Judge Rules Against Elon Musk’s $55 Billion Compensation Package
Elon Musk, the CEO of Tesla, has been dealt a blow as a judge has ruled that he cannot keep a compensation package worth more than $55 billion. The decision came as the judge sided with shareholders in a legal…
Biogen Terminates Phase 4 Trial for Aducanumab, Transfers Ownership Rights
Biogen, the pharmaceutical company behind the development of aducanumab, has announced the termination of the Phase 4 trial mandated by the FDA for the drug. Aducanumab, a monoclonal antibody targeting beta-amyloid, had received accelerated approval in 2021. However, the company…
New York Community Bancorp Faces Unexpected Loss and Dividend Reduction
New York Community Bancorp (NYCB) faced a tumultuous fourth quarter, resulting in an unexpected loss and subsequent dividend reduction. The bank’s aggressive expansion in the past year, including the acquisition of Flagstar Bank and assets from the failed Signature Bank,…
Tech’s Mixed Bag: The Bloomberg Open, Asia Edition
Tech’s Mixed Bag: The Bloomberg Open, Asia Edition By Joshua Fellman | January 30, 2024 Good morning. Alphabet falls on ad revenue, Microsoft’s sales jump. US strength puts the Fed in a bind. And supercars go quick. In the tech…
Cigna to Sell Medicare Business for $3.3 Billion in Cash to Health Care Service Corp.
Health insurer Cigna (CI) has reached an agreement to sell its Medicare business for a staggering $3.3 billion in cash to Health Care Service Corp. (HCSC), a prominent nonprofit health insurer, as reported by The Wall Street Journal on Wednesday….
Alphabet Struggles to Catch Up with Microsoft in Cloud and AI Markets
Alphabet Inc. (GOOG -6.50%) (GOOGL -6.57%) has been facing challenges in catching up with Microsoft Corporation (MSFT -1.35%) in the cloud and AI markets. In the first nine months of 2023, Alphabet generated 78% of its revenue from Google’s advertising…
Financial Markets Set for Busy Week with Key Central Bank Meetings, Data Releases, and Big Tech Earnings
The upcoming week is set to be a busy one for financial markets, with major events such as key central bank meetings in the UK and US, important data releases including eurozone inflation and US NFP, and the US Treasury…
Report Reveals Over 1,200 APT Attacks Targeting China in 2023
Cybersecurity threats continue to loom large as a recent report by Chinese firm 360 Security Group revealed that more than 1,200 APT (Advanced Persistent Threat) attacks from 13 foreign APT organizations targeted China in 2023. The report, released on Tuesday,…
Zuckerberg Reportedly Rejected Requests to Expand Meta’s Child Safety Teams
Mark Zuckerberg, the CEO of Meta, previously known as Facebook, reportedly rejected requests to expand the company’s child safety and well-being teams in 2021, as revealed by internal documents and emails released by Congress. The vice president of global affairs,…
TikTok CEO announces $2 billion investment in user safety
TikTok CEO Shou Chew has announced a $2 billion investment to ensure the safety of its 170 million monthly active users in the US. This move comes as part of a broader effort by social media platforms to protect young…