Tesla has sought to increase its sales with financing offers and reduced prices.
Kevin Winter/Getty Images
Tesla sales were down nearly 5% in the second quarter.
The performance wasn't as bad as analysts expected.
Tesla's stock price rose in early trading following the news.
Tesla's deliveries fell for a second straight quarter, down nearly 5% compared to the same period a year ago.
Tesla reported second-quarter sales of 443,956 units Tuesday morning, down from 466,140 in the same quarter a year ago but topping analyst expectations.
While the decline in sales is yet another sign that an industry-wide EV slowdown is finally affecting Elon Musk's Tesla, Tuesday's deliveries were not as bad as some analysts had expected.
Analysts polled by Bloomberg had expected Tesla to deliver 439,302 cars in the second quarter, a roughly 6% decline compared to last year.
Tesla's stock opened up about 5% Tuesday following the news.
Bill Gates' former assistant is now wealthier than his old boss for the first time.
Steve Ballmer, who succeeded Gates as Microsoft CEO, is worth an estimated $157 billion.
Microsoft stock has surged amid a broader AI boom, boosting Ballmer's net worth.
A former assistant to Bill Gates has scaled the ranks of the world's wealthiest people to become richer than his old boss for the first time.
Steve Ballmer's fortune more than doubled from $77 billion in November 2022 to $157.2 billion at Monday's close, putting him sixth on the Bloomberg Billionaires Index.
Gates, Microsoft's legendary cofounder and perhaps the world's best-known philanthropist, is in seventh place and worth $156.7 billion. He was $17 billion richer than Ballmer a year ago.
Ballmer is now about $5 billion behind Alphabet cofounder Larry Page, who is in fifth place on Bloomberg's rich list at ($162 billion).
The Los Angeles Clippers basketball team owner, Ballmer ranks above the likes of Oracle's Larry Ellison ($156 billion), Alphabet's Sergey Brin ($153 billion), Warren Buffett ($128 billion), Michael Dell ($116 billion), and Nvidia CEO Jensen Huang ($109 billion).
Steve Ballmer owns the Los Angeles Clippers.
Thomson Reuters
Ballmer owes his wealth to joining Microsoft in 1980 as an assistant to the president — a role more akin to a business manager than a PA. He originally agreed a $50,000 base salary plus 10% of the profit growth he generated. But Ballmer's compensation soon became outsized, so he agreed to exchange it for a significant equity stake, according to Forbes.
A close advisor to Gates, he succeeded him as CEO in 2000. Ballmer stepped down in 2014 with 333 million shares, or a 4% stake, regulatory filings show.
Bloomberg's estimate of Ballmer's wealth assumes that he's retained most of his Microsoft shares. The outlet values his stake at more than $150 billion based on Monday's $457 closing price — over nine times its split-adjusted level in 2014 when Ballmer left. He's likely to have collected dividends worth billions of dollars over the years as well.
Ballmer's net worth has skyrocketed over the past 18 months or so because of the artificial-intelligence boom, which Microsoft has tapped into by investing in industry star OpenAI. The stock has jumped by over a third in the past year alone.
Gates has fallen behind Ballmer because he's diversified his personal investment portfolio away from Microsoft stock, and made large donations to his foundation and other charities.
Even so, it's striking that Ballmer is officially richer than Gates, given how rare it is for an employee to become wealthier than his company's founder.
A Yonhapnews TV broadcast at a railway station in Seoul showing a news broadcast with file footage of a North Korean missile launch after new missile tests in July, 2024.
SOPA Images via Getty Images
North Korea and South Korea are in an intensifying arms race.
North Korea has launched a series of missile tests.
Russia's new alliance with North Korea could worsen the situation.
North Korea on Monday claimed it had tested a new weapon capable of far greater destruction than the ballistic missiles in its arsenal.
The Hwasong-11Da-4.5, which has a 4.5-ton warhead, follows South Korea's development of multi-ton warhead ballistic missiles, designed as "bunker busters" that can take out North Korean nuclear bases, amid an intensifying arms race on the peninsula.
