Core Viewpoint - Meta's independent oversight board criticized the company for hastily removing its fact-checking policy, urging an assessment of potential adverse effects [1][6][10] Group 1: Oversight Board's Rulings - The board upheld some of Meta's decisions to keep controversial content while ordering the removal of posts containing racist slurs [2][7] - The board issued 17 recommendations for improving enforcement of bullying and harassment policies and clarifying banned ideologies [9][10] Group 2: Changes in Content Moderation - Meta replaced its fact-checking policies with a "Community Notes" model, similar to the approach used by Elon Musk's platform X [6][7] - The rule change allowed derogatory references to marginalized groups, focusing instead on detecting terrorism, child exploitation, and fraud [7][10] Group 3: Relationship with Political Figures - Mark Zuckerberg sought to align with the incoming Trump administration, dining with Trump and donating $1 million to his inaugural fund [3][12] - Zuckerberg's actions reflect a strategy to gain favor with political leadership, which has influenced Meta's content moderation policies [2][3] Group 4: Financial Commitment to Oversight Board - Meta has committed to funding the oversight board through 2027, allocating at least $35 million annually over the next three years [12][13]

Core Viewpoint - Goldman Sachs shareholders approved substantial pay packages, including $160 million in retention bonuses for CEO David Solomon and President John Waldron, despite recommendations against such compensation from proxy adviser Glass Lewis [1][2][3]. Compensation Approval - The approval for executive compensation received 66% support from shareholders, a decrease from 86% the previous year, indicating growing concerns over pay alignment with performance [3][4]. - The retention bonuses for Solomon and Waldron are designed to secure their leadership roles, with the bonuses vesting over five years [3][5]. Financial Performance - Goldman Sachs reported a significant increase in earnings per share, reaching $40.54 in 2024, a 77% rise from the previous year, attributed to a rebound in deal-making and record equities revenue [5]. Economic Outlook - CEO Solomon highlighted the uncertain economic outlook, emphasizing the importance of feedback from various stakeholders to foster economic certainty and long-term growth [6]. Shareholder Proposals - Shareholders voted against all individual proposals, including one aimed at eliminating "discriminatory" diversity, equity, and inclusion goals related to compensation [8][12]. - Goldman Sachs clarified that meeting diversity hiring or promotion goals does not influence compensation decisions for senior management [9]. Succession Planning - The board's actions suggest that Waldron is positioned as a likely successor to Solomon, reflecting ongoing CEO succession discussions across major financial institutions [3][10].

Apple and Meta were each slapped with fines of hundreds of millions dollars Wednesday for violating the European Union’s new competition law that aims to curb the power of Big Tech.EU antitrust regulators fined Apple $570 million for preventing app makers from pointing users to cheaper options outside its App Store.Meta, meanwhile, was hit with a $230 million because it forced Facebook and Instagram users to choose between seeing ads or paying to avoid them, the watchdog said. 4 Apple and Meta were each s ...

Elon Musk said Tuesday he would dial back his role as President Trump's cost-cutting czar — sending beaten-down Tesla shares surging despite the company reporting that its net income cratered 71% for the quarter. The embattled billionaire told analysts on a post-earnings call that his "time allocation to DOGE will drop significantly," referring to the polarizing Department of Government Efficiency. "I will be allocating far more of my time to Tesla now that the major work of establishing the Department of G ...

Core Viewpoint - Instagram's co-founder Kevin Systrom testified that the platform would have thrived independently of Facebook's acquisition, highlighting its pre-existing user growth and potential for feature development [1][2]. Group 1: Instagram's Growth and Independence - Systrom stated that Instagram was experiencing rapid user growth before Mark Zuckerberg's acquisition offer [2]. - He expressed confidence that Instagram could have developed features like video and private messaging without Facebook's assistance [2]. Group 2: Meta's Strategy and Response - Systrom indicated that Zuckerberg viewed Instagram's success as a "threat" to Facebook, leading to a lack of resources for Instagram's data privacy improvements post-Cambridge Analytica scandal [3][5]. - The testimony supports the FTC's claim that Meta employed a "buy or bury" strategy to neutralize emerging competitors like Instagram and WhatsApp [5]. Group 3: Resource Allocation and Management - In a 2017 email, Systrom expressed frustration over Instagram not receiving additional employees despite a companywide push to enhance video offerings [6]. - He noted a stark contrast between his efforts to make Instagram successful and the lack of resources allocated to the platform [6]. Group 4: Meta's Defense - Meta's legal representatives argued that the acquisition of Instagram was beneficial for its growth, claiming that Instagram had only 2% of its current user base, 13 employees, and no revenue at the time of acquisition [11]. - Meta's chief legal officer stated that many features central to Instagram were developed using Meta's infrastructure after the acquisition [11].

