Behind Elon Musk’s gamble from Twitter Inc. To create a company worth more than $250 billion is a cherished idea he’s stuck with for more than two decades: digital banking. The billionaire entrepreneur has been talking dribs and drabs about what Twitter 2.0 could eventually look like under his control. But late last week, he … Read more
When was the last time you bought something and weren’t asked for a tip? Not only are requests for tips for purchased goods and services becoming more common, the size of the traditional tip has also been on the rise for decades. In the 1950s, people usually tipped 10% of the bill. By the 1970s … Read more
Google founder Sergey Brin, former Disney executive Michael Ovitz and two other billionaires will be subpoenaed in a lawsuit against JPMorgan Chase by the US Virgin Islands government in connection with sex trafficking by Jeffrey Epstein. The subpoenas were first reported by The Wall Street Journal. In addition to Brin and Ovitz, subpoenas are being … Read more
Tesla (ticker: TSLA) is expected to release first-quarter shipment numbers over the weekend. According to 10 estimates from FactSet, Wall Street expects the electric vehicle company to ship 432,000 units in the first quarter, up from about 405,000 in the fourth quarter of 2022. In the first quarter of 2022, Tesla delivered about 310,000 vehicles. … Read more
Last Updated: March 30, 2023 at 5:57 PM ET First published: March 30, 2023 at 5:24 p.m. ET Virgin Orbit Holdings Inc. plans to cease operations, according to a report from CNBC Thursday afternoon. Virgin Orbit’s VORB share fell 46% in after-hours trading, after falling 16% during Thursday’s regular session. The company is making the … Read more
Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees at an all-hands meeting on Thursday. The company will lay off about 100 employees, according to audio from the 5 p.m. ET meeting obtained by CNBC. Shareholders redeemed the stock in extended trading Thursday. … Read more
Nikola said it will raise $100 million through a secondary stock offering to the public. If the public stock offering raises less than $100 million, a private investor has agreed to buy enough shares to make up the difference. The company had about $233 million on hand at the end of the year. The US … Read more
U.S. Secretary of Transportation Pete Buttigieg looks at an EVgo charging station during an electric vehicle event outside the Department of Transportation on October 20, 2021 in Washington, DC. Drew Anger | Getty Images EV charging network operator EVgo on Thursday reported fourth-quarter revenue that beat Wall Street expectations and posted a smaller-than-expected loss as … Read more
Alibaba’s sweeping reorganization is seen as a sign that the Chinese government could relax its intense scrutiny of the domestic technology sector. Alibaba founder Jack Ma returned to public engagements, in another welcome sign for investors. China is aiming for 5% growth this year, after two years of the economy being ravaged by Beijing’s strict … Read more
Walter Disney Co. DIS 2.16% has laid off more than 300 Beijing employees working on its streaming services, according to people familiar with the situation, as part of a cost-cutting and restructuring effort at the entertainment company. The layoffs in China come after Disney this week began implementing the first wave of cuts in a … Read more