Money

Elon Musk's tweets about taking Tesla private could land him in hot water with the SEC

Elon Musk's tweets about taking Tesla private could land him in hot water with the SEC

Tesla CEO Elon Musk was sued twice on Friday by investors accusing him of fraudulently concocting a scheme to squeeze short-sellers, including through Musk's proposal to take the company public. The lawsuits were filed only three days after shocking investors by announcing on Twitter that he was considering taking the company public in a $72 billion USD deal that would value it at $420 per share, detailing that funding had already been secured.

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MoviePass was down this week because it ran out of money

MoviePass was down this week because it ran out of money

Though the signs have been apparent for a while now, MoviePass has refused to admit defeat β€” from major stock drops and constant financial issues to a surge of new users eating away at profits β€” until this week when the service suddenly went dark because it ran out of money. To keep customers happy and the service running, parent company Helios and Matheson Analytics Inc. had to borrow an emergency $5 million from Hudson Bay.

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Facebook stocks have slipped post-scandal and the company is still under immense pressure

Facebook stocks have slipped post-scandal and the company is still under immense pressure

Facebook CEO Mark Zuckerberg has noted in previous earning reports that the company would take a hit as it adds more content moderation in a massive hiring spree to control bad information on the platform, alongside improvements to interactions between friends and family, versus from brands and other organizations. The company's CFO, David Wehner, indicated that it would likely continue to have a "negative impact on revenue growth" in the coming quarters as it continues to deal with crisis after crisis.

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The EU just slapped Google with a staggering $5 billion antitrust fine

Legal regulators in the European Union just hit Google with a record β‚¬4.34-billion, or $6.7 billion CAD antitrust fine on Wednesday for using its Android operating system in a way that prevents competitors from competing with the company. Though the fine barely puts a dent in its cash reserves totalling more than $102.8 billion, it could hinder relations between the EU and Washington.Google has announced it will appeal the fine, stating that β€œAndroid has created more choice for everyone, not less. A vibrant ecosystem, rapid innovation and lower prices are classic hallmarks of robust competition."

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Experts are concerned that Amazon is becoming a monopoly and Prime Day is proof of it

Experts are concerned that Amazon is becoming a monopoly and Prime Day is proof of it

Yesterday was Amazon Prime Day, the e-commerce giant's fictitious summer shopping holiday that draws millions of its loyal subscribers to purchase products at a discount and even more people to sign up for the service. The day is a big deal to shoppers but is worrying to critics β€” the company sells so many different products and attracts millions of loyal shoppers that it invented its own version of Black Friday, dictated that businesses have to offer discounts on that day and forced other companies, such as Walmart and eBay, to follow suit.

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Customers are hurting Walmart with the #BoycottWalmart movement because they don't understand how the company works

Trump supporters are angry flooding the internet with the #BoycottWalmart hashtag after discovering baby clothing with "Impeach 45" written on them. The current president is the 45th US president and though the clothing items were on the website for an unknown amount of time, its since been taken down. Furious supporters of Trump see the clothing as evidence that Walmart is on the left side of the political spectrum, or that it is trying to send a message to the public. Oddly enough, this isn't the company's wrongdoing necessarily β€” it's a misunderstanding on the public's part of how Walmart's online website works.

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Seattle is repealing the proposed head tax it was going to fight homelessness with

Seattle is repealing the proposed head tax it was going to fight homelessness with

Just a month ago, Seattle proposed a tax on large companies making over $20 million per year β€” affecting around 585 businesses in the city and costing them $0.26 per hour, per employee. These businesses, including Amazon, Starbucks, Expedia and Alaska Airlines would pay the government a maximum of $500 for each person employed, per year, with 75 percent of the money going towards affordable housing and the rest aimed at helping the homeless. However, the proposal is now being repealed after the city faced pressure from numerous businesses to do so. The city leaders abandoning the head tax goes to show how powerful Amazon is in rallying opposition against taxes from all levels of government, even in a city with one of the highest homelessness rates in the US.

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Netflix is now worth more than media conglomerate Comcast

Netflix is now worth more than media conglomerate Comcast

When the company was founded more than 20 years ago, its biggest competitors were Blockbuster because the streaming service we know today did not exist. Instead, Netflix made money by renting out already-produced movies to consumers for relatively low rates. Today, the company has gone from delivering physical movies to becoming one of the largest purchasers and producers of TV series and movies in the world. Netflix will spend more than $8 billion on original content in 2018, up from the $6 billion it spent in 2017.

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MoviePass has customers, but now they need to make money

Last summer, MoviePass introduced a seemingly impossible-to-pass-up offer. For less than the price of a movie ticket (depending on where you're located), you can see one per calendar day in a movie theatre. The easy part for the team behind the service was getting people to sign up for it. Now they've got to make money off their customers, and we're finally learning how that'll all work.

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Minimum wage was never intended for people to live on

When a government tells businesses how much they must pay employees, it runs the risk of decreasing the amount of positions available or eliminating them altogether. Most businesses are comfortable with paying their employees a reasonable and accessible wage, but when the minimum gets hiked up, they tend to look at automating aspects of the workplace to eliminate human employees.

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