In-N-Out billionaire CEO: 'We're not moving' HQ out of California
"We're not moving In-N-Out Burger's corporate headquarters," Snyder, 43, said on Monday. "We're not leaving California, or leaving our roots behind. Each one of our locations is here to stay."
Snyder's comments came three days after an interview she gave on the "Relatable" podcast, where she spoke about her family's impending move to Tennessee. "There are a lot of great things about California, but raising a family is not easy here," Snyder, who has four children, said on the podcast. "Doing business is not easy here."
Snyder's grandparents founded the popular burger chain in 1948 in Baldwin Park, California. Some initial reports suggested that Snyder would bring In-N-Out's corporate headquarters to Tennessee with her, and the company — which exists predominantly on the West Coast — does plan to open new locations in the Southeast and a regional headquarters in Franklin, Tennessee.
The company's current headquarters in Irvine, California, will close by 2029, Snyder said last week — and the company will soon be based in Baldwin Park instead, she now says.
DON'T MISS: How to build a standout personal brand—online, in person and at work
Snyder's comments on the podcast drew backlash from critics who accused the billionaire of fleeing California, where her family's business grew and thrived for decades, in search of lower tax rates. Some Californians criticized Snyder for pulling her family out of the state that helped her family attain generational wealth. Snyder's estimated net worth is $7.3 billion, according to Forbes.
Tennessee doesn't tax individual income, and its top corporate tax rate of 6.5% is much lower than California's top rate of 8.84%. High business expenses are a key reason why California ranked 22nd on CNBC's 2025 ranking of the Top States for Business, while Tennessee ranked 8th overall.
"Where I raise my family has nothing to do with my love and appreciation for our Customers in California," Snyder said on Monday. "I'm very proud of where In-N-Out started. Anyone who knows me knows how often I talk about our beginnings and how our customers here in California helped bring us to where we are today."
Most of In-N-Out's 400-plus locations are in California. The company has expanded its footprint over the past three decades, and now has locations in eight states: California, Nevada, Arizona, Utah, Texas, Oregon, Colorado and Idaho.
The company is the ninth-largest burger chain in the U.S. by sales, bringing in an estimated $2.1 billion per year, according to food service consulting firm Technomic. Its national expansion efforts are notably slow and deliberate, due partially to the company's commitment to never freezing any of its ingredients, meaning that any new restaurant must be within a day's driving distance of an In-N-Out supply center.
With its new facility and offices in Franklin expected to be completed in 2026, the company could soon begin opening locations in Tennessee, with 35 new restaurants eventually planned for the state, The Tennessean reported on Monday.
Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It's new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Learn from three expert instructors how to showcase your skills, build a stellar reputation, and create a digital presence that AI can't replicate.
Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
3 minutes ago
- Business Wire
FFAI Marks Fourth Anniversary of Nasdaq Listing with Commitment to Accelerate FX Product Execution and Delivery, Uphold 'Stockholders First' Principle, and Continue the Counterattack Against Potential Illegal Short Selling
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, today announced the celebration of its fourth anniversary as a publicly listed company on Nasdaq. Marking this milestone, the Company reaffirmed its commitment to driving breakthroughs in both its business and capital fundamentals. FF also pledged to accelerate the execution and delivery of products under its second brand, FX, while advancing its dual-brand strategy. Upholding its 'Stockholders First' philosophy, the Company remains focused on delivering greater value to stockholders by expediting efforts to win the Counterattack Against Potential Illegal Short Selling and maximizing stockholder interests. Faraday Future Marks Fourth Anniversary with a Reversal in Both Business and Capital Fundamentals Since its successful listing in 2021, FF has remained focused on disruptive innovation in the intelligent electric mobility ecosystem and is now advancing from the AIEV era to the next-generation EAI EV era. Following the return of the founding team—including Founder YT Jia—in April this year, the Company has implemented a comprehensive 'Ten Punch Combo' transformations, achieving a qualitative leap across key areas such as product development and delivery, manufacturing, supply