Page Text: Business, Financial & Legal News - Page 1
The latest and most important Business, Financial & Legal news.
Elon Musk offers $43 billion in HUGE hostile takeover of Twitter
Anthony Garreffa | Thu, Apr 14 2022 6:00 AM CDT
Elon Musk has launched a huge hostile takeover of Twitter, slamming down a $43 billion "best and final" offer for the second-largest social networking company in the world.
Musk explained in a letter sent to Twitter Chairman Bret Taylor, disclosed in an SEC filing: "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy".
"As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder".
NVIDIA enters Top 5 of Fortune's '100 Best Companies to Work For'
Anthony Garreffa | Tue, Apr 12 2022 11:19 PM CDT
Fortune has just released its annual list of the best companies to work for in 2022, with NVIDIA coming in the top 10 -- in fact, at #5 -- ahead of the likes of Capital One, and American Express.
Cisco takes the top spot, the second year in a row that the networking giant has been at the top, while Hilton comes in second, and Wegmans Food Markets, Inc. comes in third. Salesforce comes in fourth, and then NVIDIA is Fortune's #5 company to work for.
Michael C. Bush, CEO of Great Place to Work, a company that evaluates workplace culture said to Fortune: "Best Companies' leadership has never been more necessary. As workers struggle with the Great Resignation, burnout and COVID disruptions, these exceptional companies offer workplace experiences as strong as prior to the pandemic".
Intel announces new $3 billion DIX-Mod3 Oregon factory expansion
Anthony Garreffa | Mon, Apr 11 2022 10:06 PM CDT
Intel is celebrating the grand opening of the gigantic new expansion of its D1X facility in Hillsboro, Oregon -- with a ribbon-cutting ceremony that saw senior government officials, community leaders, and more attend -- including Intel CEO Pat Gelsinger.
Intel CEO Pat Gelsinger said: "Since its founding, Intel has been devoted to relentlessly advancing Moore's Law. This new factory space will bolster our ability to deliver the accelerated process roadmap required to support our bold IDM 2.0 strategy. Oregon is the longtime heart of our global semiconductor R&D, and I can think of no better way to honor Gordon Moore's legacy than by bestowing his name on this campus, which, like him, has had such a tremendous role in advancing our industry".
The honoring of Gordon Moore -- the name behind "Moore's Law" -- is awesome, with the massive near-500-acre campus called Gordon Moore Park at Ronler Acres.
Elon Musk will NOT be joining Twitter board, hostile takeover rumored
Anthony Garreffa | Mon, Apr 11 2022 7:18 AM CDT
The simulation is playing up quite a bit today, with news breaking just now that SpaceX and Tesla CEO Elon Musk will NOT be joining Twitter's board of directors after he secured a huge 9.2% stake in the social networking giant.
Musk was all set to join the board of directors at Twitter, after his 9.2% stake saw him have 4x what Twitter ex-CEO Jack Dorsey owns... but now he won't be joining the board. Twitter CEO Parag Agrawal said on Sunday that Musk's decision was "for the best".
Agrawal didn't provide a reason as to why Musk wouldn't be joining the board, but it seems Twitter shareholders have concerns... the Twitter CEO added: "We have and will always value input from our shareholders whether they are on our board or not". Musk did mysteriously tweet out an emoji of a smiling face, with a hand covering its mouth -- you know, as like a giggle -- something is happening at Titter.
Passengers fined $80,000 for trying to open plane doors mid flight
Jak Connor | Sat, Apr 9 2022 1:32 AM CDT
Two passengers who attempted to open the cabin doors while the plane was flying have been fined more than $75,000 each.
World War Z.
In a Friday press release , the Federal Aviation Administration (FAA) explained that two passengers have been sent fines of $81,950 and $77,272 after attempting to open cabin doors on an airplane while it was flying. The $81,950 fine came after the passenger attempted to attack a flight attendant and then proceeded to try to open the cabin door. Flight attendants tried to stop the passenger from opening the door and were repeatedly hit by the passenger, according to the release.
"After the passenger was restrained in flex cuffs, she spit at, headbutted, bit, and tried to kick the crew and other passengers," the FAA added. The $77,272 fine was slapped on a woman that attempted to hug and kiss the passenger she was seated next to. She then refused to stay seated and proceeded to walk to the front of the plane to open the aircraft doors to exit during the flight. Furthermore, the FAA says the woman bit another passenger multiple times.
