Daily Business Report: Jan. 7, 2025
Visual Capitalist
Charted: Tesla’s Market Cap Nears Half of Global Auto Industry
By Marcus Lu: Graphics/Design: Sam Parker: Article/Editing:Bruno Venditti
Tesla shares just reached a new all-time high following Trump’s victory in the 2024 presidential election, propelling the company to a massive $1.5 trillion valuation as of December 18, 2024.
This graphic highlights the most valuable automakers by market cap worldwide as of Dec. 13, 2024, based on figures from CompaniesMarketCap.com.
Trailing far behind Tesla, the four other top automakers on the list are Toyota ($231 billion), BYD ($107 billion), Xiaomi ($98 billion), and Ferrari ($81 billion).
Investors believe Elon Musk’s close relationship with Trump, along with Musk’s growing role in government, will serve as a powerful catalyst for Tesla. Additionally, some of the stock’s recent gains hinge on expectations that Trump’s planned corporate tax cuts will benefit U.S. manufacturers, including Tesla.
Tesla’s stock has also regained popularity due to investor expectations that its Robotaxi and Full Self-Driving (FSD) technology will drive a new phase of growth. Year-to-date, Tesla’s stock is up 57%.
However, Tesla’s massive market cap is not reflected in its production numbers. In 2023, Tesla sold 1.8 million vehicles, while Toyota sold 11.2 million vehicles during the same period.
Tesla’s success has further extended Elon Musk’s lead as the richest person on Earth. In December 2024, Musk’s net worth reached $462 billion, far ahead of Jeff Bezos in second place at $243 billion.
If you enjoyed this topic, check out this graphic showing where Tesla and BYD make their cars.
County works to provide broadband
service to three unincorporated areas
In San Diego County’s unincorporated areas, there are pockets where high-speed internet is unavailable, unreliable or unaffordable. The county is working to reduce the digital gap and has made available $9 million in funding through the American Rescue Plan Act for broadband infrastructure.
Through an appointed Broadband Committee, the County has selected projects submitted by Internet Service Providers to provide affordable broadband service to over 1,000 residents in three unincorporated areas:
- $4.7M awarded to Onward to deliver high-speed internet service to 281 households in Warner Springs.
- $2.7M awarded to AT&T to deliver high-speed internet service to 101 households in San Dieguito.
- $1.5M awarded to AT&T to deliver high-speed internet service to 53 households in Ramona.
Each chosen project provides affordable internet service at or below $30 per month to low-income households.
Chula Vista City Council backs plan to
welcome SDSU program expansion to city
By SDNews
The Chula Vista City Council recently unanimously approved a Letter of Intent with San Diego State University (SDSU) to bring SDSU School of Nursing and SDSU Global Campus programs into the lower level of the City’s Millenia Library building. The new partnership will bring in-demand higher education opportunities long sought in Chula Vista.
The Letter of Intent contains key deal points for SDSU to enter into a 10-year lease agreement with the City for $1 annually.
“Chula Vista has worked diligently for decades to bring university programs to the City,” said Mayor John McCann. “With this new phase, we welcome high-demand academic programs in nursing and continuing education for our South County residents.”
To commemorate the action, McCann and SDSU President Dr. Adela de la Torre participated in a signing ceremony last week in the lobby of the Chula Vista City Hall Complex Building A.
Under the Letter of Intent, SDSU will occupy more than 7,000 square feet on the lower level of the Millenia Library building, which is expected to be completed next year. The City will fund all tenant improvements in the SDSU space.
Multiple academic programs from the SDSU School of Nursing are expected to operate in the space, including the Bachelor of Science in Nursing (BSN) program, a transfer pathway with Southwestern College’s Associate Degree in Nursing (ADN) to SDSU’s BSN program, and SDSU’s Doctor of Nursing Practice (DNP) Advanced Practice Program. SDSU Global Campus, which offers a variety of lifelong learning classes, academic seminars, and certificate programs, will operate out of the space.
Entrepreneur Ruth-Ann Thorn is the first Native
American to purchase land in the Gaslamp
By Drew Sitton | sdnews.com
Entrepreneur Ruth-Ann Thorn is opening a new store in the Gaslamp and with it, has become the first Native American to buy land in San Diego’s historic Gaslamp Quarter. Native Star will sell luxury beauty products, fashion and jewelry, including from Thorn’s own brand N8iV Beauty. This will be the first brick-and-mortar location for the beauty brand, which features acorn oil.
