When it comes to search results, Bing’s answers are about as reliable as Pinocchio’s before he goes through his character arc. It is no surprise then that Bing’s owner Microsoft is in talks to invest billions of dollars in the company behind what some have labeled the Google killer - ChatGPT. No word yet on whether Jeeves has been asked to put forward a competing term sheet.

The lowdown

• 🤖 Microsoft in talks with ChatGPT creator OpenAI to invest $10 billion at a $29 billion valuation.

• 🐭 Disney employees required to spend 4 days in the office as Bob Iger returns to CEO role.

• 🚗 Recent purchasers of Tesla vehicles in China protest price cuts.

Featured Stories

Toyota versus Tesla

Toyota’s first mass-produced all-electric car, the bZ4X, is likely to miss its already low sales target ($) in its home market of Japan. The fact that the hideously named vehicle — Elon Musk at least has the sense to reserve such terrible names for his children — was recalled weeks after launching in May 2022 probably did little to inspire confidence in potential purchasers.

Shinya Kotera, president of Kinto, a Toyota leasing subsidiary, said that the annual sales target of 5,000 units of the bZ4X in Japan would not be achieved “in the first year nor the following year”. This is the latest misstep in a series of letdowns for Toyota’s EV strategy.

Toyota is the second largest car manufacturer in the world by production ($), behind Volkswagen. It is also the second largest car manufacturer in the world by market cap but this time behind EV pioneer Tesla.

And the reason for the recall of the bZ4X? Well that was because its wheels fell off. A little bit like Toyota’s EV strategy.

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The content we're consuming today

• The NY Times: Facebook’s Bridge to Nowhere ($).

• FT: The Murdoch family trust: how the scions could battle for control ($).

Off-balance sheet items

• One of the world’s best restaurants, Noma, is closing its doors at the end of 2024, with founder and chef René Redzepi explaining that it is “financially unsustainable”. This is despite diners paying $760 for the degustation menu and Noma’s alleged widespread reliance on low-paid or unpaid labor ($). Perhaps Noma just needs a CFO. You maybe?

The bottom line