Morning Brew Daily - Inside Boeing's Turbulent Culture & Why US Gov is Suing Adobe

Episode Date: June 19, 2024

Episode 347: Neal and Toby discuss Boeing's CEO testifying before Congress and the latest accusation from a whistleblower saying the company hid faulty parts. Plus, troubled EV company Fisker finally files for bankruptcy and why is the US Government suing Adobe? Hint: it could have to do with their hidden subscription fees. Then the guys reflect on one year since the Titan Submersible implosion and the biggest lessons learned. Next up a look into how much social media influencers actually make. And finally, why one photographer submitted a real photo to an AI photography competition. Download the Yahoo Finance App (on the Play and App store) for real-time alerts on news and insights tailored to your portfolio and stock watchlists. 00:00 - It’s Juneteenth!  1:50 - Boeing CEO on the hotseat  6:30 - EV Startup Fisker files for bankruptcy 10:30 - Adobe in trouble with the FTC 14:10 - OceanGate submersible 1-year later 18:20 - Creator economy not working for every creator 23:00 - Real photo wins AI photo contest? Get your Morning Brew Daily Mug HERE: https://shop.morningbrew.com/products/morning-brew-daily-mug?utm_medium=youtube&utm_source=mbd&utm_campaign=mug Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning brew daily show. I'm Neil Fryman. And I'm Toby Howell. Today, Boeing CEO faced the music at a tense Senate hearing over the company's safety lapses. Ben Fisker fisked around and found out. The electric vehicle maker has filed for bankruptcy. It's Wednesday, June 19th. Let's ride.

Surprise! You're actually listening to our voices from yesterday. We're recording this on Tuesday afternoon because today is June 10th and the bruise offices are closed. But we still wanted to bring you a piping cup of fresh. Business news. Juneteenth commemorates the end of slavery in the U.S. following the Civil War and has been celebrated by Black Americans since the late 1800s. In 2021, it was designated a federal holiday by President Biden, making it the newest of the 11 federal holidays on the calendar. As such, if you live in the U.S., you are probably also not working today, and the stock market

is closed. Speaking of, let's talk Yahoo Finance. It's hard to believe, but Invidia is now the largest company in the world. It's actually not that hard to believe. Anyone who's been perusing the purple streets of Yahoo Finance saw this coming from a mile away. All right. I didn't know I was talking to the Oracle of Morning Brew Daily here, but you're right. If you're a frequent user of Yahoo Finance, this news does not come as a surprise. Watching headline after headline pop up on Yahoo's news tab about just how strong demand for its chips are, digging into the market data to see how excited investors are. The pieces of the puzzle were there if you were just looking in the right place.

Guess it doesn't take an Oracle. All you need is clear data you can turn into actionable insights. All you need is Yahoo Finance. If you want to try it and spot the next NVIDIA, head to finance.yahu.com or download the Yahoo Finance mobile app to get it directly on your phone. It's time to refresh your yard

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Now through May 6th. Exclusion supplies to you homedebo.com slash price match for details. A heat wave is roasting the United States right now, but the most scorching place on Tuesday was a room on Capitol Hill where Boeing CEO Dave Calhoun was on the hot seat over the company's numerous safety mishaps and production failures this year. Calhoun was testifying, actually, he's testifying right now as we record this in response to the ongoing investigations related to the door plug blowout on an Alaska airline 737 max in January and the ensuing revelations that showed shoddy work at Boeing factories. That wasn't enough heat on Calhoun.

His testimony was thrown a major curveball when another Boeing whistleblower, a quality inspector Sam Mohawk came forward just hours before the hearing with more shocking allegations. Mohawk alleged that Boeing mishandled and lost track of hundreds of faulty parts, knowingly hid them from regulators who came to inspect the factory by stashing them outside. And these faulty parts may have even ended up on 737 planes in operation right now. Mohawk also said that he was retaliated against by his superiors for raising these concerns. So it's into this cascading scandal that Calhoun entered to make amends before skeptical lawmakers and victims, families. In opening remarks, he said, our culture isn't perfect, but we are taking action and making progress. Not everyone is

