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Tesla’s shock Q2 delivery surprise may have been driven by smaller unexpected markets, leaving Wall Street puzzled

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After Tesla stunned the market on Wednesday with quarterly sales that were nowhere near as bad as feared, investors are racking their brains trying to figure out where tens of thousands of cars suddenly appeared.

Signs indicate smaller markets may be serving as an outlet valve, for example to offload cars built in Tesla’s Berlin factory now that many neighboring European markets have effectively shut the door on the brand due to reputational damage inflicted by CEO Elon Musk.

Wall Street is therefore asking questions about whether last month’s sudden spike in deliveries might have derived heavily from countries not otherwise known to be major sources of demand for Tesla. Nearly 60% of Tesla’s entire first half sales in Turkey were generated in June alone.

“Deliveries above expectations may be well received,” UBS analysts wrote in a research note on Thursday, but there are “[questions] about where these vehicles sold (likely not typical regions).”

Between Turkey and Norway, Tesla sold ten times as many cars in those two countries as it did in Germany last month. That’s in spite of the fact total passenger car sales in the aforementioned duo, even when combined, are still only half the size of the latter.

This surge in volume from unlikely places helped Tesla nail market consensus on Wednesday with 384,000 cars delivered in the second quarter, causing the stock to pop 5% in trading. Many experts that follow car markets closer than sell-side equity analysts had expected the number to come in closer to 360,000 vehicles given a lack of fresh product

Part of the reason Tesla could surprise, however, lies with the lack of transparency from Tesla relative to other carmakers. It publishes deliveries once per quarter, and only provides a split between volume—combined Model 3 and Y sales—and luxury, in which it groups the S, X, and Cybertruck together. 

Tesla did not respond to a request from Fortune for comment.

‘That’s just bananas’

The 7,235 vehicles sold in Turkey last month made Tesla the third-most popular brand after Renault and Volkswagen. For comparison, just 11,534 Teslas were sold in the country in all of last year, according to the local association ODMD.

In EV-friendly Norway, Tesla sold 5,646 vehicles in June despite car demand in the Nordic country being 1/20th the size of Germany. Musk’s brand was so strong it alone accounted for every third car sold in Norway last month. 

“That’s just bananas,” Cox Automotive analyst Erin Keating told Fortune

This could be a sign these markets are serving as a dumping ground for cars built in Tesla’s Berlin plant now that European demand has dropped off so steeply. In Germany, the continent’s largest car market by far, volumes for Tesla sank 60% in June to 1,860 vehicles and 58% across the entire first half. 

Such an approach would make it difficult to sustain high volumes consistently, however, as smaller markets like Norway saturate more quickly. That means Tesla could eventually be forced to halt production in Berlin due to lack of demand.

In other more established markets like the United States, the picture is likewise grim.

“In the U.S. we’re seeing them drop precipitously,” Keating explained. “They’re continuing to lose share pretty aggressively and the only thing they’ve got going for them right now is they are not as exposed to tariff risks since their cars are American produced.”





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Netflix cofounder started his career selling vacuums door-to-door before college—now, his $440 billion streaming giant is buying Warner Bros. and HBO

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Reed Hastings may soon pull off one of the biggest deals in entertainment history. On Thursday, Netflix announced plans to acquire Warner Bros.—home to franchises like Dune, Harry Potter, and DC Universe, along with streamer HBO Max—in a total enterprise value deal of $83 billion. The move is set to cement Netflix as a media juggernaut that now rivals the legacy Hollywood giants it once disrupted.

It’s a remarkable trajectory for Netflix’s cofounder, Hastings—a self-made billionaire who found a love for business starting as a teenage door-to-door salesperson.

“I took a year off between high school and college and sold Rainbow vacuum cleaners door to door,” Hastings recalled to The New York Timesin 2006. “I started it as a summer job and found I liked it. As a sales pitch, I cleaned the carpet with the vacuum the customer had and then cleaned it with the Rainbow.”

That scrappy sales job was the first exposure to how to properly read customers—an instinct that would later shape Netflix’s user-obsessed culture. After graduating from Bowdoin College in 1983, Hastings considered joining the Marine Corps but ultimately joined the Peace Corps, teaching math in Eswatini for two years. When he returned to the U.S., he obtained a master’s in computer science from Stanford and began his career in tech.

