Business

USA Today reports: The founder of the Hong Kong-based cryptocurrency exchange Bitzlato was arrested early Wednesday in Miami in connection with a vast money laundering operation, accused of transmitting more than $700 million in illicit funds in the past four years. Deputy Attorney General Lisa Monaco said Anatoly Legkodymov, 40, a Russian national, oversaw a major “high-tech financial hub that catered to …

NBC News reports: Bankrupt crypto firm FTX said on Tuesday that $415 million worth of crypto was hacked from the exchange’s accounts, representing a sizeable portion of the identified assets the company is trying to recover. In a presentation titled “Maximizing FTX Recoveries,” lawyers and advisors for FTX debtors updated the total liquid assets identified for recovery, and said they’re valued at …

CNN Business reports: Party City filed for bankruptcy protection Tuesday after years of losses and weak sales. The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load. The company said it secured $150 million in financing that will …

Reuters reports: A 2016 video that Tesla used to promote its self-driving technology was staged to show capabilities like stopping at a red light and accelerating at a green light that the system did not have, according to testimony by a senior engineer. The video, which remains archived on Tesla’s website, was released in October 2016 and promoted on Twitter …

The Daily Beast reports: Twitter’s revenue on Tuesday was down 40 percent year over year as the company continues its free-fall three months into Elon Musk’s takeover, according to Zoë Schiffer, a reporter for Platformer. Musk may also be staring down the barrel of a massive interest payment on the $13 billion in debt he took on to buy the …

The Verge reports: The Federal Elections Commission dismissed a Republican-led complaint that Google’s filters in Gmail unfairly send GOP fundraising emails to spam folders at a higher rate than those from Democrats. The Wall Street Journal was the first to report the FEC’s dismissal on Tuesday, citing a commission letter to Google earlier this month saying that it “found no …

The Richmond Times-Dispatch reports: Gov. Glenn Youngkin’s decision to halt plans for a $3.5 billion Ford Motor Co. battery plant over his concerns about Chinese influence cost one of the poorest areas of Virginia a reported 2,500 jobs with potential for more. If Ford finalized the project, the plant would have gone in the Southern Virginia Mega Site at Berry …

Reuters reports: The West’s top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns …

The Associated Press reports: Elon Musk claimed in a August 7, 2018 tweet that he had lined up the financing to pay for a $72 billion buyout of Tesla, which he then amplified with a follow-up statement that made a deal seem imminent. But the buyout never materialized and now Musk will have to explain his actions under oath in …

The Associated Press reports: A federal judge on Friday rejected Tesla CEO Elon Musk’s bid to move or delay a trial over a misleading tweet about a potential buyout of the electric automaker, setting the stage for the mercurial billionaire to be thrust into a legal drama amid the turmoil of his Twitter takeover. Musk’s attorneys last week asked Chen …

Axios reports: The company overnight “dramatically” cut prices of its Model 3 and Model Y in the U.S. by a weighted average of about $10,000, or 16%, according to Evercore ISI analysts. Tesla has experienced a sharp drop in its stock price over the last several months as Musk’s Twitter management led to criticism of his leadership — and as …

The Hill reports: Delta Air Lines CEO Ed Bastian on Friday urged Congress to boost funding for the Federal Aviation Administration (FAA) following this week’s computer system outage that grounded U.S. flights for hours. Bastian said the FAA meltdown, which led to more than 10,000 delays on Wednesday, was “unacceptable” but placed blame on lawmakers for not prioritizing the agency. …

Reuters reports: Shareholders filed a lawsuit against Southwest Airlines Co on Thursday, accusing the carrier of fraudulently concealing problems that led last month to an operational meltdown and more than 15,000 flight cancellations. According to the proposed class action filed in federal court in Houston, Southwest publicly downplayed or failed to disclose serious shortcomings in its flight scheduling software technology. …

Business Insider reports: Elon Musk is closing many international Twitter offices as he continues to cut costs and try to find ways the company can make money. At least a dozen international offices are closed or in the process of closing, according to two people familiar with the company and messages seen by Insider, along with several more in the …

The Verge reports: Parlement Technologies began laying off workers in late November, according to multiple sources familiar with the matter. These layoffs continued through at least the end of December, when around 75 percent of staffers were let go in total, leaving approximately 20 employees left working at both Parler and the parent-company’s cloud services venture. A majority of the …

NBC News reports: Attorneys for Tesla and Elon Musk are asking a federal judge in San Francisco to move, or delay, a forthcoming trial from Northern California to Western Texas, saying they won’t be able to find unbiased jurors and citing “local negativity” toward Musk. Musk, and other current and former Tesla board members, are set to face a jury …

ABC News reports: The holiday meltdown at Southwest Airlines last month cost the company as much as $825 million in lost revenue and added expenses, the company said in a government filing on Friday. Southwest, the largest domestic airline in the U.S., canceled more than 16,000 flights over an 11-day period at the end of December, the filing said. Southwest …

The Orlando Sentinel reports: Gov. Ron DeSantis wants Florida lawmakers to put the state in control of Disney World’s Reedy Creek Improvement District. A notice published on Osceola County’s website on Friday states that lawmakers will take up legislation “increasing state oversight, accountability, and transparency” of the district. The Legislature and DeSantis dissolved Reedy Creek last year amid Disney’s dispute …

CNBC reports: New York AG Letitia James sued former Celsius Network CEO Alex Mashinsky on Thursday, alleging that Mashinsky defrauded hundreds of thousands of investors out of billions of dollars at the now-bankrupt cryptocurrency exchange. Mashinsky publicly assured his customers that investing with Celsius was both safer and more lucrative than leaving their investments in a traditional bank. At one …

The New York Times reports: Bed Bath & Beyond, the beleaguered home goods retailer, warned investors on Thursday about the darkening prospects for its future, saying that bankruptcy was a possible option. The company reported preliminary earnings, noting lower sales and slower foot traffic compared to the prior year. The company said its sales were about $1.3 billion for the …