Tuesday, Aug 09, 2022 - 22:40:36
336 results - (0.011 seconds)

company’s stake:

latest news at page 1:
    In this article UBER 9984.T-JP VIDEO2:5202:52SoftBank posts a record $23.4 billion loss for the June quarterStreet Signs EuropeSoftBank on Monday disclosed that it sold its remaining stake in U.S. ride-hailing giant Uber as the Japanese conglomerate looks to raise cash amid mounting losses at its investment unit. The move comes after SoftBank's Vision Fund, its technology investment vehicle, reported a 2.93 trillion Japanese yen ($21.68 billion) loss for the June quarter, one of its highest on record. SoftBank said that it sold its Uber holdings at some point between April and July at an average price of $41.47 per share. SoftBank said the average cost per share was $34.50, so the company sold the Uber stake at a profit. The Japanese giant did not say how much the sale of Uber brought in for the company nor the size of the stake it offloaded. SoftBank invested in Uber in 2018 and again in 2019 to become its biggest shareholder at one point. Last year, SoftBank sold about a third of its stake in Uber, CNBC reported. It has now offloaded whatever...
    In this article PEP CELH Celsius Energy DrinksCourtesy: Celsius HoldingsPepsiCo announced Monday a $550 million investment in energy drink maker Celsius Holdings as part of a long-term distribution deal with the smaller company. Shares of Celsius rose 9% in premarket trading on the news, bringing its market value to $6.7 billion. Celsius is expecting to gain more shelf space in existing retailers and expand more into independent stores, like gas stations. Pepsi will start assisting with the distribution starting Monday. Pepsi's investment in Celsius translates to a minority stake of roughly 8.5% in the company. The food and beverage giant will also nominate a director to serve on Celsius's board. Celsius, which was founded in 2005, has reported explosive growth for its energy drinks during the pandemic. In the first quarter, its U.S. revenue soared 217% to $123.5 million. The company pitches its beverages as "healthy" energy drinks, targeting younger consumers who are active and exercise. For Pepsi, the deal helps strengthen its ties to energy drinks. The category is one of the fastest growing beverage segments outside...
    BERLIN (AP) — German energy company Uniper says it’s agreed to a rescue package with the government, which will take a 30% stake. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    Hunter Biden's lawyers insist he has divested from a 10% stake in a Chinese government-linked company, but they won't say whom he sold it to or how much money he may have made as a result. Chinese business records still list Skaneateles, an LLC started by Hunter Biden, as a 10% owner of the Chinese investment firm BHR Partners, more than seven months after his lawyer said he had completely divested from the venture. He had been under pressure to ditch the stake in the wake of his father winning the 2020 election. Hunter's lawyer Chris Clark told the New York Times in November his client "no longer holds any interest, directly or indirectly in either BHR or Skaneateles." "Please read the language you quoted below," Clark told the Washington Examiner in an email Friday. "Internalize it." He did not answer how Hunter had divested from BHR or Skaneateles, if he had sold his stake, and whether he had made money from the Chinese business effort. White House deputy press secretary Andrew Bates referred the Washington...
    In this article PINSThe Pinterest application on a Apple MacBook Air.Guillaume Payen | SOPA Images | LightRocket | Getty ImagesPinterest shares jumped over 20% in extended trading on Thursday after The Wall Street Journal reported that Elliott Management has accumulated a stake of over 9% in the company. Elliott, known for its activist investments, has been discussing unspecified matters with Pinterest for the past several weeks and told the company it's now the largest shareholder, the Journal reported, citing unnamed sources.   Prior to the after-hours pop, Pinterest shares plummeted 75% in the past year as the social media company struggled to retain users. While revenue grew 52% in 2021 to over $2.5 billion, the number of global monthly active users fell 6% to 431 million, a worrying sign for investors concerned that the app's popularity is dwindling. Co-founder Ben Silbermann stepped down from the CEO role in late June. His replacement, Bill Ready, is a former Google commerce executive, a sign the company is poised to step up investments in developing its e-commerce business. Elliott has some experience getting...
    Social media platform TikTok went on the defensive Wednesday following a House Oversight Committee hearing that discussed its ownership. Federal Communications Commission Chairman Brendan Carr asserted there is "virtually no distinction" between TikTok and its Chinese parent company when Rep. Bob Gibbs (R-OH) asked him about its ownership during the hearing. Carr is the senior Republican on the FCC, having been nominated by former President Donald Trump and unanimously confirmed by the Senate. "The parent company, as you call it, is ByteDance, with headquarters in Beijing," Carr explained. "The Chinese government actually has a small ownership stake in ByteDance as well. There's been reports of over 100 CCP members located in just the Beijing office of ByteDance alone." TIKTOK ADDS FILTERS TO LIMIT TEENAGE ACCESS TO ADULT CONTENT ByteDance is the parent company of TikTok and is headquartered in Beijing.The Chinese Communist Party has an ownership stake in ByteDance.Reports suggest more than 100 CCP members are located in ByteDance’s Beijing office. @RepBobGibbs gets to the heart of the issue. pic.twitter.com/5BT6gEfiKX— Oversight Committee Republicans (@GOPoversight) July...
