This is what we know, based on the company’s shareholder letter: The sale added $936 million in cash to its balance sheet, but impairments impacted the company’s income. The company’s remaining pot of digital assets as of June 30 was worth $218 million, a reduction of more than one billion dollars from the previous quarter. … Read more
Twitter’s ad performance certainly lags Snap, but that’s nothing new. From 2017 to 2021, Snap’s revenue growth averaged 60% while Twitter’s averaged 16%. Sure, Snap was a younger company, so it could be expected to grow faster. But over the same period, Facebook parent Meta Platforms averaged 34% revenue growth. Twitter’s desultory performance, of course, … Read more
The committee, which has been revealing some findings in explosive televised hearings, has shown evidence of ties between Trump’s allies and extremists and documented two calls the former president had with Bannon on Jan. 5. After the first call, Bannon declared on his podcast: “All hell is going to break loose. Tomorrow, it’s all converging.” … Read more
On an unadjusted basis, initial claims increased to 248,991 last week. Unadjusted claims in Massachusetts rose by more than 14,000. California, South Carolina and Georgia also posted increases. New York claims fell last week after jumping into the prior period when there were more layoffs in transportation and warehousing, health care and educational services. .
The job cuts are expected to come among Ford’s salaried ranks in a variety of operational functions, according to the people familiar. They may come in phases, but are likely to begin this summer, the people said. Ford employs about 31,000 salaried workers in the US, where the bulk of the cuts are expected. .
(Bloomberg) – Bitcoin is gaining for the third straight day amid a broader rally in risk assets, with the digital currency rising above $ 24,000 for the first time in more than a month. The world’s largest digital token rose as much as 4.2% Wednesday to $ 24,275, the highest level since mid-June. It’s on … Read more
Ahead of the vote, Truss and Mordaunt are battling to win the support of the all-important 59 MPs who had backed Kemi Badenoch, the contender from the right of the party who was knocked out Tuesday. The foreign secretary now trails Mordaunt by just six votes, and is a more natural fit to win over … Read more
(Bloomberg) – Indian Prime Minister Narendra Modi has a reputation for imposing policies suddenly on an unprepared nation, but when he pledged in 2019 to eliminate single-use plastics, food and beverage makers had years to prepare. When the first tranche of items was banned this month, they were not ready. .