The Australian LGBTQIA+ nightclub that faced backlash for aiming for “90% plus” male customers despite its Chappell Roan-inspired namesake has announced a rebrand.
Last week, Kevin Du-Val, the owner of Sydney’s Palms On Oxford, and its manager, Michael Lewis, announced they would be opening a new bar in early December called PINK PONY, which they describe as “unashamedly inspired by its namesake song that resonates so profoundly within our community.”
However, they said the club was created “specifically for 18-35 (state of mind) gay men who love to dance and get sweaty to high-powered dance music in a safe space.”
In an interview with Gay Sydney News, Lewis reiterated the demographic they are targeting, adding: “Of course, the girls will be welcome. But it would certainly be our desire that it is predominantly gay boys, and when I say predominantly, I’m sort of talking 90 percent plus.”
“Obviously, we’ve got legal hurdles,” he continued, “in terms of how much we can vet the crowd while still complying with the law.”
Shortly after the news was announced, Lewis and Du-Val faced massive backlash on social media, with many slamming the pair for being dismissive of queer women – especially since its namesake is inspired by a song written and performed by one of the biggest lesbian pop artists.
Following widespread condemnation, the owners issued a lengthy apology, with Lewis also telling The Guardian Australia that the venue’s name would be changed.
On 21 October, the club’s Instagram account announced that the venue’s new name would be TRIBE @ 231 Nightclub.
“A bold new chapter in Sydney’s nightlife is about to begin. TRIBE @ 231 a nightclub created by members of the LGBTQI+ community for the LGBTQI+ community, is officially opening its doors in the heart of Darlinghurst — and it’s ready to electrify,” the statement revealed.
“Oxford Street has always been a cultural beacon for the LGBTQI+ community. TRIBE @ 231 is our love letter to that legacy — a place to dance, connect, and celebrate queer joy in all its forms… TRIBE @ 231 aims to energise the soul of Sydney’s queer nightlife and be loud, proud and without limits. Find Your TRIBE @ 231.”
Shortly after announcing the news, one Instagram user inquired if it will be “welcoming to all members of the LGBTQIA+ community? Or just Gs between the ages of 18-35?”
In response, the venue affirmed that TRIBE @ 231 will welcome all members of the LGBTQIA+ community, adding that “at the end of the day, vibe of venue, the music and those it resonates with will dictate the crowd.”
As of this writing, the venue has yet to share the official date for its grand opening. However, they confirmed that it will be open for business sometime in December.
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One major U.S. bank is clearly bullish on the future of the robotaxi segment in China.
Autonomous driving stock Pony AI(PONY 7.65%) can’t, of course, drive its own stock higher at will. Investors sure can, however, and they did so robustly on Monday. On a rather encouraging news item from the world of stock punditry, they ended up pushing Pony AI’s shares more than 7% higher in price during today’s trading session. With that kind of performance, it left the S&P 500 index’s 0.3% rise in the dust.
Ride the Pony, says analyst
This morning, well before market open, sprawling U.S. bank Citigroup initiated coverage of Pony AI stock.
Image source: Getty Images.
Happily for the company and its investors, Citi analyst Jeff Chung launched coverage with an unambiguous buy recommendation at a price target of $29 per share. Even after the pop following the news, that level is nearly 28% higher than Pony AI’s market price.
The pundit wrote in his inaugural note on the self-driving car tech specialist that the robotaxi segment of this market is at an inflection point, according to reports.
He’s especially bullish on the future of robotaxis in China, a major target market for Pony AI. He forecast that robotaxi penetration will rise from an anticipated 0.1% this year to a full 9% in 2030, then increase significantly to 30% five years later.
Take a ride with a peer too
Chung is generally optimistic about self-driving cabs in China. In addition to Pony AI, he initiated coverage of its peer WeRide with a buy at a price target of $15.50 per each of the company’s American depositary receipts (ADRs). Of the two operators, WeRide is the one actually headquartered in China, specifically in the city of Guangzhou.
