The world’s richest person said he doesn’t have enough control over the company where he’s chief executive and the leading shareholder. Elon Musk said he doesn’t want to grow Tesla’s TSLA, -3.67% artificial intelligence and robotics capability without having control of a quarter of the company. Musk already owns 13% of the automaker. On the social media service X that he owns, Musk said he would need 25% control. “If I have 25%, it means I am influential, but can be overridden if twice as many sharehol ...

Baidu on Monday said it had no links to a Chinese military lab, after a report sent stock in the internet services company tumbling. Baidu shares 9888, -11.53% in Hong Kong slumped 12% after the South China Morning Post reported on a research laboratory with the People’s Liberation Army’s Strategic Support Force that had tested its AI system on Baidu’s Ernie, as well as iFlyTrek’s Spark, which are large language models akin to OpenAI’s ChatGPT. U.S. shares of Baidu BIDU, -7.00% were not trading on Monda ...

When JPMorgan Chase & Co. JPM, -0.73% reported fourth-quarter results on Friday, Chief Executive Jamie Dimon said the U.S. economy was “resilient,” with management saying a soft landing was likely. Executives at Bank of America Corp. also said they expected a soft landing, while Wells Fargo & Co. said consumer spending “remains strong.” Citigroup Inc., despite a messy and “very disappointing” fourth quarter, nonetheless also said that underlying growth was, in fact, “very strong” across its businesses. Now, ...

That was part of a letter that Rep. Pat Ryan (D-N.Y.) wrote to the leaders at the NFL and NBC Sports lamenting that an NFL playoff game will be available through steaming only for the first time this weekend.“How much more profit do Goodell and NBC need to make at the expense of hard working Americans?” Ryan’s letter went on to ask.He also wrote: “Congress granted the NFL an antitrust exemption in its broadcast deals with the expectation that you wouldn’t use it to screw over fans. That was clearly a mistak ...

The U.S. consumer continues to show signs of health, signaling a soft landing for the economy, as the U.S.’s biggest banks shared a glimpse into their collective crystal ball on Friday.“The way we see it, the consumer is fine,” said JPMorgan Chase & Co. Financial Chief Jeremy Barnum. “I think it’s uncontroversial that the economic outlook has evolved to include a significantly higher probability of a soft landing. That’s, I think, the consensus at this point.”JPMorgan Chase JPM, -0.36% weighed in with its o ...

Apple Inc. has long been the most valuable U.S. company, but Microsoft Corp. seems poised to overtake it. A look back at the companies’ financial performance and a look ahead at expected revenue and profits make the case that Apple is no longer a growth stock and that Microsoft is the better long-term investment.Late Friday morning, Apple AAPL, +0.18% remained in the top spot with a market capitalization of $2.893 trillion, just ahead of Microsoft MSFT, +0.96% at $2.884 trillion. Apple’s stock was down 3.4% ...

The success of Netflix Inc.’s new advertising-supported tier signals significant upside to 2024 estimates for the streaming giant, Oppenheimer said Friday, as it raised its price target for the stock to $600, the highest among Wall Street analysts.The 26% price increase from Oppenheimer’s previous price target of $475 comes after Netflix’s NFLX, +0.57% head of advertising, Amy Reinhard, said at this week’s CES consumer-technology conference in Las Vegas that monthly active users for the ad service had grown ...

Morgan Stanley’s pitch to sellers looking to unload big blocks of stock was that their block-trading unit was the best at preventing leaks that could drive share prices down.But federal prosecutors and the Securities and Exchange Commission now say it was all a lie, and that from 2018 through 2021 the bank would quietly divulge news of the impending block trades to hedge funds as a way of lessening its own risk. The result was that sellers would lose millions of dollars on the deal, investigators said.In si ...

Citigroup Inc,’s stock C, -1.77% was up by 4% in premarket trading on Friday after its profit excluding multiple one-time items beat analyst estimates. Chief Executive Jane Fraser said the quarter “was very disappointing due to the impact of notable items” but the bank made “substantial progress” executing its strategy to simplify the bank. Citi is laying off 7,000 people as part of its restructuring. Citigroup said its fourth-quarter net loss including all items was $1.8 billion, or $1.16 a share. In the ...

Shares of Wells Fargo & Co. WFC, -0.08% dropped 1.8% toward a one-month low after the California-based bank reported fourth-quarter profit that just matched expectations and credit-loss provisions climbed, while revenue rose above forecasts. Net income rose to $3.45 billion, or 86 cents a share, from $3.16 billion, or 75 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 86 cents. Revenue grew 2.2% to $20.48 billion, above the FactSet consensus of $20.30 billion. Provis ...