    BERLIN (AP) — Deutsche Telekom says it is selling a majority stake in its German and Austrian cellphone tower business to American and Canadian investors for 17.5 billion euros (dollars). The Bonn-based telecommunications company said U.S.-based DigitalBridge and Canada’s Brookfield would take a 51% share in GD Towers while it would retain the remaining stake “with significant minority protection rights.” GD Towers operates more than 40,000 sites in Germany and Austria. Deutsche Telekom said it would use the proceeds from the sale to reduce its debt and speed up plans to increase its stake in cellphone operator T-Mobile US to 50.1%. The company said regulatory approval for the transaction is expected later this year. Copyright © 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    President Joe Biden’s administration sold 950,000 barrels of oil from the U.S. Strategic Petroleum Reserve to a Chinese state-owned gas company that has financial ties to a private equity firm cofounded by Hunter Biden, according to a Washington Free Beacon report. In April, Biden’s Department of Energy announced the nearly one million barrel sale to Unipec, which is the trading arm of Sinopec. Sinopec is wholly owned and operated by the Chinese Communist Party. Unipec reportedly purchases oil across the globe and then apparently sells it through its Sinopec Marketing subsidiary. According to Unipec’s LinkedIn page: UNIPEC America, Inc. is a wholly owned subsidiary of China International United Petroleum and Chemical Co. Ltd., better known as UNIPEC. UNIPEC is the trading arm of SINOPEC, currently No.2 largest company on the Global Fortune 500 list in 2019. Biden’s son, Hunter Biden, reportedly has financial ties to the CCP-owned Sinopec. A private equity firm Hunter Biden cofounded reportedly purchased a nearly $2 billion stake in Sinopec Marketing in 2015. Vehicles queue at a Sinopec gas station on December 3, 2020, in Huai an, Jiangsu Province...
    London (CNN Business)British taxpayers now officially hold shares in a company that throws sex parties. A government loan provided to Killing Kittens to help it through the pandemic has converted into an equity stake in the company, the British Business Bank confirmed on Tuesday. Killing Kittens, which organizes women-led adult parties in cities including London and New York, secured the investment in 2020 from the UK government's Future Fund, which was designed to help startups survive the coronavirus pandemic.The company was founded by Emma Sayle in 2005, and organizes members-only parties in exclusive venues where "established gender stereotypes" are challenged, according to its website. It recorded a 330% increase in traffic to its website during coronavirus lockdowns, and now calls itself "the fastest-growing adult social network." At one point, the pandemic forced the company to move all its events and workshops online, accelerating existing plans to enter the sex tech industry — a fast-growing sector that encompasses products and businesses focused on enhancing sexual experiences.Read MoreKilling Kittens now has a mobile app that allows users to meet each other "for...
    VIDEO0:5400:54Markets set to open higher after Monday's lossesMorning Report Take a look at some of the biggest movers in the premarket: Nike (NKE) – Nike fell 2.4% in premarket trading despite reporting better-than-expected quarterly profit and revenue. The athletic apparel and footwear maker forecast current-quarter revenue below analysts' estimates amid increased promotional activity and ongoing disruptions in its profitable Chia market. Spirit Airlines (SAVE) – Spirit added 4% in the premarket as the battle to buy the airline intensifies. JetBlue (JBLU) responded to Frontier Group's (ULCC) latest improved offer by sweetening its own bid, adding a monthly pre-payment of 10 cents per share between January 2023 and the deal's close, as well as a $50 million breakup fee increase to $400 million and a $2.50 per share payment when the deal is approved. Frontier rose 2.7%, while JetBlue edged lower by 0.3%. Morgan Stanley (MS), Goldman Sachs (GS), Bank of America (BAC), Wells Fargo (WFC) – These banks raised their dividends after passing their annual stress tests, but JPMorgan Chase (JPM) and Citigroup (C) kept their payouts flat. Morgan Stanley...
    New York (CNN Business)Warren Buffett's Berkshire Hathaway is betting that the oil boom isn't going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week.Berkshire Hathaway (BRKB) made the purchases between June 17 and June 22. Buffett's conglomerate now owns a 16.3% stake in Occidental Petroleum (OXY), making it by far the largest owner of the stock. Mutual fund giant Vanguard is the second biggest investor, with a nearly 11% position in the company.Occidental Petroleum is the best performer in the S&P 500 this year, rising 92% as crude prices have soared. Shares were up more than 3% in early trading Thursday. Buffett says Berkshires success is more about being sane than smartBut Occidental Petroleum isn't the only energy company that Berkshire loves. Chevron (CVX), the Dow's top stock of 2022, is also a favorite of Buffett and his investing team. (Berkshire executives Ted Weschler and Todd Combs run the portfolio along with the Oracle of Omaha.)Read...
    Michael Rubin attends Fanatics Super Bowl Party on February 12, 2022 in Culver City, California.Shareif Ziyadat | Filmmagic | Getty Images Billionaire Fanatics CEO Michael Rubin announced Wednesday that he is selling his 10% stake in the parent company that owns the Philadelphia 76ers and New Jersey Devils, citing a conflict of interest with Fanatics' collectibles and planned sports betting operations. Rubin has no plans to buy into a different team after he sells his stake in Harris Blitzer Sports & Entertainment, a person familiar with the matter told CNBC. His focus is instead on Fanatics, the sports e-commerce company that has grown since 2011 into a global operation with a $27 billion valuation. "When I was part of the ownership group that acquired the Sixers in 2011, Fanatics was just getting started with a small office in King of Prussia selling only licensed sports products online," Rubin said in a statement posted on Twitter. "Today, Fanatics has quickly transformed into a global digital spots platform across multiple businesses, with more than 10,000 employees in 57 countries and serving nearly...