The idea for Netflix reportedly came a few years later in the late 1990s. After misplacing a VHS copy of Apollo 13 and getting hit with a $40 late fee at Blockbuster, Hastings began exploring a mail-order rental service. While it’s an origin story that has since been debated, it marked the start of a company that would reshape global entertainment.

Hastings stepped back as CEO in 2023 and now serves as Netflix’s chairman of the board. He has amassed a net worth of about $5.6 billion. He’d be even richer if he didn’t keep offloading his shares in the company and making record-breaking charitable donations.

Netflix’s secret for success: finding the right people

Hastings has long said that one of the biggest drivers of Netflix’s success is its focus on hiring and keeping exceptional talent.

“If you’re going to win the championship, you got to have incredible talent in every position. And that’s how we think about it,” he told CNBC in 2020. “We encourage people to focus on who of your employees would you fight hard to keep if they were going to another company? And those are the ones we want to hold onto.”

To secure top performers, Hastings said he was more than willing to pay for above-market rates. 

“With a fixed amount of money for salaries and a project I needed to complete, I had a choice: Hire 10 to 25 average engineers, or hire one ‘rock-star’ and pay significantly more than what I’d pay the others, if necessary,” Hastings wrote. “Over the years, I’ve come to see that the best programmer doesn’t add 10 times the value. He or she adds more like a 100 times.”

That mindset also guided Netflix’s leadership transition. When Hastings stepped back from the C-suite, the company didn’t pick a single successor—it picked two. Greg Peters joined Ted Sarandos as co-CEO in 2023.

“It’s a high-performance technique,” Hastings said, speaking about the co-CEO model. “It’s not for most situations and most companies. But if you’ve got two people that work really well together and complement and extend and trust each other, then it’s worth doing.”

Netflix’s stock has soared more than 80,000% since its IPO in 2002, adjusting for stock splits.

Netflix brought unlimited PTO into the mainstream

Netflix’s flexible workplace culture has also played a key role in its success, with Hastings often known for prioritizing time off to recharge. 

“I take a lot of vacation, and I’m hoping that certainly sets an example,” the former CEO said in 2015. “It is helpful. You often do your best thinking when you’re off hiking in some mountain or something. You get a different perspective on things.”

The company was one of the first to introduce unlimited PTO, a policy that many firms have since adopted. About 57% of retail investors have said it could improve overall company performance, according to a survey by Bloomberg. Critics have argued that such policies can backfire when employees feel guilty taking time off, but Hastings has maintained that freedom is core to Netflix’s identity. 

“We are fundamentally dedicated to employee freedom because that makes us more flexible, and we’ve had to adapt so much back from DVD by mail to leading streaming today,” Hastings said. “If you give employees freedom you’ve got a better chance at that success.”

Netflix’s other cofounder, Marc Randolph, embraced a similar philosophy of valuing work-life balance.

“For over thirty years, I had a hard cut-off on Tuesdays. Rain or shine, I left at exactly 5 p.m. and spent the evening with my best friend. We would go to a movie, have dinner, or just go window-shopping downtown together,” Randolph wrote in a LinkedIn post.

“Those Tuesday nights kept me sane. And they put the rest of my work in perspective.”



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‘This species is recovering’: Jaguar spotted in Arizona, far from Central and South American core

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The spots gave it away. Just like a human fingerprint, the rosette pattern on each jaguar is unique so researchers knew they had a new animal on their hands after reviewing images captured by a remote camera in southern Arizona.

The University of Arizona Wild Cat Research and Conservation Center says it’s the fifth big cat over the last 15 years to be spotted in the area after crossing the U.S.-Mexico border. The animal was captured by the camera as it visited a watering hole in November, its distinctive spots setting it apart from previous sightings.

“We’re very excited. It signifies this edge population of jaguars continues to come here because they’re finding what they need,” Susan Malusa, director of the center’s jaguar and ocelot project, said during an interview Thursday.

The team is now working to collect scat samples to conduct genetic analysis and determine the sex and other details about the new jaguar, including what it likes to eat. The menu can include everything from skunks and javelina to small deer.

