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Tesla released its quarterly earnings report on Tuesday, its first since the companys chief executive, Elon Musk, took up residence in the Trump White House and immediately began trying to fire federal workers, gut regulators, and illegally withhold funding from recipients who are entitled to it. The numbers are, to use a technical term, grim: Teslas net income for the first three months of the year was $409 million, down precipitously from $1.4 billion over the same period in 2024. According to The New York Times, things could have been much worse: Had Tesla not been able to supplement its sales by earning $400 million in interest and close to $600 million selling emissions credits, it would have been hundreds of millions of dollars in the red. Hours later, Musk tried to reassure investors by revealing that he planned to dedicate “significantly” less time to his work at the Department of Government Efficiency starting next month, but would still spend a day or two per week on the project. This is roughly analogous to announcing that, on account of your house being on fire, you intend to scale back the volume of gasoline you have been pouring the flames at some point in the weeks ahead. Valiantly trying to spin a 71% drop in profits is presumably not the future Musk envisioned when he endorsed Trumps candidacy, or spent more than quarter-billion dollars on his campaign, or started appearing as an honored guest at rallies, bouncing around the stage like a child allowed to eat one too many Cadbury eggs on Easter. The second Trump administration was supposed to be a presidency run by billionaires for the benefit of billionaires hoping to climb a few spots in the Forbes rankings. But like many of the CEOs who lined up behind Trump this time around, Musk is learning the hard way that voluntarily associating oneself with an aspiring autocrat who keeps flirting with causing a generational recession can be very bad for business. Tuesdays news is only the latest bit of evidence that Musks decision to lumber into right-wing politics has had real consequences for some of the companies he runs. Teslas stock price is down from an all-time high of $480 per share in December to around $280 as of this writing, and earlier this month, the company announced that its first-quarter deliveries were down 13%. Musk recently sold X to his artificial intelligence company, xAI, at a $33 billion valuation, which for those doing math at home is $11 billion less than he paid for the platform formerly known as Twitter in 2022. In an increasingly competitive electric vehicles market, the stigma associated with buyingor even owninga Tesla has put the company in a precarious position. In March, Musk and Trump grew desperate enough to stage a live Tesla infomercial at the White House, a stunt that I doubt made people already turned off by his brand any likelier to buy a car from him. Teslas reputational nosedive has been particularly disastrous for Musk, whose estimated net worth has plummeted from close to $500 billion in December to around $300 billion today. Although he remains the worlds wealthiest person by a considerable margin, this is an astonishing amount to lose in such a short period, especially given that its been driven in significant part by his terminal inability to stop posting. To give you a sense of scale, the reduction in Musks net worth over the past four months is roughly equal to Mark Zuckerbergs total net worth as you read this sentence. Musks influence is waning, too, both inside and outside the government. His preferred candidates blowout loss in Wisconsins high-stakes state supreme court election raises uncomfortable questions about his staying power within the Republican Party establishment. DOGE-led efforts to hollow out agencies like the Consumer Financial Protection Bureau and the Federal Trade Commission are getting tied up in court, and even if the Trump administration ultimately prevails, it will be years before the resulting dearth of regulatory oversight makes up for a 12-figure reduction in Musks net worth. The infamous five things emails that Musk purported to require of all federal workers have apparently fallen by the wayside already; one employee told The Washington Post that they use an AI chatbot to fire off a word salad response each week, which is inspiring to me in the same way that Black Lives Matter protesters using leaf blowers to blow tear gas at the cops who fired it was inspiring to me. Meanwhile, when Musk ventures into spaces that are not populated by crypto scammers, Trump acolytes, or some combination thereof, normal people relish the opportunity to share how they feel about him. Earlier this month, for instance, when Musk livestreamed himself playing video games to demonstrate the capabilities of Starlinks in-fight WiFi service, users took to the comments to say things like YOU HAVE NO FRIENDS AND YOU WILL DIE ALONE, and YOU WILL ALWAYS FEEL INSECURE AND IT WILL NEVER GO AWAY. Mark Zuckerberg, another Big Tech luminary who tried to ingratiate himself to Trump, has to be second-guessing himself, too. During the transition, the Meta CEO paid multiple visits to Mar-a-Lago and quickly rebranded as the sort of manosphere enthusiast who decries the scourges of fact-checking and government censorship of social media platforms. Perhaps thats why, when Zuckerberg called the FTC in March to try and settle a blockbuster case challenging Facebooks acquisitions of Instagram and WhatsApp, he reportedly seemed confident that Trump would back him up. The FTCs Trump-appointed chair rejected his offer, though, and the support Zuckerberg expected never materialized. As it turns out, the price of getting the president to make a gigantic antitrut lawsuit go away is greater than fawning over his agenda in the occasional podcast