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Company News
The next step for Tesla and Elon Musk is a formal takeover proposal — here’s what it could look like
Now that Tesla CEO Elon Musk has hired advisers for his plan to take the U.S. electric car maker private, and the Tesla board has named a special committee of independent directors to evaluate it — two steps CNBC reported would happen last week— the next milestone is for Musk to actually put together a …
A group of founders, current executives and early employees of Tinder sued the dating app’s owner IAC and its subsidiary Match Group for at least $2 billion, claiming the defendants “robbed Tinder employees” by cooking financial information, “undermining Tinder’s valuation and unlawfully stripping away their Tinder stock options.” Plaintiffs in the case filed in New …
Netflix Chief Financial Officer David Wells is stepping down. Wells, who has been CFO since 2010, will stay on the job until he can help choose a successor, the company announced Monday. Netflix’s stock was down slightly in early trading. Wells said he intends to focus on philanthropy. Here’s the full announcement from Netflix: Netflix …
Elon Musk is clearing up questions around taking Tesla private, saying his claim last week that the necessary funding had been secured was based on repeated and ongoing conversations with the Saudis. “Going back almost two years, the Saudi Arabian sovereign wealth fund has approached me multiple times about taking Tesla private,” Musk said in …
Toys R Us will shutter its doors in the U.S. Friday, leaving in its wake a great deal of sadness, pockets of anger and some slim hope. The retailer filed for bankruptcy this past September with $4.9 billion in debt, a vestige from its $6.6 billion acquisition by Kohlberg Kravis Roberts, Bain Capital Partners and …
General Electric Chairman and CEO John Flannery told CNBC on Tuesday that he’s very comfortable now with what’s going on inside the company. “I’m a believer,” Flannery said in an interview with “Squawk on the Street.” “I’m very comfortable. When we have seen issues along the way, we’ve serviced them, we’ve dealt with them and …
GE’s turnaround strategy is becoming clear. The company announced plans on Tuesday to spin off its health-care unit and separate its stake in oil services company Baker Hughes over the next two to three years. GE will focus its operations on the aviation, power and renewable energy businesses. “Today marks an important milestone in GE’s …
Shares of Harley-Davidson plunged Monday after the iconic American motorcycle manufacturer said it will begin shifting some production overseas to offset the impact of retaliatory EU tariffs on certain U.S. goods. The statement is one of the first by a major U.S. company that implies the recently announced tit-for-tat tariffs will force it overseas, and counters the …
J.C. Penney on Friday reported revenue and same-store sales for the holiday quarter that fell short of analysts’ expectations. The company saw less promotional activity during the quarter as it shrunk its inventory, but greater online sales hampered profit margins. Penney also announced a management shakeup and said it is cutting 360 positions, including at its corporate …
Planning a trip to Disney? You might want to take a closer look at your calendar.
The nation’s biggest aluminum producer will split into two publicly traded companies as it tries to deal with an oversupply of the metal and falling prices.
Caterpillar announced Thursday that it expects to permanently reduce its workforce by 4,000 to 5,000 by the end of 2016. It said the cuts could reach 10,000 through 2018. The reductions are part of a corporate restructuring that the company said will lower operating costs by about $1.5 billion annually once implemented. Caterpillar also lowered …
Goldman Sachs Chairman and CEO Lloyd Blankfein said Tuesday he has been diagnosed lymphoma. “Late this summer after several weeks of not feeling well, I underwent a series of tests, which culminated in a biopsy last week,” Blankfein said in a release. “Fortunately, my form of lymphoma is highly curable and my doctors’ and my …
General Electric is planning to move 500 jobs overseas, citing the Export-Import Bank expiration. The jobs will be moving to France, Hungary and China. Four hundred jobs will move to France, and the remaining 100 split between China and Hungary. The jobs will be coming from Texas, South Carolina, Maine, and New York. GE has …
A lawsuit filed in Illinois accuses Boeing of building airplanes that have ventilated the cabin with toxic fumes.
