Meta plunged nearly 15% Thursday after the Facebook-parent forecast higher expenses over its plans to “invest aggressively” in artificial intelligence.The Mark Zuckerberg-led tech giant’s stock was down 13.5%, at $427 at 11:30 am ET — threatening to wipe roughly $200 billion in market cap.Zuckerberg’s net worth also took a massive hit, wiping out about $730 million and dropping him below archrival Elon Musk on the Bloomberg Billionaire Index.The 39-year-old boss — who received a mere $1 salary from Meta in ...

A Russian court ordered the seizure of $439.5 million in funds from JPMorgan Chase’s bank accounts in Russia that the largest American lender froze after the Ukraine invasion, according to a court filing.The court’s ruling Wednesday comes after state-owned VTB Bank filed a lawsuit in a St. Petersburg arbitration court after the Russian bank was hit with sanctions following the invasion.JPMorgan declined to comment on the Russian court’s interim measures. VTB did not immediately comment on Wednesday. It has ...

Oh, sweet — the ‘nanny state’ is back!Fast-food chains and coffee shops in New York City would have to slap a warning on menu boards and packaging under a new rule from the Adams administration.The city Health Department’s first-in-the-nation edict will mean labels warning on food and drinks with more than 50 grams of added sugar, including frozen coffee drinks from places like Starbucks and Dunkin’ Donuts, fountain sodas and even hot chocolate. 5 Fast-food chains and coffee shops in New York City will ha ...

A Washington man has been arrested and charged with vehicular homicide after a Tesla in autopilot mode slammed into a motorcyclist, killing him.The crash happened around 3:45 p.m. Friday in Maltby, Washington, according to a Washington State Patrol incident summary. The Tesla Model S driver, identified in court documents obtained by FOX 13 Seattle as 56-year-old Carl Hunter, told first responders the vehicle in autopilot mode “lurched forward as it accelerated and collided with the motorcycle in front of hi ...

Mark Zuckerberg received the lowest salary of all of Meta’s staff in 2023, with his measly $1 salary — though the Big Tech chief raked in a staggering $24.4 million in “other compensation.”According to a proxy filing statement, the lion’s share of this “other compensation” covered Zuckerberg’s security costs.Though the Securities and Exchange Commission filing didn’t disclose just how much of the sum was spent on protecting the 39-year-old CEO, it was revealed last year that the Facebook owner boosted its b ...

Meta Platforms on Wednesday forecast that second-quarter revenue could come in below market expectations, signaling a possible reality check around hopes for how much new AI tools may boost the company’s business.Meta’s shares dropped about 10% in extended trade following the report, evaporating $125 billion worth of stock market value.The Facebook and Instagram parent expects April-June revenue in the range of $36.5 billion-$39 billion, with a midpoint of $37.8 billion, compared with analysts’ estimates of ...

Goldman Sachs and Bank of America shareholders voted against proposals to divide the CEO and chairman roles at both banks on Wednesday, bucking pressure from influential proxy advisers to bolster corporate governance.Proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis had urged shareholders to support the moves and strip Goldman CEO David Solomon and BofA CEO Brian Moynihan of their chairman roles.Norway’s $1.6 trillion sovereign wealth fund, one of the world’s largest investors, had als ...

Walmart said it will remove self-checkout counters at two more stores — including one where retail theft has gotten so bad that shoppers say going there has become downright “scary.”The Arkansas-based retail giant didn’t address the problems of retail theft, saying it was ditching the self-checkout lanes at the store in Cleveland and another in Shrewsbury, Mo., as part of a wider move to improve the “in-store shopping experience.”Shoppers who frequented the Walmart at the Steelyard Commons section of Clevel ...

Boeing said Wednesday that it lost $355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.CEO David Calhoun said the company is in “a tough moment,” and its focus is on fixing its manufacturing issues, not the financial results.Company executives have been forced to talk more about safety and less about finances sinc ...

Tesla’s stock soared by more than 11% in pre-market trading early Wednesday morning after CEO Elon Musk said the company would accelerate the rollout of more affordable electric vehicles in hopes of boosting sagging profits.Musk’s announcement was aimed at calming nervous investors on Wall Street who were still trying to digest the company’s most recent earnings report, released on Tuesday, that showed profit fell to its lowest in any three-month period since 2021.Dan Ives, senior analyst at Wedbush Securit ...