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Judge Denies Elon Musk’s $56 Billion Pay Package
In 2018, Tesla’s board approved a pay package for Elon, predicated on him achieving certain milestones for Tesla, which he has attained. However, a Delaware judge recently nullified the $56B pay package, on grounds that the pay is very extravagant and the process to approve the package was fla...
Apple Enters Electric Vehicle Business
Consumer electronics and software giant, Apple, is reportedly planning to start producing electric vehicles (EVs), to directly compete with major EV firms like Tesla and BYD. Apple is targeting 2028 as the year for the release of its first EV.
Why would a corporate giant, known for computers and ...
Wayfair Lays off 1650 People, Especially Remote Staff
Online home furnishings seller, Wayfair, is reportedly cutting 1,650 jobs, or about 13% of its workforce, targeting mostly those who were working remotely. The subtle message here from the company is that remote work is not encouraged. ...
E-commerce Giant, eBay Laying Off
E-commerce giant, eBay, announced it is laying off 1,000 staffs, which is about 9% of its workforce. eBay intends to scale back on OPEX as revenues have declined post pandemic due to decreased consumer spending. This follows similar job cuts from other tech firms, including Google, Amazon, Tiktok, &...
Spot Bitcoin ETFs Trade $4.7 Billion On 1st Day
Just one day after the SEC approved the trading of spot bitcoin ETFs on most US exchanges, spot Bitcoin ETFs did $4.7 Billion on its first day of trading. This is remarkable, as it shows strong institutional interests in bitcoin and cryptocurrencies as a new and viable asset class. The spot bitcoin ...
Chesapeake To Acquire Southwestern Energy in $7.4 Billion Deal
Chesapeake Energy has announced that it’ll be acquiring Southwestern Energy Co. in an all-stock deal valued at approximately $7.4 billion. Chesapeake is paying $6.69 per Southwestern share and Southwestern shareholders will receive 0.086 shares of Chesapeake stock for each Southwestern share. ...
The SEC Finally Approves Spot Bitcoin ETFs
After months of speculation, the US Securities and Exchange Commission (US SEC) has approved its first-ever spot Bitcoin ETF application. 11 applications were approved from asset managers, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Valkyrie, Invesco, WisdomTree, Franklin Templeton, H...
BlackRock is Laying Off
Blackrock, the world’s largest asset manager and investment company with Assets Under Management (AUM) in excess of $9 trillion is reportedly laying off some 600 of its employees, about 3% of its workforce. It’s CEO, Larry Fink ascribed the cuts to changes in new technology affecting ind...
Volkswagen Now Using ChatGPT
German car manufacturer, Volkswagen, will be incorporating ChatGPT into its car’s voice assistant, enabling drivers to have more hands-off interactions with their cars while driving. With the end goal being to create an overall enriching experience for drivers while on the road....
Ai-based Search Engine, Perplexity.ai Raises $74 Million
Perplexity.ai, an Ai-based search engine startup recently raised $74 Million from prominent investors, including Jeff Bezos, at a valuation of $0.5 Billion. The less than 2-year old startup is based in Silicon Valley and intends to compete with Google search. Being able to get direct answers to your...
APA Corp. Buys Callon in $4.5B Deal
Apache has agreed to buy Callon Petroleum in a deal valued at $4.5 Billion. The all-stock acquisition involves 120,000 acres in New Mexico & West Texas and 500K boepd incremental production to APA.
This comes shortly after Occidental recently acquired CrownRock for $12 Billion and ExxonMobil...
Shell Cuts Jobs, Reduces Structural Costs By $3B
Shell is reported to have begun job cuts, specifically in its low-carbon division, as the company seeks to reduce expenses, streamline operations, and focus on higher return segments of its business. Affected employees were either offered severance packages or were allowed to apply for roles in othe...
Mubadala Announces Significant Gas Discovery
Mubadala Energy has announced the discovery of a major natural gas find in Sumatra, Indonesia.
The discovery was from the Layaran-1 exploratory well drilled deep offshore, with a well depth of 4,208 m and a water depth of 1,207 m. Reservoir characteristics were: pay thickness - 230 m; formation -...
Occidental Petroleum Acquires CrownRock in a $12 Billion Deal
Occidental petroleum announced that it has entered into a definitive purchase agreement to acquire CrownRock LP, a Midland-based oil & gas producer and backed by private equity group Lime Rock Partners. The purchase involves 94,000 net acres, 1,700 undeveloped locations, 1,250 development-ready ...
OPEC Agrees To Further Production Cuts
OPEC has once again agreed to cut daily oil supply by an additional 1 million barrels of oil, in the hopes of boosting oil prices that have been dragging recently amidst ongoing crisis in the Middle East. Meanwhile Brazil has also been invited by OPEC to join the organization, which it has agreed to...