Read exclusive facts related to Strike Ups Teamsters and the latest development in Elizabeth Holmes’s case to know about future influences.
The news about UPS drivers going on strike has made critical news in the United States. Did you know that UPS has a massive workforce? In the event of a strike, it would be the biggest strike in a single organization. Let’s also look at the latest development in the Elizabeth Holmes case, as the final verdict is scheduled for 17th-October-2022.
Though both news is not interlinked, let’s first check about Strike Ups Teamsters.
Strike of Teamsters members:
Out of 534,000 employees at UPS, approximately 350,000 teamsters members work at UPS as drivers and package sorters. UPS is the most prominent package courier company, handling approximately 21.5 million packages daily.
Though FDX and other company-owned courier service providers such as Amazon compete with UPS, but they are nowhere near UPS in handling such massive number of packages. The Teamsters union president, Sean O’Brien, is focused on providing their members more compensation and better work conditions.
Although teamsters drivers are paid $95K/year + a traditional pension plan of approximately $50K, the workers want more compensation. Hence, they opt for Strike Ups Teamsters. Sean informed they want UPS to install ACs in panel trucks due to the rise in heat stroke cases.
UPS workers did not go on strike since 1997. Sean does not want to extend the contract with UPS that will expire on 1st-August at 12:01 AM. Teamsters had accumulated more than $300 million in strike funds if they had to pay their members during the strike.
At the same time, Carol Tome (CEO of UPS) informed that negotiations are in progress for a win-win solution. However, she also informed that UPS is working on a contingency plan in the event of a strike.
The latest development in the Theranos Founder Elizabeth Holmes case:
Elizabeth Holmes was the CEO of Theranos and a former biotechnology entrepreneur. She was recognized as the wealthiest and youngest self-made female billionaire as her company was valued at $9 billion in 2015.
The development happened as Theranos revolutionized blood testing methods which use a minimal amount of blood samples. Due to this, Theranos investors anticipated profits as the business grew.
However, Adam Rosendorff, the director of Theranos, repeatedly raised concerns about the accuracy of blood test results. Holmes was charged by SEC with investor fraud. Holmes had settled the case by paying $500K find and returning 18.9 million company shares.
Strike Ups Teamsters is not related to Holmes’s case who was also charged with wire transfer fraud. She is out on bail. But, punishment may result in 20 years of imprisonment and a fine.
Conclusion:
If teamsters members go on strike, it will hurt the US economy as approximately 6% of GDP is transported using UPS. Rosendorff was unable to have a conversation with Holmes. However, he contacted Holmes’s lawyer for a face-to-face meeting that may provide quick healing for both.
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