The South Korean military called the announcement a "deception," claiming North Korea had botched a test in which a missile crashed near Pyongyang.
The situation could get more dangerous in the wake of Russian President Vladimir Putin's new security alliance with North Korean leader Kim Jong Un.
The UN seeks to contain North Korean aggression
For decades, the UN Security Council, of which Russia is a permanent member, has sought to restrict North Korea's nuclear weapons program, cutting off access to key technology and the global economy.
Russia appeared wary of the potential threat North Korea posed on its eastern border and worked with countries, including the US, to isolate Kim — but the Ukraine war has changed that.
Desperate for new supplies of ammunition and artillery for his army, Putin has found a willing new supplier in North Korea.
In turn, Russia is helping North Korea break its diplomatic, economic, and military isolation.
It has increased food and fuel exports to North Korea and vetoed the renewal of a UN panel that monitors the sanctions against the country.
The Kremlin is also suspected of handing North Korea vital satellite technology that the rogue state could use to monitor US allies in the region and, if there were a war, target their military assets more effectively.
So far, Russia seems to have stopped short of providing North Korea with direct military support, though it has pledged to come to its aid if attacked.
"North Korea would benefit from fielding a nuclear weapons force that could evade US missile defenses with high-end intercontinental ballistic missiles and nuclear submarines," they wrote in an article published June 20.
North Korea may have exaggerated how well Monday's test went, but Russia's alliance is definitely enhancing the threat the country poses to the delicate security balance in East Asia.
Improved missile technology could, in theory, enable North Korea to evade US missile defense systems and strike the US mainland, undermining the US's security pledge to South Korea.
If North Korea comes closer to being able to strike the US, it could fuel "skepticism about American nuclear guarantees" and, in turn, "spark a renewed push by South Korea to develop its own nuclear deterrent," wrote analysts from the Wilson Center in April.
South Korea's government has said it could send weapons to Ukraine in response, and Voice of America reported Monday that some South Korean politicians are questioning the effectiveness of America's nuclear deterrent.
Politician Na Kyung Won said last week that deterrence was "currently working" but "does not guarantee the capacity to respond to the future changes in the security environment," the outlet reported.
Hello! My last name might end in a vowel, but I still learned something from this Michelin-starred chef pointing out red flags to look for at nice Italian restaurants. (Although, I take issue with calling it "sauce" instead of "gravy.")
Meanwhile, Trump secured a big win in his immunity case. The Supreme Court ruled that former presidents don't get absolute immunity from criminal charges related to actions under the scope of the presidency, but they do get some.
But the case could have bigger implications than just Trump. Justice Sonia Sotomayor wrote in a dissenting opinion that the ruling created a "law-free zone around the President" whereby they could order the assassination of a political rival without facing prosecution.
3 things in markets
Getty Images; Alyssa Powell/BI
Trump's policies are an "elixir for stagflation," JPMorgan's strategy chief warns. David Kelly sounded the alarm on the potential shocks Trump's trade and immigration policies could have on the economy. Sweeping tariffs and mass deportations could trigger a recession, he said.
How a new $1 billion hedge fund is looking to stand out. Former Millennium exec Jonathan Xiong has his work cut out for him with the launch of Arrowpoint. The Asia-based multistrategy fund has big-name backers, like Blackstone and Canada's largest pension, but faces a crowded field where heavyweights like Citadel and Millennium dominate.
Truist cools on tech. Keith Lerner, Truist Wealth's chief strategist and co-chief investment officer, downgraded the firm's rating on the tech sector from overweight to neutral. He's still bullish on the space but views valuations as overvalued, seeing value in communication services and utilities instead.
Humans need another bot's help to fix ChatGPT's blunders. OpenAI unveiled CriticGPT, a tool designed to help human AI trainers spot errors in code produced by ChatGPT. As the chatbot has grown more sophisticated, its mistakes have become harder for humans to spot.
