Slate Auto Secures $111M From Jeff Bezos And Guggenheim's Mark Walter To Build $20K Electric Truck, Challenging Tesla's Market Dominance
The startup is taking a different approach to electric vehicle design, stripping away traditional features in favor of simplicity. Its modular, paint-free, screen-free EV pickup has ignited curiosity for its affordability and customization stance, and now, with hundreds of millions in funding and over 400 employees, Slate Auto is scaling up for production in Indiana, TechCrunch writes.
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Slate Auto's vehicle enters the market with a dramatically different philosophy, Business Insider writes. Priced around $25,000, the truck comes without traditional paint or even power windows, but that's entirely intentional.
The design strips out traditional cost centers to maximize affordability while inviting consumers to build up the vehicle as their needs and budget evolve. Slate said it is launching with over 100 available accessories, including modular kits that transform the truck from a two-seater pickup into a five-passenger SUV.
Instead of a single, fixed model, buyers start with a platform that can be reshaped through 'starter packs' bundled customization options that include tech, comfort, or utility upgrades. According to TechCrunch, the base model offers a 150-mile range with a 52.7kWh battery and 1,400-pound payload capacity. A larger battery is optional, pushing the range up to 240 miles. Drivers can opt for entertainment screens, upgraded speakers, racks, light kits, and even branded tailgate wraps as aftermarket add-ons.
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Slate has also launched Slate University, a digital DIY learning hub offering how-to videos, installation support, and resources to help owners modify their vehicles on their own terms.
CEO Chris Barman, a longtime auto industry executive with roots at Chrysler, says Slate is offering more than a truck. "We are building the affordable vehicle that has long been promised but never been delivered," Barman said at Slate's unveiling on April 24 in Long Beach, California.
Slate Auto's $111 million Series A fundraising round is backed by high-profile investors, including Amazon (NASDAQ:AMZN) founder Bezos via his private family office, and Mark Walter, CEO of Guggenheim Partners and majority owner of the L.A. Dodgers.
According to TechCrunch, Walter has played a hands-on role in guiding Slate's early strategy through his existing manufacturing network. Other investors include early backers of Re:Build Manufacturing, where Slate Auto was initially incubated.
With this strategic funding in place, Slate joins a growing class of EV startups shifting their focus away from expensive, feature-heavy vehicles toward more scalable, accessible options for first-time EV buyers, as Business Insider reported.According to The Verge, Slate will begin production of its truck in a retooled facility located in Warsaw, Indiana. The move places Slate among a rising number of EV companies committing to domestic production as a means to stabilize supply chains and reduce costs, Business Insider reported.
Over 40 of job listings posted on LinkedIn show that the company is actively hiring across engineering, operations, and customer experience roles in preparation for its 2026 launch window.
While many EV startups have struggled to reach scale with premium offerings, Business Insider says that Slate is flipping that model entirely. Instead of building high-end vehicles and slowly lowering prices, the company is starting with affordability and betting that personalization and low barriers to entry will drive long-term loyalty.
The company's bold decision to deliver a truly modular EV has already separated it from competitors like Rivian (NASDAQ:RIVN), and from now-defunct challengers like Fisker and Canoo, which struggled with the capital-intensive path to production. Slate Auto's vision of 'personal, not premium' could represent a long-overdue shift in how electric vehicles are imagined, built, and sold in the U.S.