chain, brand building, organizational governance, and system and capability buildup. On July 17, FF successfully unveiled in Downtown Los Angeles the FX Super One, alongside the Super EAI F.A.C.E. (Front AI Communication Ecosystem), and the FF EAI Embodied AI Agent 6x4 Architecture. The debut of the FX Super One made a striking market impression, fundamentally redefining the traditional luxury executive mobility experience long dominated by models such as the Cadillac Escalade. Compared to where the Company stood at the time of its IPO four years ago, FF has now achieved a dual turnaround in both business and capital fundamentals. The Company has established a strategic framework centered around dual home markets and dual DNA in U.S. and China, while also deploying its 'Third Pole' in Middle East. Through consistent delivery on its promises, more transparent communications, and a proactive and pragmatic corporate culture, FF has regained a vote of confidence from its stockholders. Since its debut, the FX Super One has attracted significant market attention, with over 10,000 paid pre-orders from both B2B and B2C customers. FF continues to refine its Co-Creation Ecosystem Online Direct Sales system, expand its multi-channel sales strategy, and elevate brand influence. The Company's 'B2B2C' co-creation ecosystem model now covers five core sectors: FX Par (Partners), car rental companies, live e-commerce MCN agencies, real estate brokerages, and home office industry. On July 21, the Company also announced a strategic partnership with HabitTrade, a global multi-market brokerage and digital asset infrastructure platform. Through this collaboration, FF seeks to build an integrated ecosystem combining EAI mobility, Web3, blockchain technology, crypto, and stablecoin applications. This initiative aims to bridge Web2 and Web3, connect on-chain and off-chain value flows, and expand the convergence between the real and virtual economies—creating new value for both users and the industry. In addition, the Company recently completed a new round of financing commitment totaling $105 million, which is expected to nearly cover the launch requirements of the FX Super One. Global institutional investor BlackRock has increased its holdings in FFAI for four consecutive quarters, reaching 5.39 million shares, signaling growing recognition and confidence among top-tier capital in the outlook of both FF and FX. Initial Victory in the Counterattack Against Potential Illegal Short Selling; FF Reaffirms Its Commitment to Protecting Stockholder Interests Since the appointment of Founder YT Jia as FF's Co-CEO, the Company has achieved initial success in its efforts to combat potential illegal short selling. The Company previously issued a public update on the identified illegal short selling and online market manipulation targeting FFAI, noting that certain individuals and online accounts involved had issued public apologies and taken down all content suspected of contributing to such manipulative activities. Recently, the Company identified additional indications of potential illegal short selling and the deliberate dissemination of false or misleading information aimed at disrupting the market. FF has issued a legal letter to the parties involved and reserves all rights to pursue legal remedies. On the occasion of its fourth anniversary as a publicly listed company, FF reaffirms its unwavering commitment to the 'Stockholders First' philosophy and its effort to continue to closely monitor the market for signs of potential illegal short selling and will take all necessary legal and regulatory actions to defend the rights and interests of its stockholders. Any attempts to undermine FFAI or harm investor interests will be met with appropriate consequences. FF also calls on regulators and the broader investment community to remain vigilant against such bad-faith efforts to distort capital markets. The Company urges collective resistance against the malicious attacks and defamatory campaigns launched by irresponsible entities targeting innovative enterprises. ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes 'forward looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'plan to,' 'can,' 'will,' 'should,' 'future,' 'potential,' and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the Super One MPV, Super EAI F.A.C.E., and EAI Embodied AI Agent 6x4 architecture, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; uncertainties regarding the Company's legal remedies related to illegal short selling, market manipulation, or false information, and the unpredictability of judicial interpretations or regulatory responses; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its 'at-the-market' program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC.
Yahoo
18 minutes ago
- Yahoo
What is umbrella insurance, and why should you consider it?