Citigroup is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
One pundit tracking the autonomous driving specialist published a bullish update.
Chinese autonomous driving tech company Pony AI(PONY 3.84%) motored well higher on the stock exchange Tuesday. On the back of a fresh analyst update, investors crowded into the stock to leave it with a gain of nearly 4% the trading session. That contrasted with the trajectory of the benchmark S&P 500 index, which moved in reverse with a 0.6% decline on the day.
Ramping up service hours and road testing
Well before market open, Goldman Sachs prognosticator Allen Chang boosted his Pony AI price target by 13%. In his opinion the stock is now worth $27.70 per share, up from his previous level of $24.50. Chang maintained his buy recommendation, which is sensible given that the new fair value assessment is nearly 30% above the company’s latest closing price.
Image source: Getty Images.
The latest developments announced by Pony AI are the key factors in the analyst’s move, according to reports. The Goldman Sachs pundit pointed out that the company has started road testing its Gen-7 robotaxi in the major Chinese cities of Beijing, Guangzhou, and Shenzhen. Additionally, in certain markets where its service is live, Pony AI has expanded operating hours from 15 per day to a full 24.
Chang also mentioned that the company began full commercial service in Pudong, a busy district in the country’s most high-profile city, Shanghai.
Self-driving success
Given these advancements in commercialization, Chang feels that Pony AI has more than a chance to increase its gross merchandise value (GMV) per robotaxi. That, combined with its ambition to grow its fleet to 1,000 vehicles by the end of this year, bodes well for growth in the fundamentals.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
As of 12:10 p.m. ET, Pony AI stock is still up a solid 10%.
Image source: Getty Images.
Introducing Pony AI
Pony bills itself as “a global leader in achieving large-scale commercialization of autonomous mobility” — but “leader” seems like a relative term.
Despite sporting a market capitalization well in excess of $5 billion, Pony did less than $86 million in revenue over the past year…and lost nearly $320 million in the process. What’s more — and strangely for a growth stock — the rate at which Pony’s revenues are growing resembles less a gallop and more a slow trot. After surging briefly in 2022, this start-up‘s sales have grown just 25% over the last two and a half years, a growth rate of less than 10% per year.
Losses, on the other hand, have more than doubled over the same period.
Is Pony AI stock a buy?
About 10 days ago, Pony issued a press release that suggests things could soon improve. The company says it’s partnering with Qatar’s largest transportation service provider, Karwa, to roll out a robotaxi service in that country. Apparently it has already begun testing robotaxis on public roads in Doha, the capital of Qatar.
Pony calls this a “significant milestone” — and it may turn out to be. But time is running short for Pony. With $600 million in the bank and a cash burn rate of $140 million per year, Pony has about four years to prove it can earn a profit. Until that happens, Pony stock remains a sell for me.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Hundreds of travellers have descended on woodlands around Lyndhurst, Hampshire, for a huge pony and trap ‘drive’Credit: Solent
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All bar one pub closed in the village due to the weekend’s festivitiesCredit: Solent
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Many of the travellers set up in fields in LyndhurstCredit: Solent
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The event is controversial for the impact it has on the local villagersCredit: Solent
The sole bar manager has boasted about owning the “bravest pub in the village” as he opened his doors this weekend to the travellers.
Nearly every pub for miles around the village have closed signs plastered outside other than The Stag Hotel.
Manager Jake Ellis said: “I don’t know if we are brave, or mad!
“To be honest I feel it’s no different to a large group of stags, or hens, turning up.
“You can have all sorts of trouble with them, and we have a simple rule here, if you’re lairy you leave.”
Owner of the popular high street pub, Maria Harris, said one main factor behind her staying open was because a “task force” being set up around this year’s event.
Comprised of the local council, the police and Forestry England, dozens of people kept a close eye on the drive to keep everyone safe.
It comes after the 2024 pony and trap drive in the New Forest was described as “complete carnage”.
Maria said: “If it wasn’t for the task force, we would be shutting like most pubs.