interview. Many of this countrys largest corporations followed Silicon Valleys lead after the election, throwing tens of millions of dollars at Trumps inauguration committee and engaging in a spirited competition to see who could most vociferously disavow their diversity, equity, and inclusion policies in public. (Some inauguration donors, including Target, McDonalds, and Delta, opened their wallets after not doing so for more than a decade, per CNBC.) Even as Trump runs roughshod over both civil liberties and the global economy, few have changed course, holding out hope for the long-promised capitalist utopia of a lighter regulatory burden and a number-go-up stock market. In reality, their share prices are down, their investors are getting restless, and the government is no more sympathetic to their plight than it was three months ago. Thanks to the uncertainty generated by Trumps on-again, off-again interest in waging harebrained trade wars, a big bounceback does not seem likely anytime soon. This is not to suggest that the administrations anti-worker, anti-consumer, anti-regulatory agenda will never redound to these companies benefit. But the basic bet that so many boardroom types made by trying to curry favor with Trump was that electing a Business President would make their businesses money, too. Instead, the most consistent beneficiary of Donald Trumps second term has been Donald Trump, who is having the time of his life hawking an eponymous memecoin and TRUMP 2028 hats. Everyone else is stuck fighting for scraps.
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E-Commerce
There’s never a dull day in the world of weight-loss medication. This week brought new restrictions on compounded GLP-1 medication, the cheaper, copycat versions of brand-name drugs that telehealth companies like Hims & Hers and Noom had been offering. Other developments include news that GLP-1 pills are on the way, and that a bankruptcy filing by weight-loss giant WeightWatchers is imminent. Lets dive in. The end of copycat weight-loss drugs When the Food and Drug Administration declared that GLP-1 drugs were in short supply in 2022, it opened the door for compounding pharmacies to legally fill the gap and make copies of brand-name medications by altering some ingredients. Generic versions of Ozempic, Wegovy, and Mounjaro flooded into the market via med spas and online pharmacies. In February of this year, the FDA announced that the shortage had been resolvedand gave a deadline of April 22 for companies to stop selling copycat drugs. Many of these compounded medications were sold at a lower cost through telehealth companies like Hims & Hers, Noom, and WeightWatchers. Putting a nail in the coffin, on Thursday a federal judge sided with the FDA in a lawsuit filed by a compounding industry group protesting the agencys ruling that the shortage is over. Sales of Mounjaro, Eli Lillys best-selling medication labeled to treat diabetes but also used for weight loss, jumped 60% to $3.53 billion in the fourth quarter of 2024; the company’s weight-loss drug Zepbound brought in $1.9 billion for that quarter. Ozempic maker Novo Nordisk, one of Europes most valuable companies, saw its revenue jump 25% last year to $40.6 billion, primarily from sales of its blockbuster diabetes and weight-loss drugs Ozempic and Wegovy. There are still ways that companies can get around the compounding regulations and keep selling copycat versions of the drugs. Doctors or companies could ask compounding pharmacies to make the medication in different doses than what is offered for the brand-name versions. They could also ask for extra ingredients, like vitamins, to be added into the compound. Ultimately, it depends on how much the FDA enforces its regulation. In February, Hims & Hers made the case for the personalization of weight-loss drugs via novel dosing and ingredients in an article on its website, which suggests that the company is exploring work-arounds to the compounding regulations. (Hims & Hers did not respond to Fast Companys request for comment.) I’m not sure the FDA will tolerate these work-arounds,” says Dr. Angela Fitch, cofounder and chief medical officer of Knownwell, a weight-loss telemedicine company. She adds that some telemedicine services may reach deals with Eli Lilly and Novo Nordisk to provide brand-name drugs at a more accessible price, but the profits they made from manufacturing compounded medication and marking it up will be gone. A weight-loss pill is on the way GLP-1 medication currently comes in the form of a weekly injection, but this week Ozempic maker Novo Nordisk disclosed that earlier this year it had submitted a daily pill version of its weight-loss drug to the FDA for approval. Meanwhile, a new pill from Mounjaro maker Eli Lilly has shown promising results in treating both obesity and diabetes. Eli Lilly has said that the FDA is likely to approve the drug next year and that it is easier to manufacture than the injection and may also be cheaper. WeightWatchers is filing for bankruptcy Weight-loss company WeightWatchers, which started offering telemedicine consultations for members to access GLP-1 drugs alongside its famous points system, is preparing to file for bankruptcy within weeks, according to Bloomberg. The company has more than $1.4 billion in bonds and loans that will come due in 2028 and 2029. A bankruptcy filing would let it restructure its balance sheet. The company has struggled in the era of GLP-1s. In October, to compete with the likes of Hims & Hers, Ro, and Noom, the company started offering affordable compounded GLP-1s through WeightWatchers Clinic. As rules tighten around manufacturing compounded medication, the company will be in a tough position. At its peak in 2018, WeightWatchers was trading at $100 a share. On April 25, WW International stock price hovered around 15 cents.
