Hello Readers, The week we continue with more earnings releases as some of the nation’s top tech companies (Apple, IBM, Microsoft, Tesla) report their quarterly results. Also expect earnings from other big names in food, manufacturing, power, and telecoms. As always, we will be reporting on them here. Whose earnings report are you looking forward to this week? Let me know! Email at vanessa@inside.com or on Twitter @Ms_Omeo. | |  Vanessa |  |
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Four states are suing Google, alleging the tech giant misled users by tracking their locations without their knowledge or permission. In separate suits filed on Monday, attorneys general from Indiana, D.C., Texas, and Washington accuse Google of misleading users to believe that by turning off their “location history” in settings, their whereabouts are no longer being tracked. However, they claim from 2014 to 2019, Google still tracked users unless they also turned off their location in the “web and app activity” section. They claim Google intentionally withheld this information from users. More: - The lawsuits focus on a type of design layout choice called “dark patterns,” which drive users toward a certain decision.
- The lawsuits allege Google used the unauthorized user data collected in its advertising business and profited from it.
- The attorneys general want the court to require Google to give up any algorithms made from the unauthorized data collected as well as all monetary profits made from it.
- In a response to the lawsuit, Google spokesman Jose Castaneda said the lawsuits are based on inaccurate claims and outdated assertions about Google’s settings.
- According to Castanda, Google updated the way it stores and communicates to users about their location data in June 2019.
Zoom out: - In May 2020, the state of Arizona filed a similar lawsuit against Google. That suit is still pending.
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 Peloton CEO John Foley | Image: Michael Nagle/Bloomberg Blackwells Capital has asked Peloton’s board to remove its CEO and begin a process to sell the exercise company. In a letter, the activist investor called Peloton’s co-founder and CEO John Foley “ill-suited to lead the company” and asked for him to be removed. Blackwells also asked the board to begin a process to sell the company to maximize Peloton’s brand, technology, team, and customer base. More: - The letter comes following a turbulent week for Peloton. It was rumored that the company would temporarily halt the production of its exercise bikes and treads due to low demand.
- In a note to Peloton’s employees on Thursday, CEO John Foley called the rumors false, based on leaked information that was incomplete, out of context, and not reflective of the company’s strategy.
- The company’s stock has fallen over 80% since its peak in Dec. 2020.
- Blackwells urged Peloton’s board to consider a sale to Apple, Walt Disney, Nike, or Sony Group.
- Blackwells holds a less than 5% stake in Peloton.
- Peloton’s shares were down ~3% in premarket trading on Monday. It closed at $29.71, up ~10% for the day.
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Tesla is countersuing JPMorgan’s warrants payment lawsuit, claiming the bank’s dislike for Tesla’s CEO Elon Musk is driving the $162M lawsuit. In the suit filed in Manhattan’s federal court, the electric car maker accused the bank of bad faith and avarice. Tesla claims JPMorgan’s lawsuit is an act of retaliation against the company because it stopped using the bank in major business deals. More: - In November, JPMorgan sued Tesla claiming the automaker owed it $162M over a set of warrants the bank had acquired as part of a bond sale.
- Tesla claims the bank received billions of dollars in stock last year from the warrants.
- Musk tweeted that he would give the bank a one-star review on Yelp if it doesn't withdraw the suit.
- In response to the countersuit, JPMorgan spokesman Brian Marchiony, in a statement, said Tesla’s suit has no merit, and the bank wants Tesla to fulfill its contractual obligations.
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 Kohls Department Store, San Francisco, California | Image: Liu Guanguan/Getty Images Kohl’s has received two offers to acquire it – one from private equity firm Sycamore and another from Acacia Research. The comes following activist investor Macellum Advisors GP LLC calling on the department store chain to either make some major changes or consider a sale. Macellum owns a ~5% stake in the company. More: - Acacia Research, backed by investment firm Starboard Value, is offering to purchase Kohl’s at $64 a share, a ~37% premium on the department store’s closing price on Friday.
- Acacia could sell off the department store chain’s real estate holdings and lease the space back, which would raise an estimated $7B.
- Sycamore is offering a dollar higher at $65 a share, a ~39% premium on its Friday closing price.
- In a statement, Kohl’s confirmed it has received acquisition offers, and its board will review them and determine the best course of action for the company and its shareholders.
- Kohl’s shares jumped 30% on news of a possible acquisition. It closed at $63.71 on Monday, up ~36% for the day.
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 Image: Wisk Aero Boeing is investing an additional $450M into Wisk Aero, an electric air taxi startup it is co-developing with Kitty Hawk Corp. and Google co-founder Larry Page. Founded in 2019, Wisk Aero aims to produce three- to four-passenger small pilotless aircraft for short trips around cities. Wisk plans to use the new funds to grow its workforce and start manufacturing. The company aims to have a fully operational air taxi business by 2027. The company expects to operate 14 million flights annually. More: - The FAA would have to approve Wisk before it can legally carry passengers, which would take a minimum of five years.
- Other players in the air taxi space include Joby Aviation, Vertical Aerospace Group, Airbus, and Embraer.
- The U.S. Air Force is also developing its own line of air taxis for military use.
- Boeing owns a majority stake in Wisk. The planemaker did not share details on its prior investments in Wisk.
- Wisk did not disclose its current valuation.
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 Ford Maverick | Image: Craig Cole/Roadshow Ford is suspending customer orders for its Maverick compact pickup truck, which the automaker launched last fall, to let the factory catch up with the backlog. In a memo sent to its dealers, Ford said it would start taking orders for the Maverick again in the summer. The Maverick starts at $20,000 compared to Ford’s F-150, which starts at ~$29,000. More: - Research firm AutoPacific predicts Ford will sell about 95,000 Mavericks in 2022 and 120,000 in 2023.
- Customers are seeking affordable and environmentally-friendly vehicles as car prices hit an all-time high in December due to inflation and the ongoing chip shortage.
- According to data from Edmunds, the average price for a new car is about $46,000.
- Ford shares closed at $20.39, down ~1% for the day.
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- On Monday, Bitcoin fell below $33,000, down ~45% from its all-time high, before rising to $37,183 in afternoon trading.
- French designer Thierry Mugler passed away on Sunday at the age of 73. Mugler has designed for David Bowie, Diana Ross, Kim Kardashian, and Beyonce.
- Burkina Faso President Roch Kabore has been detained following a military coup on Monday. The military has closed its border and imposed a curfew.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @Ms_Omeo. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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