https://finance.yahoo.com/news/real-story-behind-tech-founders-225037288.html * HOME * MAIL * NEWS * FINANCE * SPORTS * ENTERTAINMENT * LIFE * SHOPPING * YAHOO PLUS * MORE... * * Try it free [yahoo_fina][yahoo_fina] Yahoo Finance [ ] Sign in Mail Sign in to view your mail * Finance Finance * Watchlists Watchlists * My Portfolio My Portfolio * Screeners Screeners + Saved Screeners Saved Screeners + Equity Screener Equity Screener + Mutual Fund Screener Mutual Fund Screener + ETF Screener ETF Screener + Future Screener Future Screener + Index Screener Index Screener * # Yahoo Finance Plus Yahoo Finance Plus + Dashboard Dashboard + Research Reports Research Reports + Investment Ideas Investment Ideas + Community Insights Community Insights + Blog Blog * Markets Markets + Cryptocurrencies Cryptocurrencies + Calendars Calendars + Trending Tickers Trending Tickers + Stocks: Most Actives Stocks: Most Actives + Stocks: Gainers Stocks: Gainers + Stocks: Losers Stocks: Losers + Top ETFs Top ETFs + Futures Futures + World Indices World Indices + Currencies Currencies + Top Mutual Funds Top Mutual Funds + Options: Highest Open Interest Options: Highest Open Interest + Options: Highest Implied Volatility Options: Highest Implied Volatility + US Treasury Bonds Rates US Treasury Bonds Rates + Currency Converter Currency Converter * News News + Latest News Latest News + Politics Politics + Stock Market News Stock Market News + Cryptocurrency News Cryptocurrency News + Morning Brief Morning Brief + Bidenomics Report Card Bidenomics Report Card + Aarthi Swaminathan Aarthi Swaminathan + Adam Shapiro Adam Shapiro + Adriana Belmonte Adriana Belmonte + Akiko Fujita Akiko Fujita + Alexis Christoforous Alexis Christoforous + Alexandra Canal Alexandra Canal + Alexis Keenan Alexis Keenan + Amanda Fung Amanda Fung + Andy Serwer Andy Serwer + Anjalee Khemlani Anjalee Khemlani + Ben Werschkul Ben Werschkul + Brian Cheung Brian Cheung + Brian Sozzi Brian Sozzi + Brooke DiPalma Brooke DiPalma + Dani Romero Dani Romero + Daniel Howley Daniel Howley + David Hollerith David Hollerith + Denitsa Tsekova Denitsa Tsekova + Emily McCormick Emily McCormick + Erin Fuchs Erin Fuchs + Ethan Wolff-Mann Ethan Wolff-Mann + Ines Ferre Ines Ferre + Jared Blikre Jared Blikre + Javier E. David Javier E. David + Jennifer Schonberger Jennifer Schonberger + Jessica Smith Jessica Smith + Julie Hyman Julie Hyman + Lisa Scherzer Lisa Scherzer + Max Zahn Max Zahn + Michael Kelley Michael Kelley + Pras Subramanian Pras Subramanian + Reggie Wade Reggie Wade + Rick Newman Rick Newman + Seana Smith Seana Smith + Sheila Bair Sheila Bair + Sibile Marcellus Sibile Marcellus + Stephanie Asymkos Stephanie Asymkos + Zack Guzman Zack Guzman * Personal Finance Personal Finance + Home Home + Retirement Retirement + Taxes Taxes + Rates Rates + Broker Center Broker Center * Cryptocurrencies Cryptocurrencies * Videos Videos + Yahoo Finance Live Yahoo Finance Live + Influencers with Andy Serwer Influencers with Andy Serwer + Yahoo Finance Presents Yahoo Finance Presents + Yahoo U Yahoo U + A Time for Change A Time for Change + Spotlight Spotlight + Yahoo Finance All Markets Summit Yahoo Finance All Markets Summit + Berkshire Hathaway Berkshire Hathaway + Events Events + ETF Report ETF Report + Davos Davos + Women and Money Women and Money + FA Corner FA Corner * Industries Industries + Basic Materials Basic Materials + Communication Services Communication Services + Consumer Cyclical Consumer Cyclical + Consumer Defensive Consumer Defensive + Energy Energy + Financial Services Financial Services + Healthcare Healthcare + Industrials Industrials + Real Estate Real Estate + Technology Technology + Utilities Utilities * Tech Tech + Reviews Reviews + How To How To + Games Games + Video Video * Contact Us Contact Us ... ... _ __ U.S. markets closed * S&P 500 4,630.65 +16.98 (+0.37%) * Dow 30 36,052.63 +138.79 (+0.39%) * Nasdaq 15,649.60 +53.69 (+0.34%) * Russell 2000 2,361.86 +3.73 (+0.16%) * Crude Oil 82.92 -0.99 (-1.18%) * Gold 1,788.20 -1.20 (-0.07%) * Silver 23.55 +0.04 (+0.18%) * EUR/USD 1.1582 -0.0027 (-0.23%) * 10-Yr Bond 1.5490 -0.0260 (-1.65%) * GBP/USD 1.3618 -0.0049 (-0.36%) * USD/JPY 113.9600 -0.0380 (-0.03%) * BTC-USD 62,953.62 +1,814.40 (+2.97%) * CMC Crypto 200 1,549.27 +50.11 (+3.34%) * FTSE 100 7,274.81 -13.81 (-0.19%) * Nikkei 225 29,520.90 -126.18 (-0.43%) LA TimesLA Times The real story behind a tech founder's 'tweetstorm that saves Christmas' Read full article Sam Dean October 28, 2021, 6:50 PM*9 min read Los Angeles CA - October 13 Thousands of containers sit, waiting to be loaded on