Musk, who heads enterprises such as Tesla (TSLA) and SpaceX, acquired Twitter in October 2022 and changed the name to X. He then proceeded to fire thousands of employees in mass layoffs. Trina Thompson, the presiding US district judge in the matter, found that the Employee Retirement Income Security Act (ERISA) did not cover these…
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In mid-April 2024, Elon Musk, the electric vehicle (EV) maker’s CEO, indicated that the company would reduce its workforce by 10% in response to global economic pressures and a decrease in demand. At this time, Musk stated this is a “difficult decision” as the company employs more than 140,470 workers. He wrote: There is nothing…
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In a blog post on its website, the AI enterprise responded, saying that Musk, as one of its co-founders, supported a for-profit structure and even suggested a merger with Tesla, Inc. (TSLA). Musk alleges that OpenAI’s focus is on generating profits for its partners and major investor, Microsoft Corporation (MSFT). Musk claims that when he…
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The Tesla founder and CEO took to X soon after this announcement and indicated that he is not surprised about Rivian’s performance and ensuing layoff action. Musk also said that, should Rivian continue on its current trajectory, the company would become insolvent in another six quarters. He commented: Maybe that trajectory will change, but so…
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This development puts Tesla on the back foot as the payment scheme was tailored to ensure Musk’s commitment to the company, despite his SpaceX and X ventures. In 2018, when this package was tabled, many regarded it as far-fetched. After the court decision, Musk took to his social media platform, X, and commented: Never incorporate…
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These developments follow hot on the heels of research predicting that the growth in the electric vehicle (EV) industry will fall to roughly 27% in 2024. At the start of this year, Canalys, a global technology market analyst firm, stated that a reduction in government subsidies would spill over to consumer interest in EVs. In…
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This investment firm assisted Musk to seal the acquisition deal. Reportedly, Axios indicated a further 11% loss in value after a portfolio update for the Fidelity Blue Chip Growth Fund. X suffered a series of markdowns by Fidelity after it battled to hold onto platform advertisers. After the Twitter takeover, Musk implemented a string of…
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Closely held companies commonly use tender offers to provide employees an opportunity to unlock the value of their holdings before an initial public offering (IPO). It was reported last week that SpaceX was discussing selling insider shares at $95 each. SpaceX is projected to generate about $9bn in revenues from its rocket launch and Starlink…
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Elon Musk commented: Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the…
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Not only has Coinbase facilitated major purchases from Tesla, but its agency OTC desk also acted as the primary execution partner for a multi-billion bitcoin investment throughout last year for business intelligence service, MicroStrategy. Instead of executing client trades on an exchange, the OTC agency unit earns its commission by completing client deals directly between…
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