Abnormal Security is set to be valued at $5 billion with new funding round. It's raised $374 million in venture funding, but it's unclear how much it will raise with the new round. The startup, which uses AI to guard users from cyber threats across email and apps, was valued at $4 billion in 2022
3 things in business
Getty Images; Alyssa Powell/BI
We just can't stop building these hideous houses. Most people agree America needs more houses, but why are the ones being built so ugly? A mix of soaring development costs, local rules, and changing homeowners' attitudes may be to blame.
How much money would you need to feel financially secure? For Gen Z, it's $200,000 a year — more than any other generation. Gen Zers, contending with rising costs, are feeling financially vulnerable. According to a previous BI poll, they're the most stressed generation when it comes to saving money.
Kevin Costner's bad real-estate bet. Kevin Costner mortgaged his home to put $38 million of his own money into his latest film venture, the western "Horizon." Box-office numbers suggest this was a terrible idea.
Major Hurricane Beryl is forecast to barrel northwest across the Caribbean islands. It's the earliest Category 4 hurricane on record for the Atlantic hurricane season.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.
Win McNamee via Getty Images; Vyacheslav Prokofyev/Pool/AFP via Getty Images
Russia's ambassador to the UN flatly disagreed with Trump's claims he could end the Ukraine war in a day.
Vassily Nebenzia blamed Ukraine's Western allies for failed cease-fire talks.
Trump has repeatedly said that he could quickly bring about the end of the war.
It's one of former President Donald Trump's most regular claims on the campaign trail: give him the chance, and he'd make sure Russia's war in Ukraine was over in just a day.
Russia clearly disagrees.
"The Ukrainian crisis cannot be solved in one day," Russia's ambassador to the UN, Vassily Nebenzia, said when asked about the claim on Monday.
Nebenzia went on to blame Ukraine's Western allies — naming in particular former British Prime Minister Boris Johnson — for getting in the way of cease-fire talks that took place in Istanbul in April 2022.
Political scientist Samuel Charap and historian Sergey Radchenko, who analyzed those talks closely, have said that the idea that the West forced the negotiations to close is "baseless."
They also noted that a lot more was on the table during those talks than leaders are willing to consider today.
Instead, he said that any negotiations would have to take into account what he called "the new reality that emerged during the period between April 2022 and July 2024" — meaning Russia's territorial gains.
Russia currently controls Crimea and large areas within four regions in eastern and southern Ukraine.
Even if Ukraine were to accept a ceasefire by ceding territory, the negotiations would likely be complex, because Russia does not physically control the entirety of the regions it lays claim to.
In June, Putin also insisted on Ukraine's demilitarization, as well as the end of its ambitions to join NATO, as conditions for ending the war.
Trump has so far revealed little publicly about how he would achieve the peace he claims to be able to broker.
But many believe it would strongly favor Russia's interests.
Those attending a November meeting of the right-wing Heritage Foundation heard from former Trump White House aide Michael Anton that Trump's plan was expected to involve allowing Russia to keep Crimea and parts of eastern Ukraine, as well as limiting NATO's expansion,The Washington Post reported.
Anton later told the outlet he knew nothing of Trump's plans for Ukraine.
Critics have slammed the reported plan as emboldening to Putin and highly detrimental to the US and Europe's security interests, the Post reported.
In March, following a meeting with Trump at Mar-a-Lago, Hungary's Prime Minister Viktor Orbán — Putin's closest ally within the EU — claimed that Trump's plan was simply to starve Ukraine of further military aid.
The Post later reported, citing an anonymous source, that Trump had never said this to Orbán.
However, the move would be broadly in line with his own urgings of the MAGA wing of the Republican Party.
Earlier this year, Trump-aligned Republicans held up $61 billion in US military aid for Ukraine, badly straining its ability to hold off Russian attacks.
More recently, Trump has floated the idea of replacing Ukraine aid with loans.
Trump's claim that he could end the war almost overnight is one of the few areas where Russia and Ukraine seem to agree with each other.
Dr. Max Nieuwdorp has made some changes to his diet to support his gut and, in turn, his overall health.
Frank Ruiter/Getty Images
Hormonal balance is one of the many benefits of having a healthy gut microbiome, a doctor said.
Dr. Max Nieuwdorp, a hormone specialist, researches how the gut affects our hormones.