convinced. Yeah, not everyone's convinced. This is an intense hearing for sure. It is covering everything because this is the first time that Calhoun is testifying and is more than four years running the company. It's certainly the first time he's testified since that door incident that kind of set off this whole chain of events. And yeah, they're really looking at everything. The, the most his name is Mohawk, but the Mohawk whistleblower did throw another thing into another wrench into his preparation for these plans as well. So yeah, we're going to look at glitches in the production process, the fallout from that January 5th blowout of its door. And then also some of those claims around the culture of Boeing and the culture of retaliating against employees that were raising

some of these red flags. Right. Even before Calhoun said his opening remarks, there were victims of families of people who were killed in the 7th, 37 max nine crashes in 2018 and 2019. And just like we saw Mark Zuckerberg earlier this year, turn around from the lawmakers and apologize to the victims face to face. He did that here. And he said, I would like to apologize on behalf of all of our Boeing associates spread throughout the world for their losses.

And he looked these people in the face and did that. And one attendee responded, you should be in jail. There's still so much animosity towards this company over its safety operations over the past few years. the 2018, 2019, 737 Max incidents, we're supposed to spark a culture change there, but based on what we've learned this year, it hasn't happened. And then the other undercurrent to this hearing, too, is that Calhoun is, I've already planned to step down at the end of the year. So there's been this ongoing search for a new Boeing CEO. And it has not been going well because a lot of people are turning the job down.

One of the biggest one is G. Aerospace's CEO, Larry Culp. He was kind of the number one guy that you wanted because he's done very well. turning around GE. He's rehabilitated their image. He's very respected by investors, but also on the supplier side of things. And he's kind of known as this guru in the world of manufacturing. And Boeing came to him and said, we would love for you to run Boeing. And he essentially said, nah, I'm not the guy. I'm comfortable where I'm at. And so they're going to have to figure out who is going to step in and lead the company, which is not a very desirable role right now. It is not a desirable role. I mean, look what Calhoun is going through. I mean, maybe by his, you know,

likely by his own doing. Final point on this, I said another whistleblower came forward because it's kind of insane just how many whistleblowers have come forward this year compared to last. It feels like the gates have been blown open. So over the first five months of this year, the FAA received more than 11 times as many whistleblower reports from Boeing than compared to all of 203, 126 tips compared to 11. And when you're in a very intense manufacturing industry like Boeing, you rely on whistleblower. Regulators rely on whistleblower reports to talk about any sort of shoddy manufacturing things that are going on.

And Boeing has just seen an absolute explosion in whistleblowers. One of them, you know, died by suicide after he said, or after his family alleges that he was retaliated against and had so much pressure against him. So these whistleblower reports will only keep ramping up from here, it seems. So we'll see what happens. But yes, I don't know who wants this job right now. Another electric vehicle maker has bit the dust after seven-year-old EV startup Fisker has officially declared for bankruptcy, despite raising over $1 billion from outside investors and actually getting a vehicle to market, a combination of poor execution, and slightly unlucky timing eventually sank Fisker.

It started delivering its first model, the Ocean SUV last summer, which was right around the same time that previously hot red EV market has begun to cool. and it didn't help that the car just wasn't very good either. Marquez Brownlee, the influential tech YouTuber, called it the worst car he'd ever reviewed. Others agreed, citing a litany of software issues and generally perplexing design decisions. Fisker also struggled with the basic process of being a public company, blowing through two chief accounting officers in less than a month. Neil, this was CEO Henrik Fisker's second attempt at launching a car company named after himself.

The first one also failed back in 2013. This guy needs to stop launching car companies, or at least stop launching car companies named after Fisker. I would start launching companies named after maybe 19th century technologists, like maybe, I don't know, a Tesla might work better than naming it Fisker. No, this guy is very well known in the automotive industry. It's a famous designer of BMW and Aston Martin's sports cars. The 2013 venture didn't go well. You could blame that one on external factors. They had a problem with their battery supplier and some natural design.

as well. This one seemed to be completely on Fisker and the company itself. Its car was basically a debacle. It only sold less than 5,000 of them and produced just 10,000, which was a quarter of their delivery targets. There were so many things that went wrong here. Of course, they ran into a bit of a buzzsaw as the EV market declined, but that's not to say that legacy automakers aren't doing okay in this new paradigm, but this company just made a lot of, made a lot of own goals. Yeah, Fisker said they tried, and he said he tried to learn from his mistakes from his first foray. He raised more money this time around, and he tried to work with more reputable suppliers, but a lot of things didn't go well. Fisker pitched itself to investors as almost they called themselves the automotive equivalent of Apple.

