Netflix co-founder and Executive Chairman Reed Hastings donated 2 million shares valued at $1.1 billion to a California charity.Hastings parted ways with the Netflix shares he owned through the Hastings-Quillin Family Trust as a gift last week, a filing with the Securities and Exchange Commission showed.Netflix confirmed to FOX Business that the shares were given to Silicon Valley Community Foundation.After the transaction, Hastings retains nearly 3 million shares in the streaming giant, which he led as CE ...

A Delaware judge on Tuesday ruled that billionaire Elon Musk’s $56 billion Tesla pay package could be voided, calling the compensation “an unfathomable sum” that was not fair to shareholders, according to a court filing.“The plaintiff is entitled to rescission,” the judge said in her ruling.The court’s opinion directed the Tesla shareholder who challenged the pay plan to work with Elon Musk’s legal team on an order implementing the judge’s decision.Musk’s lawyer did not immediately reply to an email seekin ...

Alphabet disappointed Wall Street on Tuesday as holiday season advertising sales came in below expectations and overshadowed the company’s efforts in artificial intelligence and the cloud.Shares fell more than 4% in after-hours trade.Google, inventor of foundational technology for today’s AI boom, faces tough competition from the two players that have captured the business world’s attention, ChatGPT’s creator OpenAI and its financial backer Microsoft.Google is bringing a powerful suite of models called Gem ...

Apple has already sold out its initial stock of Vision Pro headsets after customers bought around 200,000 units during the 10 days since the iPhone maker made them available for pre-orders, according to a report.A source said to have knowledge of the situation told the Apple-centric news site MacRumors that the company began accepting pre-orders for the $3,500 virtual reality helmet from US-based customers on Jan. 19.The headset is scheduled to be available for purchase in company retail locations on Frida ...

New York state’s attorney general’s office on Tuesday said it had sued Citibank for allegedly failing to protect customers from electronic fraud and secure reimbursement for victims, which it said had cost customers in the state millions of dollars.In a lawsuit filed in Manhattan federal court, Attorney General Letitia James alleged Citi’s lax security protocols allowed scammers to gain easy access to users’ accounts and steal their deposits through unauthorized wire transfers.“Banks are supposed to be the ...

Microsoft cracked down on the use of the company’s free AI software after the tool was linked to creating the sexually explicit deepfake images of Taylor Swift that swamped social media – and raised the specter of a lawsuit by the infuriated singer.The tech giant pushed an update to its popular tool, called Designer – a text-to-image program powered by OpenAI’s Dall-E 3  – that adds  “guardrails” that will prevent the use of non-consensual photos, the company said.The fake photos – showing a nude Swift sur ...

A top Goldman Sachs banker who was seen as a candidate to one day succeed embattled CEO David Solomon revealed he is retiring — a surprise exit that signals Solomon’s consolidation of power, according to reports.Jim Esposito, 56 — a college wrestling enthusiast who played a key role in the merger of Goldman’s investment banking and trading units — made the decision to leave after it became clear that the path to eventually becoming CEO or president was blocked, according to The Wall Street Journal.Solomon ...

Walmart is further sweetening the perks for its US store managers as the nation’s largest retailer and private employer seeks to retain its leaders and attract new ones in a still competitive job market.Walmart, which is based in Bentonville, Ark., and has almost 4,700 US namesake stores, said Monday that starting with the company’s new fiscal year, which begins Thursday, store managers will receive up to $20,000 in Walmart stock grants every year.Walmart shares have risen 15% in the past 52 weeks, with th ...

Microsoft CEO Satya Nadella said tech companies need to “move fast” to crack down on the misuse of artificial intelligence after sexually explicit AI-generated images of Taylor Swift spread rapidly on social media last week.Nadella, whose company is a key investor in ChatGPT creator OpenAI, described the spread of fake pornographic images of the pop star as “alarming and terrible.”The Microsoft boss also called for the implementation of “guardrails” to ensure AI isn’t used for nefarious purposes.“We have t ...

JPMorgan Chase chairman and CEO Jamie Dimon says the U.S. is speeding toward a cliff as the nation’s runaway debt continues to mount, sounding the alarm that the situation needs to be tackled before it results in a crisis.The chief executive of the nation’s largest bank issued the warning during a panel discussion at the Bipartisan Policy Center on Friday, when he was asked for his take on what it means for the economy if the federal government fails to address the issue.Dimon began his response by recalli ...