Read Next:Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets –
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This article Slate Auto Secures $111M From Jeff Bezos And Guggenheim's Mark Walter To Build $20K Electric Truck, Challenging Tesla's Market Dominance originally appeared on Benzinga.com
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Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL) Here are some of the biggest stories you may have missed overnight and early this morning: Target earnings miss the mark as sales keep falling Target will have a new CEO for the first time since 2014 Intel's Trump deal perks may rival the money Buffett effect still holds as UnitedHealth soars through August This summer's hottest trend on Wall Street: 'Private for longer' US housing warning sparks worst James Hardie selloff since 1973 US treasury chief says status quo with China 'working pretty well' Sales of foreign-branded phones in China down 31.3% in June: Data China exports of key rare-earth EV magnets hit 6-month high Target will have a new CEO... and he will not have it easy Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history. The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO. "I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters. Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat." To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat. If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. 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US tech stocks hit by concerns over future of AI boom Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports: Read more here (premium) Tech, chip stock sell-off continues as AI bubble fears mount Yahoo Finance's Laura Bratton reports: Tech stocks fell for a second day on Wednesday as investors sold off a slew of tech names amid concerns over the sustainability of the AI boom and a recent market rotation away from some of this year's biggest winners. Among the Magnificent Seven Big Tech stocks, Nvidia (NVDA) was down about 0.3%, and Alphabet (GOOGL, GOOG) stock fell more than 1%. Amazon (AMZN) and Apple (AAPL), shares fell over 1%. Chip stocks Advanced Micro Devices (AMD) and Broadcom (AVGO) both fell less than 1%; Micron (MU) shares plummeted nearly 4%. Read more here. 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"Retail has gotten to be such a huge percentage of the market in terms of day-to-day trading," Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance on Wednesday. "But if a series of institutions decide to reallocate their portfolio holdings, you're standing in the way of a much larger piece of momentum." "Collectively, a whole lot of small traders can push back, but if [institutions] are relentless about the selling, that's going to move the market lower.' Sosnick called Palantir's 9% plunge a 'shocking move down,' but also pointed out that the stock's meteoric rise has left it trading at "about as expensive of a stock as we've seen." James Hardie stock collapses 35% as US housing slump hits building materials Yahoo Finance's Ines Ferre reports: James Hardie (JHX) stock tumbled 35% on Wednesday as the maker of high-end home siding pointed to a weak US housing market and homeowners reluctant to spend on big projects. 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"In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment." Read more about the Fed minutes here. Minutes from the Federal Reserve's July meeting showed the "majority" of officials were more concerned about the upside risk to inflation than downside risks to the Fed's mandate for maximum employment. "Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored," the minutes read. "In addition to tariff-induced risks, potential downside risks to employment mentioned by participants included a possible tightening of financial conditions due to a rise in risk premiums, a more substantial deterioration in the housing market, and the risk that the increased use of AI in the workplace may lower employment." Read more about the Fed minutes here. Eight sectors are outperforming the S&P 500 on Wednesday Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized." And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index. While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session. For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference." Below is a look at the sector action thus far in Wednesday's trade. Citi head of US equity trading strategy Stuart Kaiser noted on Tuesday that the recent pain the stock market has "remained localized." And that's holding true on Wednesday too despite a roughly 1% decline in the Nasdaq Composite. The pain is mostly in technology and other related areas of the market with eight of 11 sectors in the S&P 500 (^GSPC)outperforming the benchmark index. While the size of tech in the index is pulling down the overall S&P 500 there are actually still 265 stocks in positive territory with a little over two hours left in the trading session. For now the rotation in the market isn't shaking a bullish stance from Kaiser who remains positive on US equities with a "quality preference." Below is a look at the sector action thus far in Wednesday's trade. Google unveils latest Pixel phones, including foldable Pixel 10 Pro Fold Yahoo Finance's Dan Howley reports: Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday. The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4. The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch. Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage. The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage. Read more here. Yahoo Finance's Dan Howley reports: Google (GOOG, GOOGL) announced its latest line of Pixel smartphones on Wednesday as part of its Made By Google event in New York City on Wednesday. The Pixel 10 lineup includes four phones: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold. The company also showed off its newest smartwatch, the Pixel Watch 4. The devices get Google's latest Gemini AI capabilities, including the company's new Magic Cue for its smartphones and enhanced smart replies for the watch. Starting at $799, the entry-level Pixel 10 now comes with three rear cameras, up from two. That includes a 5x telephoto camera. Inside, the 6.3-inch phone gets Google's latest Tensor G5 processor, 12GB of RAM, and upwards of 256GB of storage. The Pixel 10 Pro starts at $999 and gets a sharper 6.3-inch display and more-advanced triple-camera setup. And while the phone packs the same Tensor G5 processor as the standard Pixel 10, the Pro sports 16GB of RAM rather than 12GB and offers up to 512GB of storage. Read more here. Hertz stock jumps on deal to sell its used cars on Amazon Yahoo Finance's Pras Subramanian reports: Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet. Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos. Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities. Read more here. Yahoo Finance's Pras Subramanian reports: Rental car firm Hertz (HTZ) struck a deal with Amazon Autos (AMZN) on Wednesday to sell some of its used car inventory. The company said this will make it easier for customers to purchase cars from its fleet. Starting today, customers can search Amazon Autos to browse, finance, and purchase from thousands of used Hertz fleet vehicles from brands like Ford, Toyota, Chevrolet, Nissan, and others. Hertz Car Sales, the rental car firm's used car sales arm, will be the first fleet dealer on Amazon Autos. Hertz said sales will begin in the Dallas, Houston, Los Angeles, and Seattle metro areas, with plans to expand to Hertz Car Sales' 45 locations nationwide. After customers complete their purchase online, they can pick up the vehicles at Hertz locations in those cities. Read more here. KeyBanc warns China headwinds could prompt an Nvidia earnings miss Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Big Tech is getting hammered again Tuesday's market action was all about isolated selling in some of the market's biggest winners. Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more. After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%. Tuesday's market action was all about isolated selling in some of the market's biggest winners. Wednesday's early session has brought more of the same, as Big Tech is clearly leading the selling action once more. After a nearly 10% drop on Tuesday, Palantir (PLTR) fell another 7% in early trade. Meanwhile, AI chip leaders Nvidia (NVDA) and Broadcom (AVGO) each dropped more than 3%. Trump says Fed governor Cook 'must resign' as pressure campaign on central bank continues President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build. "Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages. Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.' The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors. Read more here. President Trump on Wednesday called on Federal Reserve Governor Lisa Cook to resign as the public pressure on the central bank continues to build. "Cook must resign, now!!!" Trump wrote on his social media platform Truth Social Wednesday morning with a link to a Bloomberg report on a letter sent by Bill Pulte. The Federal Housing Finance Agency head has reportedly urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages. Pulte wrote in a letter dated Aug. 15 that Cook 'falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud under the criminal statute.' The President's call for Cook to resign comes as pressure on the Fed continues amid ongoing changes on the Fed's Board of Governors. Read more here. Nasdaq leads indexes lower again at the open US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts. The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday. US stocks were mixed on Wednesday after a bruising day for tech stocks, as investors weighed the latest retail earnings and waited for Federal Reserve minutes to provide clues to interest rate cuts. The Dow Jones Industrial Average (^DJI) was up about 0.1%, while the S&P 500 (^GSPC) slipped about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.4%, after weakness in the likes of Palantir (PLTR) and Nvidia (NVDA) dragged on the broader market on Tuesday. Post-earnings market movers: Target and La-Z-Boy stocks dive, Lowe's rises Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday: Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter. Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell. Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs. Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business. Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected. La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%. Read more live coverage of corporate earnings here Here's a look at how Wall Street is reacting to a burst of earnings reports ahead of the opening bell on Wednesday: Target (TGT) stock dived more than 10%, facing its worst sell-off since early April. The retailer cleared a low bar of earnings expectations, but comparable sales continued to fall during the quarter. Lowe's (LOW) stock rose 2.5%. The home improvement retailer reported a return to same-store sales growth, echoing positive results from Home Depot (HD) on Tuesday. Home Depot stock fell 1.3% before the bell. Estée Lauder (EL) shares fell 5%. The beauty company's annual profit forecast disappointed and executives said they expect a $100 million headwind from tariffs. Baidu (BIDU) shares edged 0.2% lower. The Chinese search engine company reported a drop in second quarter revenue as strong growth in cloud services was offset by weakness in its core advertising business. Toll Brothers (TOL) stock added 0.45%. The homebuilder reported an earnings and revenue beat on Tuesday afternoon, though new orders were less than analysts' expected. La-Z-Boy (LZB) stock tanked 20% after the company missed estimates amid soft demand. Sales for its Joybird furniture brand declined 14%. Read more live coverage of corporate earnings here Hertz to sell used cars on Amazon, stock jumps Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles. Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide. Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise. Read more here. Hertz (HTZ) stock rose over 10% after the car rental company announced it is teaming up with Amazon (AMZN) to sell pre-owned vehicles. Customers will be able to browse Hertz used car sales on Amazon, purchase vehicles online, and then pick them up at select Hertz locations. It will initially be offered in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide. Hertz sells pre-owned cars in addition to renting them out. The company is in the midst of a turnaround, and shares have outperformed this year with a 42% year-to-date rise. Read more here. Intel's advantages from a Trump deal could be worth as much as the money What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief. Read more here. What would it take for Intel (INTC) to turn its business around? Yahoo Finance's Hamza Shaban digs into that question in today's Morning Brief. Read more here. This summer's hottest trend on Wall Street: 'Private for longer' Continuation funds have become hugely popular among America's biggest private fund managers this year. Yahoo Finance's David Hollerith breaks down why, and exactly how they work: Read more here. Continuation funds have become hugely popular among America's biggest private fund managers this year. Yahoo Finance's David Hollerith breaks down why, and exactly how they work: Read more here. Palantir stock on track to extend losing streak Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high. Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high. Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock. Read more here. Palantir stock (PLTR) looks like it may extend its losing streak to six trading days after reaching an all-time high. Shares fell 3% in premarket trading on Wednesday after a 9% decline on Tuesday. Since hitting $186.97 per share on Aug. 12, the stock is now trading around $153, putting it 18% off its record closing high. Investors rotating out of large-cap tech names and a bearish report from short seller Citron Research have weighed on the stock. Read more here. Target stock sinks after earnings eke out a beat, but sales keep falling Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers. Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more. Yahoo Finance's Brian Sozzi reports: Read more here. Target's (TGT) results on Wednesday morning weren't as shockingly bad as for the first quarter, but the retailer is still struggling to find its place in the new economic norm of more discerning shoppers. Shares in the US retail giant sank 10% in premarket trading as the announcement of a new CEO still left investors wanting more. Yahoo Finance's Brian Sozzi reports: Read more here. Good morning. Here's what's happening today. Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL) Here are some of the biggest stories you may have missed overnight and early this morning: Target earnings miss the mark as sales keep falling Target will have a new CEO for the first time since 2014 Intel's Trump deal perks may rival the money Buffett effect still holds as UnitedHealth soars through August This summer's hottest trend on Wall Street: 'Private for longer' US housing warning sparks worst James Hardie selloff since 1973 US treasury chief says status quo with China 'working pretty well' Sales of foreign-branded phones in China down 31.3% in June: Data China exports of key rare-earth EV magnets hit 6-month high Economic data: FOMC Minutes (July 30-31 meeting); MBA weekly mortgage applications Earnings: Target (TGT), Baidu (BIDU), Lowe's (LOW), TJX Companies (TJX), Estée Lauder (EL) Here are some of the biggest stories you may have missed overnight and early this morning: Target earnings miss the mark as sales keep falling Target will have a new CEO for the first time since 2014 Intel's Trump deal perks may rival the money Buffett effect still holds as UnitedHealth soars through August This summer's hottest trend on Wall Street: 'Private for longer' US housing warning sparks worst James Hardie selloff since 1973 US treasury chief says status quo with China 'working pretty well' Sales of foreign-branded phones in China down 31.3% in June: Data China exports of key rare-earth EV magnets hit 6-month high Target will have a new CEO... and he will not have it easy Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history. The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO. "I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters. Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat." To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat. If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO. But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working. I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street. Target (TGT) is tapping a homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history. The discounter announced that longtime CEO Brian Cornell's heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO. "I've had this conversation with the board for a number of years, and I've been in the role for 11 years. I'm going into my 12th now. I will actually turn 67 early next year, and I think it's time for me to step back, recharge, spend a lot more time with my family, a lot fewer nights in hotels, and be a great supporter of Michael and the team for the rest of my life," Cornell told me by video call while sitting next to Fiddelke at the company's Minneapolis headquarters. Fiddelke added, "I bleed Target red after 20 years here, and there's nothing more important to me than working with the incredible team that we have to chart the next chapter for Target. I mean, I've seen us in that 20 years at our best. I've seen us not at our best. When we're at our best, we are pretty darn tough to beat." To students of Target history such as myself, this decision isn't a surprise. For one, Fiddelke has been Cornell's right-hand man for