulators recommendations.

The FDIC is a government agency formed during the Great Depression to restore faith in U.S. banking institutions

Under the proposal, the FDIC would offer business account coverage a higher levels than ordinary consumer deposits receive, the FDIC said.

As of December, more than 99% of U.S. deposit accounts held less than $250,000, and so were automatically covered by existing FDIC insurance, Gruenberg said.

However, the system remains subject to the sort of bank runs that brought down First Republic, despite a consortium of big lenders having pooled $30 billion in cash to shore up the bank as recently as March.

Last Monday, First Republic reported its first-quarter results, shocking investors when it revealed that depositors had withdrawn $100 billion, most in mid-March immediately after Silicon Valley Bank and Signature Bank failed. First Republics stock plunged more than 50% the day after the report.