corporate

Google looks to shed 10,000 ‘poor performing’ workers: report

Another major tech titan is bracing for thousands of layoffs. Alphabet Inc.’s GOOGL, +1.33% GOOG, +1.39% Google is considering 10,000 layoffs — or 6% of its worldwide workforce — based on a ranking system that would eliminate the lowest-ranked “poor performing” employees, according to a report in The Information. “Earlier this year, we launched Googler …

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FTX Says Substantial Amount of Crypto Assets Stolen or Missing

A substantial amount of FTX’s assets are either missing or stolen, a lawyer for the failed crypto exchange said in court, vowing to cast a wide net to secure potentially billions of dollars in funds that passed through the firm he called the “personal fiefdom” of co-founder Sam Bankman-Fried. Tuesday’s hearing marked an inflection point …

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These stocks are burning cash fast and might need to raise capital soon, Goldman Sachs flags

Equity strategists at Goldman Sachs GS, +0.27% point out the cost of money is no longer next to nothing. The weighted average cost of capital for US companies has gone from near the lowest level in history to 6%, the highest level in a decade. The 200 basis point increase during the year is the …

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Tesla stock at two-year low, other EV-maker shares plunge as concerns simmer about China, oil futures

Tesla Inc. shares ended at a fresh two-year low Monday, with shares of other electric-vehicle makers also underperforming the broader equity market as worries about China’s COVID-19 lockdowns re-emerged and oil futures prices dropped to their lowest level since January. Shares of Tesla TSLA, -6.84% extended their losing streak to a fourth session and closed …

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Coinbase worth less than $10 billion for the first time as ‘crypto winter’ continues to set in

The punishing decline of Coinbase Global Inc.’s stock brought the company’s market value lower than $10 billion Monday for the first time since the cryptocurrency exchange went public last year. Coinbase shares COIN, -8.90% declined 8.9% Monday, pulling the stock’s market capitalization down to about $9.36 billion. That’s a far cry from the peak market …

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How Elon Musk’s Twitter Faces Mountain of Debt, Falling Revenue and Surging Costs

To make the deal work, Mr. Musk has been trying to add subscription revenue and reassure advertisers about the platform’s future. Twitter was losing money before Mr. Musk bought the company, and the deal added a debt burden that requires fresh sources of cash. It is tough to determine the state of the company. Twitter …

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Binance CEO Changpeng Zhou: ‘No amount of other people’s tweets would cause problems’ if an exchange holds customer assets

Perhaps it’s one last dagger, but Binance CEO Changpeng Zhou just could not resist a little dig at the fallen FTX chief executive Sam Bankman-Fried. That’s a reference to the role the cryptocurrency titan known as CZ played in the demise of FTX. He put in motion the seeds for FTX’s collapse when he said …

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Nouriel Roubini attacks Binance CEO Changpeng Zhao and says Kevin O’Leary should lose his role at CNBC over ties to FTX

“What are the 7 C’s of crypto? Concealed. corrupt crooks. Criminals. conmen carnival barkers. And finally, CZ.” That was famed economist Nouriel Roubini, a longtime critic of cryptocurrencies, attacking Binance founder and CEO Changpeng Zhao at Abu Dhabi Finance Week just after the cryptocurrency executive known as CZ left the stage. Roubini said he couldn’t …

Nouriel Roubini attacks Binance CEO Changpeng Zhao and says Kevin O’Leary should lose his role at CNBC over ties to FTX Read More »