Business

Bloomberg News reports: Elon Musk’s $55 billion pay package at Tesla Inc. was struck down by a Delaware judge after a shareholder challenged it as excessive, a ruling that would take a giant bite out of Musk’s wealth if it survives a likely appeal. The decision Tuesday means that more than five years after the electric car maker’s co-founder was …

Bloomberg News reports: Elon Musk said that the first human patient has received a brain implant from his startup Neuralink Corp., a significant step forward for the company that aims to one day let humans control computers with their minds. Neuralink’s brain implant aims to help people with traumatic injuries operate computers using only their thoughts. On X, Musk wrote …

Axios reports: Amazon and Roomba maker iRobot on Monday said that they’ll terminate their $1.4 billion merger agreement, due to opposition from European antitrust regulators. This is the first time Amazon has ever been stopped from buying another company. The deal originally was announced in mid-2022 with a $1.7 billion price-tag, with Amazon hoping to expand a smart home device …

Reuters reports: Social media company X is in the process of hiring 100 content moderators for a new office in Austin, Texas that will focus on fighting child abuse content, a goal it hopes to complete by the end of the year, an X executive said on Saturday. The Elon Musk-owned company announced the new “Trust and Safety center of …

Reuters reports: Martin Shkreli, known for once hiking the price of a life-saving drug more than 4,000%, cannot return to the pharmaceutical industry after a federal appeals court on Tuesday upheld his lifetime ban. A three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge acted properly in imposing the ban and ordering …

NBC News reports: The CEO of Alaska Airlines said new, in-house inspections of the carrier’s Boeing 737 Max 9 planes in the wake of a near-disaster earlier this month revealed that “many” of the aircraft were found to have loose bolts. In an exclusive interview with NBC News senior correspondent Tom Costello, Alaska Airlines CEO Ben Minicucci discussed the findings …

Business Insider reports: A second plane has been dragged into the Boeing 737 Max 9 saga as the Federal Aviation Administration recommended a new set of inspections on Sunday. The Boeing 737-900ER uses the same door-plug design as the Max 9, which has come under scrutiny since the Alaska Airlines blowout on January 5. The Max 9 remains grounded as …

The Drive reports: Gas station and convenience store chain Kum & Go will reportedly rebrand after being bought out in 2023. The new owners are reportedly worried the double entendre in Kum & Go’s name could hurt its business prospects. Established in Iowa in 1959, Kum & Go was acquired by FJ Management’s Maverik chain in April 2023. After blowing …

CNBC reports: A federal judge blocked JetBlue Airways’ purchase of budget rival Spirit Airlines, a major win for Biden’s Justice Department, which sued to stop the merger, alleging it would drive up fares for some of the most price-sensitive consumers. JetBlue’s proposed $3.8 billion purchase of discounter Spirit would have produced the country’s fifth-largest airline, a deal the carriers said …

Ars Technica reports: An actor who was hired to pretend to be the highly qualified CEO of a shady, collapsed cryptocurrency hedge fund called HyperVerse has apologized after a YouTuber unmasked his real identity last week. An Englishman currently living in Thailand, Stephen Harrison confirmed that HyperVerse hired him to pose as CEO Steven Reece Lewis. Harrison told The Guardian …

Reuters reports: The U.S. Federal Aviation Administration is launching a formal investigation into the Boeing 737 MAX 9 after a cabin panel blew off an Alaska Airlines flight last week in mid-air, forcing an emergency landing, the regulator said on Thursday. The FAA on Saturday grounded 171 Boeing MAX jets with the same panel pending safety inspections. Most are operated …

Reuters reports: Tesla has lowered driving-range estimates across its lineup of electric vehicles as a new U.S. government vehicle-testing regulation takes effect with the goal of ensuring that automakers accurately reflect real-world performance. Tesla has historically issued range estimates that overstate what its cars can deliver, prompting widespread complaints from customers, according to some automotive testing experts and a Reuters …

Bloomberg News reports: Boeing Co. Chief Executive Officer Dave Calhoun fought back tears as he said the planemaker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing. “We’re going to approach this — No. 1 — acknowledging our mistake,” Calhoun told Boeing employees Tuesday during a …

The Hill reports: The Securities and Exchange Commission’s (SEC) account on the platform formerly known as Twitter was breached Tuesday, the agency said, after it appeared to announce the approval of several bitcoin investment funds. The SEC’s account on X posted a message earlier Tuesday — featuring a picture of SEC Chairman Gary Gensler — announcing the approval of exchange-traded …

Reuters reports: Social media company X on Tuesday announced three new content deals with former CNN anchor Don Lemon, former U.S. congresswoman Tulsi Gabbard and sports radio host Jim Rome, part of an effort to grow video content on the site. The Elon Musk-owned platform, formerly Twitter, has struggled to retain advertisers amid of series of controversies ever since the …

The Messenger reports: The accounts of several prominent journalists and progressive-leaning influencers have been suspended by Elon Musk’s X platform for apparently violating X’s rules. The affected users include Ken Klippenstein, an investigative journalist who is on staff at The Intercept, and Texas Observer reporter, Steven Monacelli. Monacelli told The Messenger that he did not receive an explanation for the …

The Guardian reports: United Airlines has found loose bolts on multiple 737 Max 9 aircraft, it said Monday, referring to the Boeing model that has been grounded after a panel blew off an Alaska Airlines-operated plane in mid-flight over the weekend. Industry publication Air Current reported that United found discrepant bolts on other parts on at least five panels that …

Bloomberg News reports: Elon Musk’s drug use has worried executives and board members at businesses he runs, the Wall Street Journal reported, citing unidentified people familiar with the billionaire and the companies. Musk has used LSD, cocaine, ecstasy and psychedelic mushrooms, often at private parties, the Journal said, citing unnamed witnesses and others with knowledge of the matter. People close …

Bloomberg News reports: SpaceX sued the US labor board in federal court on Thursday, arguing that a complaint against the Elon Musk-led company for firing employees should be put on hold because the agency’s structure is unconstitutional. The response comes after National Labor Relations Board prosecutors filed a formal complaint against SpaceX, accusing the space transportation company of illegally firing …

CNN Business reports: Some fans of TGI Fridays were likely surprised this week when they found their local restaurant permanently closed because the chain abruptly shut down dozens of locations around the US. The chain said in a release that it closed 36 “underperforming” restaurants as part of its “ongoing growth strategy,” which also includes also a shakeup of its …