Weekly Roundup: Musk's Massive Tesla Pay Package, Expedia Rises, Sweetgreen Plunges

- Tesla (TSLA) shares fell as much as 10% during trading on Friday after the EV maker's shareholders approved a massive pay package for Elon Musk. Elon Musk responded in kind to Tesla Inc. investors approving his $1 trillion compensation package, making a series of extravagant predictions about what the company will be capable of in the years to come. Tesla’s humanoid robot will progress from simple tasks, like handing out bags of candy, to performing surgery with “beyond human” levels of precision, the chief executive officer said Thursday.
- Expedia (EXPE) raised its full-year gross bookings and revenue outlook, signaling that strong travel trends are continuing into the holiday quarter. Revenue for the year is now expected to increase 6.5% at the midpoint, up from 3% to 5% previously, the company said Thursday in a statement. Analysts expected a 4.6% rise, according to Bloomberg-compiled estimates. It also sees gross bookings growing 7%, again ahead of estimates and Expedia’s previous guidance. Shares of Expedia rose as much as 18% in extended trading. The stock has been up 18% so far this year through Thursday’s close.
- Sweetgreen (SG) declared that its ripple fries would “redefine fast food.” Made with hand-cut potatoes, salt, potato starch and parsley, they were air-fried in avocado oil and sold as “Fries You Can Feel Good About.” They lasted five months before disappearing from the menu. The fries were too complicated to make, and customers weren’t keen on adding them to their lunch bowls for $4.95 anyway. After all, they were already paying more than if they’d gone elsewhere. The ripple fries debacle earlier this year is just one of many operational missteps that have now pushed Sweetgreen Inc.’s stock to its lowest depths ever. The shares fell as much as 17% on Friday, after having dropped 81% this year through Thursday’s close.

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