    Mark Ralston/Getty Images Brad Pitt is suing his former spouse Angelina Jolie for selling her stake in a French vineyard they purchased together in 2008. The suit claims Jolie “sought to inflict harm” on Pitt when she sold her stake to Russian oligarch Yuri Shefler, whom documents called, “a stranger with poisonous associations and intentions.” In 2008, the former couple bought a controlling interest in Chateau Miraval SA, a French company including an estate and vineyard in the south of France. “Pitt and Jolie purchased the château as a home to share with their children and the vineyard as a family business,” the filing states. “They agreed they would never sell their respective interests in Miraval without the other’s consent. The couple spent the holidays at Miraval with their children and were married there in 2014.” The suit further states that Pitt helped turn Miraval into “multimillion-dollar global business and one of the world’s most highly regarded producers of rosé wine” while Jolie “contributed nothing.” “Instead, she allowed Pitt to pour money and sweat equity into the business in reliance on the consent...
    Bob Iger poses with Mickey Mouse attends Mickey's 90th Spectacular at The Shrine Auditorium on October 6, 2018 in Los Angeles.Valerie Macon | AFP | Getty Images Former Disney CEO Bob Iger has acquired a stake in Australian design company Canva and agreed to be an advisor to the closely held company. "We're incredibly excited to welcome Bob Iger as an investor and advisor," said Canva spokesman Lachlan Andrews in a statement. "Bob brings a wealth of experience after 15 years at the helm of one of the most loved and most creative brands in the world and we're looking forward to working with him." Iger and Canva declined to comment on the size of the investment. Canva raised money in September, valuing the company at $40 billion. The graphic design software company earned the No. 4 ranking on CNBC's annual Disruptor 50 list, released earlier this month. Canva has more than 75 million monthly users and was on pace to reach a $1 billion annualized revenue run rate in late 2021, CNBC reported. The Sydney-based company helps people create presentations,...
    New York (CNN Business)Elon Musk has faced questions from the US Securities and Exchange Commission about how and when he disclosed his large stake in Twitter last month, prior to agreeing to buy the social media company.On April 4, the same day that Musk initially revealed he had bought up a more than 9% stake in Twitter (TWTR) and become the company's largest shareholder, the SEC sent him a letter asking why he appeared to have delayed disclosing his stake in an apparent violation of securities law. In its letter to Musk, which emerged Friday, the SEC asked him to "please advise why the [initial disclosure] does not appear to have been made within the required 10 days" from the date on which he acquired a stake in the company greater than 5%. Deal or no deal, Elon Musk could upend Twitters business for a long timeMusk's Twitter stake topped 5% on March 14, according to a filing, in which case the public disclosure of that stake should have been made by March 24. Instead, Musk waited 21 days —...
    By BARBARA ORTUTAY | The Associated Press Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company. The lawsuit filed late Wednesday in the U.S. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price. San Francisco-based Twitter is also named as a defendant in the lawsuit, which seeks class action status as well as compensation for damages. A representative for Musk did not immediately respond to a message for comment on Thursday. Twitter declined to comment. Musk last month offered to buy Twitter for $44 billion, but later said the deal can’t go forward until the company provides information about how many accounts on the platform are spam or bots. The lawsuit notes, however, that Musk waived due diligence for his “take it or leave it” offer to buy Twitter. That means he waived his...
    Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company. The lawsuit filed late Wednesday in the U.S. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock price because he wants to walk away from the deal or negotiate a substantially lower purchase price. San Francisco-based Twitter is also named as a defendant in the lawsuit, which seeks class action status as well as compensation for damages. A representative for Musk did not immediately respond to a message for comment on Thursday. Twitter declined to comment. Musk last month offered to buy Twitter for $44 billion, but later said the deal can’t go forward until the company provides information about how many accounts on the platform are spam or bots. The lawsuit notes, however, that Musk waived due diligence for his “take it or leave it” offer to buy Twitter. That means he waived his right to look at the...
    In this article TWTRAltice founder Patrick Drahi, left, and co-founder Armando Pereira pose for photos outside the New York Stock Exchange, before the company's IPO, Thursday, June 22, 2017.Richard Drew | APThe U.K. has launched probes into two major technology deals under its new National Security and Investment Act as it moves to protect its most prized technology assets from foreign takeovers. In a note to shareholders Thursday, BT announced that U.K. Business Secretary Kwasi Kwarteng is "calling in" its deal with Altice, which is owned by telecoms magnate Patrick Drahi. BT said it plans to "fully cooperate" with the review. The deal, revealed in December, would see the French multinational increase its shareholding of BT Group from 12.1% to 18%. BT's share price fell over 4% in early morning trading on the London Stock Exchange Thursday. The National Security and Investment Act came into force on Jan 4. It gives the U.K. government the power to scrutinize and intervene in business deals that have the potential to threaten national security.British iconTracing its origins back to the founding of the world's...
    Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, at the Bitcoin 2021 conference in Miami, Florida, on June 5, 2021.Eva Marie Uzcategui | Bloomberg | Getty Images FTX has been on the hunt to buy brokerage start-ups as the crypto exchange expands into stocks, and its CEO takes a major stake in Robinhood. The Bahamas-based company has approached at least three privately held trading start-ups about an acquisition, according to sources familiar with those negotiations, who asked not to be named because the deal talks were confidential. The discussions were still early and did not result in a term sheet, one source said. Webull, Apex Clearing and Public.com were among the companies FTX has spoken to in recent months, sources said. Webull, Apex and Public.com declined CNBC's requests for comment. FTX didn't respond to a comment request. The move comes as investors increasingly hold crypto and stocks, and brokerage firms look to offer the assets under one roof. Robinhood has pivoted its business model away from just stocks and focused on cryptocurrencies, while SoFi, Block, and other fintechs now offer both....
