The Justice Department has accused three Florida men of insider trading in Digital World Acquisition Corp (DWAC) based on confidential information obtained before the special purpose acquisition company publicly announced plans to merge with former President Donald Trump’s social media company. Michael Shvartsman, his brother Gerald Shvartsman, and Bruce Garelick made over $22 million in…
Feds Accuse 3 Investors of Insider Trading Linked to Trump Media SPAC Deal
Nonsensical AI-Generated Books Appear as Amazon Best Sellers
Artificial intelligence-produced e-books made their way to Amazon’s Kindle store on Monday, in the best sellers category, where they remained for two days. After their removal from that category, they were still available for purchase on the website. The e-books had no meaning, as a “read inside” view made clear, Vice reported. They were probably…
Chipmaker Micron Beats on Demand From Booming AI, Easing Glut
June 29, 2023
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Micron Technology beat estimates for third-quarter results on Wednesday, powered by demand for its memory chips from the rapidly-growing artificial intelligence sector and an easing supply glut in its traditional PC and smartphone markets. Shares of the company rose more than 2 percent in trading after the bell. They have gained 34 percent this year…
Chipmaker Micron Beats Demand Estimates
June 29, 2023
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Micron Technology beat estimates for third-quarter results on Wednesday, powered by demand for its memory chips from the rapidly-growing artificial intelligence sector and an easing supply glut in its traditional PC and smartphone markets. Shares of the company rose more than 2 percent in trading after the bell. They have gained 34 percent this year…
Politicians, Not Airlines, Are Delaying Your Flights
Commentary Like a DC-10 chasing its own tail, the deregulation of air travel is never able to progress nearly as far as it should, despite staggering successes, because politicians who want to control passengers’ lives are so good at blaming the airlines for the government’s failures. At the beginning of the year, the Biden administration…
US Social Media ‘Influencers’ Under Fire Over Free Trip to Fast-Fashion Giant Shein’s China Factory
A group of American fashion influencers has come under fire for attending a fully paid trip to tour one of fast-fashion giant Shein’s factories based in Guangzhou, China. The influencers—Dani Carbonari, Destene Sudduth, Aujené, Fernanda Stephany Campuzano, Kenya Freeman, and Marina Saavedra—were flown out to China as part of a tour sponsored by Shein in June,…
Wall Street Rises as Banks Gain, Economic Data Eases Recession Fears
Wall Street opened higher on Thursday, as bank stocks rose after major lenders cleared the Federal Reserve’s annual stress test, while economic data pointed to a resilient U.S. economy in the face of aggressive interest rate hikes. The Dow Jones Industrial Average rose 1.91 points, or 0.01 percent, at the open to 33,854.57. The S&P…
Lordstown Motors Sues Foxconn and Files for Bankruptcy
June 29, 2023
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The troubled electric vehicle maker Lordstown Motors has followed through with its promise to sue Foxconn over a promised investment and filed for bankruptcy. On June 27, the EV maker filed a legal action against Foxconn, the Taiwanese manufacturer of Apple’s iPhones, while simultaneously filing for Chapter 11 protection in Delaware and put itself up for sale. The…
Stocks Shrug Off Inflation Angst, Yen Bows to Dollar
June 29, 2023
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LONDON—World shares and the dollar inched higher and gold was at a three-month low on Thursday as traders’ attention continued to swing between the battle to lower inflation and speculation about currency market intervention in China and Japan. Europe’s regional STOXX 600 index barely budged in early trading after what had been its biggest rise…
National Geographic Magazine Lays Off Remaining Staff Writers: Report
Disney-owned National Geographic magazine has laid off the last of its staff writers and replaced them with freelancers, according to reports, making it the latest media outlet to slash jobs amid an uncertain economic environment. Following job cuts earlier this year, just 19 members of the editorial department had remained at the publication, according to The Washington…
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