companies23.26 min read
Robinhood trims 10% of staff, targets leaner operation with $28M restructuring hit
2 months ago•Source: The Block
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25.07 min•3 months ago
Strategy vows to relentlessly accumulate BTC, promising 10–20 per sale
Strategy, Inc. chairman Michael Saylor said the firm would replenish any bitcoin it sells with 10 to 20 more BTC, aiming to be a net accumulator even if occasional bitcoin sales fund STRC dividends; the company holds about 818,334 BTC worth roughly $66.2 billion and could pause sales if it’s more accretive to shareholders, with JPMorgan analysts predicting BTC purchases could reach about $30 billion this year if the pace continues. The block also notes strength in Strategy’s software/AI business, and the stock rose on the news.
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GSK Shares Plunge 9% as Delaware Court Allows 70,000 Zantac Lawsuits
Reuters•2 years ago
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"US Labor Dept Sues Hyundai for Alleged Child Labor Violations"
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Shareholders Urged to Reject Elon Musk's $56B Pay Package
Proxy advisory firm Glass Lewis has advised Tesla shareholders to reject Elon Musk's proposed $56 billion pay package, citing its excessive size, potential dilutive effects, and Musk's numerous other commitments, including his acquisition of Twitter. The package, which has no salary or cash bonus, is based on Tesla's market value reaching $650 billion over ten years. Tesla's board, which has close ties to Musk, supports the package, arguing it rewards the company's significant growth. Glass Lewis also criticized Tesla's proposed move to Texas, suggesting it poses additional risks to shareholders.
DOJ Sues to Break Up Live Nation-Ticketmaster Monopoly
The U.S. Justice Department and over two dozen states have filed a lawsuit to break up Live Nation and its Ticketmaster unit, accusing them of monopolistic practices that inflate concert ticket prices and harm artists and smaller promoters. The lawsuit seeks to divest Ticketmaster and address anticompetitive harm, reflecting the Biden administration's aggressive antitrust stance. Live Nation disputes the claims, arguing the lawsuit won't resolve ticketing issues.
"Warren Buffett Reflects on Berkshire's Performance and Charlie Munger's Legacy"
Warren Buffett reassures investors about Berkshire Hathaway's long-term prospects while mourning the passing of Charlie Munger, emphasizing the company's resilience and caution in the face of market excess. Buffett downplays expectations for "eye-popping" performance due to Berkshire's immense size and limited opportunities for significant growth. The annual letter also highlights the record financial results for 2023 and the readiness of Greg Abel as Buffett's successor. Munger's significant influence on Berkshire's success is acknowledged, and the letter underscores the company's ability to withstand economic challenges and stick to its core businesses.
Walmart sued for firing employee with Crohn's disease.
The U.S. Equal Employment Opportunity Commission (EEOC) has sued Walmart for illegally firing a North Carolina deli worker with Crohn's disease. The EEOC accused Walmart of violating the Americans with Disabilities Act by dismissing Adrian Tucker in April 2017 because her nine "unauthorized" absences in the prior six months, including a hospitalization and a visit to the emergency room, violated its "attendance and punctuality policy." The lawsuit seeks back pay and punitive damages for Tucker, and an end to similar future discrimination. Walmart said it was reviewing the complaint.
Rivian moves staff to Illinois plant for faster EV production.
Rivian is relocating parts of its manufacturing engineering team to Illinois to accelerate production of its R1T electric pickup trucks and R1S SUVs. The reorganization would mean those working on manufacturing engineering would be asked to relocate to central Illinois or its headquarters in Irvine, California. Rivian has been losing money on every vehicle it builds and narrowly missed its annual production target of 25,000 units last year.
Amgen announces second round of layoffs, cutting 450 jobs.
Amgen is set to cut 450 jobs, less than 2% of its workforce, in its second round of layoffs this year due to intensifying pressure on drug prices and high inflation. The healthcare industry is feeling the impact of rapidly increasing interest rates. The company had about 25,200 staff members in more than 50 countries as of Dec. 31, 2022.