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E-Commerce
Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. Just because a home listing gets a price cut doesnt necessarily indicate that the home actually sold for less than its comps. Some real estate agents use pricing strategies that intentionally list too high to test the market or create negotiation room. After all, even during the pandemic housing boomwhen home prices were surging18.7% of U.S. homes for sale in March 2021 still saw a price cut. That said, if the share of inventory receiving a price cut rises beyond typical seasonal patterns, it can suggest a market where homebuyers are gaining leverage. Conversely, if the share of inventory receiving a price cut falls beyond seasonality, it can indicate a market where home sellers are gaining leverage. Here’s how the percentage of U.S. active housing inventory receiving a price cut in March 2025 compared to the historical totals: March 2017: 25.6% March 2018: 26.6% March 2019: 26.4% March 2020: 22.8% March 2021: 18.7% March 2022: 21.3% March 2023: 29.4% March 2024: 31.7% March 2025: 33.9% How did ResiClub calculate this? We divided the number of U.S. homes for sale that received a price reduction in March by the total number of active U.S. home listings during that same month. The table below shows the raw data. (The Realtor.com data series we used for this analysis only goes back to July 2016.) Big picture: This data is just one more bit of evidence showing that the national housing markets supply-demand equilibrium has begun shifting in homebuyers’ favor ever since mortgage rates spiked in late spring 2022 and the pandemic housing boom fizzled out. Of course, this all varies significantly across the country. Some housing marketsparticularly in parts of the Midwest and Northeastremain relatively tight, with sellers still in control. Others markets have just shifted into balanced markets, while some pockets of the Sun Belt have turned into outright buyers markets.
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The 2025 Kentucky Derby is horse racing’s most exclusive starting gate. Twenty horses will post at Churchill Downs on May 3an elite field, even by exclusivity’s standards. Y Combinator admits less than 3% of startups. Fewer than 1% of those who apply to NASA become astronauts. Google famously hires less than 0.2% of applicants. Yet these standards look almost lax compared to the 0.11% of North American thoroughbreds that make the Kentucky Derby each year, as only 20 of the 17,146 thoroughbred foals eligible earn the honor of participating in the race. Here’s how the fortunate 20 get to Churchill Downs. A sophisticated global qualification system The Kentucky Derby is limited to 3-year-old thoroughbreds that qualify through a points system called the “Road to the Kentucky Derby.” This system, implemented in 2013, transformed horse racing’s premier event from an earnings-based qualification into a data-driven meritocracy. There are three distinct roads to the Kentucky Derby. Internationally, the European-Middle East Road offers one invitation through seven qualifying races across England, Ireland, UAE, and France, while the Japan Road awards one invitation through four races. The North American Road fills the remaining 18 starting spots through a 36-race gauntlet divided into two phases. The Prep Season (SeptemberFebruary) features 20 races with modest point awards, while the high-stakes 16-race Championship Series (FebruaryApril) cranks up the pressure with escalating rewards. But not all points are created equal. The brilliance of this system lies in its gamified structure. Early prep races award a conservative 10-5-3-2-1 distribution among the top five finishers, while Championship Series races raise the stakes dramatically to a 50-25-15-10-5 split, then to a game-changing 100-50-25-15-10 for the final major preps. In Silicon Valley terms, these would be “rising stakes rounds,” forcing trainers to make strategic decisions about where and when to position their contenders for maximum return. For 2025, Churchill Downs fine-tuned its algorithm, adding the Virginia Derby as a qualifying race and implementing dynamic point scaling that reduces awards for smaller fieldsan anti-gaming mechanism to ensure equitable competition so there are no shortcuts to the derby. The result is a ruthlessly efficient funnel that winnows 17,146 eligible thoroughbreds down to just 20 elite qualifiersan acceptance rate that makes Harvard or MIT look like open enrollment. Closing the economic divide While most Kentucky Derby contenders emerge from million-dollar yearling sales and the larger stables