trucks and trains, as large container ships are unloaded from the Ports of Los Angeles and Long Beach, while dozens of large container ships wait to be unloaded offshore Wednesday, Oct. 13, 2021. President Biden is set to announce Wednesday that the Port of Los Angeles would operate around the clock to alleviate a logistical bottleneck that has left dozens of container ships idling off the California coast and Americans waiting longer to get products manufactured overseas. The agreement to have longshoremen unloading cargo through the night is intended to speed the flow of toys, electronics and other gifts to American doorsteps during the holiday season. (Allen J. Schaben / Los Angeles Times) A logjam of container ships at the Port of Los Angeles sparked the curiosity of Flexport founder Ryan Petersen. (Allen J. Schaben / Los Angeles Times) Ryan Petersen, the founder and chief executive of the freight forwarding startup Flexport, wanted to understand the situation at the ports of Long Beach and Los Angeles. So he rented a boat last week and took a tour of the ship-and-container logjam snarling up the U.S. supply chain. On his cruise around San Pedro Bay, Petersen got a firsthand look at the more than 70 hulking container ships idling at anchor, their $64 billion in cargo waiting to be unloaded, and the mountains of steel boxes stacked up on the docks, waiting days on end to get picked up and shipped out. He learned the docks were too crowded to accept returns of empty containers, which meant that truckers couldn't pick up a new full container, since they were stuck with an empty one on their trailer chassis. The following morning, Petersen tweeted this all out -- and his thread became a rare viral sensation about logistics. Big thinkers from the worlds of business, politics and media shared his tweets. Coinbase Chief Executive Brian Armstrong shared it with the comment: "Bureaucracy and red tape abounds. We need to let the free market work." Charmaine Yoest, vice president of the Heritage Foundation, asked in the thread: "Where is the leadership he calls for?" Scott Adams, Dilbert cartoonist and right-wing political commentator, added that "this sounds like the only feasible solution to the supply chain bottleneck." Then Gov. Gavin Newsom called him up. "He said a bunch of people sent him my tweetstorm -- he was getting hit with it left and right -- so he felt obligated to get in touch," Petersen said. He walked the governor through the thread, and explained his policy pitch. He had tweeted five concrete recommendations: end zoning restrictions on how high containers can stack in Long Beach and Los Angeles, call in the National Guard's spare truck chassis, make a temporary 500-acre-or-larger storage yard within 100 miles of the port, force the railroads to run shuttles to this new yard, and call on a fleet of smaller boats to clear containers off the docks. Story continues "I let him know I'm here as a resource, I'm not an activist, I'm not trying to be a pain in his ass," Petersen added. "I think it's a feature that government moves slowly; you don't want them to do rash things with taxpayer money. But it's a problem in the middle of a crisis." In Long Beach itself, the message came through loud and clear. Friends had tagged Mayor Robert Garcia on the thread, and he forwarded it to his staff. By the end of the day, the city had lifted the restriction on stacking the 9-foot-tall containers only two high, and now capped it at four. "Within a few hours we had all decided that we had to make this change immediately," Garcia said. The relaxed rules are in effect for 90 days, and only apply to businesses that were already zoned for storing containers. "If you are in a neighborhood, you don't want to look out your front yard and see five- or six-stacked-high cargo containers. It is a blight and environmental justice issue, no question there," Garcia said. But with the holiday season and piles of dockside containers looming large, he thought it was worth a shot. Twitter took a victory lap. "The Twitter thread worked!" wrote Axios correspondent Felix Salmon. "Now we just need every city to do this with every height limitation regulation, and permanently," wrote independent journalist Matthew Yglesias. A Bloomberg columnist predicted Petersen's thread "could be the tweetstorm that saves Christmas." The impact of this shift, however, is difficult to measure. The change only applies to yards within the city of Long Beach that weren't already zoned for higher stacking levels, which had long been in effect in the industrial zone closest to the