Streetbeat News

Corporate Responsibility

PARA

Paramount Global (NASDAQ:PARA) is considering the dismissal of CEO Bob Bakish amid merger talks with Skydance Media. The board has formed a special committee for the merger, which could see Skydance and its partners owning nearly 50% of the merged entity. The merger, valuing Skydance at about $5 billion, could lead to Skydance CEO David Ellison taking over. Bakish, opposing the merger for potentially diluting shareholder value, may be replaced following his resistance and the loss of confidence from controlling shareholder Shari Redstone.

Portfolio Pulse from Bibhu Pattnaik

April 28, 2024 | 12:42 pm

TSLA

Elon Musk, CEO of X and Tesla, Inc. (NASDAQ:TSLA), is involved in legal disputes with Brazil and Australia over content restrictions on X, claiming they suppress free speech. In Brazil, Musk criticized the banning of accounts linked to 'digital militias' and faced an investigation for obstruction of justice. In Australia, he's contesting a global takedown order for a knife attack video, leading to a legal battle. Musk's actions have sparked debate over his stance on free speech and compliance with takedown orders in different countries.

Portfolio Pulse from Nabaparna Bhattacharya

April 27, 2024 | 8:16 pm

BRK-A

COST

HomeServices of America, a Berkshire Hathaway (NYSE: BRK-A) subsidiary, agreed to pay $250 million to settle an antitrust lawsuit over real estate commissions, potentially reducing commissions by 25%. The settlement follows a $1.78 billion jury verdict and is part of over $943 million in settlements involving the National Association of Realtors and other brokerages. The settlement will result in a $140 million after-tax charge for HomeServices. This comes as Berkshire Hathaway faces scrutiny over missed investment opportunities, including a potential $1.5 billion gain from Costco (NASDAQ: COST) shares.

Portfolio Pulse from Bibhu Pattnaik

April 27, 2024 | 1:38 pm

TSLA

Facebook co-founder Dustin Moskovitz has accused Elon Musk's Tesla of engaging in fraudulent practices, comparing it to the infamous Enron scandal. Moskovitz voiced his concerns on Threads, while Musk responded with ridicule on X. The article also recaps the Enron scandal, highlighting its rise and fall due to corporate fraud. Tesla's stock closed 1.11% lower at $168.28 per share on Friday, with a 32.26% decrease year-to-date. Tesla's first-quarter revenue fell to $21.3 billion from $23.33 billion a year earlier.

Portfolio Pulse from Navdeep Yadav

April 27, 2024 | 1:19 pm

WMT

Walmart Inc's CEO, Doug McMillon, received a compensation of $26.97 million last fiscal year, 976 times the median associate's salary of $27,642. Walmart, employing about 2.15 million associates globally, reported consolidated revenue of $648.1 billion and operating income of $27 billion. The CEO's pay, which includes a base salary, stock awards, and other compensation, was 6.6% higher than the previous year. This highlights the ongoing debate on pay disparity between CEOs and their employees, especially in comparison to other retail giants.

Portfolio Pulse from Anan Ashraf

April 27, 2024 | 8:38 am

TSLA

Dustin Moskovitz, Facebook co-founder, compared Tesla to Enron, accusing it of presenting misleading data about its Full Self-Driving (FSD) capabilities and potentially committing consumer fraud. He highlighted concerns over Tesla's FSD progress and questioned the company's software sales revenue claims. Moskovitz's allegations include misleading vehicle range representations and inaccurate odometer readings, with social media reports supporting these claims. Tesla has not responded to the allegations. The success of FSD is crucial for Tesla's future, especially for its planned robotaxi service.

Portfolio Pulse from Shanthi Rexaline

April 27, 2024 | 2:01 am

GOOG

GOOGL

The board of Alphabet Inc has advised its shareholders to vote against a stockholder proposal concerning the oversight and principles of artificial intelligence (AI).

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:42 pm

GOOG

GOOGL

Alphabet Inc's CEO, Sundar Pichai, received a total compensation of $8.8 million for the year 2023, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:42 pm

MSFT

Blizzard has canceled BlizzCon 2024, opting for smaller events and participation in trade shows like Gamescom. The decision follows a year of significant changes for Blizzard, including Microsoft's acquisition of the company and leadership shifts. Despite the cancellation, Blizzard plans to bring back BlizzCon in future years. The video game industry is currently facing challenges, highlighted by Microsoft's recent layoffs of 1,900 employees across Activision Blizzard and Xbox.

Portfolio Pulse from Franca Quarneti

April 26, 2024 | 8:41 pm