of trainers like Bob Baffertwhose financial resources, connections to wealthy owners, and experience make him a derby mainstayracing’s most compelling narratives often feature horses from humbler origins. The ultimate underdog story belongs to Rich Strike, who in 2022 became the first claimed horse to win the Derby. Claiming raceswhere every entered horse is available for purchase at a listed pricerepresent racing’s blue-collar backbone. Trainer Eric Reed spotted potential in Rich Strike and claimed him for just $30,000 at Churchill Downs in 2021. Seven months later, this bargain-basement purchase stunned the racing world by winning the derby as an 80-1 longshot who wasn’t even in the field until another horse scratched the day before. The 2025 Derby features its own Cinderella story in Coal Battle, trained by 72-year-old Lonnie Briley, who has been training horses for 34 years without a single premier racing event starter. Purchased for $70,000, Coal Battle has already earned over $1 million by winning multiple prep races, including the Rebel Stakes. For Briley, who first visited Churchill Downs just three years ago with a horse that finished dead last, this represents the democratic promise at the heart of the Derbythat with the right horse, even the smallest stable can compete on racing’s biggest stage. A look at this year’s Kentucky Derby field Coal Battle is one of 20 thoroughbreds in the 2025 Kentucky Derby field, which represents the various paths to Churchill Downs. Heres how each horse in this years field made it to the Run for the Roses: Burnham Square: From earning four points in the Holy Bull to capturing 100 in the Blue Grass Stakes (winning by a nose over East Avenue), Burnham Square ranks first on the Kentucky Derby points leader board with 130. Sandman: This $1.2 million purchase accumulated 129 points across multiple races, culminating in an impressive Arkansas Derby victory by 2.5 lengths over Publisher. Journalism: The current Derby favorite enters with a four-race winning streak, including the Santa Anita Derby. Rodriguez: Maximizing the Northeast corridor by winning the Wood Memorial for 100 points, this colt represents trainer Bob Baffert’s return to the Derby since 2021. Tiztastic: Converted a 100-point Louisiana Derby win into a prime position with 119 points, giving trainer Steve Asmussen (0-for-26 in the Derby with three runner-up finishes) another chance at his elusive first Derby victory. Tappan Street: Florida Derby champion (110 points) who will attempt to become just the fifth horse to win the Kentucky Derby after only three career starts, following Regret (1915), Big Brown (2008), Justify (2018), and Mage (2023). Sovereignty: Fountain of Youth winner who also finished second in the Florida Derby and totaled 110 points, Sovereignty gives Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, another chance at his first Derby win after 12 previous attempts. Final Gambit: Jeff Ruby Steaks winner (100 points) who rallied from last to win by 3.5 lengths and will be making his first start on dirt in the Derby after previously racing on turf and synthetic surfaces. Coal Battle: The quintessential rags-to-riches narrative with 95 points on the leaderboard, led by 72-year-old trainer Lonnie Briley, who had never even entered a horse in a premier racing event before Coal Battle’s Rebel Stakes victory at 111 odds. Chunk of Gold: Consistent performer with 75 points who cost just $2,500 at auction and has never finished worse than second in four career starts, including runner-up in the Louisiana Derby. Citizen Bull: Breeders’ Cup Juvenile winner who captured the 2-year-old championship and earned 71.25 points, attempting to become the first Juvenile winner to capture the Derby since Nyquist (2015-16). Owen Almighty: Tampa Bay Derby champion (65 points) owned by Dutch Bros Coffee Company cofounder Travis Boersma. East Avenue: Blue Grass Stakes runner-up (60 points) who narrowly missed victory by a nose, but whose sire (father), Medaglia d’Oro, finished fourth in his own Derby attempt in 2002. Publisher: Arkansas Derby runner-up (60 points) who will become just the 13th maiden (winless horse) to start in the Kentucky Derby since 1937. American Promise: Virginia Derby winner (55 points), capitalizing on the newly added qualification race with a 7.75-length victory and giving 89-year-old legendary trainer D. Wayne Lukas his shot at a fifth Derby win. Flying Mohawk: The Jeff Ruby Steaks runner-up (50 points), who is co-owned by former MLB All-Star outfielder Jayson Werth, will be making his first start on dirt after racing exclusively on turf and synthetic surfaces. Grande: Wood