And what that means was they were partnering with a lot of outside companies to actually build a product. And then they were going to layer on this software that would really differentiate them in the crowded space of EVs. But none of it really went well. Actually, the car looked good and performed relatively well driving, but if you just watch this Marquez Brownlee review of the vehicle, they're like there's unlabeled buttons. There's just very perplexing software decisions in general, and it was just not a pleasurable experience to drive this vehicle.

When this ocean SUV went into production, it did not have cruise control. And we're in the year of our Lord 2022 when it was being produced. So this did seem like a bit of an amateur effort, but Fisker is not the only EV upstart startup that has kind of gone belly up. I mean, it's not going full belly up. They're trying to sell assets and restructure a debt and remain a company. But there's this whole class of EV startups that wanted to take on Tesla, wanted to take on the legacy automakers that were all pivoting to EVs around 2020 and 2021.

They spacked into the public markets. And they're just really hurting right now, Rivian, which makes trucks. And you sometimes even see these on the. roads. It seems to be doing better than most. Its stock is down 92% all time since it IPO. And then Lucid, which is another EV maker, sort of in the same class, was one at one point worth more than $100 billion. Now I just checked its market cap, $6 billion. That is a huge plunge. These companies are just finding it really hard to make EVs. And at least those companies are still alive. You remember Lordstown Motors, that was this buzzy pickup startup maker. That filed for bankruptcy.

see, there was another company called Arrival that made buses. They wound down the last few years. So it's just tough. It's really tough out there. Supply chains are complex. Consumer demands, a little fickle. It's just hard to get everything to align. And Fisker is another one that bit the dust.

Adobe wishes it could Photoshop itself out of this pickle. The FDC sued the software giant on Monday, accusing the company of making it extremely difficult to cancel subscriptions to Photoshop and its other programs, therefore violating consumer protection laws. Here's the specific complaint from the government. When you go to sign up for Adobe's design software, whether that's Photoshop or Illustrator, you see the most popular paid monthly plan in bold letters. Only if you look closely do you realize that this is an annual subscription you just pay monthly

and there is a cancellation fee displayed in a lighter text. You have to click a separate link to see the details of the cancellation fee, which costs half of any remaining payments if you cancel in the first. year. Adobe's General Counsel responded that they are transparent with the terms of their subscriptions. The cancellation process is simple, and it plans on taking on the FTC in court. Still, this is further evidence that Adobe and other big tech companies have a massive target on their back as Biden administration regulators crack down on what they see as consumer abuses. Yeah, not only was it very difficult to find the option to cancel on Adobe's website,

but there was also reports that when you called customer service, those calls would drop, and then they would bounce between different representatives. So they're really taking customers for the ringer here. The FTC has been on one recently. Let's just zoom out to say that because this follows on the heels of a very similar suit it brought against Amazon last year where they were basically saying Amazon was putting you through the regular role when you were trying to cancel your prime membership. And then they've also been trying to push forward these new click-to-cancel rules

which just make it a lot easier, make it so you don't have to go through four different pages. just very clearly cancel your subscription. And this is something that a lot of consumers know very well. We've all tried to cancel a subscription in the past, and it is just truly insane the links that you have to go to. Yeah, I mean, this is a big, you're right. I mean, as you were talking, I was just like, well, I really hate trying to cancel a subscription and I can't.

So I guess we have to thank the FTC for looking out for the consumer there. But subscriptions have become a huge business for Adobe. We were talking before the show, and you said, you remember the times when you got a disc and you had a lifetime license for Adobe products. They've switched that to a very lucrative subscription business. Their revenue in 2023 from subscriptions was $14.2 billion, which is nearly double the $7.7 billion that they got in 2019. So Adobe, you can be sure they don't want you to cancel.