Meta aka Facebook 'looking into traditional financial services'
Anthony Garreffa | Wed, Apr 6 2022 10:17 PM CDT
Facebook has been going through some rather large changes over the last few months, one of the biggest is rebranding itself "Meta" and then there is the news just hours ago of "Zuck Bucks" and now the social networking giant is reportedly getting into "more traditional financial services".
The news of Meta offering "more traditional financial services" comes from the Financial Times, with Meta putting a "focus on helping to provide small business loans at attractive rates", according to "several people familiar with the initiative" adds FT. The site said that while "nothing is immediately planned, the company had previously held discussions with potential lending partners".
Is it any wonder Facebook, sorry Meta, is getting into "more traditional financial services" given that Facebook parent company Meta lost over $230 billion in a single day, on February 3. Zuckerberg's company now has the title of the biggest US stock market drop in history... close to a quarter of a trillion dollars.
Meta reportedly preparing 'Zuck Bucks' proving the simulation is real
Anthony Garreffa | Wed, Apr 6 2022 7:47 PM CDT
I think the simulation is real at this point -- within a single week, we've got SpaceX and Tesla boss and the world's largest troll Elon Musk buying a 9.2% stake in Twitter and joining the board of directors -- and now Facebook is reportedly working on "Zuck Bucks".
"Zuck Bucks" isn't some nightmare rumor but it seems to be real, according to a new Financial Times report, with Meta staffers reportedly calling the social networking giant's new virtual currency "Zuck Bucks" after CEO Mark Zuckerberg.
In the report, the Financial Report explained: "Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children's game Roblox". It seems it won't just be the "Zuck Bucks" but also "social tokens" and "reputation tokens" that FT says "could be issued as rewards for meaningful contributions in Facebook groups, for example".
Elon Musk joins Twitter's board of directors, let the (meme) fun begin
Anthony Garreffa | Tue, Apr 5 2022 9:08 AM CDT
Elon Musk is moving at rapid speed into the inner core of Twitter, after news broke that the SpaceX and Tesla founder had purchased a huge 9.2% stake in Twitter.
This gives Musk new powers within the walls of Twitter and their powers that be, with a new filing with the Securities and Exchange Commission (SEC) explaining: "The Company will appoint Mr. Musk to the Company's Board of Directors (the "Board") to serve as a Class II director with a term expiring at the Company's 2024 Annual Meeting of Stockholders".
"For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company's common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions".
Elon Musk buys 9.2% stake in Twitter, stock explodes instantly by 25%
Anthony Garreffa | Mon, Apr 4 2022 7:49 AM CDT
Elon Musk owns a 9.2% stake in the second-largest social media company in the world -- Twitter -- sending Twitter shares up 25% when the news broke an hour ago.
A new filing shows that SpaceX and Tesla founder Elon Musk owns 73.5 million Twitter shares, which are valued at around $2.9 billion. The shares are held by the Elon Musk Revocable Trust, of which Musk is the sole trustee.
Wedbush analyst Dan Ives wrote in a note: "We would expect this passive stake as just the start of broader conversations with the Twitter board/management that could ultimately lead to an active stake and a potential more aggressive ownership role of Twitter".
Facebook funds campaign against 'the real threat' with Republican firm
Jak Connor | Thu, Mar 31 2022 2:15 AM CDT
Facebook's now parent company Meta has reportedly been funding an anti-TikTok campaign through one of the leading Republican consulting firms.
According to reports from the Washington Post , the consulting firm Facebook has been funding is Targeted Victory, which in 2020 managed to rake in $230 million, with its largest clients being groups such as the pro-Trump super PAC, America First Action. WAPO reports that Facebook has been paying Targeted Victory to run anti-TikTok campaigns that included planting op-eds and letters to editors to large newspapers across the US.
The report states that a Targeted Victory director instructed staff at the firm to "get the message out that while Meta is the current punching bag, TikTok is the real threat especially as a foreign owned app that is #1 in sharing data that young teens are using." Notably, Facebook decided to hire Targeted Victory only weeks after the platform announced that it was losing daily active users for the first time in its 18 year history.