port. More than 240,000 containers are currently waiting on the docks, with an additional 500,000-plus sitting on the ships offshore. The chief executive of the Harbor Trucking Assn., which represents the trucking companies dealing with these issues every day, says that any little bit helps, but the measure doesn't change all that much. For one thing, allowing the stacks to climb higher doesn't guarantee they'll do so. "I applaud Mayor Garcia for taking some leadership in all this, but the challenge is procuring the equipment to stack that high," Matt Schrap said. Most yards don't have the top loaders necessary, let alone the skilled operator and space to safely and efficiently stack containers. The real issue, Schrap says, is just that the shipping companies won't take their empty containers back: "The ocean carriers need to come sweep out the empties." Adding insult to injury, the ocean carriers bill truckers a late fee every day for unreturned empty containers, Schrap said, even if they won't accept them at the port. "It makes you want to pick up your laptop and Frisbee it out into the backyard," Schrap said. "That's the frustration running through our veins." Bruce White, who owns Three Rivers Trucking in Long Beach and does have the equipment necessary, said that he had already been stacking containers more than two high in any part of his yard not blocked by power lines, and didn't see this change as more than a drop in the bucket. "Let's just take a two-acre yard. So what is that, maybe 100 containers? You stack them another level higher, so that's a lousy 100 containers -- we're upside down by tens of thousands," White said. He had to fill his yard with 85 empty containers at once recently when a shipping company wouldn't accept them back at the terminal. "You multiply that by what every other trucker does down here, think about what a mess that made in just a week." Lisa Wan, director of operations at the trucking firm RoadEx America, said that the firm ordered a top loader specifically to be able to move and stack containers months ago -- but delivery delays meant it won't show up until next week. "We're lucky we're getting it at all, so we don't complain," Wan said. Once that arrives, the firm will be able to stack 20 to 30 empty containers in its yard, freeing up chassis for more pickups at the ports. She's also seen signs of improvement at the port itself. The congestion has meant that individual terminals put out calls for specific shipping companies' empty containers to be returned only on certain days -- and during certain time slots. But if the empty return appointment is after the appointment to pick up a full container, neither can happen. A few terminals, Wan said, are finally relaxing their rules to allow all-day empty drop-off windows. The Los Angeles City Council has not considered the option to relax the stacking limit, and Branimir Kvartuc, spokesperson for Councilman Joe Buscaino, whose 15th District covers the port area, said that his office was opposed to allowing additional stacking in the city out of concern for residents. But other measures -- not mentioned in Petersen's thread -- are going into effect. The Port of Los Angeles and Buscaino's office are working to open 12 lots in and around the terminals that could store up to 30,000 containers, and the Port of Long Beach has already expanded its temporary storage yards to store 12,000 containers. Local politicians are betting that a new fee on containers idling at the docks -- charged to the ocean shipping companies themselves -- will get some boxes moving. Starting in November, any container meant for a truck that sits at either port for more than nine days will incur a $100 fee, followed by escalating fees of $100 more each day. If a container is meant to go on a train, those fees kick in after just six days on the dock. The idea is to spur the shipping lines to take charge of the situation and start pushing their customers to come pick up their stuff. Despite the announcement in early October from the Biden administration that the ports would be operating 24/7, only one terminal at the Port of Long Beach has actually implemented 24-hour shifts, and only for four days a week. At the Port of Los Angeles, according to spokesperson Phillip Sanfield, 30% to 40% of pickup time slots during daylight hours are going unused as it is, so the terminals -- which are operated by private companies -- see no reason to open up in the middle of the night. But the new fee doesn't apply to empty containers. Schrap, the Harbor Trucking Assn. chief executive, said that he