    In this article BAA United Launch Alliance Atlas V rocket with Boeing's Starliner spacecraft aboard is seen as it is rolled out to the launchpad for the OFT-2 mission scheduled to lift off on May 19, 2022.Joel Kowsky | NASABoeing is set to make another attempt to reach the International Space Station with its Starliner capsule Thursday, nearly two and a half years after the company's first mission fell short. Boeing has been developing its Starliner spacecraft under NASA's Commercial Crew program, having won nearly $5 billion in contracts to build the capsule. The company competes under the program against Elon Musk's SpaceX, which completed development of its Crew Dragon spacecraft and is now on its fourth operational human spaceflight for NASA. Boeing's development of Starliner has run into several obstacles over the past three years. Its first uncrewed mission in December 2019, called the Orbital Flight Test (OFT), ended prematurely after a software malfunction saw the capsule end up in the wrong orbit. NASA noted earlier this year, after an investigation into the issue, that Boeing's software development...
    New York (CNN Business)Warren Buffett's Berkshire Hathaway has been a top investor in Wells Fargo for the past few years, despite the company's fake account scandal, overcharging foreign-exchange customers and myriad other problems. Now, the Oracle of Omaha has finally thrown in the towel.Berkshire Hathaway (BRKB) disclosed late Monday that it sold its remaining stake in Wells Fargo (WFC) during the first quarter, according to the conglomerate's latest filing of holdings with the Securities and Exchange Commission. Shares of Wells Fargo rallied with other bank stocks Tuesday, however. Berkshire still owned a tiny stake in Wells Fargo as of the end of the fourth quarter of 2021, but had been cutting the position gradually since 2019. Many Berkshire investors had been pressuring the company to sell all its holdings in the bank, arguing that its continuing problems were a stain on Berkshire. Critics of Wells Fargo often cited Buffett's comments during a 1991 congressional hearing about issues with Wall Street investment bank Salomon Brothers. Buffett was an investor in Salomon at the time and later became its chairman following a...
    New York (CNN Business)It's been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerage's sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs. But there could be hope on the horizon. Shares of Robinhood surged more than 25% Friday after an investment firm run by 30-year-old crypto billionaire Sam Bankman-Fried disclosed in a Securities and Exchange Commission filing that it has bought a 7.6% stake in the company. Robinhood is introducing a stock lending program. What could go wrong?Bankman-Fried, who runs the startup FTX, a cryptocurrency exchange based in the Bahamas, said in the filing that he bought Robinhood shares because he believes they "represent an attractive investment." He added that his stake is meant to be a passive investment and that he does "not currently have any intention of taking any action toward changing or influencing the control of" Robinhood. (Of course, Elon Musk's initial investment in Twitter (TWTR) appeared to be...
    Vlad Tenev, CEO and co-founder Robinhood Markets, Inc., is displayed on a screen during his company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021.Brendan McDermid | Reuters Robinhood shares jumped 21% on Friday, a day after the CEO of a major crypto exchange took a stake in the retail investing app. An entity called Emergent Fidelity Technologies took a 7.6% stake in Robinhood worth $648 million earlier this month, according to a document filed with the Securities and Exchange Commission. The document also showed Sam Bankman-Fried, who leads the Bahamas-based crypto company FTX, is the sole director and majority owner of Emergent. The stake makes Emergent the third-largest Robinhood shareholder, FactSet data shows. Shares of Robinhood closed at $8.56 on Thursday, the day the document was filed. That was about 77% below the company's July IPO price. Bankman-Fried acquired the shares because they "represent an attractive investment," according to the filing, which also says he "intends to hold the Shares as an investment" and doesn't have "any intention of taking...
    The SEC has reportedly launched a probe into Tesla CEO Elon Musk’s late disclosure last month of his large stake in Twitter, according to the Wall Street Journal. The Wall Street Journal reports that the SEC has launched an investigation into Elon Musk’s late disclosure of his large stake in Twitter last month, a delay that allowed him to purchase more stock without alerting other Twitter shareholders to his ownership. Elon Musk shrugs (Scott Olsen/Getty) The SEC is reportedly probing Musk’s late submission of a public form that investors must file when they purchase more than five percent of a company’s shares. The disclosure acts as an early sign to shareholders and companies that a large investor could aim to control or exert influence over a company. Musk made his filing on April 4, well after his stake surpassed the trigger point for disclosure. Daniel Taylor, a University of Pennsylvania accounting professor, stated that Musk likely saved more than $143 million by not reporting that his trades had crossed the five percent threshold as the share price could have been higher had the market been...
    NEW YORK (AP) — The CEO of cryptocurrency exchange FTX has bought a 7.6% stake in Robinhood Markets, according to a filing with U.S. regulators on Thursday. Samuel Bankman-Fried said in the filing that he bought the shares thinking they were an attractive investment and that he doesn’t currently have any plans to change or influence the control of Robinhood. Robinhood shot to fame for its easy-to-use trading app, which brought a new generation of investors to the stock market, perhaps most famously with the meme-stock frenzy that sent GameStop soaring early last year. But crypto has become a major part of its business. About a quarter of the revenue Robinhood made during the first three months of the year from trading by customers came from cryptocurrencies. Robinhood has been bolstering its crypto business, rolling out crypto wallets for its customers and adding new coins to trade on its platform. Bankman-Fried built his stake in Robinhood through a company called Emergent Fidelity Technologies, buying shares steadily from March 14 through Wednesday. The stock’s price fell over that...