They're doing everything they can to gamify the fact that you have a Photoshop subscription, and then you renew it for the next year. Yeah, it has been a very successful business model, pivot for them. It's great for investors, not so great for consumers, obviously. This is not the only PR battle that Adobe has been fighting either. They spent the first half of just this month, kind of addressing this user fury around changes to their terms of use. They asked users to sign this new terms of use agreement in some language made it implied or made it look like that their content, user's content could be used, reproduced, displayed, or modified by Adobe. And a lot of people

took that to mean that they were going to use your content to train their generative AI models because they are making a big generative AI push. Adobe had to clarify in a few blog posts saying, like, listen, your content is yours. It will never be used to train any generative AI tool, but it did a lot of damage to them in the court of public opinion. So even though Adobe stock is doing well, its revenue is up, it suffered a little bit in the court of public opinion. Up next, the one-year anniversary of Ocean Gates' submersible disaster. Pay off your home, travel for life, drive a Ferrari. In celebration of the world premiere of the Monopoly,

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U.S. 2nd Half, 2025. Four new lines on a limit and welcome and auto pay. See Verizon.com for details. June 18th marked one year since the Ocean Gate submersible imploded on its ill-fated journey to visit the wreck of the Titanic. This story captivated the world for a few days as it seemed like the lives of five members on board, including Ocean Gate, CEO Stockton Rush, hung in the balance after losing contact descending to the wreck.

It turned out that the frantic search and rescue mission that followed was for naught when sonar recordings revealed the craft imploded as it neared the bottom of the seafloor the same day it's set out on its journey. But the legacy of the mission and the questions around how the catastrophic failure of the vessel still swirl to this day. We're sitting here one year later, but still no official report has been issued explaining what happened to the sub or who should be held responsible. Wired conducted its own investigation looking through thousands of Ocean Gates' documents and emails to paint a picture of a company where cautious employees were dismissed for speaking up against their boss's risky high-speed approaches. Ocean Gate has since

ceased operations, but other individuals are already planning new missions to return to the wreck. What stands out to you about this disaster? What do you remember from it one year later? Well, I think what we've learned in the past few months about Ocean Gate is that it makes Boeing look like the most buttoned up company in terms of safety practices. They basically did everything. They basically did everything they could to do what the industry writ large was not doing, which was safety checks, which was building these subs. certain way. Stockton Rush, the CEO, really rebuffed any sort of regulatory review about whether his subs, his vehicles were safe for use. And I think the industry writ large is looking at this

and wants to say he is a complete rogue agent. It also reminds me of what happened with FtX, Sam Bankman-Fried and the rest of the Crippo industry where they were like, yeah, send him behind bars, make an example of him because the rest of us are actually doing this the right way. He is not. And I want to distance myself from him. I see a lot of of parallels with what's going on in this ocean expedition industry. Right. There are two types of subbed in the exploration community. There's class and unclass classed obviously has a lot more regulatory scrutiny. It has to go through a rigorous amount of testing. Unclass are the experimental subs that Ocean Gate sub did fall into. And so you're right that the industry is saying

class subs are considered exceptionally safe vehicles. This makes us look even better because Ocean Gate didn't make the industry look bad. It made Ocean Gate look bad. But as a whole, the industry look pretty good because of how safe the general community takes, or how serious the general community takes safety. One of the issues, if you go back to what Ocean Gate did wrong, is just the very material they chose to make their submersible out of. They chose to make it out of carbon fiber, layered carbon fiber compound. And while, that was a lot lighter. And technically it could withstand extreme pressure and extreme depths just through the way the material is constructed where stress points begin to develop. They think that after a few amount of dives,

it got more stress than they anticipated and ended up imploding. So looking back at it all now, it is crazy that that submarine ever went down with people in it. Yeah. And you're probably like, well, what happens next for deep sea explorers for people doing crazy things? Are they going to be hesitant going after this absolute tragedy? But it seems no. I mean, all you have to do is look back to 1996 when 12 people died on Everest in a very public side. tragedy. The years after that saw a huge spike in people climbing Everest. Businesses increase their revenue by 100% taking people up that mountain. These days, you can barely get a permit. It is so, you know, is so popular. I don't think that itch to see the unexplored to go where

no one else has gone is always going to be with humans no matter what happens. Obviously, you never want anything like this to happen, but I don't think people are ever going to stop venturing to the Great Beyond. Exactly. An Ohio billionaire Larry Connor is actually already planning a journey back to the wreck in a new sub. Connor's goal is to prove that diving to the Titanic is safe as long as you use the proper engineering. And that mission hopes to launch around 2026. So you're right.