was baffled by the omission. The reason that pickup slots are going unused is the empty containers taking up space on the back of trucks, he said. "This fee is a shot across the bow at the ocean carriers because they need them to be engaged," Schrap said, "but it's mind-boggling to me that this is not being applied to empty containers." Petersen, for his part, said he was gratified by the response to his tweet thread, even if policymakers are finding different solutions. Although he offered in one tweet "to lead this effort for federal or state government if asked," it would have meant walking away from his own rapidly growing logistics business: Flexport revenues are on track to hit $3.2 billion in 2021, more than double the previous year's bookings, according to the company. He predicts the traffic jam at the ports will take months to fully resolve. "It's a very complex world, and I'm very suspect of everybody who has this clean narrative about how it's all gonna play out," he said. White, the trucking company owner, agreed, and offered his own prescription. "People ask me what I think the answer is," he said, "and I tell them: Move Christmas to April, because that's when you're gonna get your stuff." This story originally appeared in Los Angeles Times. __ _ _ __ Recommended Stories * [placeholde] Raleigh News and Observer Stunning new numbers show a growing NC political player - Hispanics As NC Hispanic cross the 1 million mark, their votes will be felt 2d ago * [placeholde] Yahoo Finance Carbon removal 'is the biggest industry in the history of the world,' Running Tide CEO says Public and private sector actors have been promoting the massive opportunity rooted in reversing climate change -- albeit with dire consequences if the world overshoots its greenhouse gas budget. 28m ago * [placeholde] Ad*Chaikin Analytics + Why this Ad? + I like this ad + I don't like this ad + Try Yahoo Finance Plus AdWall Street legend warns "A strange day is coming" A massive and surprising new transition could soon impact the wealth of thousands, while leaving everyone else worse off than before. * [placeholde] Yahoo Life Shopping Snag a bestselling Philips Sonicare electric toothbrush set for $53 off: 'My teeth are so clean!' Don't wait to invest in cleaner teeth -- this set is already selling fast! 2d ago * [placeholde] Bloomberg KFC Wanted to 'Beat Us Down,' Pilgrim's Pride Witness Says (Bloomberg) -- KFC Corp.'s top price negotiator told executives for Pilgrim's Pride Corp. in 2017 that "he was going to beat us down with a hammer and a baseball bat" as payback for three years of high chicken prices. That's according to the government's star witness in the trial of 10 chicken-industry workers and executives charged with criminal price-fixing. Most Read from BloombergSupply Chain Crisis Risks Taking the Global Economy Down With ItInto the Metaverse: Where Crypto, Gaming and Capi 3h ago * [placeholde] BuzzFeed This 10-Year-Old Boy Was Bullied For His Halloween Costume, And This Mom's Impactful Post About It Has Gone Viral "He apologized for washing the goatee off and just wanted to leave."View Entire Post > 23h ago * [placeholde] Ad*The Penny Hoarder + Why this Ad? + I like this ad + I don't like this ad + Try Yahoo Finance Plus AdIf You Have $1,000 in the Bank, Make These 4 Moves If you've got more than $1,000 in your checking account, you need to make these moves as fast as possible. * [placeholde] BuzzFeed This Woman Went Viral For The "Millennial Rant" She Sent To A Reporter, And I've Gotta Say, I Agree With Everything She Said "A nap pod costs between $8,000 to $12,000, which would go much further on a salary retaining a talented millennial than giving them an afternoon nap."View Entire Post > 21h ago * [placeholde] Reuters Cryptic Elon Musk post goes viral in China amid clash with World Food Program HONG KONG (Reuters) -More commonly known for sparking debate on Twitter, Elon Musk was the centre of speculation on Weibo on Tuesday after the Tesla CEO posted a poem on the Chinese site that some took to be an extension of his clash with the U.N's World Food Program. Musk and World Food Program (WFP) head David Beasley have been engaging in a heated debate since Beasley last week challenged billionaires to give more of their wealth to end hunger. Musk countered by saying he'd sell $6 billion in Tesla stock and donate it to the WFP, provided the organization disclosed more information about how it spent its money. 