Former Tesla executive Drew Baglino’s recent resignation sparked controversy as it was revealed that he sold shares in the electric vehicle company worth approximately $181.5 million. This move comes at a precarious time for Tesla, with the company announcing layoffs and facing challenges in the first quarter. Baglino’s decision to sell a significant portion of
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Mark Zuckerberg made a strategic decision to kick off Meta’s earnings call by emphasizing the importance of artificial intelligence (AI) in the company’s future endeavors. This was a bold move that aimed to highlight Meta’s investment in cutting-edge technology as a means to stay competitive in the market. During the earnings call, Zuckerberg delved into
SK Hynix, a South Korean memory chipmaker, recently reported a net profit of 1.92 trillion South Korean won ($1.39 billion) in the first quarter. This marked a significant turnaround from the loss of 2.58 trillion won recorded in the same period a year ago. The positive income is a promising sign for the company, especially
U.S. prosecutors are pushing for a tougher sentence of 36 months for the former CEO of cryptocurrency exchange Binance. This stems from charges of enabling money laundering, as highlighted in a sentencing memorandum recently released. The prosecutors argue that such a sentence is necessary to reflect the gravity of the crimes committed by Zhao. Zhao
In a surprising turn of events, Oracle Chairman Larry Ellison announced that the company will be relocating its world headquarters to Nashville, Tennessee. This decision was made in order to establish closer ties with the thriving health care industry in the region. Ellison emphasized that Nashville is an ideal location due to its reputation as
Jack Dorsey, the CEO of the payments company Block (formerly known as Square), recently announced that the company is expanding its bitcoin mining ambitions. Previously focused on designing chips, Block is now in the process of developing a full bitcoin mining system. In a post on Tuesday, the tech firm revealed that it had completed
The Securities and Exchange Commission (SEC) in the Philippines has taken a bold step by ordering Google and Apple to remove the cryptocurrency exchange Binance from their respective app stores. This decision comes after the regulator deemed that allowing the Filipino public access to Binance sites and apps posed a significant threat to the security
Following the announcement of price cuts by Tesla and Li Auto on their electric vehicles, both companies experienced a substantial negative impact on their stock prices. Tesla shares dropped by 3% in premarket trading, while Li Auto’s stock plummeted to an 11-month low. The market reaction can be attributed to concerns about the competitiveness of
The recent completion of Bitcoin’s fourth “halving” event has reduced the rewards earned by miners to 3.125 bitcoins from 6.25. This has caused some volatility in the price of bitcoin, as it fell about 4% this week to trade around $64,100, according to Coin Metrics. Despite the short-term fluctuations in price, many investors are anticipating
ASML, a prominent chip-equipment maker in the Netherlands, recently expressed concerns about potentially relocating its operations abroad due to proposed limitations on labor migration in the country. The CEO, Peter Wennink, emphasized the necessity of skilled foreign workers for innovation within the company, warning that without access to these individuals, ASML may consider moving elsewhere.