This is what the Flux.
I'm Brettan, I'm justin and it's Friday, the twenty fifth October Jasey Boy. On Wednesday, we spoke about Wistech, which is Scandal City. At the moment, share price has dropped more than fifteen percent, and now it's CEO has stepped down and will quote transition to a new role in the future. Vague stuff and quite ambiguous as well, but at least now the company can move forward.
So true Flux Sam, if you want to have fifty bucks in your pocket to kick off the weekend, there is always only one place to go every Friday. It's directly into the Flux app. To the first person to answer three questions correctly, you'll win the fifty bucks. So make sure to download the Flux app and turn your notifications on to check it out and win at money.
Three or inspiring stories Today Juzzy Boy, for our first Canva has cracked over two hundred million active users as it stares to prepare for a future public listening.
Quite unbelievable to see the evolution of canvas from paint two point zero to burto shube two point zero.
So tell me what's going on here, all right, juzy way, Well, as a straight let's be honest, it feels like we've seen the growth of Canvas from its very very early days.
It started back in twenty thirteen with a pretty bold plan to take on Adobe with simple ways to design images.
Think about it your son's first birthday invitation or your team's Christmas party.
And since then it's also grown to become a way to design presentations and resumes.
And now juzzy Boy Cana has announced that it has cracked over two hundred million active users.
Not only that, Beman, but Canvas set its annualized revenue was now two and a half billion US dollars.
And just by the bio juzzy Boy, according to my calculations, that's up forty seven percent from the one point seven bill just a year ago.
But be man quite interesting that Canvas has made this unscheduled financial update.
Well, it's all part of their plans to get the investment market excited and.
Get into the rhythm of being a public company.
Uh huh, So what is the key learning here?
Publicizing financial performance helps to build credibility with public market investors.
As a private company, there's no requirement to share your financial updates with anyone other than your.
Shareholders and maybe the tax office.
HU. Many companies gunning for an IPO will publish financial updates to help establish that trust in credibility.
By showing transparency around revenue and profits and even customer metrics, Canva can start to attract investors even before the IPO.
On top of this, these updates can help create a positive narrative around the company as well.
Yeah, Canva releases information about revenue growth and customers, and then they're essentially marketing themselves to potentially investors.
Now, this storytelling approach not only helps to generate a bit of buzz, but also it can impact the IPO valuation.
Yeah, Airbnb ditta before their IPO and they updated on growth and number of listings and geographic expansion. So b Man, Canva is wetting the appetite of public market investors with their delicious growth and AI vision for the future.
For our second story, Grilled, the Ossie Burger chain is under a bit of scrutiny for finding a loophole to pay thousands of workers below minimum industry rates.
Don't you dare speak badly about grild burgers? B man, I will hear nothing of this, but tell me what okay?
So Grilled obviously, the Ossie Burger chain that specializes in what they call healthy burgers.
Being ingredients of that HERBD Mayo Dip and Chiby's is more protected than Colonel Sanders eleven Herbs Advices. Now.
Grill launched in two thousand and four and now has around one hundred and seventy restaurants Australia wide and one in semmyak Bali.
But now be man Grill's being accused of paying thousands of workers below minimum industry rates in its latest pay deal you.
See juz Boyd. Typically retail workers like Grilled staff are paid according to.
Award rates, but this new deal is going away from the award and focusing on their own enterprise agreement with loaded rate.
The union reckons that premium will disappear pretty quickly.
And workers will actually dip below the award by July next year.
And this created the first ever strike action in the fast food industry last weekend.
Wow. So what is the key learning here?
Loaded rates are a method of calculating wages that combine base pain with allowances and penalty rates into a single rate and be Man. While this can simplify payroll for employers, it can often hide the true value for employees. Unions think that despite getting ninety three percent of stuff agreeing to the deal, it wasn't genuinely agreed to.
And that's because Grill didn't explain the loaded rates properly to their workers.
Meaning employees might be missing out on some benefits.
And b Man Grilled eight the only ones accused of using illegal loopholes to pay staff less.
Well, I remember Chocky Shop, Coco Black. They've been accused of trying to pull a shifty on hundreds of workers.
Yep, we're talking pay rises of just one percent per year.
And even Subway has been getting into the thick of it, losing a case at the Fair Work Commission.
So now it'll be interesting to see whether Grilled staff continue flipping those delicious burgers.
For our third and final story, Tesla's shares jump twelve percent after it recorded its third quarter earnings and announced plans to launch a ride haling service in twenty twenty five.
Can't say there's anything surprising about crazily ambitious statements coming from Elon Musk, So what is the story? Here.
Well, Tesla, of course, is the electric vehicle company with a market cap of a wopp in six hundred and eighty two billion US dollars.
To put that into perspective, b man, it's worth more than the total economy of Austria or Chile.
Now, juzzy way. Tesla's share price jump of twelve percent has followed its third quarter earnings update. Yeah.
Even though Tesla's revenue didn't quite meet expectations, it announced vehicle sales growth for twenty twenty five plans for a lower cost electric vehicle.
To top it all off, it also promised self driving right hailing taxis to be launched in California and Texas next year.
I mean, man, we know Tesla's share price is down fourteen percent compared to the beginning of the year.
But now it looks like Tesla's shifting its attention in a new direction to get investors excited again aka autonomous vehicles. Remember that old chestnut.
So what is the key leading here?
When competition gets tough, sometimes you need a personality shift to really stand out.
Yeah, but man, we know the electric vehicle market has become more established with new players entering the mix and giving tough competition to Tesla.
In fact, Tesla's market share in the US has dropped consistently for the last two quarters and is now below fifty percent.
So to bring it back to its glory days, Tesla is shifting its focus and it's messaging towards new technology.
Specifically self driving vehicles and of course AI.
Why not and be man.
This is the type of technology that it's hoping investors will be very interested in too, as opposed to being seen as just another electric vehicle company.
And b Man kind of reminds me of when BlackBerry went through a own rebrand.
How often is BlackBerry on your mind, JUSSI boy, not very often, But they ruled the mobile phone marker back in the early twenty tens before they were beat out by Apple and Samsung. Instead of doubling down on mobile phones, BlackBerry evolved and they picked up a new personality as a security software.
So now Tesla's future with self driving technology and AI is the next big thing Flux today. If you fancy yourself as being a bit of a smarty pants when it comes to business news, there is only one place to test out your knowledge. It's in the Flux app. During Quick six today where you can win fifty bucks to kick off the weekend. To make sure you download the Flux app and have notifications turned on to win at money.
Thanks for listening and we'll see you on Monday.