15h ago * [placeholde] Fortune $69 billion in Bitcoin is at the center of Miami crypto court fight Legal arguments started Monday in a trial that could (possibly) establish who was the true creator of Bitcoin--and who has rights to Satoshi Nakamoto's 1.1 million BTC wallet. 8h ago * [placeholde] Ad*Stansberry Research + Why this Ad? + I like this ad + I don't like this ad + Try Yahoo Finance Plus Ad46 Million Americans "Opt Out" of Cash and Banks The traditional financial system isn't delivering what it used to. That's why they're leaving in droves for a new one that's creating fortunes. * [placeholde] Fort Worth Star-Telegram 'Where do you want it,' wife allegedly asks husband before shooting him, Texas cops say The husband had just returned home from a bar after midnight, police said. 8h ago * [placeholde] Raleigh News and Observer Virginia delegate up for reelection drove with woman removing campaign signs, cops say Officials said he was pulled over the day before the election and notified that his license was suspended. 6h ago * [placeholde] KNXV - Phoenix Scripps Worker injured after manufactured home collapsed on him A man was badly hurt and taken to the hospital Tuesday morning after a manufactured home collapsed on top of him in Buckeye, according to the Buckeye Police Department. 3h ago * [placeholde] Ad*Play Gun Lake + Why this Ad? + I like this ad + I don't like this ad + Try Yahoo Finance Plus AdClaim $750 Match Bonus + 500 Free Spins Play online casino for real money! * [placeholde] The Independent Man who killed daughter's boyfriend for selling her into sex ring is charged with murder John Eisenman accused of abducting and stabbing Aaron Sorensen to death 58m ago * [placeholde] Yahoo Life Gabrielle Union is 'forty-FINE' in crochet bikini: 'Let's get it' The actress is giving body! 22h ago * [placeholde] CBS News Dramatic video shows suspect jumping off bridge after police chase A 34-year-old man attempted to get away from police over the weekend by jumping from the top of a Florida bridge into a river after losing control of a stolen van, authorities said. 4h ago * [placeholde] Ad*searchlime + Why this Ad? + I like this ad + I don't like this ad + Try Yahoo Finance Plus AdYou Won't Believe The Price: The New Honda CR-V Search For Honda CR-V offers. The affordable price makes this SUV hard to resist. * [placeholde] Atlanta Black Star '49 WHERE?!': Gabrielle Union Commemorates Her 49th Birthday by Sharing This Cheeky Image with Dwyane Wade, Fans are Left Speechless Gabrielle Union left fans flabbergasted on Friday, Oct. 29, after the actress uploaded a sexy photo for her 49th birthday, including her husband, Dwyane Wade. [...] 1d ago * [placeholde] Associated Press EXPLAINER: Does it matter how long jury selection takes? As jurors in the murder trial of Kyle Rittenhouse listened to opening statements in a Wisconsin courtroom Tuesday, attorneys in south Georgia questioned potential jurors for a third week in the trial of three men charged in Ahmaud Arbery's slaying. It took the judge and attorneys in Wisconsin just one day to choose the panel of 20 -- 12 jurors and eight alternates -- for Rittenhouse's trial, but legal experts say the speedy process doesn't mean the jurors aren't capable of delivering a fair verdict. The 18-year-old is charged with shooting three men during a protest in Kenosha, killing two of them. 1h ago * [placeholde] Fort Worth Star-Telegram Man dressed as Fred Flintstone attacking cars with 'spear' is fatally hit, TX cops say The driver told investigators it was dark and he couldn't stop in time, according to police. 6h ago * [placeholde] Ad*Comparisons.org + Why this Ad? + I like this ad + I don't like this ad + Try Yahoo Finance Plus AdBest & Worst Refinance Mortgage Companies Of 2021 Take advantage of lower mortgage rates & cut your monthly payments. 5 Best Mortgage Refinance of 2021 * [placeholde] Madame Noire The Neglect Of 4 Texas Brothers Proves That The Village It Takes To Raise A Black Child Is The Same Village That Stands By And Watches Them Die Another Horror Story: Who Will Save Black Children? 7h ago * [placeholde] KOAA El Paso County Sheriff's Office identifies victims, suspect in murder-suicide Investigators have released the name of a man, woman and 2 children found dead inside a home in El Paso County from an apparent murder-suicide. 1d ago * [placeholde] Miami Herald Maserati driver charged in crash that killed Ferrari driver, hurling him into Miami waterway A South Florida woman surrendered Monday to face allegations she was drunk when she plowed her Maserati into a driver whose Ferrari had broken down on the 163rd Street Bridge, hurling him into the Intracoastal Waterway last month. 1d ago More Stories __ * __ __