Tesla witnessed a sharp decline in its shares, plummeting by 12% on Thursday and erasing a staggering $80 billion in market value. The dip followed the electric car giant’s cautionary statements about decelerating growth in electric car sales and the looming threat posed by Chinese competitors. Closing at its lowest level since December 2022, Tesla’s…
EquiLend, a prominent Wall Street firm processing trillions of dollars in securities transactions monthly, has fallen victim to a cyberattack, disrupting some of its systems, the company confirmed on Wednesday. Owned by major financial institutions including Goldman Sachs, JPMorgan, BlackRock, and Bank of America, EquiLend issued a statement to CNN, revealing that it may take…
A French regulator, the CNIL (French Data Protection Authority), has fined Amazon’s French warehouse operator, Amazon France Logistique, €32 million ($35 million) for implementing an “excessively intrusive” surveillance system to monitor the activities of its workers. The CNIL stated that Amazon provided warehouse staff with scanners that meticulously recorded periods of inactivity and the speed…
Bob Iger, the Chief Executive Officer of Disney, saw a substantial increase in his compensation, totalling $31.6 million for the year 2023, marking a significant boost from his earnings in the preceding year. The breakdown of Iger’s 2023 pay package, as outlined in The Walt Disney Company’s annual proxy statement filed on Tuesday, includes a…
Champagne sales have experienced a downturn in 2023, stepping back from the record-breaking heights achieved in the Covid-19 era. The Comité Champagne, representing over 16,000 winegrowers and 320 Champagne houses, reported a decline in total shipments of bubbly from France, reaching 299 million bottles—a drop of 8.2% compared to 2022. This decrease signifies a return…
Citigroup is set to implement a substantial workforce reduction, with CFO Mark Mason revealing plans to lay off 20,000 employees over the next two years. This decision follows the bank’s dismal performance in the fourth quarter of 2023, reporting a net loss of $1.8 billion, marking its worst quarter in 15 years. The significant reduction…
eBay has agreed to pay a $3 million criminal penalty in the wake of a harassment campaign orchestrated by former employees against a Massachusetts couple who ran a newsletter critical of the company. The settlement, announced on Thursday, follows eBay being charged with six criminal offenses, including stalking, witness tampering, and obstruction of justice. In…
In a significant move to address financial challenges, Audacy, a prominent multi-platform audio content company, has officially filed for prepackaged Chapter 11 bankruptcy proceedings. The announcement came on Sunday, marking a critical step for the struggling internet radio conglomerate, one of the largest radio companies in the United States. Audacy cited substantial debt and a…
Here’s something sure to make Elon Musk smile – short sellers, those investors who placed bets that the value of Tesla shares were going to go down, lost a combined $12.2 billion last year, more than short sellers lost on any other company in 2023. Despite the losses suffered by shorts, Tesla’s shares more than…
As the beer industry navigates the ebbs and flows of 2023, the spotlight shifts to anticipated trends shaping the landscape in 2024, with Anheuser-Busch InBev (BUD), the producer of Bud Light, eyeing a significant comeback. Amidst the aftermath of the boycott faced by Anheuser-Busch InBev, competitors such as Constellation Brands (STZ) and Molson Coors (TAP)…
