Business

X Formally Valued At Less Than Half What Musk Paid

The Verge reports: Everyone knew that Twitter wasn’t worth $44 billion when Elon Musk bought it a year ago. Now, we know what Musk himself thinks the company is worth today: $19 billion. On Monday, employees at X were awarded equity in the company at a valuation of $19 billion, or $45 per share, according to internal documents seen by …

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Walgreens And CVS Pharmacy Staff Begin Walkout

Reuters reports: Some employees at CVS Health Corp and Walgreens Boots Alliance’s U.S. pharmacies launched a three-day walkout starting Monday to get the companies to improve working conditions and recruit more people, among other issues. The walkout, which the organizers have dubbed “Pharmageddon”, is the third strike by pharmacists in a little over one month. Shane Jerominski, one of the …

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Musk: Next Year X Users “Won’t Need A Bank Account”

The Verge reports: Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.” “When I say …

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Auto Workers Union And Ford Reach Deal To End Strike

CNBC reports: The United Auto Workers union and Ford Motor have reached a tentative agreement that will end a nearly six-week strike at the automaker, the union announced Wednesday night. The tentative agreement, which was first reported earlier by CNBC, includes 25% pay increases over the terms of the agreement and will cumulatively raise the top wage to more than …

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DOJ Expands Probe Into Tesla’s Business Practices

The New York Times reports: The Department of Justice has expanded its inquiry into Tesla’s business practices to include how far its vehicles can travel on a full charge and “personal benefits” to high-ranking executives or large shareholders, the company said without elaborating. The disclosure follows recent news reports that the carmaker appears to have misled customers about how far …

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Big Oil Deal: Chevron To Buy Hess For $53 Billion

Reuters reports: Chevron Corp said on Monday it will buy smaller rival Hess Corp in a $53-billion all-stock deal, as the oil major looks to increase its footprint in oil-rich Guyana. The deal puts two of the top oil giants, Chevron and Exxon Mobil (XOM.N), head-to-head in two of the world’s fastest growing oil basins – shale and Guyana. Guyana …

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CVS Pulls Decongestants As FDA Says They Don’t Work

The Insider reports: CVS this week said it is pulling many popular decongestants from its shelves after advisors to the Food and Drug Administration said the active ingredient simply does not work. In September, an advisory panel to the FDA ruled that phenylephrine, when taken orally, is no better than a placebo despite being on the market for more than …

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NY Sues Crypto CEOs For Alleged $1.1 Billion Scam

Via press release from New York AG Letitia James: New York Attorney General Letitia James today filed a sweeping lawsuit against cryptocurrency companies Gemini Trust Company (Gemini), Genesis Global Capital, LLC and its affiliates (Genesis), and Digital Currency Group, Inc. (DCG) for defrauding more than 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion. An investigation …

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Rite Aid To Close 154 Stores In Bankruptcy Process

The New York Times reports: On Sunday, Rite Aid, once the largest U.S. pharmacy chain, filed for bankruptcy court protection from its creditors and vowed to remake the company as a “modern neighborhood pharmacy.” Now, in one of its first steps, it says it is closing 154 stores in more than 10 states. The branches set to be shuttered were …

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Twitter/X To Test $1 Annual Subscription For New Users

Reuters reports: Social media platform X, formerly known as Twitter, said on Tuesday it will test a new subscription model under which it will charge $1 annual fee for basic features. The new subscription termed as “Not A Bot” will charge users for likes, reposts or quoting other accounts’ posts, and bookmarking posts on the web version of the platform. …

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Rite Aid Declares Bankruptcy Amid Opioid Lawsuits

Reuters reports: Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO. Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders, which will provide enough liquidity …

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Best Buy To Soon Stop Selling All Physical Media

The Digital Bits reports: The Digital Bits has learned from industry sources—and we’ve confirmed it with multiple sources now—that Best Buy plans to exit the physical media business for good next year, possibly as soon as the end of Q1 2024. This includes not just their in-store Blu-ray, DVD, and 4K Ultra HD sales, which the retailer has been gradually …

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Netflix To Open “Eat, Shop, And Play” Retail Locations

Bloomberg News reports: Netflix Inc. plans to open new destinations where fans can immerse themselves in the worlds of their favorite TV shows, shop for clothing, eat themed food and maybe even try a Squid Game obstacle course. Dubbed Netflix House, the venues will feature a mix of retail, dining and live experiences, according to Josh Simon, the company’s vice …

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MyPillow Halts Advertising Amid Financial Woes

The Daily Beast reports: The once-ubiquitous MyPillow commercials that flooded the airwaves of Fox News and other cable television stations have all but disappeared over the past few weeks amid owner Mike Lindell’s ongoing financial problems, the linen company founder confirmed on Wednesday. The MAGA pillow magnate, who said earlier this month that he has “no money” due to his …

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Musk Continues To Amplify Israel-Hamas War Disinfo

Wired reports: On Monday night, what is left of the trust and safety team at X (formerly Twitter) announced the measures it was taking to try and put the genie back in the bottle and curb the virulent spread of disinformation around the Israel-Hamas war on its platform. The statement, issued three days after the conflict began, reads: “As the …

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Twitter Rolls Out Unmarked Ads That Can’t Be Blocked

Mashable reports: X, the Elon Musk-owned platform formerly known as Twitter, has begun serving its users with a weird new ad format and it’s one of the company’s least transparent products yet. The rollout of these ads also provides the public with a hint regarding just how much the company is struggling to attract advertisers. These new X ads don’t …

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SEC Sues Musk To Compel Testimony On Buying Twitter

Reuters reports: Billionaire Elon Musk is under investigation by the U.S. Securities and Exchange Commission over his 2022 purchase of social media giant Twitter, according to a Thursday court filing in which the agency sought to compel Musk to provide testimony. The investigation concerns whether Musk broke federal securities laws in connection with his 2022 purchases of stock in Twitter, …

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Reuters: Banks Might “Take Back The Keys” To Twitter

Reuters reports: X is still worth something, but not for the people running it. Boss Linda Yaccarino is set to present her plans for the social network formerly known as Twitter to bankers holding nearly $13 billion of its debt, the Financial Times reported. Looming over talks is the likelihood that X’s value is substantially less than even that figure. …

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Lindell Claims Amex Crippled MyPillow’s Credit Line

The Insider reports: MyPillow CEO Mike Lindell said that his company has been crippled by American Express’s decision to slash its credit line. “Steve, we really need everybody’s help right now. We have things going on I’m going to let you all know this week,” Lindell told fellow Trump ally Steve Bannon on the latter’s “War Room” podcast. “Out of …

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DeSantis’s Disney District Board To Compensate Staff With Annual Stipend After Doing Away With Park Perks

The Associated Press reports: Facing a backlash, Walt Disney World’s governing district will pay a stipend to employees whose free passes and discounts to the theme park resort were eliminated under a policy made by a new district administrator and board members who are allies of Florida Gov. Ron DeSantis. The stipend will be $3,000 a year, which is around …

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