• Carta’s employees describe a culture of fealty to an erratic and vindictive CEO.
• A full accounting of the partner exodus at Goldman Sachs.
• AMC’s CEO thought he was sexting with a ballerina. Everything went haywire.
• Women who work in Utah’s Silicon Slopes share its dark side.

Ford is postponing $12 billion in planned spending on electric-vehicle production, with the CFO saying the pace of EV adoption has been slower than expected. GM abandoned its plans to build 100,000 EVs in the second half of the year. Honda ditched plans to work with GM on an affordable EV.

The sharp slowdown comes as dealers turn EVs away as their lots get jammed with unsold cars. Many EVs are selling for below sticker price as dealers try to unload them. Surveys show that most Americans don’t plan to make their next car an EV.

And yet about 50 new EV models are expected to hit the market in the next three years.

“The customer and the dealer started to say, ‘Can you turn off the faucet or can you at least slow these things down?’,” Cameron Johnson, the CEO of a Virginia dealership group selling mostly domestic brands, told my colleagues. “Because they’re coming so fast, we’re not able to fill all the seats.”

Even Elon Musk has warned that economic and geopolitical concerns could put a dent in EV sales. But whereas Tesla has built a profitable business, the traditional automakers have been losing huge sums on their EVs plans.

“This is a pretty brutal space,” the CFO of Mercedes-Benz said on a recent call. “I can hardly imagine the current status quo is fully sustainable for everybody.”

But court documents, complaint filings, and interviews with current and former employees depict Carta as fraught with harassment and discrimination.

At the center of it all is CEO Henry Ward, who multiple employees say demanded loyalty above all else.

Read the report here.

Also read:

• GoStudent, the $3 billion edtech darling, scaled fast and partied hard. The result was a mess.

Insider did an exhaustive search to find out, identifying more than 200 executives who left high-profile roles during Solomon’s tenure.

To better understand the current departure rate of partners at the bank, Insider also calculated how often the executives left during the 14 years before Solomon took over.

The full breakdown of the partners who left.

Also read:

• How Morgan Stanley exec Ted Pick rose from ‘rough-edged’ deal junkie to CEO
• Meet Morgan Stanley’s new power trio and the challenges they face

Five months after the first text was sent, Sakoya Blackwood, the mastermind of the blackmail scheme, was indicted by prosecutors in the Southern District of New York.

Here’s how it all went down.

Insider spoke with 22 women who’ve worked at Utah tech companies, several of whom said they experienced unequal treatment at their jobs or witnessed other women treated unequally. Some reported traumatic work experiences and spoke of facing discrimination and harassment.

“Stereotypes of gender norms are extremely heavy here. There’s the expectation you should be at home,” one CEO said.

Read our full report here.

• Major US airlines are on the warpath over a bill they say would gut flyer miles.
• The horror-movie director John Carpenter just wants to play video games and watch basketball. Read our interview with him.
• Insurance companies have discovered devious new ways to rip you off.
• Find out if home prices in your state are overvalued or undervalued.
• “I moved from California to Tennessee for my husband’s job. We can finally save money.”
• WPP CEO Mark Read is under pressure after a chaotic period of mergers, account losses, and a stock slump.
• Fired Planet Fitness CEO kept kegs tapped and thousands in personal cash on hand.
• Taylor Swift has now reached billionaire status — see how she spends her fortune.

The Insider Today Sunday team

Matt Turner, editor in chief of business, in New York City. Dan DeFrancesco, senior editor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Grace Lett, associate editor, in Chicago. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City.

Get in touch

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