In-N-Out Burger CEO to join the list of high-profile business figures to leave California
'There are a lot of great things about California, but raising a family is not easy here,' Snyder announced last week on the 'Relatable' podcast, hosted by conservative commentator Allie Beth Stuckey. 'Doing business is not easy here.'
Snyder said the corporate headquarters will remain in California. The company announced in 2023 that it planned to open a corporate office in Tennessee, along with restaurants in and around Nashville.
With her move to Tennessee, Snyder becomes the latest high-profile business figure to decamp a state known for its sunshine but also heavy taxes and regulation, progressive politics and a punishing cost of living.
Other departures have included Charles Schwab and Chevron, which cited regulatory issues, taxes and high operating costs, and Elon Musk announced last year he was moving the headquarters of SpaceX and social media company X to Texas. He said at the time that a California law barring school districts from requiring staff to notify parents of their child's gender identification change was the 'final straw.'
Snyder is the granddaughter of the chain's founder, Harry Snyder, who opened his first drive-thru hamburger stand in Southern California in 1948. The California cachet has long been part of the brand's identity.
According to its website, In-N-Out Burger has over 400 locations across eight states — California, Nevada, Arizona, Utah, Texas, Oregon, Colorado and Idaho.
In a post on the social media platform X, Tennessee Gov. Bill Lee said, 'From the first time I met Lynsi and her team, we both knew (the chain) would thrive in the Volunteer State.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Mayor Evelyn George will not run for re-election
Jul. 27—Newton Mayor Evelyn George announced this week she will not be seeking another term, putting an end to her long tenure in city government. George was elected mayor in November 2023. The tight race was determined by just 13 votes, with George earning 911 votes and council member Randy Ervin earning 898 votes. Lonnie Appleby, who launched his second campaign for mayor after running as a write-in candidate in 2021, received 798 votes. Prior to her run for mayor, George served the Ward 2 seat on the Newton City Council from 2013 until 2017, and then the at-large seat from 2017 until 2023. At the conclusion of the July 21 city council meeting, George said she and her husband have been married 43 years and counting. She suggested she is not running for re-election this coming November in order to focus more of her time family while they are still healthy to do so. "As we were planning our family vacation to Smoky Mountains, we're like, 'There are so many other places we want to visit and see,'" George said. "And while we're still healthy and able to do that, we've decided that's going to be a priority. So, I will not be running for office this fall." George said the most important characteristics for anyone wanting to serve as mayor are: open-mindedness, a positive attitude and a willingness to listen to people, especially those that aren't of the same background. She also said it helps to be someone who strives to be a lifelong learner. "If someone comes in thinking they have all the answers and they know it, they'll soon find out that city government is quite different than anything else," she said. Solve the daily Crossword
Yahoo
23 minutes ago
- Yahoo
Donald Trump Repeats False Claim Beyoncé Was Paid $11 Million To Endorse Kamala Harris; Calls To Prosecute Singer, Oprah & Al Sharpton
On Saturday, Donald Trump repeated false claims that Beyoncé was paid $11 million to endorse Kamala Harris on the campaign trail in October of last year. The Truth Social post comes as the president faces scrutiny from his own base over the release of the Jeffrey Epstein files. Taking to his social media platform yesterday, the GOP leader wrote, 'I'm looking at the large amount of money owed by the Democrats, after the Presidential Election, and the fact that they admit to paying, probably illegally, Eleven Million Dollars to singer Beyoncé for an ENDORSEMENT (she never sang, not one note, and left the stage to a booing and angry audience!), Three Million Dollars for 'expenses,' to Oprah, Six Hundred Thousand Dollars to very low rated TV 'anchor,' Al Sharpton (a total lightweight!), and others to be named for doing, absolutely NOTHING! These ridiculous fees were incorrectly stated in the books and records. YOU ARE NOT ALLOWED TO PAY FOR AN ENDORSEMENT. IT IS TOTALLY ILLEGAL TO DO SO. Can you imagine what would happen if politicians started paying for people to endorse them. All hell would break out! Kamala, and all of those that received Endorsement money, BROKE THE LAW. They should all be prosecuted! Thank you for your attention to this matter.' More from Deadline Beyoncé Reunites Destiny's Child For Final 'Cowboy Carter' Tour Stop In Vegas Stephen Colbert Praises 'South Park's Naked AI Trump PSA: "An Important Message Of Hope" Donald Trump Denies Being Briefed That His Name Appeared In Jeffrey Epstein Files, Despite Wall Street Journal Report That He Was Informed Trump is referring to the 35-time Grammy-winning artist's appearance at a rally in Houston, where the singer took to the stage to endorse the vice president and call for unity. 'It's time to sing a new song, a song that began 248 years ago. The old notes of downfall, discord, despair no longer resonate. Our generations of loved ones before us are whispering a prophecy, a quest, a calling, an anthem. Our moment right now — it's time for America to sing a new song. Our voices sing a chorus of unity. They sing a song of dignity and opportunity,' she said to the crowd. Federal campaign spending records show a $165,000 payment made from the Democratic presidential candidate's organization to Beyoncé's production company, per CNN, with 'campaign event production' listed as the reasoning for the expenditure. Last year, senior spokesperson for the Harris campaign Adrienne Elrod told Deadline that the campaign did not pay any celebrity endorsers but was required by campaign finance law to cover costs associated with holding such events, per Federal Election Commission rules. This accounts for the $1 million the Harris campaign spent on Oprah's Harpo Productions, as the famed TV personality endorsed her at a Michigan-held 'Unite for America' event in September 2024. The baseless allegation was fact-checked by websites and PolitiFact last year, though Trump repeated his sentiments about Beyoncé, Oprah and Al Sharpton back in February. Trump has also previously harped on the matter in a post made back in May, where he named other influential Harris endorsers like Bruce Springsteen and Bono, calling for a 'major investigation.' There's also no evidence to suggest such expenses were incorrectly categorized, and though Trump maintained payment for endorsement is illegal, there's actually no FEC law that prohibits such campaigns for paying for endorsements, though they must disclose such expenditures. Best of Deadline Celebs Supporting Zohran Mamdani In New York's Mayoral Race: From Ramy Youssef To Cynthia Nixon The Fox News To White House Pipeline: TV Personalities Who Joined The Trump Administration Celebrities Voting And Encouraging Voting In The 2024 Election