    Regulators from the Securities and Exchange Commission are reportedly investigating Elon Musk and his effort to procure Twitter shares before his offer to purchase the company. The SEC investigation into Musk concerns the handling of his disclosure of stocks, according to a report from the Wall Street Journal. While the agency has not publicly confirmed this investigation as of Thursday, it would be the second regulatory investigation into Musk's business conduct after becoming the presumed owner of Twitter. JACK DORSEY: TRUMP TWITTER BAN 'SHOULDN'T HAVE BEEN' A 'BUSINESS DECISION' Musk acquired a 5% stake in Twitter as early as March 14, according to the Wall Street Journal. The SEC requires investors to file a form with the regulatory agency when their stake hits 5% so other stakeholders are aware of whether a person will attempt to gain control of the company. The billionaire did not disclose his shares until they were 9.2% on April 4, more than a week after the 10-day deadline that the SEC required. The decision to delay the disclosure...
    Masayoshi Son speaks during a joint announcement with Toyota Motor to make new venture to develop mobility services in Tokyo in October 2018.Alessandro Di Ciommo | NurPhoto | Getty Images Japanese tech conglomerate SoftBank intends to keep a majority stake in U.K. chip designer Arm when it lists the company through an initial public offering. Masayoshi Son, SoftBank's CEO, confirmed the news Thursday following a report from Bloomberg last month that cited people familiar with the matter. Son said that SoftBank plans to list Arm as soon as possible, but he added that the company is willing to wait if stock markets continue to be volatile. In February, Son said Arm will likely be listed within the fiscal year ending March 31, 2023. The billionaire declined to comment on what valuation he's seeking for Arm, whose energy efficient chip architectures are used in most of the world's smartphones and many other products. SoftBank was set to sell Arm to U.S. chip giant Nvidia for $40 billion but the deal was scrapped in March amid intense scrutiny from competition regulators in...
    In this article RIDEThe Lordstown Motors Corp. Endurance electric pickup truck sits on stage during an unveiling event in Lordstown, Ohio, U.S., on Thursday, June 25, 2020.Matthew Hatcher | Bloomberg | Getty ImagesStruggling electric vehicle start-up Lordstown Motors said that it's on track to begin production of its Endurance pickup in the third quarter, about a year later than originally expected. Yet even if it hits that start date, the company expects to lose money on every one of the roughly 500 trucks it hopes to ship by year end. Whether Lordstown will survive long enough to face that challenge is still in question. The company's financial future hangs on a deal it struck last September to sell its Ohio factory to Taiwanese contract manufacturer Hon Hai Technology Group, better known as Foxconn. Under the deal's terms, it must close by May 18. (The original terms required the deal to close by May 14, but the parties agreed to a four-day extension, Lordstown said on Monday.) If the deal doesn't happen – as of Monday morning, it wasn't done –...
    In this article MSFT ATVI A crowd waits for a video presentation at the Activision booth during the Electronic Entertainment Expo, known as E3, in Los Angeles, California.Jonathan Alcorn | ReutersThere was some head-scratching across the big tech and gaming worlds in January when Microsoft announced an agreement to buy Activision Blizzard, a leading videogame publisher, for $68.7 billion. Microsoft CEO Satya Nadella framed its largest acquisition ever as a boost to the company's growing metaverse strategy, even though Activision is best known for blockbuster games such as Call of Duty, World of Warcraft and Candy Crush, but not the mix of AR/VR and other technology underpinning the fledgling metaverse. Upon closer inspection, however, Microsoft may now be better situated to become a leader in both the metaverse and gaming realms. "Microsoft is extremely well-positioned for the metaverse," Bernstein analyst Mark Moerdler recently told CNBC. "But I don't think this [acquisition] was purely a metaverse drive. They were also looking for bigger ways to gain depth and breadth in gaming." Moerdler anticipated that Microsoft might buy smaller game studios,...
    OMAHA, Neb. (AP) — Warren Buffett’s Berkshire Hathaway continued buying Occidental Petroleum shares this week just days after he told shareholders that he had amassed a 14% stake in the oil producer. Berkshire Hathaway now controls 15.2% of Occidental’s stock after buying nearly 5.9 million more shares on Monday and Tuesday. The conglomerate disclosed the latest purchases in a filing with the Securities and Exchange Commission Wednesday. Occidental’s shares opened at $63.56 Thursday after the disclosure before falling off to $61.97 in the afternoon. Buffett said at Berkshire’s annual meeting on Saturday that he loaded up on Occidental shares earlier this year after reading a presentation the company put together that made a ton of sense to him. Berkshire’s stake in on common stock of Houston-based Occidental is now worth roughly $8.8 billion, but Berkshire also holds $10 billion worth of preferred shares in the company and warrants to buy another 83.9 million Occidental shares for $59.62 apiece. Berkshire’s Occidental purchases were one of the highlights Buffett mentioned when telling shareholders about what the Omaha, Nebraska-based company spent $51 billion...
    R.J. Scaringe, Rivian's 35-year-old CEO, introduces his company's R1T all-electric pickup and all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, November 27, 2018.Mike Blake | Reuters Amazon invested in electric vehicle maker Rivian in 2019 as part of a plan to go green. During the first quarter, it saw nothing but red. In its earnings report on Thursday, Amazon took a $7.6 billion loss on its stake in Rivian. Shares of the EV manufacturer plummeted by more than 50% in the first three months of 2022, reversing course from the fourth quarter, when the company held its stock market debut and saw its value skyrocket. While Amazon has big ambitions for Rivian, signing an agreement for the production of 100,000 delivery vehicles by 2030, current market conditions are rough. Rivian said last month that the company expects to produce just 25,000 electric trucks and SUVs this year, half of the number forecast to investors last year as part of its IPO roadshow. Like most manufacturers, Rivian is battling through supply chain constraints and internal production snags. But...
