Insider Finance - Business - Musk is right about one thing

Spriha Srivastava, December 13, 2022

Hello, Insiders. This is Spriha Srivastava, filling in again for Nicholas Carlson. 

Do you ever look back at the year and think about the new things you added to your list of expenses? Was it a new subscription service? 

For me, it was a Kindle. No, I didn't give up on paperbacks, but I realized it was easier (and lighter) to pack a Kindle when going on a holiday as opposed to heavy paperbacks.

But for many Americans, it wasn't a Kindle or a streaming service. It was cream cheese from Walmart. 

According to surveys, cream cheese sold under the retailer's Great Value brand was the eighth fastest-growing brand in 2022 — and you can check out which other products saw consumer interest grow.

Why cream cheese? Because the rising cost of living is pushing consumers to buy more store-brand groceries. What was your new expense this year? Let me know: insidertoday@insider.com. 

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The latest

• Developing: Former FTX CEO Sam Bankman-Fried was arrested in the Bahamas and the SEC accused him of “orchestrating a massive, years-long fraud.” He was set to testify before Congress today. What we know so far. 

• The federal judge who appointed Trump's special master threw out his lawsuit against the FBI's raid of Mar-a-Lago. Get the details.

• Ticketmaster is in hot water — again — over fake Bad Bunny tickets. Meanwhile, it’s giving some Taylor Swift fans a second chance at tickets to her Eras Tour. More here.

The big story

Britta Pedersen-Pool/Getty; Marianne Ayala/Insider

Elon Musk seriously bungled his takeover of Twitter. But he did get one thing right: managers need to be in the trenches with their employees.

Musk's questionable managerial practices have shown him to be a capricious, unreliable leader of employees. But amid all the ultimatums and Stone Age mandates he’s issued as CEO of Twitter, he has made one valuable statement about managing.

In an email, Musk told employees that "all managers are expected to write a meaningful amount of software themselves” and declared that bosses should be able to actively participate in the work of their subordinates. And as Ed Zitron writes, that’s actually a good point. 

A person who manages coders should be able to contribute to and review that code — just as a person who manages cooks should be able to prepare the food alongside them. This sort of practical knowledge engenders goodwill between employee and manager, creating a culture of mutual respect that can increase communication and facilitate better performance.

That’s why, despite the irony of the messenger (Musk is perhaps the most visible example of an out-of-touch boss), there's a gem of helpful insight to be mined here.

Read the full story here.

Top reads

Ford; Rachel Mendelson/Insider

• “It took a full year, multiple calls, and an angry tweet to finally get my all-electric pickup truck delivered.” George Pearkes writes that getting his brand-new Ford F-150 Lightning was a nightmare, highlighting the bumps in the road to an electrified American auto industry. But after a month with his new truck, he says it was worth it. Read the full story here.

• Disappointing photos show what it's really like to visit Disney World for the holidays. $200 tickets, $27 cocktails, long lines, and huge crowds — but still, it’s pretty magical this time of year. Here’s how to make the most of it.

• At least 17 Republicans are checking out their presidential prospects, diminishing Donald Trump's shot at getting a free pass for the 2024 nomination. From Mike Pence to Nikki Haley, see which Republicans are laying the groundwork for presidential runs.

• Salesforce employees are bracing themselves for further layoffs. The company asked some managers to rank their lowest 10% of employees, sparking fears of more layoffs as CEO Marc Benioff told them to expect “changes” in a leaked recording of an all-hands meeting. More from the leaked audio here.

• “Get ready with me … to dump someone.” TikTokers are using one of the platform’s house specialties to film themselves getting ready to break up with their partners. They apply makeup, try on clothes, and sometimes share the reasons for the split. Inside the trend here.

Watch this

Audiences booed Elon Musk at a comedy show after Dave Chappelle introduced him onstage as "the richest man in the world." Watch the moment here, and read our analysis on why this shows the Twitter mess has eroded his support among some of his biggest fans.

Today's team

This edition was curated by Spriha Srivastava, and edited by Hallam Bullock, Lisa Ryan, Shona Ghosh, and Nathan Rennolds. Get in touch: insidertoday@insider.com.

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