Bloomberg - Evening Briefing - Texas for Tesla

Bloomberg Evening Briefing

Tesla has officially shifted its incorporation to Texas from Delaware, according to paperwork filed with the Texas secretary of state’s office. The move unites the company’s legal home with its physical headquarters, which have been in Austin for years. The paperwork was submitted late Thursday, following a vote by Tesla investors in favor of the departure from Delaware. Elon Musk, Tesla’s chief executive officer, initiated the move in January after a Delaware judge voided his roughly $56 billion compensation package, the largest ever given to a US corporate executive. Shareholders on Thursday also reapproved the pay plan, although the vote does not guarantee he will get his stock options, given the judge’s decision. Afterward, Musk offered outlandish predictions that he can enrich shareholders all over again with the company’s robot-making effort.

Here are today’s top stories

Federal Reserve Bank of Cleveland President Loretta Mester called the latest data showing softer inflation “welcome news,” and said she would like to see a few more months of good data before considering lower interest rates. “I would want to see a few more months of good inflation data: inflation coming down, the short-run inflation expectations starting to move down,” Mester said Friday in a CNBC interview. Fed officials at their latest policy meeting this week dialed back expectations for how much they plan to ease this year, penciling in only one rate reduction, according to their median projection.

Of all the hot IPOs over the past year — AI firms and biotech startups and the like — none has popped on Wall Street quite like Cava. The restaurant chain — the Mediterranean Chipotle, as its financial backers like to call it — has soared more than 300% since its initial public offering in June 2023, giving it a market valuation of over $10 billion. That equates to $33 million for each of its 323 restaurants, a staggering sum even for a chain that’s rapidly expanding. 

A Cava restaurant in Brooklyn. Photographer: Gabby Jones/Bloomberg

A divided US Supreme Court dealt a fresh blow to firearm-regulation efforts by throwing out the federal ban on bump stocks, the attachments that let a semiautomatic rifle fire at speeds rivaling a machine gun. On a 6-3 vote along ideological lines, the justices voided a criminal prohibition put in place by the Trump administration after the 2017 Las Vegas concert massacre, when a man using bump stocks killed 60 people. The attack was the deadliest mass shooting in modern American history.

A Danish drug oversight panel advised doctors to restrict prescriptions of Novo Nordisk’s blockbuster obesity drug Wegovy, saying the medicine is so expensive that it would cost about $870,000 to prevent a single heart attack, stroke or other severe cardiac problem. Wegovy shouldn’t be a doctor’s first choice, and they should only start a “few” patients on the treatment, the Danish Health Authority’s Institute for Rational Pharmacotherapy said in a report released on June 6. Though the institute is influential, doctors have wide leeway to disregard its advice.

Money-market fund assets rose to a record on expectations that the Fed is in little rush to ease monetary policy. About $28 billion flowed into US money-market funds in the week through June 12, according to Investment Company Institute data. Total assets rose to $6.12 trillion from $6.09 trillion in the prior week, surpassing a prior record high reached in April.

Some luxury labels are discounting their products to an unprecedented degree in China, reflecting a growing panic over unsold inventory as local consumers pull back on spending. Starting this month, Chinese shoppers can snap up a small, beige, crocodile-patterned version of Balenciaga’s iconic Hourglass handbag for $1,947, or 35% off, on the mainland’s dominant e-commerce platform, Alibaba’s Tmall. That price is cheaper than what’s listed on the brand’s official websites globally and major luxury platforms including Farfetch.

A Southwest Airlines passenger flight in April came within 400 feet of slamming into the ocean off the coast of Hawaii after weather conditions forced pilots to bypass a landing attempt. No one was injured on the Boeing 737 Max 8 jet, which safely returned to its departure airport in Honolulu. The previously unreported mishap adds to a spate of safety incidents that have caught the public’s attention as airlines have ramped up flying since the pandemic. It also comes as Southwest management faces growing pressure from activist firm Elliott Investment Management and other investors.

What you’ll need to know tomorrow

The Five Best Convertibles to Drive This Summer

Convertible sales in the US are as predictable as mom’s home cooking. They rise in spring, peak in summer, then fall as temperatures cool, reaching their low point in January. In 2018 consumers could choose from 41 convertible models on the market, offered by 15 manufacturers, with an average listing price of $57,000. This year, only 20 convertible models will be offered by 9 brands, with an average price of $75,000. Call it a focus on quality rather than quantity — good news for the fun-haver in your life, especially if that fun-haver is you. Here are five of our favorite options.

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