This urge to explore has not gone away and will not go away. If you've thought, you know what, I'm over this desk job. It's time to pursue my dream of becoming an influencer. Well, that's great in theory. But in reality, you're not going to be the next Mr. Beast. These days, the typical social media influencer doesn't bring in a lot. of money and earnings are going down across the board. The Wall Street Journal writes, running down the numbers of the billions of people who post photos and videos on social media,

50 million people earn money from it. Roughly half of creators make $15,000 or less, and just 13% made more than $100,000, according to Influencer Marketing Agency NeoReach. And the golden age of influencing appears to be on the wane. During the pandemic, when social media usage spiked. Previously unknown creators, just regular people doing regular things, racked up huge followings. But now social media companies have shrank their payouts to creators. Brands are becoming more discerning about who they sponsor. And algorithm changes make it harder to be discovered. Toby, it seems tough to make a middle class living as a full-time influencer. I would file this under the not-so-surprising category, to be honest, because the internet is probably the most pure

example of power laws that we have, where to the victor go the spoils, just like if you are LeBron James, you're going to earn $50 million a year, but if you're the 1,000th basketball player on Earth, you're not going to even be on an NBA roster. Same goes for the internet. Yes, you have the Mr. Beast, the Kim Kardashian's of the world making millions of dollars, getting millions of eyeballs. But the income and the distribution that falls off from that just falls off precipituously. There's not really a great middle class of creators, and I think these numbers support that.

But I think there may have been at one point. during the pandemic in 2021 because all of these platforms were launching creator funds where they wanted to bring you on their platform. I'm thinking TikTok had a billion dollar creator fund where they would pay you if you were popular enough just to make videos and entertain your followers. You could add in sponsorships on top of that and that of course is the bulk of where creators make their money. But it seemed like advertisers were sprinkling a lot of money around to various creators that the platforms are playing out because they wanted to get you on their platform. seem like there was a more robust economy that produced a more middle-class influencer class,

and now that may have been evaporated based on the things I mentioned. I think one of the things that supercharged your influencer journey was when you joined the platforms, Stu, because if you joined it during kind of peak TikTok, which was during the pandemic, when a lot of people were stuck at home on their phones, you benefited immensely from increased reach. You benefited immensely from those creator payouts that were flowing during that time. Also, the niche that you chose was very important. There it is. Well, yeah, I say niche.

Whoever's counting it, whoever's playing bingo at home. I say niche every show. But yes, if you went into the investing world or maybe the lifestyle hack world, those are very profitable places to operate. Others not so much. And I also do just want to call out too. Being an influencer is not for the fan of heart. It is work, not even in a tongue-in-cheek way.

You have to hop on that content treadmill. if you ever lose momentum, you lose audience as well and you lose your livelihood. And that's not even to mention that even if you are producing content, oftentimes you're interacting and reaching out to brands yourself, doing that on top of it. So from filming to editing to striking your own brand deals, it is a lot of work. I think it's a sign that just this industry is maturing a little bit. Advertisers are becoming more discerning about who they sponsor and they're not just going to, you know, they're going to actually ask you for information now. They're going to

approach you like a media company. And they're going to say, okay, who's your audience? How much money do they make and ask you all of these questions? Because that's really important to them. And they're not, you know, those sort of metrics are something that they're demanding now, which is indicative of a more maturing industry. But I don't think this is going anywhere. Influencer marketing is going only growing. Goldman Sachs says the creator economy is a $250 billion industry, which is going to double by 2027. 92% of brand. say they're going to increase their influencer marketing investment this year. Every company we seem to talk about that we say, oh, wow, they've rejuvenated Abercrombie

and Fitch. They came up from out of nowhere to come back. And then what is the reason is because they leaned into influencers for marketing. So I think this economy, this industry is only growing. We'll see what happens to this middle class of creators who were just those gardeners, those parents who stroke these amazing brand deals during the pandemic. We'll see what happens to them. They're called influencers for a reason, Neil.