Accidents happen. Someone can slip on ice on the walkway to your house and break several bones. You could rear-end the car in front of you on a rainy night. Your dog could bite the mail carrier. Your home or auto insurance can cover the costs of these accidents if you're on the hook for them. Sometimes, though, costs can exceed what your insurance will cover. Then you're at risk of having to pay out of pocket — that is, unless you have an umbrella policy. This embedded content is not available in your region. Learn more: How does car insurance work? The basics explained. Umbrella insurance: 'Often overlooked' 'Umbrella coverage is the often-overlooked safety net that can protect you from financial disaster,' said Jason Javaheri, co-founder and CEO of Los Angeles-based J&Y Law Firm, which represents injury victims. And the cost is relatively low for the protection it provides. J.D. Power's Craig Martin said that according to the J.D. Power 2024 U.S. Homeowners Insurance Study, only 38% of customers with an annual income over $200,000 indicated they have an umbrella policy, while only 22% of those with incomes between $100,000 and $200,000 had an umbrella policy. The percentage dropped to 14% for those with incomes less than $100,000. That's why it pays to understand what an umbrella policy is, how it works, what it covers, and how much coverage you might need. Learn more: Homeowners insurance: What it covers and how much you'll pay What is an umbrella policy? An umbrella policy is a type of insurance that provides additional coverage if you exceed the liability limits on your home, auto, or other property insurance. It's meant to protect your assets if there is a large claim or judgment against you. Standard homeowners and auto insurance policies typically provide liability coverage for costs such as medical bills and legal fees if you're responsible for causing property damage or injuries to others — but only up to certain limits. You could easily top those limits if, for example, you were sued for damages related to a multi-vehicle car accident with several injuries. 'That's where umbrella would come into place,' said Kim Bowser, vice president of national product and experience development at Grange Insurance. 'Your auto or home insurance would typically cover the loss first. Umbrella kicks in as an extra layer on top of that coverage protection.' Up next Up next How an umbrella policy works Umbrella policies are available in million-dollar increments, ranging from $1 million to $5 million (but potentially higher for high-net-worth individuals and families), explained Erika Tortorici, owner and principal of Optimum Insurance Solutions in Hamilton, Massachusetts. To buy a policy, you must already have a certain amount of liability coverage through auto, home, or other property insurance. Insurers typically require a minimum of $300,000 in liability coverage on a homeowners policy and $250,000 per person/$500,000 per accident liability coverage on an auto policy. Learn more: How much car insurance do I need? Those thresholds are high because umbrella insurance is meant to cover only large claims, said Jennifer Gambill, a Miami-based independent insurance broker with World Insurance Associates. For example, if you were sued because someone was injured on your property and had to pay $500,000, your home insurance would pay up to its $300,000 limit, then an umbrella policy would pay the remaining $200,000. What does umbrella insurance cover? An umbrella policy provides coverage for both your home and your automobiles. It can also be extended to cover recreational vehicles, boats and other watercraft, rental property and timeshares, and other members of your household, including children away at school, Gambill said. An umbrella policy provides coverage for the following: Injuries to others, including the cost of medical bills and liability claims Damage to other people's property Personal injury to others, including libel, slander, and defamation Your legal fees to defend yourself in a lawsuit Learn more: What does homeowner insurance cover? What will an umbrella policy not cover? An umbrella policy covers your liability to others, not damages or injuries to you or your property. 'If your dog were to bite you, the umbrella policy typically wouldn't cover those medical costs you might incur,' Bowser said. It also does not provide coverage for the following: Intentional injuries to others Illegal activities, including accidents and injuries related to drag racing Losses related to a business you run out of your home Legal costs related to something you agreed to in a contract What types of claims would fall under an umbrella policy? Here are just a few examples of the types of claims that would be covered under an umbrella policy. You accidentally hit someone while driving or cause a serious accident with multiple vehicles You post something defamatory about someone on social media and are sued Your children's friends are injured on your trampoline or pool Your dog seriously injures a delivery person Learn more: What does homeownership not cover? This embedded content is not available in your region. How much umbrella coverage do you need? The amount of umbrella coverage you need depends on what you want to protect. For a standard two-car household with one home, $1 million in umbrella coverage can be adequate, said Alaina Hixson, director of sales and operations at The Churchill Agency, an independent insurance agency near Nashville, Tennessee. 'The more assets you have, the more protection you need,' she said. You might also need more protection if you are exposed to more risks, such as teen drivers in your household or a sport or hobby such as hunting that could result in others being injured. Your insurance agent can help you assess how much umbrella coverage you need. How much does umbrella insurance cost? Umbrella insurance is relatively inexpensive for the coverage you get, said Tortorici. For example, a household with one home and two drivers would typically pay $250 to $350 a year for a $1 million umbrella policy, she added. Adding teen drivers to your coverage will drive up your rates. So will multiple properties, vehicles, and watercraft. Your location, claims history, and driving record will also affect the cost of umbrella insurance. However, you typically can get a multi-policy discount when bundling an umbrella policy with your existing home, auto, or other property insurance. Learn more: How much