The store is slated to begin opening in late January. Thorn already owns and operates another store in the Gaslamp, art hot spot EC Gallery, which she opened in 2023. The gallery has sold art from huge names like Dr. Seuss, rock n’ roll artist Stickman, and even John Lennon. In addition, she highlighted many Indigenous artists like Gloria Lee, Cara Romero, LX Lewis, Ruben Chato, George Rivera, Jeremy Salazar, Votan, Cody Sanderson and Stuart Sampson, and puts on an annual Native American art show.
Native Star builds on this advocacy for fellow Natives with curated products exclusively from Indigenous makers. Thorn rents 621 Fifth Ave., known as the Combination Store built in 1880, for EC Gallery. Native Star on the other hand is on land Thorn bought through her holding company Land Back Property Management. She bought the historic Yuma Building in November.
“This is a pivotal moment as a businesswoman, an artist and, most importantly, a tribal member of the Rincon Band of Luiseño/ Payómkawichum Indians in Southern California. The Gaslamp district is so significant because, in 1830, the Indian Removal Act was a genocide and how my ancestors ended up on the reservation I reside on today. I named my holding company Land Back Property Management to begin a monumental revolution that I hope will be the beginning of countless more,” Thorn said.
When the Gaslamp area was developed in the mid-1800s native people were not allowed to own businesses and could be forced into indentured servitude if found “idling” in the area. Thorn was the first tribal member to open and operate a business in the area— a historic milestone for Downtown. Before her, a tribe, the Sycuan Band of the Kumeyaay Nation, entered business in Downtown by acquiring the historic U.S. Grant Hotel in 2003.
The Yuma Building also shares a significant connection to San Diego’s Black community in the early 20th century. Following a raid on it for being a brothel in 1912, it was sold as a boarding house that served many African American tenants. Mrs. Carrie De Frantz, a prominent Black woman leader, was also the proprietor for many years.
Ahead of the opening of Thorn’s second store in the Gaslamp, Thorn bonded with her new employees and the local community by inviting them to harvest acorns at her tribe’s land in North County. The annual acorn gathering is an important aspect of harvesting Black Acorn Oil for her N8iV Beauty products, which relies on Indigenous wisdom in its skincare line.
Ruth-Ann Thorn bought the Yuma Building, which is next door to her rented space for EC Gallery inside the Combination Store. (Photo by Tim Trevaskis)
Petco debuts new, on-trend dog and cat apparel
Petco announced the launch of new trend-forward, culturally relevant and exclusive collections: dog and cat apparel and essentials from Draper James, the renowned lifestyle brand founded by Reese Witherspoon; Jupiter, a modern, playful cat lifestyle brand; and colorful Valentine’s Day apparel and supplies from owned brand YOULY. Available now at Petco locations nationwide, at petco.com and on the Petco app, these unique product offerings help pet parents kick off 2025 with the latest trends across toys, apparel, accessories, beds, bowls, home décor and more.
Clairyon launches to improve quality and patient care
Healcisio, Inc. has rebranded as Clairyon, signaling the company’s transition into a phase of rapid growth and commercialization. This milestone is highlighted by the appointment of Brenda Schmidt as CEO and Dr. Michael McCurdy as Chief Medical Officer. Founder and interim CEO Aaron Boussina, PhD, will now serve as Chief Technology Officer, focusing on advancing the company’s technology and product innovation.
Tedmos unveils new rechargeable lighting solutions
Tedmos, a leader in home lighting, announces the launch of its latest range of rechargeable wireless lighting solutions: Puck Lights, Picture Lights, and Ceiling Lights. Combining advanced technology with sleek, modern design, these new products provide practical, eco-friendly, and stylish lighting for home living spaces. Whether you’re illuminating a kitchen counter, showcasing artwork, or lighting up a hallway, Tedmos offers the perfect lighting solution.
Cody Two Bears elevated to CEO of Indigenized Energy
Indigenized Energy, a Native-led capacity-building organization that works directly with tribes to build sustainable solar energy systems, has promoted Cody Two Bears to chief executive officer (CEO). This marks a strategic move from a shared leadership structure, underscoring the organization’s dedication to Native American leadership and expertise. Leadership change ushers in a new era of advocacy and empowerment for tribal communities.