    By TOM KRISHER and MATT O’BRIEN Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he — the world’s richest person — promotes his interests, attacks critics and opines on a wide range of issues to more than 83 million followers. The outspoken Tesla CEO has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech. Musk said in a joint statement with Twitter that he wants to make the service “better than ever” with new features while getting rid of automated “spam” accounts and making its algorithms open to the public to increase trust. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” the 50-year-old Musk said, adding hearts, stars and rocket emojis in a tweet that highlighted the statement. The more hands-off approach to content moderation that Musk...
    By TOM KRISHER and MATT O’BRIEN Elon Musk reached an agreement to buy Twitter for roughly $44 billion on Monday, promising a more lenient touch to policing content on the social media platform where he — the world’s richest person — promotes his interests, attacks critics and opines on a wide range of issues to more than 83 million followers. The outspoken Tesla CEO has said he wanted to own and privatize Twitter because he thinks it’s not living up to its potential as a platform for free speech. Musk said in a joint statement with Twitter that he wants to make the service “better than ever” with new features while getting rid of automated “spam” accounts and making its algorithms open to the public to increase trust. “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” the 50-year-old Musk said, adding hearts, stars and rocket emojis in a tweet that highlighted the statement. The more hands-off approach to content moderation that Musk...
    It has been one of the most dramatic takeover attempts in history, seeing a swashbuckling billionaire pitted against one of the largest tech giants in the world. But Elon Musk's seizing of Twitter has been a months-long pursuit that has seen him send shockwaves through the world of business. The Tesla magnate started hoarding shares in the social media firm at the start of the year in an apparent bid to preserve free speech online. He quickly rocketed to the top of its shareholders' list, acquiring a huge nine per cent stake in the tech giant. But then he hit choppy waters, accepting a place on the board then rejecting it, getting embroiled in lawsuits and seeing rival companies circle to buy Twitter. Meanwhile bosses at the social media firm appeared to do all they could to ensure he could not not seize it - even launching a 'poison pill' strategy to sink his chances. Yet Musk brazenly blasted through all the obstacles, punting a $43billion offer earlier this month and showing how he would finance it. As the entrepreneur looks set to...
    (Photo by PATRICK PLEUL/POOL/AFP via Getty Images) Twitter adopted a defensive shareholder rights plan on Friday with the intention of thwarting billionaire Elon Musk’s $43 billion takeover bid of the company. This measure, often referred to in corporate legal jargon as a “poison pill,” allows for current Twitter shareholders to purchase additional shares at a discounted price. This move would dilute Musk’s stake in the company and is a commonly utilized way to ward off hostile takeovers. Musk divulged a 9% stake in the company, and has since made an offer to purchase  Twitter in cash. On Thursday, the billionaire offered $54.20 per share — which values the company at $43 billion — claiming that this was his “best and final” bid. The limited shareholder rights plan has been adopted to insulate Twitter’s shareholders and counteract Musk’s aggressive efforts. The board unanimously agreed to enact the defensive measure on Friday and Twitter released a statement explaining the plan: The Rights Plan is intended to enable all shareholders to realize the full value of their investment in Twitter. The Rights Plan...
    By MATT O’BRIEN PROVIDENCE, R.I. (AP) — Twitter said Friday that its board of directors has unanimously adopted a “poison pill” defense in response to Tesla CEO Elon Musk’s proposal to buy the company and take it private. Twitter said the move, formally called a “limited duration shareholder rights plan,” aims to enable its investors to “realize the full value of their investment” by reducing the likelihood that any one person can gain control of the company without either paying shareholders a premium or giving the board more time. Poison pills are often used to defend against hostile takeovers. Twitter’s plan would take effect if Musk’s roughly 9% stake grows to 15% or more. Even then, Musk could still take over the company with a proxy fight by voting out the current directors. Twitter said the plan doesn’t prevent the board from engaging with parties or accepting an acquisition proposal if it’s in the company’s “best interests.” Twitter had revealed in a securities filing Thursday that Musk offered to buy the company outright for more than $43 billion, saying the...
    In this article TWTRElon Musk's Twitter profile displayed on a computer screen and Twitter logo displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on April 9, 2022.Jakub Porzycki | Nurphoto | Getty ImagesTwitter adopted a limited duration shareholder rights plan, often called a "poison pill," a day after billionaire Elon Musk offered to buy the company for $43 billion, the company announced Friday. The board voted unanimously to adopt the plan. Under the new structure, if any person or group acquires beneficial ownership of at least 15% of Twitter's outstanding common stock without the board's approval, other shareholders will be allowed to purchase additional shares at a discount. The plan is set to expire on April 14, 2023. Such a move is a common way to fend off a potential hostile takeover by diluting the stake of the entity eying the takeover. "The Rights Plan will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without...
    Elon Musk has warned that Twitter's board of directors will face 'titanic' legal liability if they go against the interests of shareholders in rejecting his $43 billion hostile takeover. Twitter's board met for several hours on Thursday afternoon to discuss Musk's offer, and are reportedly considering several options to block the bid. A formal response is could take several days. Responding to reports that the board is mulling a 'poison pill' plan that would prevent him from increasing his stake in Twitter, Musk tweeted: 'If the current Twitter board takes actions contrary to shareholder interests, they would be breaching their fiduciary duty.'  'The liability they would thereby assume would be titanic in scale,' he added, apparently referring to potential shareholder lawsuits. Twitter CEO Parag Agrawal, who also holds a board seat, insisted that the company was not being 'held hostage' by Musk as he sought to reassure panicked employees at an all-hands meeting on Thursday. Elon Musk has warned that Twitter's board of directors will face 'titanic' legal liability if they go against the interests of shareholders in rejecting his...
