🚘 Tesla’s new-year bummer

…and the US hits “peak 65”   Optical Y-llusion (Sean Gallup/Getty Images)   [Sponsored by]( Yesterday’s Market Moves   Dow Jones 37,806 (-0.26%) S&P 500 4,869 (+0.08%) Nasdaq 15,482 (+0.36%) Bitcoin $39,868 (-0.03%) Dow Jones 37,806 (-0.26%) S&P 500 4,869 (+0.08%) Nasdaq 15,482 (+0.36%) Bitcoin $39,868 (-0.03%) Hey Snackers, Grand Theft Hydration: police [arrested]( a woman in connection with the theft of $2.5K worth of [Stanley]( cups. They said she filled her cart with 65 of the TikTok-trendy tumblers before leaving without paying. And we thought Starburst water was [#WaterTok]( worst crime. The S&P and Nasdaq closed slightly higher yesterday as earnings szn kicked into high gear. Up next: today’s US GDP #s are expected to show slowing economic growth (thanks, interest rates), while the Fed’s fave inflation gauge drops tomorrow. Uphill Tesla rolls up with disappointing sales as the road gets bumpier for America’s EV leader Technoking troubles.... [Tesla]( stock has been having a rough go so far this year (it’s down 16% while the S&P 500’s at historic highs). Yesterday the drop worsened after Tesla reported disappointing revenue for Q4. Car sales grew just 1% from a year ago, despite strong delivery volumes: Tesla delivered a record 485K EVs last quarter, for an annual total of 1.8M — up 38% from the previous year. (FYI: the Model 3 and Model Y made up 98% of quarterly deliveries.) New year, new potholes… Though last year’s deliveries were strong, 2024 could be tougher for Musk’s electric baby. Problems are piling up: several Model 3 vehicles lost eligibility for a federal tax credit of up to $7.5K, making them pricier for buyers. Meanwhile, competition’s intensifying: last quarter, Chinese carmaker [BYD]( passed Tesla as the world’s #1 EV seller. Tesla has been slashing prices (most recently in China and Europe) to drum up demand — a move that’s cut into revenue and profits. Also: - Cold shoulder hurts: [Hertz]( is selling 20K EVs (mostly Teslas) because of weakening demand and high repair costs. Some Model 3s are reselling for as low as $21K. Car-rental rival Sixt is also offloading Teslas. - Cyberstuck: There’s still hype around the Cybertruck, but Tesla’s first new model in years has had mixed reviews. Some drivers reported getting barely 200 miles/charge. THE TAKEAWAY Tesla is a model… for the whole EV industry. Since its launch 20 years ago, Tesla has led the way in making EVs mainstream. Now many of its challenges and successes apply to its rivals too. While growth has slowed, the zoomed-out EV picture is one of rapid growth: US EV sales last year surged 50%. But as demand plateaus and speed bumps increase, the boom days may be passing, and future gains may be harder won. Sponsored by Fundrise Flagship Fund Institutional-quality investing: Unlocked Historically, real estate private equity-style investing has been dominated by billion-dollar institutional investors (e.g. pension funds or sovereign wealth funds). But now [the Fundrise Flagship Fund]( is making the same level of investing available to individual investors. Anyone can diversify beyond the stock market... Rather than requiring the $100,000+ minimum investment typical of many private equity-style funds, the Fundrise Flagship Fund’s [minimum is just $10](. This gives investors more flexibility as they manage their portfolios over time. Buying into a dynamic portfolio…When you invest with the Fundrise Flagship Fund, their team of professionals will continuously work to find and add new properties to your portfolio—meaning your investment can become even more diversified over time. [You can sign up for free and begin investing in minutes by visiting Fundrise.com/Flagship today.]( Carefully consider the investment objectives, risks, charges, and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund’s [prospectus](. Read them carefully before investing. This is a paid advertisement. Fundrise Flagship Fund is the marketing name for Fundrise Real Estate Interval Fund, LLC. Past performance is no guarantee of future results. All investments involve risk, including possible loss of principal. Booming “Peak 65” will hit the US this year as a record number of boomers reach retirement age Here comes the “silver tsunami”… Sun-hat sellers: seize your moment. US retirements are set to [break]( records this year. About 11K Americans will turn 65 every day (4.1M over the full year), joining the 44% of boomers already at retirement age. Known as “peak 65,” the trend’ll hold steady through 2027. And it’s expected to create big issues for the labor force — and lots of retirees too. - Aging offices: Since the 1980s, the percentage of workers 60+ has doubled, and the share of workers under 40 has fallen from 60% to 45%. - Mass retirement could be especially problematic for certain industries: more than half of pilots will reach their mandatory retirement age (65) in the next 15 years; a quarter of the manufacturing workforce is 55+; and the average age of US car dealers is 72. - Retirement cliff: Americans 65+ hold more than half of the US’s wealth, but that doesn’t mean it's evenly distributed. 43% of 55- to 64-year-olds had no retirement savings at all in 2022. And 17M people 65+ are economically insecure. Hold on to your desks… Rather than risk retiring without enough cash, a lot of baby boomers have opted to forgo R&R for PTO. Nearly 1 in 5 Americans age 65+ was employed last year, up from just 1 in 10 in 1987. One explanation: the average 401(k) balance dropped by 20% in 2022, according to Fidelity. Worldwide, 150M jobs will shift to workers 55+ by the end of the decade. THE TAKEAWAY The Sandwich Generation will pay… As retiree #s climb, so does the # of Americans caring for both their parents and their children — aka the sandwich generation. About 1 in 4 US adults supports a parent who’s 65+ as well as a child. Straining the situation: US debt is at record highs and — without congressional action — Social Security is on track to be depleted by 2033. What else we're Snackin' - [IOU-plus]( Klarna intro’d an $8/month subscription offering zero service fees and deals on partner brands like [Nike](. It’s the latest BNPL biz to launch a monthly plan to earn recurring revenue from loyal users. - [Script]( [Tyson]( is ditching its pharmacy benefit manager, [CVS]( for startup Rightway. Blue Shield of California also dropped CVS for more affordable PBMs including [Amazon]( Pharmacy and Cost Plus Drugs. - [Guac]( [Chipotle]( looking to hire 19K workers for its busy spring “burrito season,” offering perks like 401(k) matching and help with student debt. It’s also turning to bots to fry tortillas and build bowls. - [KO]( Dwayne “The Rock” Johnson scored a $30M payday after agreeing to join the board of WWE parent [TKO](. The news came as [Netflix]( announced a $5B deal to be the exclusive home of WWE wrestling show “Raw.” - [Unground]( The FAA halted [Boeing]( expansion of 737 Max production, but cleared the path for the Max 9 to fly again after a recent blowout. Also: the nose wheel of a Boeing 757 fell off just before taking off. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day This year Netflix has racked up the most Academy Award noms of any studio [Read more]( Thursday - Earnings expected from Alaska Air, Blackstone, Capital One, Comcast, Humana, Intel, Levi Strauss, McCormick, Sherwin-Williams, Southwest Airlines, T-Mobile, Visa, and Xerox Authors of this Snacks own shares of: Alaska Air, Amazon, Comcast, CVS, and Tesla Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( • [Our Editorial Principles]( • [Contact Us](mailto:hellosnacks@sherwoodmedia.com) • [Privacy Policy]( • [Advertise with us](mailto:advertising@sherwoodmedia.com) [Unsubscribe](