SpaceX CEO Elon Musk announced Wednesday night that the company converted its registration state from Delaware to Texas after a court in Delaware struck down his massive compensation package at Tesla, another one of the billionaire’s ventures. "SpaceX has moved its state of incorporation from Delaware to Texas! If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible," Musk wrote in a post on X, formerly Twitter. SpaceX’s move comes a little more than two we ...

Jeff Bezos sold more Amazon stock.  The Amazon founder conducted the latest transactions involving nearly 12 million shares on Friday and Monday. They were disclosed in a Tuesday filing with the Securities and Exchange Commission (SEC).The stocks amounted to about $2.08 billion. Amazon informed investors earlier in February that Bezos had taken up a trading plan in November that would involve the sale of a maximum of 50 million shares by Jan. 25 of next year. The latest sales – and another set last week – w ...

Aerospace giant Boeing is planning to stabilize production of 737 airliners during the second half of this year at a rate of 38 per month after the manufacturer slowed its production line in the wake of the midair cabin blowout on a 737 Max 9. Chief Financial Officer Brian West said lower aircraft delivery volumes, customer considerations paid to airlines because of the Max 9 grounding and Boeing’s need to hold additional inventory from its supply chain will all contribute to the company’s cash usage in the ...

A former top corporate America executive is warning that the U.S. economy is not on a fast track to recovery, as higher inflation and more mass layoffs loom over markets. "The general population will not be duped by this aversion to try and blame inflation on corporate America. It starts at the raw materials, it starts at transportation, it starts at energy," former Home Depot and Chrysler CEO Bob Nardelli said on "Cavuto: Coast to Coast" Monday. "A whole host of things that are driving this up, wage increa ...

Fast fashion retailer Temu’s Super Bowl ads drew the ire of lawmakers in Congress over the China-based company’s links to products made with the use of forced labor in Xinjiang as well as its data-sharing policies. Temu, which is linked to e-commerce firm Pinduoduo through their shared parent company PDD Holdings, ran several ads that encouraged viewers to download its app so they can "shop like a billionaire" and be eligible for $10 million in giveaways on the site. Temu’s Super Bowl ads cost roughly $7 mi ...

Cisco is planning to cut thousands of jobs as it restructures its business, according to a report.  The San Jose, California-based network giant is trying to turn its focus on high-growth areas, sources familiar with the matter told Reuters. However, the exact number of layoffs hasn't been determined yet, a source said.As of July 2023, the company had approximately 84,900 employees globally, according to the company's annual report. LAYOFFS SURGED 136% IN JANUARY TO SECOND-HIGHEST LEVEL ON RECORDRepresentat ...

Tesla has temporarily cut the prices of some of its Model Y cars in the U.S. through the end of February less than a month after the electric vehicle maker cut Model Y prices in Germany. Tesla reduced prices for its Model Y rear-wheel drive and Model Y Long Range by $1,000 each to $42,990 and $47,990, respectively. The temporary price cuts run until Feb. 29 and represent discounts of 2.3% and 2%, from the previous models’ respective prices.The EV-maker opted against cutting prices for its Model Y Performanc ...

The S&P 500 has never been higher, crossing the 5,000 level for the first time ever as improving corporate earnings and better-than-expected economic data fuel investor optimism.  That optimism got an extra push Friday after revised data showed consumer inflation moderated at the end of last year, according to the Bureau of Labor Statistics. Ticker Security Last Change Change % SP500 S&P 500 5023.93 +26.02 +0.52% However, strategists caution the upward move is heavily tied to just a handful of companies. " ...

Disney is looking to capitalize on the love that younger generations have for video games with its newly-announced Epic Games deal. The entertainment giant has found millennials, Generation Z and Generation Alpha tend to spend a "significant amount" of their screen time on playing video games, CEO Bob Iger said on Wednesday evening’s earnings call. That trend, he said, made him conclude Disney has "to be there as soon as we possibly can in a very compelling way" and ultimately closed the deal with the video ...

The electric vehicle (EV) push is eating into Ford’s profit margins as the company seeks to find the right mix between profitable vehicles consumers want today and the next generation of EVs that may be in higher demand as the market’s preferences shift in the future. Ford Model e, the company’s EV division, had a net loss of $4.7 billion last year – with $1.6 billion of that in the last quarter – and Ford's chief financial officer John Lawler explained during the company’s earnings call on Tuesday that, "B ...