    Billionaire entrepreneur Mark Cuban has claimed that Elon Musk is 'f****** with the SEC,' engaging in an elaborate scheme to drive up the value of his Twitter shares before selling them at huge profit. Cuban, 63, has been closely following Musk's moves in relation to the social media company, which Musk on Wednesday announced he wanted to take private for $43 billion. Musk's interest in Twitter has been fast and furious. On March 14, he purchased 73,486,938 Twitter shares, or 9.2 percent of Twitter, for about $3 billion. The news was made public in a Securities and Exchange Commission (SEC) filing on April 4, and Musk became the largest shareholder. Musk began speculating about changes to the site - renaming it 'Titter', adding edit buttons - and musing about converting the company's headquarters into a homeless shelter. He even wondered whether Twitter had a future. Cuban on Thursday said he has been watching with amusement, and concluded it was all part of an elaborate plan of Musk's to toy with the SEC. 'My conclusion, @elonmusk is f****** with the SEC,'...
    Private equity firm Thoma Bravo is contemplating a bid for Twitter to rival that of Elon Musk's offer for the social media giant. Thoma Bravo, which already owns other tech names McAffee, Landesk and Barracuda manages more than $103 billion in assets, has a team set aside working on the possibility of acquiring the platform. 'They are making a push,' a source told the New York Post.  Currently, it is not know what Thoma Bravo's bid might be or when it will let the Twitter board know of its interest.  Private equity firm Thoma Bravo is contemplating a bid for Twitter to rival that of Elon Musk's offer for the social media giant  A source told the Post that should a bid be made by the company it might be seen as a 'white knight'.  Tesla chief Musk launched a hostile takeover effort for Twitter on Thursday, insisting the platform needs to be transformed but acknowledging his $43 billion bid may fail. The world's richest person offered $54.20 a share, which values the social media firm at some $43 billion,...
    By MICHELLE CHAPMAN, MATT O’BRIEN and TOM KRISHER In 10 days, Tesla CEO Elon Musk has gone from popular Twitter contributor and critic to the company’s largest individual shareholder to a would-be owner of the social platform — a whirlwind of activity that could change the service dramatically given the sometimes whimsical billionaire’s self-identification as a free-speech absolutist. Twitter revealed in a securities filing Thursday that Musk has offered to buy the company outright for more than $43 billion, saying the social media platform “needs to be transformed as a private company” in order to build trust with its users. “I believe free speech is a societal imperative for a functioning democracy,” Musk said in the filing. “I now realize the company will neither thrive nor serve this societal imperative in its current form.” Later in the day, during an onstage interview at the TED 2022 conference, he went even broader: “Having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.” Since it burst onto the scene in 2006, Twitter has...
    As for the first question, Kingdom Holding purchased a $300 million stake in Twitter in 2011 before the social went public. At the time, Prince Alwaleed reportedly gained more than 3% ownership of Twitter. According to the company's website, "KHC and HRH Prince Alwaleed personally increased their ownership in October 2015 which jointly account for a major shareholding in Twitter." KHC also holds large stakes in major corporations such as the Four Seasons hotel chain, Uber, Lyft, and Citigroup. Twitter has been harshly criticized by conservatives who say the company inconsistently enforces its rules against hate speech and violence against some people, notably Donald Trump, while permitting accounts from brutal dictatorial regimes like Saudi Arabia to freely spread propaganda on its platform. Musk's bid to take over the company comes days after he purchased a 9% stake in the company and declined to join Twitter's board of directors. Musk said in a statement that he's invested in Twitter because " I believe in its potential to be the platform for free speech around the globe, and I...
    New York (CNN Business)Elon Musk may have declined an invitation to join Twitter's board, but that doesn't necessarily mean he's abandoning his plans to shake up the company. If anything, it could free him to be even more disruptive.On Sunday, nearly a week after Musk disclosed he'd become Twitter's largest shareholder and the company offered him a board seat, Twitter (TWTR) CEO Parag Agrawal said the Tesla and SpaceX CEO had decided not to take the position. The decision immediately raised questions about what the notoriously unpredictable billionaire would do next. Accepting a board seat would have required Musk to act in the best financial interests of the company and would likely have required him to bring up suggestions privately rather than on Twitter, the latter of which seemed like a big ask for one of the platform's most prolific (and controversial) users. A part of his agreement with Twitter to join the board, Musk's investment in the company — which currently stands at 9.1% of its shares — would also have been capped at 14.9%, potentially putting some limits...
    A group of Twitter shareholders is suing Elon Musk for allegedly failing to disclose his significant stake in Twitter in an appropriate timeframe. The class action lawsuit against Musk alleges that he delayed a mandatory SEC filing as a major investor so he could purchase even more shares. The stock jumped 27 percent when Musk eventually did disclose his position, leaving investors who sold shares feeling left out in the cold. CNBC reports that a group of Twitter shareholders is suing Tesla CEO Elon Musk for allegedly failing to disclose his recent purchase of a significant state in Twitter in the appropriate timeframe. Musk revealed on April 4 that he had purchased a 9.2 percent stake in Twitter, but some shareholders claim his disclosure was made too late. Brendan Smialowski/AFP/Getty Images According to federal law, investors must inform the Securities and Exchange Commission (SEC) within 10 days of purchasing more than five percent of the shares in a publicly traded company. Musk allegedly began purchasing stock in January and would have hit this milestone on March 14, and should have informed the...