“There have been meetings with all the businesses where they outlined the plans, they had to keep control of it, what was being done to ensure the welfare of the ponies and what support we will have if any trouble starts.
Moment French farmers use tractors to spray hordes of squatters with manure
“The drive is a heritage event which should keep going. But respect is a two-way thing.
“I am giving my trust to the travellers by saying they are welcome here, but I am also asking them to behave – hopefully they will.”
Many travellers heading down for the annual get together were left upset by the lack of pubs open – especially the one they normally congregate at.
The Happy Cheese – just up the road from the The Stag Hotel – won’t be open for business across the two days.
Their owners have plastered big signs saying “No tethering of horses” to fences surrounding the establishment as an extra message.
In response, the travellers carried out a drive by the pub in their pony and carts.
Some even left piles of horse manure behind as a calling card.
Organiser of the drive Tracy Cooper – which the event is named after – slammed the pubs which have shut as “being guilty of disgusting racism“.
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The travellers have given two fingers to one of the pubs they normally congregate at – The Happy Cheese – after it closedCredit: Solent
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A yellow CCTV pole has been set up on the field where the travellers often gatherCredit: Solent
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Part of the police initiative around the village includes the involvement of a ‘Gypsy, Roma, Traveller Liaison Officer.’Credit: Solent
She said: “It is total discrimination. We have so much hate directed at us. It’s ignorance of our ways.
“To be honest I am so sick of the abuse I get over this I think this will be the last one. I just can’t take it anymore.”
Last year’s gathering was marred by the death of a horse that was driven over a cattle grid.
Witnesses said the animal had “died in agony” and there were calls for the drive to be banned.
Tracy responded: “That pony and trap wasn’t even part of our drive. It was nothing to do with us.
“We care for our animals; anyone can see for that themselves.”
She was also happy over the introduction of the task force and welcomed them to patrol the event.
She said: “We have been working closely with it. We are glad the police are around, it shows people we are doing nothing illegal.”
Part of the police initiative includes the involvement of a “Gypsy, Roma, Traveller Liaison Officer”.
PCSO Steve Hull, who is part of a travelling fair community, is visiting all major traveller and Gypsy events in the UK, including the world famous Appleby Horse Fair.
He wants to “help break down barriers between us and them”.
Pointing at his uniform he said: “The biggest problem is this, they see it and think ‘Oh police’ and the mistrust comes in.
“But then the see the sign on my back which states what I am, and they start opening up.
“My aim is to build links between us and them and educate the police about what their communities are about.”
Steve, who is a member of the Hampshire and Isle of Wight police force, gives talks to police bosses about Gypsy, Roma and traveller communities.
He said: “They are an ethnic minority like any other. The more trust we can gain with them the easier it is to police events like this.
“We can work together to ensure they run safely and without incident. I am not saying they are all law abiding but a lot of what is said about them on social media is false.”
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The roads were full with horses and travellers over the weekendCredit: Solent
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Two of the hundreds of horse and cartsCredit: Solent
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One of many signs up in the vilageCredit: Solent
Apart from Steve other new measures this year include tall temporary yellow CCTV towers which have been placed on Lyndhurst high street and at “hotspots” where the travellers gather.
These include beside a river near the Balmer Lawn hotel in Brockenhurst where they go to wash their horses after a drive.
Last year angry locals scattered glass and metal screws on the riverbanks to stop the travellers doing it.
The area then had to be closed for over a week while a clear up operation to prevent harm to wild animals was undertaken.
Some residents of the New Forest, while not agreeing with that action, can understand why some locals have been driven to it.
Local Evelyn Warren explained: “It’s a shame because the drive is actually wonderful to see with all the ponies and the carts.
“But then they go to a pub, get drunk and do all sorts. I don’t think the drive should be banned but it needs to be controlled more.
“There are so many travellers it can get scary at times.”
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PCSO Steve Hull has been called in to help police the eventCredit: Solent
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There are calls for the annual two-day event to be scrappedCredit: Solent