Justice Department lawyers warned that Google’s search dominance is spilling over into the AI race that threatens to crush rivals as the remedy phase of the landmark antitrust case against the tech giant kicked off Monday.Google is already leveraging artificial intelligence as a “method to access search” and will continue to do so without government intervention, DOJ attorney David Dahlquist said during opening statements in a Washington, DC, court.“This court’s remedy should be forward-looking and not igno ...

Core Viewpoint - Ryan Cohen, CEO of GameStop, is facing a lawsuit from Bed Bath & Beyond to recover $47.2 million in profits from stock trading prior to the retailer's bankruptcy [1][4]. Group 1: Lawsuit Details - The lawsuit claims Cohen and his RC Ventures bought and sold more than a 10% stake in Bed Bath & Beyond within six months, making them liable for "short-swing" profits as insiders [1][4]. - US District Judge Naomi Reice Buchwald stated that Bed Bath & Beyond had disclosed its stock buyback program, questioning the credibility of Cohen's claim that he was unaware of his stake exceeding 10% [4]. - Cohen sold his Bed Bath stake in August 2022, realizing an estimated profit of $60 million [4][8]. Group 2: Background Information - Bed Bath & Beyond filed for bankruptcy in April 2023, and its name and trademarks were later acquired by Overstock.com, which is now known as Beyond [8]. - Cohen is recognized as a prominent figure in the meme stock phenomenon, which gained traction among retail investors in early 2021 [6]. - A previous lawsuit by former Bed Bath shareholders regarding Cohen's profits was dismissed due to the bankruptcy, which rendered their claims moot [8].

China’s move to impose strict export controls on rare earth elements used in auto manufacturing has reportedly sparked fears of potential shortages of cars.Earlier this month, Chinese President Xi Jinping’s regime enacted limits on shipments of seven rare earth metals and magnets that are essential to building electric vehicles – as well as military hardware like fighter jets and drones, electronics and other key products.The move has left many Western firms with stockpiles of key materials that will last s ...

Core Viewpoint - The return of a Boeing 737 MAX jet intended for a Chinese airline highlights the impact of escalating tariffs between the US and China, disrupting aircraft deliveries and affecting the aerospace industry [1][3][4]. Group 1: Tariff Impact - President Trump raised baseline tariffs on Chinese imports to 145%, leading to a 125% tariff on US goods imposed by China [3][6]. - The new tariffs significantly affect the delivery of Boeing jets, with a new 737 MAX valued at approximately $55 million, making it financially burdensome for Chinese airlines to accept deliveries [3][6]. Group 2: Delivery Disruptions - The 737 MAX jet, which was at Boeing's Zhoushan completion center, was returned to Seattle due to the tariff situation, indicating a breakdown in the aerospace industry's duty-free status [1][4]. - Confusion over changing tariffs may result in many aircraft deliveries being delayed, with some airline CEOs considering deferring deliveries to avoid paying duties [6].

Group 1 - Amazon has signed a significant lease for 330,000 square feet at 10 Bryant Park, marking a notable expansion in the Midtown office market [1][2] - The lease ensures that the tower remains fully occupied, as HSBC, the previous tenant, is still paying rent until the end of the month [2] - Despite previous setbacks in 2016 regarding a major campus in Queens, Amazon has continued to expand its presence in New York City [2][3] Group 2 - Amazon's new lease at 10 Bryant Park represents its first long-term direct lease commitment since the pandemic, with plans to occupy floors 3 through 11 [4][5] - The annual rent for the space will start at $29.5 million, increasing to $32.2 million over five years, according to a filing by Property & Building Corp [4] - This expansion is part of a broader trend of large-scale corporate growth in Midtown, contributing to a decrease in available high-quality office space [7]