To look after his gut health, he checks nutritional labels and avoids antibiotics if possible.
A scientist and doctor who researches the role of the gut microbiome in our body's hormonal processes shared three things he avoids for his gut health.
Gut health is a buzzy topic with mounting research finding that a healthy gut microbiome, the trillions of microbes that live in the colon lining, is linked to copious health benefits, from smoother digestion to improved mood and immunity. It's no surprise, then, that the global gut health supplement market has been valued at $12 billion.
In his latest book, "The Power of Hormones," Dr. Max Nieuwdorp, an endocrinologist, internist, and researcher based in the Netherlands, highlights yet another benefit of looking after your gut: hormonal health.
Nieuwdorp writes that gut bacteria play a crucial role in maintaining a healthy hormonal balance. They are involved in the release and production of dozens of different hormones and can influence the brain via the central nervous system, according to his book.
"The microbiome can really talk to the body by producing specific substances from the diet that are good or bad for you," Nieuwdorp told Business Insider. Bacteria and the substances they release during the digestive process can affect the function of hormones, he said.
Hormones are sophisticated substances released from glands that act as messengers throughout the body, Nieuwdorp said. They essentially tell parts of the body to do certain jobs. For example, the pancreas produces the hormone insulin, which allows glucose to enter cells to be used as energy. The adrenal gland, meanwhile, releases cortisol, a stress hormone, to wake us up in the morning.
Other than eating a healthy diet, exercising, easing stress, and sleeping enough, experts don't know what specific lifestyle choices people can make to boost their hormone function yet, Nieuwdorp said.
However, given the strong links between gut health and hormones he has learned of through his research, he's made some lifestyle changes to support his gut health and, in turn, his endocrine system.
Here are three things he avoids for his gut microbiome.
Red meat
Nieuwdorp has cut down on how much red meat he eats. "I try to not eat meat every day," he said.
This is because it changes the composition of the microbiome. When we eat red meat, the bacteria in the gut make "dangerous" metabolites when digesting it, he said.
Experts used to think that the increased cardiovascular disease risk associated with red meat came from the meat's high saturated fat content. But newer evidence suggests it might be linked to this microbiome response, according to 2022 study published in the American Heart Association journal Arteriosclerosis, Thrombosis, and Vascular Biology.
High blood levels of Trimethylamine N-oxide, or TMAO, a metabolite produced by gut bacteria to help digest red meat, may be associated with a higher risk of cardiovascular disease, chronic kidney disease, and Type 2 diabetes, the study said.
Dr. Max Nieuwdorp doesn't eat a lot of meat.
Cavan Images/Getty Images
Ultra-processed foods
After reading some compelling research on the negative health effects of food processing, Nieuwdorp always checks nutritional labels to see how food has been processed. He tries to avoid ultra-processed foods and eat more fresh foods.
A diet high in UPFs has been linked to an increased risk of many health problems including gut diseases such as inflammatory bowel disease and colorectal cancer. However, the way most nutritional research is conducted makes it difficult to pinpoint whether the UPFs themselves are the cause, although the evidence is compelling.
However, food additives commonly added to UPFs, such as emulsifiers, sweeteners, and colors, appeared to affect the gut microbiome, intestinal permeability, and intestinal inflammation in a 2024 article published in Nature.
Antibiotics
Although antibiotics are crucial for treating infection and save millions of lives every year, they also disrupt the gut microbiome.
Taking a course of antibiotics decreases the number of microbes in the colon, and reduces the diversity of those microbes, according to UCLA Health.
"They drive dysbiosis in the gut," Nieuwdorp. For this reason, he tries to avoid taking them unless absolutely necessary.
But others recoil violently at the idea of continually doling out cash to everyone in a society, with no restrictions on how the money's spent and no need for it to be paid back.
"This is straight out of the Karl Marx playbook — this is not out of the Adam Smith playbook," Dave Ramsey said about UBI on "The Ramsey Show" last summer.
The personal-finance guru and radio star was referring to the co-author of "The Communist Manifesto" and the author of "The Wealth of Nations" — two men regarded as the fathers of communism and capitalism, respectively.
