Is Tumblr About to Go Belly Up? Staff to Be Reassigned to ‘Revenue-Generating’ Divisions
A leaked internal memo revealed that Tumblr, the once-popular blogging platform, is undergoing significant changes due to long-standing financial challenges. CEO Matt Mullenweg confirmed the memo’s authenticity on his own Tumblr blog, acknowledging the need for a new approach to address the platform’s financial woes. Mullenweg stated that the current business model failed to generate […]
Apple And Its $14 Billion Problem
A European tribunal is being urged to reevaluate its decision in favor of Apple (NASDAQ: AAPL) regarding a $14 billion tax order, according to an adviser to Europe’s top court. The tax case, a part of EU antitrust chief Margrethe Vestager’s efforts to address deals between multinationals and EU countries seen as unfair state aid, […]
Sphere CFO Abruptly Quits Days Before Earnings Call; Company Reports $98.4 Million Quarterly Loss
Sphere Entertainment Co. (NYSE: SPHR), the operator of the $2.3 billion Sphere venue near the Strip, announced an operating loss of $98.4 million for the fiscal quarter ending September 30. This revelation was made during an earnings call, shortly after the company also disclosed the resignation of its chief financial officer, Gautam Ranji, in a […]
Canopy Sees Q2 Revenue Fall 36% Following BioSteel Bankruptcy
Canopy Growth (TSX: WEED) is now describing itself as an “asset-light” company following the release of its Q2 2024 financial results, which outline further asset sales conducted this year, while the company calls for further cost reductions before the end of the fiscal year. “Canopy Growth has successfully transformed into an asset-light, cannabis-focused company with […]
CGX Energy Reviewing Strategic Options For Corentyne Block After 35 Metres Of Net Pay Hit In Wei-1 Well
CGX Energy (TSXV: OYL), along with its joint venture partner Frontera Energy (TSX: FEC), is reporting success in its Wei-1 exploration well of its Corentyne Block offshore of Georgetown, Guyana. The well was drilled to a total depth of 6,233 metres in water approximately 583 metres deep, encountering three aged stacked sands within channel and […]
Renamed PornHub Parent Company Faces Lawsuit… Again
The Federal Bureau of Investigation (FBI) has conducted a criminal investigation into the Montreal-based adult entertainment company MindGeek, revealing evidence of its alleged involvement in illegal financial transactions related to human trafficking for sexual exploitation, according to recently filed court documents in the U.S. According to documents submitted to the U.S. court, negotiations are underway […]
Ray Dalio Couldn’t Stand Not Being the Most ‘Believable’ Person at Bridgewater So He Gamed His Own Believability Rating App
Ray Dalio, founder of Bridgewater Associates, the largest hedge fund in the world, isn’t too happy about the new tell-all book about him written by New York Times reporter Rob Copeland. He’s so displeased about it, actually, that his attorneys attempted to stop its publication. It’s understandable because the biography, called The Fund: Ray Dalio, […]
October Sees 2.3% Drop in Wholesale Used-Vehicle Prices
Wholesale used-vehicle prices experienced a notable drop in October, as indicated by two major reports in the automotive market. Black Book’s recent market insights, published in the week ending November 4, highlighted a return to higher-than-typical seasonal wholesale price depreciation. This shift was attributed in part to the United Auto Workers (UAW) and the Detroit […]
FDA Approves Wegovy Competitor from Eli Lilly
The US Food and Drug Administration (FDA) has granted approval for the use of tirzepatide, a type 2 diabetes drug, for chronic weight management. The medication, originally known as Mounjaro for diabetes, will now be called Zepbound for weight loss, according to an FDA news release. Developed by Eli Lilly, Zepbound belongs to a new […]
SEC Counters Binance’s Legal Defense: “Lacking Support In The Law”
In response to Binance’s attempt to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), the regulatory body has asserted that the dismissal plea lacks legal merit. The SEC, in a filing on Wednesday, countered Binance’s motion, claiming that the exchange’s defense is based on misinterpretations of the law, which could undermine […]