Streetbeat News

Corporate Responsibility

PLTR

Palantir Technologies Inc. CEO Alex Karp highlighted the American tech industry's inclusivity, emphasizing its tolerance for diverse personalities as long as they deliver results. He shared his experiences as a 'hyper inexplicably dyslexic outsider' and credited his success to the industry's openness and co-founder Peter Thiel's support. Despite making controversial jokes at a Capitol Hill forum, Karp's leadership has been praised, and Palantir's stock surged after reporting a 20% revenue increase in its fourth-quarter earnings.

Portfolio Pulse from Ananya Gairola

May 02, 2024 | 7:59 am

CLVT

Clarivate Plc (NYSE:CLVT) announced the launch of an enhanced Cortellis CMC Intelligence solution with a new post-approval variations module to streamline regulatory tracking for pharmaceutical, biotech, and generics companies.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:26 am

SSL

Hanré Rossouw will resign as CFO and executive director of Sasol Limited (SSL) on October 31, 2024. He joined Sasol on April 4, 2022, and contributed to the company's progress. Rossouw will assist with the financial year-end closing and the annual reports for the year ending June 30, 2024. Sasol has begun the succession process for his replacement.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:25 am

TSLA

Matt Higgins, CEO of RSE Ventures, criticized Elon Musk's leadership at Tesla, particularly highlighting issues following recent layoffs. Higgins pointed out Musk's 'cultural immaturity' and lack of empathy, which he believes could lead to a decrease in employee performance due to cultural insecurity. The layoffs, part of a 'hardcore cost-cutting' strategy, have led to over 10% of Tesla's global workforce being cut, alongside the departure of two senior executives. Despite these changes, Musk plans to continue expanding Tesla's Supercharger network, albeit at a slower pace.

Portfolio Pulse from Pooja Rajkumari

May 02, 2024 | 6:33 am

AMZN

Amazon.com Inc. CEO Andy Jassy was ruled by an NLRB judge to have violated federal labor law with his anti-union remarks. The comments were made in interviews and suggested that unionization would lead to a less empowered workforce. Amazon plans to dispute the ruling, emphasizing free speech rights. This comes amid scrutiny over Amazon's efforts to discourage unionization and could impact its labor relations. Additionally, Jassy and former CEO Jeff Bezos were accused by the FTC of deleting text messages relevant to an antitrust investigation.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 6:30 am

BYDDY

TM

TSLA

Tesla Inc. (NASDAQ:TSLA) has reportedly halted its gigacasting manufacturing process, a move aimed at cutting costs amid declining sales and increasing competition, particularly from BYD Co. (OTC:BYDDY) (OTC:BYDDF) and traditional automakers like Toyota Motor Corp (NYSE:TM). This decision marks a strategic shift for Tesla, which had previously aimed to innovate car manufacturing by casting large sections of the vehicle's underbody in one piece. Despite this pause, Tesla plans to focus on producing more affordable cars using existing platforms and has not completely abandoned the small-vehicle platform intended for the so-called Model 2, now pivoting towards developing a self-driving robotaxi.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 5:42 am

META

Elon Musk supported Rep. Jim Jordan's criticism of the Biden administration's alleged censorship of the lab leak theory related to COVID-19's origin. Jordan's posts on X (formerly Twitter) included an alleged 2021 message from Meta Platforms' CEO Mark Zuckerberg, discussing pressure from the White House to censor the theory. Musk described this as a 'Smoking gun First Amendment violation.'

Portfolio Pulse from Ananya Gairola

May 02, 2024 | 4:31 am

ENSV

Enservco Corporation (NYSE:ENSV) announced board changes and a corporate update, including the appointment of Marc Kramer to its Board of Directors, following Steve Weyel's resignation. Kramer brings extensive experience in transportation and logistics, aligning with Enservco's strategic shift towards logistics through the Buckshot Acquisition. The company is exploring strategic initiatives to reduce reliance on its seasonal frac heating business, aiming for a transformation into a year-round logistics business with strong cash flow. Shareholder approval of related proposals is pending.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:52 am

META

Elon Musk reacted to Instagram's algorithm change, aimed at promoting original content by prioritizing it over reposted material in recommendations. Instagram, owned by Meta Platforms, Inc. (NASDAQ:META), announced this significant update to discourage the reposting of others' work. Musk's reaction came after a social media user humorously suggested that this change would lead to a 99% drop in Instagram content, indicating a high volume of duplicated content on the platform.

Portfolio Pulse from Ananya Gairola

May 02, 2024 | 3:42 am

PLTR

At a Capitol Hill forum, Palantir Technologies Inc. CEO Alex Karp made controversial remarks, including jokes about drone-striking rivals and sending protesters to North Korea. The event aimed to bridge the gap between the tech industry and Congress but Karp's comments, including criticisms of anti-Israel protests and Silicon Valley venture capitalists, sparked discomfort among attendees. Despite past controversies, Karp's leadership has been praised, notably after Palantir's fourth-quarter earnings call.

Portfolio Pulse from Ananya Gairola

May 02, 2024 | 1:53 am