Tesla is taking steps to launch a ride-sharing service that could compete directly with Uber, Lyft and Waymo.

• Why it matters: Tesla has long pledged to run an autonomous vehicle network, which could become a significant new source of revenue at a time when its sales have flattened.

Driving the news: The company has filed for a transportation charter-party carrier permit from the California Public Utilities Commission, Bloomberg reported today.

• "That classification means Tesla would own and control the fleet of vehicles," Bloomberg reported.

State of play: CEO Elon Musk told investors in January, "I'm confident that we will release unsupervised FSD in California this year," referring to the company's Full Self-Driving system.

• The automaker also plans to launch a car service in Austin, Texas.
• "We're just putting our toe in the water, then a few toes, then a foot, then leg," Musk said in January, adding, "We're looking for a safety level that is significantly above the average human driver."

The bottom line: Tesla investors need encouraging news after a bruising start to the year.

• The stock is down about 25% YTD after surging following the election, when investors were betting that Musk's closeness to President Trump would pay off in favorable treatment for his business interests.

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Gambling company Penn Entertainment has been struggling with parlays on ESPN Bet.

• By the numbers: Penn today reported a little more than 30% of bets placed on the platform in December and January were of the combo-bet variety.
• Market leaders DraftKings and FanDuel are at 50% or higher depending on the month, illustrating how much ESPN Bet continues to trail the industry standard.

Why it matters: Parlays — combination bets that pay out only when multiple wagers win — are the most profitable type of bet for sportsbooks.

Zoom out: Disney signed a sportsbook branding deal with Penn Entertainment in 2023 to rebrand the Barstool Sportsbook as ESPN Bet.

• When it launched that November, ESPN Bet set a goal of 20% U.S. market share by 2027, SBC Americas reported. But executives suggested today that they expect to surpass only 5% by the fourth quarter.

What they're saying: "It's not as much progress as we wanted to make or we plan to make as we move forward," Penn CEO Jay Snowden said today on the company's earnings call.

• Penn CTO Aaron LaBerge said they're making product improvements — including expanding their same-game parlay offerings. "We're getting better in parlays," he said.

🤖 Meta reportedly plans to debut a stand-alone AI app in Q2 to compete with OpenAI's ChatGPT. (CNBC)

💊 Private equity firm Sycamore Partners would break up Walgreens Boots Alliance into three parts if it acquires the international pharmacy giant: Walgreens, Boots and Shields Health Solutions. (Financial Times)

👓 Target plans to open Warby Parker eyewear shops in some of its stores. The first ones will open in the second half of 2025. (Axios)

❄️ Snowflake's stock soared today after the AI data analytics software maker reported stronger-than-expected earnings. The company also announced on Wednesday an expanded deal with Microsoft Azure to provide access to OpenAI services. (CNBC)

CBS anchor Gayle King, superstar Katy Perry and Lauren Sánchez, fiancée of Blue Origin founder Jeff Bezos, are heading to space in a Blue Origin flight this spring with four other women, King announced today.

• The other women joining the mission include aerospace engineer Aisha Bowe, civil rights activist Amanda Nguyen and film producer Kerianne Flynn.

The big picture: Sánchez's sojourn to space has been long-anticipated. The vice chair of the Bezos Earth Fund, Sánchez has for years spoken about her plan to helm an all-women Blue Origin mission.

• The mission will also mark King's first trip into space. The news anchor interviewed Bezos back in 2021 after he returned from Blue Origin's first crewed mission.

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