Streetbeat News

Corporate Responsibility

MSFT

Microsoft (NASDAQ:MSFT) is facing internal discontent after announcing the hiring of OpenAI employees with matched compensation. This has caused unrest among existing staff who have experienced job insecurity, layoffs, and salary freezes. The hiring of OpenAI's ex-CEO Sam Altman and President Greg Brockman to lead a new AI research group has added to the perceived disparities. OpenAI's board is struggling to manage a crisis as over 96% of its employees demanded the board's resignation and are ready to quit, potentially following Altman to Microsoft.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 3:49 am

BRK.B

Warren Buffett, Chairman of Berkshire Hathaway Inc., has donated approximately $866 million in company stock to four family charities. The donation includes 1.5 million Class B shares to the Susan Thompson Buffett Foundation and 900,000 Class B shares divided among charities led by his children. Buffett, aged 93, reaffirmed his commitment to philanthropy and intends to give away over 99% of his wealth to charitable causes. Since 2006, he has donated about $52 billion in Berkshire stock to various charities.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 2:54 am

MSFT

OpenAI and Microsoft Corporation (NASDAQ:MSFT) are being sued by author Julian Sancton for copyright infringement, alleging they used non-fiction authors' works to train their AI systems without permission. Sancton seeks damages and a court order to stop the infringement. This lawsuit is the first to involve Microsoft, a major investor in OpenAI, which has integrated OpenAI's technology into its products. OpenAI and Microsoft have faced similar allegations before but have denied them.

Portfolio Pulse from Ananya Gairola

November 22, 2023 | 2:49 am

BTCUSD

Economist Nouriel Roubini, also known as 'Dr. Doom', expressed satisfaction on Twitter over the resignation of Binance CEO Changpeng Zhao, who is facing criminal charges for anti-money laundering violations. Roubini has previously accused Binance of facilitating illegal transactions and criticized Zhao, who recently agreed to step down and plead guilty, with Binance set to pay $4.3 billion in fines.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 1:33 am

SENEA

SENEB

Seneca Foods Corporation has initiated a voluntary recall of mislabeled Hy-Vee Turkey Gravy, which actually contains beef gravy and an undeclared soy allergen. The recall is limited to 12 oz glass jars with specific lot codes and affects only Hy-Vee sold products. No consumer illnesses have been reported.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 11:13 pm

SBUX

The Strategic Organizing Center, a coalition of labor unions including the Service Employees International Union, is pushing for three seats on Starbucks' board. This move intensifies the ongoing conflict over worker pay and conditions, as the group aims to influence the company's governance due to perceived oversight failures regarding employee treatment.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 11:10 pm

COIN

Coinbase CEO Brian Armstrong responded to Binance co-founder Changpeng Zhao's resignation, viewing it as a chance for a new industry chapter. Armstrong highlighted Coinbase's commitment to compliance since 2012. Zhao resigned as part of a plea deal with the DOJ, where Binance agreed to a $1.8 billion fine and a $2.5 billion forfeiture. Armstrong noted the challenges of compliance but believes it was the right decision. Coinbase's Chief Legal Officer, Paul Grewal, criticized the U.S. government's enforcement-only approach to crypto regulation, calling for legislation to protect consumers and promote a responsible marketplace.

Portfolio Pulse from Murtuza Merchant

November 21, 2023 | 10:36 pm

BNBUSD

Binance, the world's largest crypto exchange, and its CEO Changpeng Zhao have admitted guilt to federal charges, resulting in a $4.3 billion settlement with the U.S. Justice Department. The charges include violations of the Bank Secrecy Act, unlicensed money transmitting, and the International Emergency Economic Powers Act. Zhao has resigned as CEO following the admission of failing to maintain an effective anti-money laundering program. The settlement is one of the largest corporate penalties in U.S. history. Binance is now required to appoint an independent compliance monitor for three years and enhance its compliance programs.

Portfolio Pulse from Murtuza Merchant

November 21, 2023 | 10:16 pm

DIS

Disney has acknowledged that new collective bargaining agreements with the Directors Guild of America, the Writers Guild of America (WGA), and SAG-AFTRA will result in increased costs for the company, according to a Reuters report citing a recent filing.

Portfolio Pulse from Charles Gross

November 21, 2023 | 10:13 pm

MSFT

Microsoft is preparing its San Francisco offices to accommodate employees from OpenAI, the artificial intelligence research lab. This move comes as Microsoft continues to invest in and collaborate with OpenAI, creators of AI systems like ChatGPT and DALL-E.

Portfolio Pulse from Charles Gross

November 21, 2023 | 9:57 pm