Memorial runner-up (50 points) with just three career starts who will attempt to become the fifth horse to win the Derby with so few races, guided by three-time Derby-winning jockey John Velazquez. Built: Accumulated 45 points across multiple Fair Grounds preps, including a second in the Lecomte, third in the Risen Star, and fifth in the Louisiana Derby. Luxor Café: The son of 2015 Triple Crown winner American Pharoah is the Japan Road qualifier and ships in on a four-race winning streak. Admire Daytona: Europe-Middle East Road qualifier who won the UAE Derby by a nose and previously was beaten twice by fellow Derby contender Luxor Café. The fastest two minutes in sports For many trainers, the Kentucky Derby is truly a once-in-a-lifetime opportunity. Since only 3-year-old thoroughbreds are eligible, unless you’re a Baffert-level trainer with seemingly endless resources and a deep stable, there are no second chances. This brutal math explains why veterans like Briley wait decades for their moment, while elite trainers seem to have regular seats at racing’s most exclusive table. It’s why Coal Battle’s presence in the starting gate represents both a statistical anomaly and the enduring dream that keeps trainers like him in the game for decades, hoping for that one special thoroughbred who defies the 0.11% odds. Coal Battle is currently a 201 underdog to win the 2025 Kentucky Derby. Journalism is the 31 favorite, followed by Sandman (81) and Sovereignty (81). But in the world’s most exclusive starting gate, each thoroughbred in the 20-horse field has already beaten the longest odds just by showing up.
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When artist Adam Pendleton was growing up in Richmond, Virginia, he started his own newspaper that he delivered to the residents at a nursing home in his town. I wanted to be a creative person functioning in the world, he says. I wanted to be an artist. Over the years, that inclination took various forms: a t-shirt business (which he now laughs that, as a teen, he saw as a fashion line), script-writing, musical theater, original poetry. I realize now it was very much about having an idea and manifesting itthat is creativity, says Pendleton, whose growing body of work has continuously redefined contemporary American painting. In that way, youre a perpetual problem solver. Now, years later, the sorts of problems Pendleton finds himself wrestling with are far more esoteric, and rooted to big questions around the human experience in a distracted and noisy world. These themes are mirrored in his paintings which are layered with paint, spray paint, ink and watercolor. They include stenciled fragments of text and geometric shapes, and are then photographed and screenprinted. This blend of disciplines, materials and forms, Pendleton has said, is a representation of the cacophony of contemporary experience. His new solo show, Adam Pendleton: Love, Queen, opened April 4 at the Hirshhorn Museum in Washington, D.C. and runs until January 3, 2027. The show includes Black Dada, Days, WE ARE NOT, as well as new composition and movement paintings. [Photo: Jason Schmidt] I read all of the books my mom had in the house. I was reading Sylvia Plath, and I think The Bell Jar was the first time I got more invested in, What is the life of an artist like? The Jackson Pollock biopic came out and I remember being like, Wow! I had very little interest in the typical adolescent activities: I didnt want to go to parties; I didnt want a drivers license. I realize now, I was trying to eliminate things that could be a distraction from what I had identified as my purpose in life. I went to a private prep school in Virginia where my mom taught. I made a change and went to this outdoor school in North Carolina called The Outdoor Academy. I wanted to do something different. That decision absolutely changed my life. I dont know where I would be without that kind of swervethat serendipitous encounter with this place. It taught me there are alternative ways of being and thinking and seeing the world, particularly in regards to education. Youd be in math class, and then youd go rock climbing or white water canoeing. We were living in the world. We were using our bodies. We were really living. I graduated high school two years early, and when I was 16, I went to Italy to continue my art education. From that age on, I have lived. [Photo: Peio Erroteta] I organize myself around what I call ‘moments of consequence.’ Im looking at the arch of time over a specific periodsix months or 12 months, maybe a little longer. I look at the most important things that will happen during that period and I make sure that at any given moment during the day from the time I wake up to the time I go to bed Im giving some sort of energetic or physical or intellectual commitment or dedicated time to said moment of consequence. That is a way of moving through the world, but also being anchored at any given moment to this concrete sense of what you need to be focused on. [Photo: Andy Romer] Im a big believer that you can organize your mind. Part of organizing your mind is using your full mental capacity or bandwidth. For example, even while Im talking to you, I can still be thinking about the painting I want to make, or the drawings I want to work on, or the text I need to edit. Its the internal initiative I need to nurture. For me, its like visual mapping. There is noise around visual mapping: language, ideas, desires or urges. You have to organize them and attach those impulses to the correct spaces in your mind. I accept moments. If Im getting ready for a big exhibition, I say to myself, Im not going to paint for the next seven days. Its just not going to happen. Its better to be realistic about it than to fight it and be frustrated. Its an energetic drain. [Photo: Peio Erroteta] I like the flow of constant work. I always say dont take a vacation. I personally think its better to be in the flow and not fight it. To say, Im going to step otside of it and go sit on a beach with a romance novel for three days. I have never had that compulsion. My compulsion is for projects and ideas and tackling them, figuring it out, getting it done. I get anxious when people say, Just relax and dont do anything. I dont find that relaxing. Rest is important, but the kind of rest I’m talking about is sleep. I think the worst habit people have these days is sleeping with their phones next to their heads. A very good ritual I have that makes a huge difference: When I go to sleep, I leave my phone downstairs. It makes a huge difference, and it allows you to be very present in that period of going to sleep. [Photo: Andy Romer] I am very much about space and what you do in those spaces. There are certain things I would do at home that Id never do in the office. I wont have phone conversations in my painting studio. Its just not the space for that. I organize my tasks or responsibilitiesin the same way I talk about a mental map, I have a very physical map. Its about organizing yourself in a way that encourages good habits. Im very bad under pressure. Im not the kind of person that can study for a test the night before. I have to have a lot of prep and strategy. I nurture ideas for a very long time before I execute. Sometimes when you need to pivot and change something, it can take months or years to position yourself to be ready or able to tackle it. There are some things that I am just not that curious about. But, I think its important to be curious about as much as you possibly can be. If I see a line outside the door Im not going to stand in the line, but I will take a picture of the place and want to learn about it. I saw an Irish Soda Bread shop when I was on East 7th Street. Why is there a line here? I take a picture of menus of restaurants I will probably never go into. I walk around my neighborhood to see whats busy at different times. I relate that curiosity back to my work. Its why I paint and what I do. Its not formulaic in any way. My work is about deep visual curiosity that extends to the world around me in every way. [Photo: Peio Erroteta] I like absorbing things and making sense of things. I like processing. I need a way to move through the world that is poetic, soulful, and intentional. That nurtures my interior life and its potential in the ways it manifests itself in the world. Painting is that. It’s a mechanism, a mode, a tool. Its the poetics of being and moving through and understanding and reflecting on the world. Its my greatest gift. It is the most articulate and inarticulate act or function that I engage in. When people think about mentors, they try to think about one or two people. Thats really counter-productive. Its better to have a well of inspiration, rather than one single heroic figure. I have so many, some that are alive and some who are dead. Some who I will never know. Jason Moran. Joan Jonas. Adrian Piper. Ishmael Houston-Jones. Ruby Nell Sales. John Coltrane. Ella Fitzgerald. June Jordan. David Chipperfield. Hiroshi Sugimoto. I could keep listing names. I want to be inspired by the world around me. I want a big capacious, generous, and generative community around me and also in my head.
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E-Commerce
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