"If I thought with my 40 years-plus in the financial world that this was helpful to people, I would be for it even though I'm a staunch capitalist," Ramsey said.
He argued that it would deter people from working and realizing the personal rewards that come from helping themselves and achieving their own prosperity.
"Your best quality of life is when your character is increased with grit, discipline, callouses. The ability to overcome obstacles gives you much more joy than the dull hum of communism — it puts you to sleep," he said.
Ramsey added: "If the welfare system worked, people would be sprinting out of these government funded ghettos into a wonderful life, and instead they've set up camp there generationally."
Although he emphasizes his compassion for the impoverished, based on his years of helping people with their financial problems and parsing data, he doesn't believe handouts are good for them.
Instead, Ramsey made the case that letting people eat what they kill provides a stronger incentive for them to better their lives — almost certainly an analogy for lowering taxes: "You don't get that with a universal stupid-butt communism stipend."
The Ramsey Solutions founder and CEO pointed to his personal story as an example of how America's capitalist system gives people the best chance of improving their lot in life.
"I know a guy that was so stupid that he filed bankruptcy because he was so bad at handling money, and he's made millions of dollars teaching people to live on less than they make," Ramsey said. "What a country, oh my gosh."
It's worth underscoring that many proponents of UBI disagree that it eliminates the desire or need to work. Instead they see it as a social safety net that allows people to take risks, such as having kids or quitting their jobs to start a business, without having to worry about paying their rent or buying groceries.
The Trump Organization and Dar Global announced plans to develop a residential project in Jeddah.
The plans are aimed at the luxury Saudi market and international investors.
It's full steam ahead for Sauda Arabia's Neom megacity, but the kingdom is also giving the green light to other luxury projects too.
Property developer Dar Global, the international arm of Saudi developer Dar Al Arkan, announced a new deal Monday to develop a residential development in Jeddah with the Trump Organization.
The plans include the future launch of a Trump Tower in the Saudi city, which would mark the Trump company's first project in the country.
Ziad El Chaar, CEO of Dar Global, said in a statement:"The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers. This collaboration underscores our commitment to grow our footprint by elevating the standards of luxury living in the region."
Eric Trump said in a statement that the deal would expand his family company's presence in the Middle East.
Ziad El Chaar, CEO of Dar Global (second from left), with Eric Trump and Donald Trump Jr.
The deal permits use of Trump branding under license to developers, but the Trump International Oman is not owned by the Trump Organization.
Saudi Arabia is aiming to woo the luxury international market, in part to differentiate itself from nearby Dubai.
The kingdom has other luxury projects on the boil, including resorts along the Red Sea. Sindalah, one of the island resorts aimed at luxury clientele, is scheduled to open by the end of the year.
Antoni Vives, Neom's chief urban planning and islands officer, said in a press release that Sindalah will be a "new model for luxury travel and living."
Representatives for the Trump Organization and Dar Global did not immediately respond to requests for comment from Business Insider, made outside normal working hours.
Universal has moved the "Wicked" release date to the same day as "Gladiator 2."
Fans are saying the two films are the new "Barbenheimer."
But, they will have to make over $2 billion to compete with the last blockbuster double-bill.
There might be a new "Barbenheimer" in town, as two other highly anticipated blockbusters, "Wicked" and "Gladiator 2," are scheduled to premiere on the same day.
Last year, polar opposite movies"Barbie" and "Oppenheimer" were coincidentally released on July 21.This created a huge cultural moment dubbed "Barbenheimer," which breathed life into a struggling industry as cinemagoers approached the films as a double bill.
Sources told Business Insider's Jason Guerrasio last July that "Oppenheimer" director Christopher Nolan was upset about the date clash. "Barbie" actor and producer Margot Robbie told Variety's "Actors on Actors" series last December that an "Oppenheimer" producer called her to move the date, but she declined.
Despite worries about the clash, "Barbenheimer" was a huge success. Barbie became Warner Bros' highest-grossing movie ever, and "Oppenheimer" beat the record for the highest-grossing biopic of all time. Both films made over $2 billion combined.