    In this article TWTRElon Musk's Twitter profile displayed on a computer screen and Twitter logo displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on April 9, 2022.Jakub Porzycki | Nurphoto | Getty ImagesA group of Twitter shareholders are suing Elon Musk for allegedly failing to disclose he had bought a significant stake in the social media company in the right timeframe. The Tesla and SpaceX CEO revealed on April 4 that he had amassed a 9.2% stake in Twitter, leading shares to soar as investors viewed the move as a vote of confidence. But his disclosure may have been too late. Federal trade laws dictate that investors must inform the Securities and Exchange Commission within 10 days when they take a more than 5% stake in a company. Musk, who started buying Twitter stock in January, allegedly hit this milestone on March 14, meaning he should have informed the SEC by March 24. A representative for Musk, the richest person in the world, did not immediately respond to a CNBC request for comment. The...
    Fox News host Tucker Carlson hailed Tesla and Space X founder and CEO, Elon Musk, for last week's purchase of Twitter shares, making him one of the company's biggest shareholders, suggesting that it could see a 'restoration of free speech' on the platform. Carlson said Musk's involvement would likely lead to an 'end of its censorship' on the social media platform. Regulatory filings reveal Musk has swiftly amassed a slightly bigger than 9% stake in Twitter with the mercurial billionaire buying shares in almost daily batches starting January 31.   Fox News host Tucker Carlson has hailed Tesla and Space X founder and CEO, Elon Musk, for last week's purchase of Twitter shares Regulatory filings reveal Musk has swiftly amassed a slightly bigger than 9% stake in Twitter Fox News Network Privacy Policy One day after he disclosed his stake, platform CEO Parag Agrawal announced Musk had been invited to the join the company's board of directors, a seat he gladly accepted. However, on Sunday Parag announced how Musk had formally declined his board seat. Either way, Carlson, whose own...
    Billionaire Elon Musk is being sued by a Twitter shareholder who claims the Tesla CEO's delay in disclosing his more than 5 percent stake in the social media giant allowed him to buy shares at a lower price. Marc Bain Rasella filed the lawsuit against Musk for alleged securities fraud in Manhattan federal court on Tuesday, according to a Bloomberg report.  The suit claims the billionaire was required to disclose his holdings to the U.S. Securities and Exchange Commission by March 24, but the delay kept Twitter's share price down allowing Musk to buy more shares at a lower price.  Musk revealed last week that he had become Twitter's largest shareholder, with a 9.2 percent stake in the company.  Rasella said that when Musk finally disclosed his stake in Twitter, the company’s shares went up 27 percent, from $39.31 on April 1 to $49.41.  But due to the delay in Musk's filing, he had already scooped up shares at a deflated prices, the suit alleges.   Since the announcement Twitter's share price has fallen and as of Tuesday morning was trading at $45.83...
    Elon Musk has made another enemy, this time a disgruntled Twitter shareholder who says he suffered losses after Musk failed to punctually inform investors that he had acquired a 9.2 percent ownership stake in Twitter. The lawsuit, filed in federal court in the Southern District of New York on Tuesday, alleges that the Tesla CEO’s delay artificially dampened Twitter’s share price, cheating out investors who sold stock before he finally disclosed his investment in early April. The plaintiff, Marc Bain Rasella, claims that Musk should have revealed his holdings to the U.S. Securities and Exchange Commission by March 24, as Bloomberg News previously reported. Instead, the billionaire revealed that he had bought up 9.2 percent of Twitter only last Monday—immediately causing shares to jump 27 percent as Muskian acolytes clamored to invest. Meanwhile, according to Rasella’s complaint, in dragging his feet to file, Twitter’s most notorious troll managed to scoop up more shares at a deflated price. A finance professor cited by The Washington Post last week estimated that Musk made $156 million by buying at the...
    PROVIDENCE, R.I. (AP) — Tesla CEO Elon Musk’s great Twitter turnabout — in which he disclosed his massive stake in the social media company, got a seat on its board, publicly floated drastic changes and then turned down the board role — all happened in a week. But its aftermath could linger if the mercurial billionaire who now holds a roughly 9% stake in Twitter continues to push forward his ideas for reshaping the business of social media. WHY DIDN’T MUSK JOIN THE BOARD? Musk said he informed Twitter on Saturday that he wouldn’t be joining its board of directors, after being invited five days earlier, according to a financial disclosure. He didn’t explain why but the Saturday decision coincided with a barrage of now-deleted tweets from Musk proposing major changes to the company, such as dropping ads — its chief source of revenue — and transforming its San Francisco headquarters into a homeless shelter. Musk left a few clues on Twitter about his thinking, such as by “liking” a tweet that summarized the events as Musk going from...
    SAN FRANCISCO -- Tesla CEO Elon Musk won't be joining Twitter's board of directors as previously announced. The tempestuous billionaire remains Twitter's largest shareholder.Twitter CEO Parag Agrawal tweeted the news, which followed a weekend of Musk tweets suggesting possible changes to Twitter, including making the site ad-free. Nearly 90% of Twitter's 2021 revenue came from ads. Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk— Parag Agrawal (@paraga) April 11, 2022"Elon's appointment to the board was to become officially effective on 4/9, but Elon shared that same morning that he would not be joining the board," Agrawal wrote in a reposted note originally sent to Tesla employees. "I believe this is for the best."Agrawal didn't offer an explanation for Musk's apparent decision, although he dropped one major hint. The Twitter board "believed having Elon as a fiduciary of the company, where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward," he wrote.Musk...