Apr 20, 2023
The Weekly Scan April 20, 2023
Find out what’s happening in the world of business this week
Welcome to the Weekly Scan. Here’s what we’re following for the week of April 20, 2023.
Cutting carbon and prices. For the sixth time this year, Tesla is cutting prices for Model Y and Model 3 cars in the U.S. The electric car maker announced the decision ahead of its Q1 earnings report. The price cut is reportedly an attempt to compete with legacy car companies—such as Ford—that are now getting into the electric vehicle market.
You can keep sharing passwords, for now. Netflix announced on Tuesday that it will delay the password crackdown it had planned for the first quarter of 2023. The streaming service now plans to limit password sharing during Q2. Netflix also released its Q1 earnings, reporting $1.31 billion in earnings, versus $1.6 billion the year prior. Netflix’s revenue also increased to $8.16 billion, from $7.87 billion the year before.
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That’s settled. The parent company of Fox News—Fox Corp.—is settling with Dominion Voting Systems to the tune of $787.5 million—which means they’ll avoid going to trial. In the lawsuit, Dominion claimed that Fox spread misinformation that its voting machines had allowed President Biden to rig his win against President Trump in the 2020 election. Fox defended themselves, saying that it should be covered by the First Amendment right to free speech.
We’re not homeward bound yet. In response to increasing mortgage rates, demand for mortgages has fallen 8.8% for the week ending April 14, 2023. For homes priced at $726,000 or less, the average contract rate for 30-year mortgages was 6.28%, compared to 6.26% the week before. Fifteen-year mortgage rates went up to 5.89% from 5.78%.