OpenAI has raised $6.6 billion from investors at a post-money valuation of $157 billion, the company announced on Wednesday, cementing the ChatGPT maker’s status as one of the most valuable private companies in the world.The funding has attracted returning venture capital investors including Thrive Capital and Khosla Ventures, as well as OpenAI’s biggest corporate backer Microsoft, and new participation from Nvidia.The closing of the funds coincides with the company’s ongoing restructuring efforts and execu ...

Elon Musk’s Tesla handed over fewer vehicles than analysts expected in the third quarter as stiff competition in China and Europe hit demand for its aging models, putting the electric-vehicle maker at risk of its first-ever decline in annual deliveries.Shares of the world’s most valuable automaker fell 5% in morning trading on Wednesday and were on track to erase nearly all their gains for the year.Growing consumer interest in hybrids over EVs, a lack of European subsidies and strong competition in China we ...

Nike withdrew its annual revenue forecast on Tuesday and missed estimates for quarterly revenue as the sportswear giant battles weak footwear demand amid stiff competition from newer brands globally, sending its shares down 6% after hours.It had earlier forecast a mid-single-digit percentage range decline in annual revenue.The company is yet to see sales benefits from its drive to fast-track innovation with the launch of new product lines such as Air Max Dn and Pegasus 41 to revive demand.Analysts also say  ...

A former Meta staffer who was placed on a “Do Not Hire” and “No Entry” list after stalking and sexually harassing a fellow male co-worker was rehired by the tech company after its recruitment department was downsized, according to a lawsuit filed Tuesday.The complaint filed in New York Supreme Court accused Meta of violating New York City’s human rights law by rehiring the former staffer and subjecting the plaintiff to further harassment. The suit also claimed Meta retaliated by removing the plaintiff from ...

BlackRock CEO Larry Fink said on Tuesday investors are wrong if they think the Fed will make massive interest rate cuts later this year because the billionaire money man believes the US economy will continue to grow. Fink dismissed market predictions that rates will be slashed further through the end of year after Chairman Jerome Powell lowered them by half a percentage point two weeks ago. It was the first reduction since 2020 and a bigger-than-expected cut as Western economies emerge from the aftermath of ...

CVS Health announced that it will cut 2,900 jobs as part of a cost-cutting plan.The layoffs will mostly affect corporate positions, a CVS spokesperson told FOX Business.More than 300,000 people work for CVS across its segments, according to its website. The cuts represent 1% of the company’s workforce.The job cuts will not affect front-line jobs in CVS stores, pharmacies or distribution centers, the spokesperson said.“Our industry faces continued disruption, regulatory pressures, and evolving consumer needs ...

Hedge fund mogul Larry Robbins will meet with executives at struggling drugstore chain CVS on Monday to present a turnaround plan that the Glenview Capital founder hopes will improve the firm’s operations, according to a report.Robbins, 55, made his name with a 2012 bet on health companies that he thought would benefit from Obamacare and his fund specializes in healthcare investments. Glenview has built up a large position in CVS that represents about $700 million of Robbins’ $2.5 billion fund, according to ...

“Fortnite” maker Epic Games filed its second antitrust lawsuit against Google on Monday, accusing the search giant of illegally colluding with smartphone giant Samsung to stifle app developers.Led by CEO Tim Sweeney, Epic won a stunning antitrust victory last December after a jury determined that Google was operating illegal monopolies in its Google Play app store and the in-app billing system used by Android devices. A federal judge is expected to order sweeping changes to Google’s business practices in th ...

Netflix account cancellations soared in the days after co-founder and Chairman Reed Hastings endorsed Vice President Kamala Harris and donated millions to her presidential campaign, according to a report.Though the streaming platform usually has the lowest churn – or rate of cancellations – in the industry, its rate nearly tripled in the US after Hastings’ endorsement, according to the researcher Antenna.Scores of customers in the US canceled their Netflix subscriptions at a rate of 2.8% in July – higher th ...

The National Transportation Safety Board (NTSB) issued urgent safety recommendations on Thursday to Boeing and the Federal Aviation Administration (FAA) in response to the potential for a jammed or restricted rudder control system on some 737 Next-Generation and 737 Max 8 aircraft. The rudder controls the side-to-side movement of the nose of the aircraft, otherwise known as the yaw motion. The agency is in the midst of investigating a February incident in which the rudder pedals on a United Airlines Boeing ...