As AI has invaded more and more aspects of our life, one key battleground has been the art world. Pyrists say that AI art doesn't belong in the realm of human creativity, and already there have been controversies about AI-generated pieces winning art competitions met for humans. But in the artistic rebellion pitting man-versed machine, a hero has emerged. Miles Astray, a photographer, was honored last week

in the AI category of a prestigious international photo competition. but his picture wasn't created using a text prompt or image generation tool. No, his surreal picture of a seemingly headless flamingo standing on a stark white beach was very much real and was captured in Aruba two years ago. Neil, it's usually AI photos trying to sneak in and win normal art competitions, but Astray flipped the script here, tossing yet another wrench into the debate of how murky the line between real life and AI has become. He eventually revealed to the organization that his picture was.

not AI generated when they let him know he had won. But still, and it feels like he accomplished what he set out to, which was to get a conversation started. He did. Yeah, this was a direct response to all of these photography competitions that people who have used art generative AI to make photos from AI have entered and some have won. He wanted to flip the script here and say, wow, a human can go toe to toe to toe with a human, then at the same time a human can go toe to toe to toe with AI. He proved his point. He said there were no hard feelings. He and the competitioners are actually launching a partnership together. So everyone's just kind of like patting themselves on the back where it's like, all right, well, we made our statement. Let's all go home now. He made sure to

reiterate that he doesn't think technology is inherently good or inherently evil. He took the picture with a camera. After all, he edited it using software, probably from Adobe, I would, I would add. But it's just saying that AI is a different tool. It is about how you use it. We're all just, he used the analogy of we're all just sitting behind machines, almost acting as ventriloquist, getting them to do what we want to do. Art, AI art is the same, perhaps with maybe a little less skill now that it just takes a textual prompt. But it was interesting to see his reasoning and why he decided to do this at all. My takeaway from the story is that we are living in a world where you can't tell what is made by a human and what is made by our computer. There's so many things that you're

You're just inherently skeptical of any image or any word you see that, oh, is that generative AI or was that human? We're only two years into really the generative AI explosion. So, I mean, when we interviewed Mark Zuckerberg, that came the same day as OpenAI release SORA, which is their video AI feature. And pretty much everyone was like, is this AI? And they weren't even joking. And that, I think, just speaks to the confusion is rampant. We don't know what's human. We don't know what's AI.

The organizers of this photography competition, the experts in the field, could not tell the difference. And that's where we are. The response, too, is what the interesting part is to me as well. People are praising him, thanking him even. I mean, I portrayed him a little bit as Neo from the Matrix in my intro. And I think people are feeling that same vibe. But I do think that that was part of the entire experience.

Like, he wanted the response to be part of the artistic statement in general. So very interesting. I highly recommend you go look up this photo because it is. is pretty cool, and it does put a feather in the cap of Mother Nature. That seems like a good place to end on. So thanks so much for listening. Have a wonderful Wednesday and June 10th. We'll be back in the studio at the crack of dawn tomorrow morning. For any feedback on the show, send a note to Morning Brew Daily at Morningbrew.com, and we will read it and either laugh or cry. Let's roll the credits. Emily Milliron is our

executive producer. Raymond Lou is our producer. Olivia Graham is our associate producer. Ed Louis is our technical director. Billy Menino is on audio. Hair and makeup is not sure they want to become an influencer anymore. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow. Relax and let Ralph's delivery handle your grocery shopping this week. We start with only the freshest items. Then review your list and carefully choose each one. Then we pack it all up and deliver it in as little as 30 minutes, so you can feel confident it's what you ordered. Fresh groceries, your way, with Ralph's delivery and pickup. Get free delivery during online deal days, plus $30 off your first

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