Category: News
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Elon Musk’s Net Worth Plummets by Nearly $13 Billion in Disastrous 24 Hours
Elon Musk, the billionaire entrepreneur behind Tesla, SpaceX, and Twitter, suffered a disastrous 24 hours on April 21, 2023, as his net worth plummeted by nearly $13 billion. Musk’s woes began with Tesla’s mixed earnings report, which saw the electric vehicle maker’s share price plummet by 10% after reporting a 24% on-year decline in profit…
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BuzzFeed to Shut Down BuzzFeed News and Lay Off 15% of Staff to Reduce Losses
BuzzFeed, the digital media company known for its viral content and news reporting, has announced that it is shutting down BuzzFeed News, its highest-profile division. The move comes as part of a broader effort to reduce losses, which also includes laying off 15% of its staff, or 180 people.[0] The cutbacks highlight the financial pressures…
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US Inflation Data Release: Investors Await Reports on Consumer and Producer Price Inflation
Investors are eagerly awaiting the release of US inflation data, due on Wednesday, as the Federal Reserve looks to keep price pressures under control.[0] According to the Survey of Consumer Expectations by the New York Federal Reserve, the median prediction for inflation rate in a year is a 4.4% increase, which is a decline from…
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SpaceX Prepares to Launch its Starship Rocket: The Most Powerful Rocket Ever Built
SpaceX, founded by Elon Musk, is preparing to launch its Starship rocket for the first time from its Starbase launch facility in Texas.[0] Should it succeed, Starship will become the largest and most formidable rocket to soar through the atmosphere.[1] The Starship vehicle is intended to pave the way for astronauts to visit the Moon…
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Disney Plans to Cut Thousands of Jobs in Entertainment Division and Beyond to Save $5.5 Billion in Annual Costs
The Walt Disney Company is reportedly planning to eliminate thousands of jobs next week, including about 15% of its staff in the entertainment division, according to people familiar with the matter.[0] The layoffs are part of the company’s overall strategy to save $5.5 billion in annual costs, which includes a reduction of $3 billion in…
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Meta to Layoff 4,000 Employees in Effort to Cut Costs and Focus on Metaverse
Meta, the parent company of Facebook, Instagram, and WhatsApp, will begin a significant round of layoffs potentially affecting approximately 4,000 employees.[0] CEO Mark Zuckerberg has named the “year of efficiency” as the overarching restructuring plan at Meta, which includes the recent layoffs. In March, Zuckerberg announced that the company would be reducing its workforce by…
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Biden Administration Proposes New Airline Passenger Compensation Rule for Controllable Delays and Cancellations
On May 10, 2023, the Biden administration announced a proposal for a new rule that would require airlines to compensate passengers for “controllable airline cancellations” and delays. The suggested regulation aims to tackle the issue of compensation for travelers in the event of an airline’s controllable cancellation or substantial delay. This includes provisions for meals…
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PacWest Bancorp Shares Surge by 19% After Dividend Cut
PacWest Bancorp, a bank holding company headquartered in Los Angeles, California, saw its shares surge by 19% early on Monday after the company announced that it would be cutting its dividend from 25 cents per share in the previous quarter to just 1 cent per share. The move was seen as a prudent step to…
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Berkshire Hathaway’s Q1 Profit Soars on Apple Stock Gains and Insurance Rebound
Warren Buffett’s Berkshire Hathaway Inc. has reported a first-quarter profit of $35.5 billion, largely driven by gains from common stocks like Apple Inc.[0] The company’s income from investments has also bolstered its operating profit, leading to an increase of 13% to $8.07 billion, or about $5,561 per Class A share, compared to $7.16 billion in…
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Warren Buffett Expresses Concerns About US Economy and Warns About AI and Printing Money
At Berkshire Hathaway’s annual shareholder meeting, CEO Warren Buffett expressed concerns about the US economy, stating that the “incredible period” of growth may be coming to an end and that the majority of the company’s businesses will report lower earnings this year than last.[0] However, he did note that he expects earnings at its insurance…