Business

NBC News reports: It may be the highest-stakes popularity contest in history. Friends and foes of tech billionaire Elon Musk are in the middle of a two-month battle over whether to reinstate a record $56 billion pay package for the Tesla CEO, months after a Delaware state judge struck down his compensation as improperly awarded. The fight is in the …

CBS News reports: The Justice Department is set to file an antitrust lawsuit against entertainment conglomerate Live Nation as early as Thursday, multiple sources familiar with the matter confirmed to CBS News. The federal government will be joined in its legal challenge by several state attorneys general. Prosecutors are expected to challenge the Ticketmaster parent company’s practices and could seek …

Axios reports: Tesla Motors’ brand reputation continued to slip over the last year as the antics of polarizing CEO Elon Musk and other issues tarnished its once-impeccable image, according to new Axios Harris Poll 100 survey results. Tesla soared to 8th place in 2021’s ranking of America’s 100 most visible companies by their perceived image, but has since plummeted to …

NBC News reports: Amazon is upgrading its decade-old Alexa voice assistant with generative artificial intelligence and plans to charge a monthly subscription fee to offset the cost of the technology, according to people with knowledge of Amazon’s plans. The Seattle-based tech and retail giant will launch a more conversational version of Alexa later this year, potentially positioning it to better …

The New York Times reports: Ivan F. Boesky, the brash financier who came to symbolize Wall Street greed as a central figure of the 1980s insider trading scandals, and who went to prison for his misdeeds, died on Monday. He was 87. An inspiration for the character Gordon Gekko in Oliver Stone’s movie “Wall Street” and its sequel, Mr. Boesky …

Bloomberg News reports: Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion. The Orlando, Florida-based company filed for Chapter 11 protection on Sunday, listing assets and liabilities of $1 billion to $10 billion each in its bankruptcy petition. The filing allows the company to keep operating while it …

NBC News reports: More than 50 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future. In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned …

Reuters reports: SpaceX is building launch facilities, office buildings and even a shopping center in rural Texas, as billionaire Elon Musk’s space venture rapidly expands its rocket and satellite business across the Lone Star state. But a Reuters review of Texas property records shows that SpaceX and its contractors can be far slower to pay builders and suppliers than they …

Reuters reports: Major U.S. airlines are suing the U.S. Transportation Department over a new rule requiring upfront disclosure of airline fees, the latest clash between air carriers and the Biden administration. Airlines for America, along with American Airlines, Delta Air Lines, United Airlines, JetBlue Airways, Hawaiian Airlines. and Alaska Airlines filed suit against the department (USDOT) in the U.S. Fifth …

Reuters reports: Apple has apologized after an advertisement for its latest iPad Pro model sparked criticism by showing an animation of musical instruments and other symbols of creativity being crushed, Ad Age magazine reported. “Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with …

NBC News reports:  Federal authorities said Friday they charged Fat Brands and its chair, Andy Wiederhorn, of committing a brazen scheme that netted him $47 million in bogus loans from the restaurant company that owns Fatburger, Johnny Rockets and Twin Peaks. Wiederhorn, who was convicted two decades ago in a criminal case that involved similar conduct, was separately criminally charged …

Bloomberg News reports: Target Corp. won’t sell LGBTQ-themed merchandise in some stores during Pride Month in June, after a backlash dented revenue last year. Target faced threats from some customers last year over its Pride merchandise. The Minneapolis-based retailer plans to offer the full assortment online but is considering store-level data to decide which physical locations will carry the products, …

Ars Technica reports: Amazon Prime Video subscribers will see new types of advertisements this broadcast year. Amazon announced today that it’s adding new ad formats to its video streaming service, hoping to encourage people to interact with the ads and shop on Amazon. Those who opted for Prime Video with commercials will soon see shoppable carousel ads, interactive pause ads, …

Bloomberg News reports: Surely someone in that Cupertino spaceship in California could comprehend the grim imagery of its new iPad ad — titled simply “Crush!”— in which a giant crushing machine slowly squeezes a pile of beloved creative tools. First, a trumpet, buckling. Then paint splattering everywhere. A bust, squashed. An upright piano, crushed, strings and hammers flying out with …

The New York Times reports: General Motors said on Wednesday that it would stop making the Chevrolet Malibu, the last sedan in its U.S. model lineup and a venerable nameplate that was introduced in the 1960s when the company was a dominant force in the U.S. economy. For years, American drivers have been gravitating toward sport utility vehicles and away …

Bloomberg News reports: Steven Mnuchin, the former US Treasury Secretary, said he’s still interested in buying TikTok’s US operation from its Chinese owner, and believes the social media app’s critical video recommendation technology could be replicated. “I’ve actually spoken to a lot of tech companies on working about rebuilding this,” Mnuchin said Tuesday in an interview with Bloomberg Television. “I …

The Sacramento Bee reports: California grocery and drug stores would be prohibited from operating self-service checkout stations without adequate staffing, under a proposed law being considered in Sacramento. The bill is being championed by organized labor and opposed by business groups. Under Senate Bill 1446, by Sen. Lola Smallwood-Cuevas, D-Los Angeles, grocery and drug stores would be required to provide …

Reuters reports: U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities, three people familiar with the matter told Reuters. While Tesla has warned drivers to stay ready to take over driving, the Justice Department is examining other statements by Tesla and Chief Executive Elon Musk suggesting its …

Axios reports: President Biden will travel to Racine County, Wisconsin, on Wednesday to unveil a $3.3 billion investment by Microsoft to build a new artificial intelligence data center, according to Biden officials. It’s another high-profile announcement from the president on how he’s helping to create jobs with private sector investment — but with a twist. He’ll be taking a not-so-subtle …

CBS News reports: After being notified by Boeing that some company employees failed to complete specific inspections on some 787 Dreamliners but reported the checks as having been completed, essentially falsifying inspection records, the Federal Aviation Administration has opened a formal investigation. The inspections verify there is adequate bonding and grounding of the fasteners connecting the wings to the fuselage. …