Streetbeat News

Labor Issues

TSLA

Tesla Inc. (NASDAQ:TSLA) has reportedly issued a warning to its employees against sharing unauthorized images of the Cybertruck. The company will remove such images from its website and the employees involved will undergo an HR investigation. The ban includes all aspects related to the Cybertruck. The news comes as Tesla prepares for the Cybertruck delivery event later this year, with high-volume production scheduled for next year.

Portfolio Pulse from Anan Ashraf

August 19, 2023 | 9:28 am

AMZN

GOOG

GOOGL

META

An Amazon employee has created a satirical version of the company's leadership principles in response to its controversial return-to-office policy. The policy, which requires employees to be physically present for at least three days a week, has caused internal dissent. The situation worsened when Amazon began forcing some staff to relocate near central offices or face 'voluntary resignation'. Other tech companies, including Meta Platforms and Alphabet, have also reportedly issued notices urging employees to return to the office.

Portfolio Pulse from Ananya Gairola

August 19, 2023 | 4:57 am

AMZN

META

Meta Platforms Inc (NASDAQ:META) has reiterated the importance of employee office attendance, stating that non-compliance could lead to job terminations. Starting September 5, employees assigned to physical offices must attend at least three days a week. This initiative aims to encourage collaboration and interpersonal bonding among the staff. The company will track office attendance via badge and Status Tool data. Meta's shares have soared by over 120% since the beginning of this year due to enhanced financials and investor optimism about its fiscal prudence initiatives.

Portfolio Pulse from Anusuya Lahiri

August 18, 2023 | 7:07 pm

EXPR

Express Inc. has issued preliminary Q2 financial results, announced a 1-for-20 reverse stock split, and plans to reduce its workforce by the end of Q3. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 4:59 pm

META

Meta has issued a warning to its employees that they could lose their jobs if they fail to meet a new three-day-per-week office attendance requirement. The directive applies to employees assigned to a specific office, while remote workers are instructed not to visit the office more than 4 days every 2 months without a clear business reason. This comes as part of Meta's 'year of efficiency' initiative, which has seen the company lay off approximately 21,000 employees. Despite a poor 2022, Meta's shares have surged more than 120% since January due to improved financial results and investor enthusiasm over the cost-cutting plan.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 2:27 pm

CVX

Chevron Corporation is reportedly facing employee-related issues at its Australia-based operations of Gorgon and Wheatstone. The company may face a strike at its second-largest liquefied natural gas (LNG) plant at Gorgon, following a union ballot. The Wheatstone unit is also affected. This could potentially hinder Australia's LNG exports.

Portfolio Pulse from Nabaparna Bhattacharya

August 18, 2023 | 2:00 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is one of the fastest-growing companies in the world due to increasing demand for electric vehicles. The company pays a majority of its employees between $85,000 and $175,000, according to a Business Insider report. This data does not include stock-based compensation, grants, individual performance rewards, and bonuses. Tesla's stock-based compensation has been particularly lucrative for employees in recent years, given the stock's incredible run from late 2019 to the end of 2021.

Portfolio Pulse from Adam Eckert

August 18, 2023 | 12:54 pm

HEPS

Hepsiburada (NASDAQ:HEPS), a leading Turkish e-commerce platform, announced that its CFO, H. Korhan Öz, will step down on December 31, 2023, to pursue other business interests. M. Seçkin Köseoğlu, who joined Hepsiburada as Vice President responsible for Strategic Finance in February 2023, will take over as CFO effective January 1, 2024. Köseoğlu has a history of leadership roles in finance at pharmaceutical and FMCG companies, and a track record of turning around underperforming businesses.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 12:31 pm

TSLA

Former Tesla employees have described challenging working conditions during Elon Musk's 'production hell' periods, including long hours, intense pressure, and instances of on-the-spot firings. One worker reported colleagues sleeping on the factory floor after 12-hour shifts, while another recalled a raw sewage leak that workers were told to continue working through.

Portfolio Pulse from Benzinga Neuro

August 18, 2023 | 11:13 am

CLF

X

Cleveland-Cliffs Inc. (CLF) has received the exclusive right to bid from United Steelworkers (USW) under their Basic Labor Agreement with United States Steel Corporation (X). This makes Cliffs the only realistic buyer for U.S. Steel. Cliffs has also agreed to assume all agreements between U.S. Steel and the USW applicable to U.S. Steel employees upon closing of a transaction.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:14 am