The Daily Money: Peering beneath Tesla's hood
Daniel de ViséGood morning! It's Daniel de Visé with your Daily Money.
A recall from Tesla allows a rare look under the hood of the electric vehicle balance sheet, James Powel reports.
Nearly 4,000 Cybertrucks were recalled last week over a defect with the accelerator, causing it to get stuck when pressed, increasing the risk of crash. This covers all the trucks Tesla has sold since the vehicle reached market in November.
And how many is that? The company does not itemize the number of vehicles sold by model in its quarterly reports, meaning that the recall offers a rare glimpse into Elon Musk's pet project.
Express files for bankruptcy
Express Inc. has filed for Chapter 11 bankruptcy protection and will close nearly 100 retail stores, Emily DeLetter reports.
Express, the Columbus, Ohio-based brand and longtime mall retailer, is also the parent company of Bonobos and UpWest. In a press release, Express said it plans to close approximately 95 Express retail stores and all of its UpWest stores.
Will there be closing sales? What about pending orders?
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📰 A great read 📰
Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!
No one would have guessed that in retirement, Judi and David Koncak would be nearly out of money and unable to leave their kids much more than a pittance. They’re both college graduates. They traveled, owned cars and a home, sent their two kids to college and saved for retirement.
But David Koncak had a stroke, surgeries, and prostate cancer – all of which helped deplete their savings.
Their story illustrates a broader trend: the significant wealth transfer from baby boomers to younger generations that researchers have predicted may not be so great after all.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Daniel de Visé covers personal finance for USA Today.