As an indicator species, Malusa said the continued presence of big cats in the region suggests a healthy landscape but that climate change and border barriers can threaten migratory corridors. She explained that warming temperatures and significant drought increase the urgency to ensure connectivity for jaguars with their historic range in Arizona.

More than 99% of the jaguar’s range is found in Central and South America, and the few male jaguars that have been spotted in the U.S. are believed to have dispersed from core populations in Mexico, according to the U.S. Fish and Wildlife Service. Officials have said that jaguar breeding in the U.S. has not been documented in more than 100 years.

Federal biologists have listed primary threats to the endangered species as habitat loss and fragmentation along with the animals being targeted for trophies and illegal trade.

The Fish and Wildlife Service issued a final rule in 2024, revising the habitat set aside for jaguars in response to a legal challenge. The area was reduced to about 1,000 square miles (2,590 square kilometers) in Arizona’s Pima, Santa Cruz and Cochise counties.

Recent detection data supports findings that a jaguar appears every few years, Malusa said, with movement often tied to the availability of water. When food and water are plentiful, there’s less movement.

In the case of Jaguar #5, she said it was remarkable that the cat kept returning to the area over a 10-day period. Otherwise, she described the animals as quite elusive.

“That’s the message — that this species is recovering,” Malusa said. “We want people to know that and that we still do have a chance to get it right and keep these corridors open.”



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MacKenzie Scott tries to close the higher ed DEI gap, giving away $155 million this week alone

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MacKenzie Scott has arguably been the biggest name in philanthropy this year—and has nonstop been making major gifts to organizations focused on education, DEI, disaster recovery, and many other causes.

This week alone, several higher education institutions announced major gifts from the billionaire philanthropist and ex-wife of Amazon founder Jeff Bezos—donations totaling well over $100 million. In true Scott fashion, many of these donations are the largest single donations these schools have ever received.

The donations announced this week include: 

  • $50 million to California State University-East Bay
  • $50 million to Lehman College (part of the City University of New York system)
  • $38 million to Texas A&M University-Kingsville
  • $17 million to Seminole State College

All four institutions are public, access-oriented colleges that enroll large shares of low‑income, first‑generation, and racially diverse students and function as minority‑serving institutions or similar engines of social mobility. They fit MacKenzie Scott’s broader pattern of directing large, unrestricted gifts to colleges that serve “chronically underserved” communities rather than already wealthy, highly selective universities.

Scott, who is worth about $40 billion and has donated over $20 billion in the past five years, has doubled down this year on causes that the Trump administration has cut deeply, such as education, DEI, and disaster recovery.

“As higher education, in general, works to find its way in an uncertain environment, this gift is a major source of encouragement that we are on the right path,” Lehman College President Fernando Delgado said in a statement. 

Scott also made one of the largest donations in HBCU Howard University’s 158-year history with an $80 million gift earlier this fall, and a $60 million donation to the Center for Disaster Philanthropy after Trump administration’s cuts to the Federal Emergency Management Agency (FEMA)—an organization Americans rely on for help during and after hurricanes, wildfires, tornadoes, and floods.

“All sectors of society—public, private, and social—share responsibility for helping communities thrive after a disaster,” CDP president and CEO Patricia McIlreavy previously told Fortune. “Philanthropy plays a critical role in providing communities with resources to rebuild stronger, but it cannot—and should not—replace government and its essential responsibilities.”

Trust-based philanthropy

Scott accumulated the vast majority of her wealth from her 2019 divorce from Bezos, but is dedicated to giving away most of her fortune. She’s considered a unique philanthropist in today’s environment because her gifts are typically unrestricted, meaning the organizations can use the funding however they choose. 

“She practices trust-based philanthropy,” Anne Marie Dougherty, CEO of the Bob Woodruff Foundation previously told Fortune. Scott has donated $15 million to the veteran-focused nonprofit organization in 2022, and made a subsequent $20 million donation this fall.

Scott is also considered one of the most generous philanthropists, and credits acts of kindness for inspiring her to give back.

“It was the local dentist who offered me free dental work when he saw me securing a broken tooth with denture glue in college,” Scott wrote of her inspiration for philanthropy in an Oct. 15 essay published to her Yield Giving site. “It was the college roommate who found me crying, and acted on her urge to loan me a thousand dollars to keep me from having to drop out in my sophomore year.”



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