On Monday, Universal announced the release date of "Wicked" would move from November 27 to November 22, clashing with Paramount's "Gladiator 2." Film fans are now dubbing the movies as the new "Barbenheimer."
Last year, some fans tried to make "Saw Patrol" happen after they noticed "Saw X" and "Paw Patrol: The Movie" had the same release date, but it didn't generate a similar buzz as "Barbenheimer."
"Wicked" and "Gladiator 2" would likely fare better.
"Gladiator 2," directed by Ridley Scott ("Alien," "House of Gucci"), is a sequel to one of the biggest movies of the 2000s, so it already has a fan base."Gladiator" won five Oscars and made $465 million at the box office in 2000, according to Box Office Mojo.
Starring buzzy actors includingPedro Pascal, Paul Mescal, and Denzel Washington, "Gladiator 2" could be an even bigger success.
Meanwhile, "Wicked," directed by Jon M. Chu ("Crazy Rich Asians," "Step Up 2: The Streets"), is the first of a two-part movie adaptation of one of the world's most famous musicals. Variety reported last year that the musical had made over $5 billion globally since itpremiered in 2003.
Non-Disney movie musicals have been a tougher sell in cinemas, but "Wicked"could attract new fans with the star power of Ariana Grande, Michelle Yeoh, Jeff Goldblum, and Jonathan Bailey.
"Wickiator" (or "Gladicked"? "Glicked"?) becoming a cultural moment like "Barbenheimer" would give Paramount, Universal, and movie theatres a welcome boost after a slow summer so far.
Marketing the films as a double-feature could help them compete with "Moana 2," another highly anticipated movie that will release on November 27.
Regardless, the double-bill has a $2 billion bar to clear if it's going ot repeat the success of "Barbenheimer."
Lucy Lawless as D'Anna Biers in "Battlestar Galactica."
Syfy
Lucy Lawless told Business Insider there was a "culture of anxiety" on the "Battlestar Galactica" set.
The actor joined the science fiction show in 2005 during season two.
Lawless said actors were also under a lot of pressure not to reveal spoilers.
Lucy Lawless told Business Insider that she found it difficult joining "Battlestar Galactica" because of a "culture of anxiety" among the show's actors who didn't know if they would get killed off.
Lawless joined the show's second season in 2005 as news reporter D'Anna Biers, who was later revealed to be a robotic Cylon named Number Three.
The character faced plenty of twists — including dying and being resurrected several times — and Lawless stayed on "Battlestar Galactica" until it ended in 2009.
Similarly to more modern shows like "Game of Thrones" and "House of the Dragon," "Battlestar Galactica" had shocking cliffhangers, brutal murders, and unexpected deaths throughout its seasons, helping it to garner a cult following.
The ruthless, unpredictable nature of the story made the set a difficult environment for anyone new joining the cast, Lawless said in an interview for BI's Role Play series
"It was difficult coming in, because they felt if I was coming in, then one of them was on the way out," she said. "They were really nice people so I could tell it wasn't because they were awful, but there was a little bit of a culture of fear. And that was a shame."
Lawless described the tense atmosphere among the actors on set, noting that there was intense pressure not to reveal spoilers.
"In my opinion, the actors were kept in a state of insecurity, which I don't agree with as an executive producer. I don't agree with that at all.
"Because they didn't want any spoilers getting out there at the time — people didn't know if they were going to be killed off, and they were extremely nervous. So there was a culture of anxiety on that show," she said.
The show mainly takes place on the titular military spaceship as the last remnants of humanity try to survive attacks from the race of sentient robots, the Cylons. According to Lawless, the setting didn't help with morale among the actors.
"You're filming all day in the dark. You get to work in the dark, you are in space all day, and then you come out, and it's dark again," she said. "That isn't conducive to a very joyful, lighthearted environment, because human beings need the green of trees and the blue of the sky and all that stuff to be truly mentally happy and nourished on some level."
Representatives for "Battlestar Galactica" producer Ronald D. Moore did not immediately respond to BI's request for comment.