Anheuser-Busch InBev, the world’s largest brewer, faced a significant setback, potentially losing over $1.4 billion in sales due to a boycott following its brief collaboration with a transgender influencer to promote Bud Light beer. Despite reporting record revenues for 2023, Anheuser-Busch InBev acknowledged that its US business suffered from the fallout of the boycott, with…
Alphabet Inc., the umbrella corporation encompassing tech giant Google, faced a substantial decline of approximately $90 billion in market value on Monday, spurred by mounting apprehensions surrounding the company’s generative artificial intelligence (AI) product. The turmoil surrounding Google’s Gemini AI service has cast a shadow over Alphabet, exerting a notable impact on its stock performance…
Warner Bros. Discovery, facing ongoing challenges in the media industry, revealed a significantly reduced loss in the final quarter of 2023 compared to the same period the previous year. However, the company’s loss was wider than analysts had anticipated. The media conglomerate, which boasts CNN among its assets, reported a net loss of $400 million…
Nvidia CEO Jensen Huang experienced a significant surge in wealth on Thursday as the tech company he helped found in 1993 witnessed a remarkable increase in its stock value. Ranked by Bloomberg as the 21st wealthiest individual globally, Huang’s net worth soared by approximately $8.5 billion in a single day, propelled by a 15% surge…
Amazon’s founder, Jeff Bezos, has finalized another phase of his share sale plan, disposing of approximately 14 million Amazon shares valued at around $2.4 billion (£1.9 billion). This recent sale marks Bezos’s divestment of approximately 50 million Amazon shares over the past nine trading days, totalling approximately $8.5 billion. Bezos had previously disclosed intentions to…
Capital One, a major player in the financial services industry, has announced its acquisition of Discover Financial Services for a whopping $35.3 billion in an all-stock transaction. This strategic move is set to bolster Capital One’s position in the fiercely competitive credit card market. The deal, unveiled on Monday evening, entails Discover shareholders receiving slightly…
Walmart, the retail giant known for its expansive presence in the grocery and retail sectors, is making a bold move into the media and advertising landscape with its recent acquisition of TV manufacturer Vizio for $2.3 billion. The strategic purchase, announced on Tuesday, underscores Walmart’s ambition to expand its advertising arm and position itself as…
Currys, the electrical goods retailer, has turned down a £700 million takeover offer from US investment firm Elliott, stating that the bid significantly undervalued the company and its potential for growth. The proposed acquisition, which aimed to acquire Currys for approximately £700 million, was rebuffed by the company’s board, highlighting their belief that the offer…
Fast-food giant McDonald’s has reported that its business is being affected by the escalating tensions in the Middle East. While announcing overall growth in sales and earnings for the fourth quarter, the company highlighted that the regional turmoil has put pressure on its sales in the Middle East, prompting McDonald’s to closely monitor the evolving…
In a strategic move aimed at reducing costs, UPS has revealed plans to cut 12,000 jobs, primarily targeting manager and contractor positions. The decision comes as the company seeks to save $1 billion, addressing challenges and disappointing sales projections for the upcoming year. UPS has adjusted its sales outlook for the year, anticipating global revenue…
