Tag Archives: business

CBS News reports: FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges. Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. “The immediate relief of Chapter 11 is appropriate to provide the FTX Group …

From the Justice Department: An indictment was unsealed today in Miami charging two Florida men for their roles in a scheme to defraud investors of Helios & Matheson Analytics Inc. (HMNY), a publicly traded Florida- and New York-based company that was the parent of MoviePass Inc. (MoviePass). According to court documents, Theodore Farnsworth, 60, of Miami, and J. Mitchell Lowe, …

CBS News reports: Vonage will pay $100 million to settle claims it trapped customers in unwanted accounts by forcing people to call to cancel, keeping them on hold for hours and charging hundreds of dollars to end service, government regulators said Thursday. The New Jersey-based company, which provides internet-based phone services, made it easy for customers to sign up for …

Bloomberg News reports: Elon Musk plans to eliminate about 3,700 jobs at Twitter Inc., or half of the social media company’s workforce, in a bid to drive down costs following his $44 billion acquisition, according to people with knowledge of the matter. Twitter’s new owner aims to inform affected staffers Friday, said the people, who requested anonymity discussing non-public plans. …

Motherboard reports: Nudity is back on Tumblr—but only the not-horny kind. In a company announcement on Tuesday, Tumblr staff wrote: “We now welcome a broader range of expression, creativity, and art on Tumblr, including content depicting the human form (yes, that includes the naked human form).” Notably, explicit content, such as sex acts or “content with an overt focus on …

The Verge reports: Now that he owns Twitter, Elon Musk has given employees their first ultimatum: Meet his deadline to introduce paid verification on Twitter or pack up and leave. The directive is to change Twitter Blue, the company’s optional, $4.99 a month subscription that unlocks additional features, into a more expensive subscription that also verifies users, according to people …

The Guardian reports: Elon Musk has completed his $44bn takeover of Twitter, taking control of the company and reportedly firing several top executives, including the chief executive, Parag Agrawal. The world’s richest man tweeted “the bird is freed”, in a reference to Twitter’s corporate logo. Shortly after taking the helm of Twitter, Musk reportedly ousted several senior figures, including Agrawal; …

Yahoo News reports: Elon Musk has said he is buying Twitter to “help humanity” and create a “common digital town square” in a message ahead of the expected completion of his takeover of the site on Friday. In a statement uploaded to Twitter aimed at the platform’s advertisers, Mr Musk said he was acquiring the platform because he believed it …

ABC News reports: As the corporate backlash against Kanye West mounts, Gap has announced it is pulling the rapper’s Yeezy Gap line of merchandise from its stores and has shut down YeezyGap.com. Additionally, Foot Locker is pulling Yeezy products from its shelves. “Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy …

Bloomberg News reports: Weed is coming to US gas stations. Green Thumb Industries Inc., one of the largest US cannabis producers, signed a deal with Circle K, the global convenience-store chain, to sell licensed marijuana at its Florida gasoline retailers. The partnership will begin next year with 10 of the company’s 600 locations in the state, Green Thumb said. The …

CNBC reports: Rival grocers Kroger and Albertsons on Friday announced plans to team up. The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. Albertsons shares had closed Thursday at $28.63 after surging on reports that a deal was imminent. Kroger is the second-largest grocer by market share in the United …

The Guardian reports: Elon Musk is under a federal investigation related to his $44bn takeover of Twitter, the social media company has said in a court filing made public on Thursday. While the filing said he was under investigation, it did not say what the focus was, or which federal authorities were investigating. Twitter, which sued Musk in July to …

NPR reports: Carbon dioxide has no taste, no odor, and no color — but it’s a vital ingredient in the beer business, from putting frothy bubbles in brews to blocking oxidization that makes beer taste stale. But brewers are now worried that a carbon dioxide shortage could force production cuts and price hikes. It’s the latest threat to an industry …

CNBC reports: Twitter shareholders voted Tuesday to approve Elon Musk’s $44 billion bid to buy the company and take it private. The vote comes as Musk seeks to scrap the deal, casting doubt on Twitter’s self-reported percentage of fake accounts and alleging the company was not as forthcoming as it should have been with its explanation of the calculation. Twitter …

The Verge reports: United Airlines is investing $15 million in Eve Air Mobility, an electric aviation startup owned by Brazilian aircraft manufacturer Embraer. As part of the deal, United will purchase 200 of Eve’s electric air taxis, which can seat four passengers and take off and land vertically like a helicopter. This is the second major investment from United in …

Washington DC’s ABC affiliate reports: A manager at a Manassas, Va. country club apologized on Facebook Tuesday after receiving backlash on a 9/11 special menu that included a Remember-tini, Flight 93 Redirect and Pentagon Pie. The menu has since been taken down online, but not before some people captured the menu and posted it to a private community Facebook group. …

The New York Post reports: The chief financial officer of troubled Bed Bath & Beyond has been identified as the man who jumped to his death from the iconic new Tribeca skyscraper known as the “Jenga Building,” The Post has learned. Gustavo Arnal, 52, who was also an executive vice president for the struggling home goods retailer, plunged from the …

The New York Times reports: Begone typos and grammar mistakes! Begone fat-fingered auto corrected slip-ups and textual despair! The edit button is coming to Twitter. On Thursday, after countless pleas from many of its more than 237 million users, some people will start being able to click a button on the social media service to edit a tweet after they …

Reuters reports: Bed Bath & Beyond Inc on Wednesday said it inked deals for more than $500 million in new financing and that it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business. Investors, however, remain concerned that the retailer’s plan, announced in a strategic update, will do little …

Ars Technica reports: Twitter is moving ahead with a shareholder vote on the merger with Elon Musk a few weeks before its lawsuit against Musk goes to trial. Twitter yesterday sent a letter to shareholders inviting them to a September 13 special meeting where they will be asked to approve the merger agreement that Musk is now trying to get …