Forbes

2022-04-25 17:05:01 Donald Trump criticizes the Democrats' stance on voter IDs. Watch the video. Open / Comment

2022-04-25 14:05:01 Apple Assembler Foxconn Pushes Further Into EVs With M&A

Consumer electronics assembly giant Foxconn has acquired and merged a pair of component firms to boost the Taiwan-based company’s position in the competitive electric vehicle market.

Foxconn announced last week that it had acquired the wireless telecommunications business of Taiwanese fabless component supplier Arqana Technologies and merged with California-based integrated circuit design house AchernarTek for an undisclosed amount. Both moves will help Foxconn, founded by Taiwanese billionaire Terry Gou, and its customers develop semiconductors for the automotive sector and 5G infrastructure, Foxconn said.

AchernarTek and Arqana’s Taiwan and Belgium units will combine, under the name iCana.

The newly formed unit will “create new products and penetrate new markets” for semiconductors in multiple industries, “starting with semiconductor components for electric vehicles,” iCana CEO Glenn Vandevoorde said in the statement. Open / Comment

2022-04-24 21:05:00 Bill Ackman Cancels Netflix, Taking $400 Million Loss As Shares Tank

Nearly three months after revealing a stake in Netflix Inc., Pershing Square leader Bill Ackman disclosed earlier this week he sold out of the 3.1 million-share position following news it lost subscribers for the first time in a decade.

In a letter to shareholders, the billionaire activist guru said the New York-based hedge fund’s year-to-date returns were impacted by four percentage points as a result of the loss on its $1.1 billion investment. Overall, the bet cost Pershing Square an estimated $400 million.

The Los Gatos, California-based streaming service’s stock plunged after reporting on Tuesday in its first-quarter 2022 results that it lost 200,000 subscribers. This was not completely unexpected, however; the company warned investors in January that subscriber growth would slow substantially in the first three months of the year and provided mediocre guidance. Open / Comment

2022-04-24 17:05:01 CNN+ Will Shut Down After Only One Month Of Service

CNN+, which launched on March 29, will be shut down on April 30.

Chris Licht, CNN’s incoming president, called an all-hands meeting Thursday at noon to share the news with hundreds of staffers.

Andrew Morse, CNN’s chief digital officer who was in charge of CNN+, will step down after a “transition period.”

David Zaslav, CEO of Warner Bros. Discovery, was bothered by the choice of former WarnerMedia CEO Jason Kilar to launch CNN+ soon after the company completed its merger with Discovery and Discovery executives were unsure of the streaming service’s strategy before the companies merged.

Zaslav has said he wants all of the company’s brands, which include HBO Max and Discovery+ to live under one streaming service, and some CNN+ programing may eventually be available on that service. Open / Comment

2022-04-24 14:05:01 U.S. Billionaires

If you’re in the United States, chances are there’s a billionaire living among you. As part of the annual World’s Billionaires list, Forbes found 748 members of the three-comma club populating America – across 42 of the 50 states. The richest of each are collectively worth $1.4 trillion.

They live everywhere from Arizona to Wyoming, though most call one of just four states home: California (with 186 billionaire residents), New York (135), Florida (78) and Texas (67). In recent years, some of the super-rich have ditched the high-tax hubs—including Elon Musk and Larry Ellison, who both fled Silicon Valley.

Eight states have no billionaire residents at all: Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont and West Virginia.

New York’s wealthiest resident remains the same (media mogul Michael Bloomberg has held the title since 2019), change hit the other coast in 2022: Mark Zuckerberg is no longer the richest person in California. Open / Comment

2022-04-23 21:05:00 Snap Investors Ignore $360 Million Quarterly Loss — And Focus Instead On User Growth

Snap’s first-quarter loss was larger than the one a year ago — and wider than Wall Street expected. It lost $360 million. Moreover, the company’s sales came in a hair shy of Wall Street projections. Snap did $1.06 billion, slightly less than the forecast $1.07 billion, citing a wide downturn in the ad market.

But the company had some good tidings, too. Most relevantly, it said daily users grew by 18% in the quarter to 332 million. User growth is one of the most popular gauges for a company’s health, and Snap’s expansion comes against hard times for its largest competitors: Meta, which has stagnant growth, and Twitter, which has set large growth goals that may be impossible to meet.

Snap shareholders sent the stock up 6% in after-hours trading. It was a rare respite for the beleaguered shares. Open / Comment

2022-04-23 17:05:00 Malaysia’s Carsome To List On Nasdaq At $2 Billion Valuation

Malaysian unicorn Carsome is reportedly seeking to go public through a dual listing on Nasdaq and the Singapore Stock Exchange that would value the company at around $2 billion.

The used car marketplace has has confidentially filed for the IPO with Nasdaq already.

The listing, which is said to be aimed at raising $400 million, was encouraged by one of Carsome’s key investors, 65 Equity Partners, a unit of Singapore sovereign-wealth fund Temasek Holdings.

The company became Malaysia’s largest tech unicorn after it received $170 million in a funding round that lifted its valuation to $1.3 billion last year. Some of the other investors backing Carsome include Tsai Ming-kai’s MediaTek, Lance Gokongwei’s Gokongwei Group and Patrick Grove’s Catcha Group. Open / Comment

2022-04-23 14:05:01 Crypto Exchange Coinbase Launches Its Much-Anticipated NFT Marketplace

Coinbase, the largest cryptocurrency exchange in the U.S., has launched its long-awaited marketplace for digital collectibles.

The testers will be able to buy and sell NFTs using any self-managed wallet, including Coinbase Wallet, according to the announcement.

For the launch, Coinbase is curating and showcasing NFT collections such as World of Women, a series of 10,000 diverse female avatars, and Azuki, anime-like “skateboarder” characters. Ultimately, any Ethereum-based collection will be accessible on Coinbase NFT, with “more available soon,” Alex Plutzer said in a press briefing.

Coinbase has rolled out features that are popular within the social media apps like Instagram and TikTok, allowing users to showcase their profiles and follow other accounts through personalized feeds. Users will also be able to “like” and comment on each other's posts. Open / Comment

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2022-04-22 21:05:01 Plug Power Snags Walmart Fuel Deal As Green Hydrogen Revs Up Amid Oil Price Spike

There’s been a flurry of plans from big manufacturers and startups to build next-generation commercial vehicles powered by “green” hydrogen made from renewable energy in recent years. Now fuel cell maker Plug Power says it may have the biggest U.S. deal to date to supply that carbon-free fuel to Walmart.

Under the agreement Latham, New York-based Plug will supply up to 20 tons of hydrogen per day to the retail giant, enough fuel being to power as many as 25,000 forklifts for Walmart. Plug will deliver liquid hydrogen to Walmart distribution facilities in specialized tanker trucks.

The retailer “has been an early adopter of innovative hydrogen and fuel cell technology for over a decade,” Plug CEO Andy Marsh said. “Now our green hydrogen solutions will provide Walmart with the ability to achieve significant carbon reduction.” Open / Comment