several years now. It has become quite apparent over the past year that he was grooming Fiddelke to take over while also working behind the scenes to get board buy-in. I have gotten to know Fiddelke in recent years. He is a nice fella and has indeed earned the opportunity to sit in the CEO seat. If this was any other time for Target, the decision would probably be celebrated. It's not often an intern at a company becomes its CEO. The only comparable story I can think of is Walmart (WMT) CEO Doug McMillon going from truck loader at the retailer to CEO. But Fiddelke will unlikely have a honeymoon period, seeing as he has been there at Target during its past 24 months of struggles (which includes a weak second quarter). People I have talked to wanted an outsider as Target's next CEO, fresh eyes to come in and fix what is wrong (not unlike when Cornell was brought in back in 2014 — his career was mostly spent at Walmart and PepsiCo (PEP)). Fiddelke will be seen as a continuation of a strategy that hasn't been working. I asked him on the call how candid he plans to be in the early going on the strategy review, which is what all new leaders do. He sounded like he was ready to divert from Cornell's playbook and shake things up. He will have to do just that, and quickly, to win over a likely skeptical Wall Street. US tech stocks hit by concerns over future of AI boom Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports: Read more here (premium) Wall Street is digging into the factors behind this week's selloff in tech stocks, with many seeing it as a timely rotation out of riskier names. There are a few potential triggers, the Financial Times reports: Read more here (premium) Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
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Atlanta car dealership closes after news station exposé — but some customers out of luck. Don't make their mistake
Alliance Automotive Group, a Marietta, Georgia, used car dealership, has closed following an Atlanta News First investigation that uncovered numerous customer complaints and a suspended dealer's license. Multiple unhappy customers reported paying thousands in cash for vehicles but never receiving their titles, leaving them unable to drive their cars once temporary tags expired. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it It's an ongoing issue in the Peach State that's leaving countless shoppers angry at unreliable dealers more interested in 'making paper' than legal paperwork. But what can you do to avoid falling for the same mistakes? After all, without a title, you don't legally own the vehicle you're paying for. Buyers can't prove ownership Willie Lowe, a Marietta sanitation employee, told reporters he paid $8,900 cash for a 2012 Hyundai Equus in June but never received his title. Since then, Alliance has dragged its heels on transferring the title to Lowe — something Georgia law requires to be done within 30 days of purchase and forcing him into getting a temporary extension. 'There's no way you should have 60 days without your title,' Lowe's friend and coworker, Kellie Kindle, said. But Lowe isn't alone in his complaints against the dealer. Nick Jones drove 70 miles from Jefferson, Georgia, and paid cash for a 2017 Honda Pilot, but faced the same issue with an expired temporary tag and no title. 'I feel kind of betrayed. It's not fair. It's frustrating,' said Jones. Reporters confronted Dan Sherrer, owner of Alliance Automotive Group, about Lowe's case. Sherrer claimed Lowe had moved and failed to complete the required notarized form to process the title. In fact, he had handed over the paperwork himself — something Lowe disputes. A laundry list of complaints against the dealer Sherrer's company is accused of failing to process tag and title paperwork for multiple customers. In June, the Georgia Used Motor Vehicle Dealer Board fined the dealership $2,500 after it failed an inspection, in part over title issues. In early July, the Secretary of State's Office suspended Alliance Automotive Group's broker's license, pending a hearing scheduled in October. The dealership's license suspension means it can no longer access the state system needed to process car sales, leaving affected customers in limbo with vehicles they purchased but cannot legally drive. Read more: Nervous about the stock market? Gain potential quarterly income through this $1B private real estate fund — even if you're not a millionaire. What to do when you don't get your title tags In Georgia, dealers typically apply for vehicle titles within 30 days of sale. However, some dealers fail to do this before the 45-day temporary operating permit expires, creating problems for buyers. When dealers can't provide titles, the Georgia Department of Revenue (DOR) recommends that wronged buyers take the following steps: Apply for a 30-day temporary permit from your county tag office Consider applying for a bonded title (a document that establishes ownership of a vehicle when the original title is lost, stolen, or unavailable) Consult an attorney File a civil suit against the dealer File a claim against the dealer's surety bond That's because the DOR can only issue titles under three conditions: If the dealer applies with the required documentation If you have the original title signed over to you If you obtain a bonded title Additionally, Georgia law states that dealers cannot extend the original permit. But proving a dealership is closed can be tricky. This requires sending a certified letter to the seller and waiting for it to be returned to the sender. The new owner can then return the unopened letter and potentially get another extension. The Georgia Independent Automobile Dealers Association said there is no statewide system to help car buyers who are stuck with cars they cannot drive. Before buying a car, ask who processes the paperwork and check for complaints online. At a minimum, ask to see a copy of the title before you pay. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