Yahoo
23 minutes ago
- Yahoo
Joby Aviation Stock Soars to an All-Time High: My Prediction for What Comes Next
Key Points Joby Aviation stock is soaring on optimism for its electric air taxi network. The company is aiming to ramp up manufacturing and finish its FAA certification. The stock trades at an expensive price versus any reasonable expectations for future revenue. 10 stocks we like better than Joby Aviation › Nobody enjoys sitting in traffic. And yet, the average American will sit in over two weeks of traffic each year. One company believes it has paved a way to help alleviate the traffic pressure in cities around the globe: Joby Aviation (NYSE: JOBY). It is manufacturing and testing electric air taxis, which can go point-to-point over cities more quietly than traditional helicopters, saving people time and frustration. Joby's air taxis are not operational yet, but the stock recently burst through to an all-time high of $17.50 a share on investor enthusiasm for its manufacturing progress and partnerships with large transportation players. It now has a market cap of $14.8 billion even though it generates zero dollars in revenue. Here's my prediction for what comes next with Joby Aviation stock. Betting big on air taxis Utilizing electric motor technology and innovations in aerodynamics, Joby Aviation has created a vertical takeoff vehicle that is quiet enough to leave from residential neighborhoods. It is manned by a pilot, can fit four riders, and has a top speed of 200 miles per hour. The company is planning to set up point-to-point networks in major cities such as New York, where customers will be able to hop from Manhattan directly to the airport, shaving off time that would have been spent sitting in traffic. The company is not officially operating its network yet, but it's working with the Federal Aviation Administration (FAA) in the final stages of testing its aircraft. Multiple pilots have flown the Joby vehicle already, with its manufacturing facilities producing its fifth aircraft for pilots last quarter. Management recently announced an expansion of its factory in California, with plans to eventually produce 24 air taxis annually from this location. Multiple transportation companies have seen the promise in Joby Aviation. Toyota Motors has invested a total of $894 million in the company and is working directly with the company on manufacturing processes. Delta Air Lines is an investor, while Uber Technologies is a partner that will eventually add Joby flights to its ride-sharing application. Joby needs to get a lot of customer demand in order to get a return on its air taxi spending, which will require full operating schedules and high ticket prices. This is possible if its partners such as Uber and Delta drive customers to the upcoming service. The company is not just looking to expand in New York. It is working to add air taxis to Los Angeles, Dubai, and even Japan and the United Kingdom. Most major cities in the world have traffic issues and could see some (especially wealthier) citizens utilize this upcoming air taxi network. Aggressive spending and cash burn There is a lot of promise with Joby's air taxis, but the growth is all theoretical today. Joby does not generate any revenue, is still in the FAA certification process, and has manufactured only a few air taxis to date. Still, it is aggressively burning money on research, manufacturing, and overhead costs as it works to build up its vertically integrated factory network in the United States. In the first quarter of 2025, it spent $134 million on research and development. Over the last 12 months, free cash flow was negative $489 million. The company does have $813 million in cash and a $500 million commitment from Toyota, but this only gives it two to three years of cash burn at its current rate before it will need to raise more funds. My prediction for what comes next with Joby Aviation stock I like the idea of air taxi networks. As long as they can be operated safely, it is a path forward to help alleviate traffic on major highways in metro areas, and it looks like something people will pay up for in order to save time on the way to the airport or other societal hubs. My problem comes from Joby Aviation's market cap of $14.8 billion, making the stock wildly overvalued for a pre-revenue start-up. At its current manufacturing run-rate of 24 air taxis a year that could grow in the years to come, Joby Aviation may have 200 vehicles in operation by 2030. Assuming 20 flights per vehicle per day at $500 each split among the four passengers, that is $730 million in annual revenue for Joby Aviation. It is currently spending close to $500 million a year before generating any sales. There will be variable costs when its taxi network starts operating, along with more money spent to build each vehicle. It is unlikely that Joby Aviation will generate a profit by 2030 even if it can scale up its air taxi routes and charge an average of $500 per flight (which is more than the average round-trip airline ticket for comparable routes). Air taxis are an interesting idea, but that doesn't mean Joby Aviation is a buy with the stock trading at a market cap of $14.8 billion. I predict that pain is ahead for Joby Aviation shareholders for the rest of this decade, even if the company remains on track with its air taxi network buildout. Should you buy stock in Joby Aviation right now? Before you buy stock in Joby Aviation, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Joby Aviation wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy. Joby Aviation Stock Soars to an All-Time High: My Prediction for What Comes Next was originally published by The Motley Fool 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