is homeowners insurance? A guide to lowering costs. Pros and cons of an umbrella policy There are plenty of benefits of owning an umbrella policy, but there are a few cons to consider. Pros Expanded liability coverage to protect your assets if your underlying home or auto insurance liability coverage isn't enough to pay for large claims Relatively low cost for the coverage you get Wide range of coverage for liability claims Additional coverage for claims not typically covered by home and auto insurance, such as libel, slander, and even false arrest Coverage for other household members in addition to coverage for the policyholder A single policy can cover a range of property, including a home, vehicles, and watercraft Cons High underlying liability limits on your home and auto insurance are required to purchase umbrella coverage Coverage is limited to injuries and damage to others and their property, not you or your property Additional cost of owning a supplemental insurance policy Who needs umbrella insurance? 'Umbrella insurance isn't just for the wealthy,' Javaheri said. 'It is for anyone with something to protect.' You should consider an umbrella policy if any of the following applies to you: You own a home and vehicles You own rental property You have a high net worth You have teen drivers You have a pool or trampoline You have an RV, boat, or other watercraft You have a dog You engage in high-risk activities that could injure someone else Who doesn't need umbrella insurance? To have umbrella insurance, you must have certain primary insurance protection in place. 'If you don't own a car or home, you can't get an umbrella policy,' Gambill explained. For example, you probably don't need umbrella insurance if you are a renter who relies on public transportation. That said, you still should get renters insurance with the maximum amount of liability coverage available. Learn more: How an auto and renters insurance bundle can save you big How to get an umbrella policy The best way to get an umbrella policy is through your existing auto or home insurance provider. In fact, if you want an umbrella policy to cover your home, vehicle, and other property, all policies have to be under the same insurance carrier, Hixson said. Plus, having multiple policies with one carrier usually allows you to score a discount on your premiums. Rarely would it make sense to get an umbrella policy through a different insurance carrier than the one you have. A few circumstances, such as owning a hard-to-insure breed of dog or having a bad driving record, might force you to get an umbrella policy through a specialty carrier, Tortorici said. Umbrella insurance FAQs What are the disadvantages of an umbrella policy? You can't buy an umbrella policy unless you already have an auto or homeowners policy with a high level of liability coverage. You might have to switch insurers if your current provider of home or auto insurance doesn't offer umbrella coverage. Plus, an umbrella policy is an additional insurance cost. 'You're paying for the peace of mind,' Tortorici said. 'Hopefully, you don't use your umbrella.' Is umbrella insurance worth it? Umbrella insurance can protect your assets if you accidentally injure someone or damage property and have to pay a large claim. Although most state laws prevent your home from being seized if you're sued, your other property, investments, and wages could be at risk if you don't have enough liability coverage through your existing home or auto insurance to pay claims. 'I've seen [umbrella insurance] do amazing things to help people,' Hixon said. 'I don't think you can be overprotected when it comes to liability in this country.' Do I have to get umbrella insurance through my current provider? You usually have to buy umbrella insurance through the insurance company that provides your auto or home insurance. However, some insurance companies offer stand-alone umbrella policies, meaning you don't have an auto or homeowners policy with them. Tim Manni edited this article.
Yahoo
an hour ago
- Yahoo
AstraZeneca investing $50B in US, Trump calls it an ‘honor'
British-Swedish pharmaceutical company AstraZeneca announced a $50 billion investment in the U.S. this week, with the Trump administration claiming some credit due to its tariff policy and President Trump calling it an 'honor.' The company announced the investment on Monday, saying it would invest $50 billion into the country by 2030 to build on 'America's global leadership in medicines manufacturing and R&D.' The investment includes a 'drug substance facility' in Virginia, which AstraZeneca says will be its largest single manufacturing investment in the world. Virginia Gov. Glenn Youngkin (R) thanked AstraZeneca for its investment and the jobs that it's expected to generate. 'Advanced manufacturing is at the heart of Virginia's dynamic economy, so I am thrilled that AstraZeneca, one of the world's leading pharmaceutical companies, plans to make their largest global manufacturing investment here in the Commonwealth,' Youngkin said. Additional funds will go towards the company's existing or planned facilities in California, Indiana, Maryland, Massachusetts and Texas. AstraZeneca estimated these investments will help it reach a total revenue of $80 billion by 2030. 'For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness,' Commerce Secretary Howard Lutnick said in a statement. 'We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores. This historic investment is bringing tens of thousands of jobs to the US and will ensure medicine sold in our country is produced right here.' Trump noted the investment at the start of a meeting with Philippines President Ferdinand Marcos Jr. on Tuesday. 'We have a big announcement, AstraZeneca, the big drug company, is going to spend $50 billion — just announced — $50 billion in the United States in order to build various places all over the country big manufacturing plants, pharmaceutical plants all over the country,' Trump said. 'So, that's an honor. And you said they did that because of the election and because of the fact the tariffs are in place. So they are building their facilities in New York. 50 billion, that's a big investment. It's going to be a very good investment. I have no doubt about it. So, thank you so AstraZeneca.' It wasn't immediately clear what New York investment Trump was referring to. AstraZeneca currently has an office located in New York. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
