DOVER, Del.—Current and former directors of electric-vehicle maker Tesla Inc. have agreed to return more than $735 million to the company to settle a shareholder lawsuit alleging that they unjustly enriched themselves with excessive compensation. The proposed settlement was outlined in documents filed late Friday in the Delaware Court of Chancery and is subject to…
Tesla Directors to Return More Than $735 Million to Company to Settle Suit Challenging Compensation
American Startups Facing a Tough Situation in 2023, With Little Sign of Relief
July 18, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationInvestmentMarketsMedia & Big TechrecessionSilicon ValleystartupsTechTech NewsUSUS Newsventure capital
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It is becoming more apparent that American startups are facing a bad year, and financial relief is far from coming. Higher interest rates, a shaky U.S. economy, and the recent banking crisis have led to a shortage of funds for capital-hungry startups in their early stages, along with less opportunity for those in late-stage development…
Rep. Jordan Considers Holding Mark Zuckerberg in Contempt of Congress
A top House Republican indicated that Meta Platforms and Facebook CEO Mark Zuckerberg could face a contempt of Congress citation if he doesn’t cooperate with an investigation into allegations that Meta colluded with the federal government to censor speech. During an appearance on Fox News on Monday, House Judiciary Chairman Jim Jordan (R-Ohio) was asked…
Spain Antitrust Watchdog Fines Amazon, Apple $218 Million
MADRID—Spain’s antitrust watchdog on Tuesday said it had imposed fines worth a total 194.1 million euros ($218.03 million) on Amazon and Apple for colluding to limit the online sale of devices from Apple and competitors in Spain. The two contracts the companies signed on Oct. 31, 2018 granting Amazon the status of authorized Apple dealer…
US Opens New Special Probe Into Fatal Tesla Crash
WASHINGTON—The National Highway Traffic Safety Administration said Tuesday it is opening a new special crash investigation into a fatal accident in California involving a 2018 Tesla Model 3 where advanced driver assistance systems are suspected of having been used. Since 2016, NHTSA has opened more than three dozen Tesla special crash investigations in cases where…
Indian Tycoon Adani Denounces Hindenburg Report as ‘Targeted Misinformation’
Indian billionaire Gautam Adani has refuted a report by U.S.-based short-seller Hindenburg Research, saying that it contains “targeted misinformation” aimed at tarnishing the conglomerate’s reputation. The Hindenburg report, published on Jan. 24, accused the Indian conglomerate Adani Group—which is led by Mr. Adani—of engaging in stock manipulation and accounting-fraud schemes over decades. At the company’s…
S&P 500 Inches Down as Investors Digest More Big Bank Earnings
The benchmark S&P 500 edged lower on Tuesday as investors digested earnings reports from top lenders Morgan Stanley and Bank of America, after the markets rallied last week in anticipation of the results and signs of inflation cooling. The Dow Jones Industrial Average rose 11.73 points, or 0.03 percent, at the open to 34,597.08. The…
World Stocks Near 15-month High; China Data Weighs on Markets
July 18, 2023
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LONDON—World shares were steady near their recent 15-month highs and the dollar held close to a one-year low on Tuesday as investors paused to take stock of weak economic data from China and waited for U.S. retail sales data and earnings. Asian stocks fell earlier in the session as markets caught up with growth data…
House Republicans Seek Transparency on Meta’s Content Moderation Policy on Threads
July 18, 2023
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biden administrationBig Tech, Censorship, and SocialismBusiness & MarketscensorshipCompaniescongressExecutive BranchFeatured Topicshouse judiciary committeeJim JordanJudiciaryMedia & Big TechmetaPolicies & ImpactsPoliticsSocial IssuesSocial MediaTechThreadsTwitterUSUS News
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House Republicans sent a letter demanding Meta answer if policies on its new Twitter-style platform, Threads, violates free speech. The letter, which was obtained exclusively by CNBC, is a hint that Meta’s latest product could bring it further scrutiny in Congress. Rep. Jim Jordan (R-OH), chairman of the House Judiciary Committee, asked Meta CEO Mark Zuckerberg on July 17 to send…
Bank to Suspend, Cancel Accounts of Customers Engaged in ‘Financial Abuse’
July 18, 2023
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AustraliaBusiness & MarketsCommonwealth Bank of AustraliaCompaniesdomestic abuseEducation & Family Newsfinancial abuseInternationalnational australia bankpersonal financeTechTech NewsUSWorld
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The National Australia Bank (NAB) has assured customers that new rules that allow it to “cut off” customers identified as perpetrators of financial abuse will not be open to misuse. On June 26, NAB announced it would be updating its terms and conditions saying the bank will suspend, cancel, or deny access to savings and…
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