Tesla's electric vehicle sales disappointed investors in the first quarter — but CEO Elon Musk doesn't seem to mind as he sets his sights on an AI-powered future.

• 💵 Why it matters: EV sales still pay the bills for Tesla, providing critical cash flow to fund costly endeavors like humanoid robots and self-driving car technology.

The big picture: Tesla's first-quarter deliveries — a close proxy for sales — totaled 358,023.

• That was up 6% from the same period a year earlier, when the company was dealing with a sales backlash from Musk's leadership of President Trump's Department of Government Efficiency.
• But the performance marked an "underwhelming start" to the year, missing consensus estimates of 370,000, Wedbush Securities analyst and Tesla bull Dan Ives wrote in a research note.

Zoom out: Tesla is prioritizing autonomy and robots over EVs — "actively sacrificing its EV business" for a self-driving future, per William Blair analyst Jed Dorsheimer.

• It's been years since a new mass-market Tesla launch. Focus has shifted to Optimus (humanoid robot), Cybercab (robotaxi), and in-house AI chips.
• Musk recently announced plans to repurpose Model S/X factory space for the humanoid — which he has described as a globally transformational product.

Yes, but: There are some positives in the EV universe.

• Tesla's deliveries in China jumped 35% in the first two months of the year, compared with a year earlier, according to Ives.
• And there are early signs that some Americans may be reconsidering EVs with gas prices topping $4 per gallon.

The impact: Tesla stock closed down 5.4% today.

Blue Owl Capital investors in its flagship private credit fund asked to pull 22% of shares out during the first quarter, Axios' Pete Gannon writes.

• 😬 Why it matters: The disclosure provides the latest look at the level of investor angst rippling through the $1.8 trillion private credit market.

Zoom in: Blue Owl is not honoring all those requests — becoming the latest private credit firm to cap redemptions as investors increasingly scramble for the exits.

• Blue Owl is activating existing 5% redemption thresholds on two funds: the $36 billion Blue Owl Credit Income Corp fund, known as OCIC, and its smaller Blue Owl Technology Income Corp fund.
• Investor redemption requests at the smaller fund totaled 41% in the first quarter, the firm said.

What they're saying: In a shareholder letter today, Blue Owl blamed "a period of heightened negative sentiment" for driving redemption requests across the industry.

• The firm said underlying credit fundamentals "remained resilient" across its portfolio, and added its funds are "in a strong position to meet" its current redemption obligations "and future tender offers."

🛢️ Amazon plans to impose a 3.5% "fuel and logistics-related" surcharge on third-party sellers. The move, which takes effect April 17, comes amid spiking energy prices from the Iran war. (CNBC)

🚀 SpaceX is now targeting an IPO valuation of more than $2 trillion. The company had been valued at $1.25 trillion when it acquired CEO Elon Musk's xAI. (Bloomberg)

💸 The Trump administration said it would impose 100% tariffs on patented pharmaceuticals to force deals for lower drug prices and move manufacturing to America. (Axios)

🛁 Bed Bath & Beyond brand is acquiring The Container Store and bringing back coupons as it attempts a comeback. (Axios)

Red Lobster is reportedly poised to revive its "Endless Shrimp" promotion — a deal that played a non-trivial role in triggering the company's 2024 bankruptcy.

• 🍤 The 538-location restaurant chain is "looking to launch a limited-time version of the all-you-can-eat deal" as soon as this month despite the "cash crunch" it caused last time, Bloomberg reports.

🪄 Zoom in: Red Lobster's post-bankruptcy CEO, Damola Adamolekun, has been looking for ways to generate buzz and reshape the company's image.

• He recently cut 20% of the menu — though he kept the popular Cheddar Bay Biscuits and added new items like bacon-wrapped scallops and lobster bisque.

Reality check: Red Lobster lost money in 2025 even after the bankruptcy was supposed to put it on better financial footing, Bloomberg reports.

💭 Nathan's thought bubble: Red Lobster's fate may hinge on whether Adamolekun can tap into the same social media fervor that has buoyed casual dining rival Chili's.