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Legal

MSFT

TSLA

Elon Musk has filed a lawsuit against OpenAI and its CEO Sam Altman, accusing them of deviating from the company's original non-profit goals towards profit orientation, primarily to benefit Microsoft, which has invested $13 billion in OpenAI. The lawsuit reveals past communications where Altman valued Musk's involvement in recruiting talent and setting the company's direction.

Portfolio Pulse from Rounak Jain

March 02, 2024 | 9:54 am

TSLA

Elon Musk criticized lawyers demanding $6 billion in Tesla shares as compensation for contesting his $56 billion pay package, calling them 'evil' and the system 'broken'. The lawyers represented a shareholder challenging Musk's 2018 compensation, and their request could make them among Tesla's top 10 shareholders. Musk plans to appeal the decision nullifying his pay and can challenge the fee request.

Portfolio Pulse from Anan Ashraf

March 02, 2024 | 6:21 am

TSLA

Lawyers representing shareholders in a lawsuit against Elon Musk's $56 billion pay package from Tesla Inc (NASDAQ:TSLA) have requested nearly $6 billion in Tesla shares as compensation. This request follows a Delaware state court ruling last month that nullified Musk's pay package, citing governance issues and unfairness to shareholders. The lawyers aim to become among the top 10 shareholders of Tesla and have requested to sell these shares immediately without a holding period. Musk is expected to appeal both the nullification of his pay and the lawyers' fee request.

Portfolio Pulse from Anan Ashraf

March 02, 2024 | 2:14 am

AAPL

IBIT

MSFT

NYCB

QQQ

SPY

Stock markets rose further with the Nasdaq 100 and S&P 500 hitting record highs, driven by favorable inflation data and strong corporate earnings. Bitcoin surpassed $60,000, while New York Community Bancorp's stock plummeted due to internal turmoil. Elon Musk sued OpenAI, alleging a shift towards profit generation for Microsoft. Bitcoin ETFs experienced record inflows, and Goldman Sachs dropped Apple from its conviction list but maintained a 'Buy' rating.

Portfolio Pulse from Piero Cingari

March 01, 2024 | 9:35 pm

MOLN

Molecular Partners AG announced that a class action lawsuit filed against the company has been dismissed in its favor, according to Reuters. This legal victory could potentially bolster investor confidence in the company.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 9:23 pm

XEL

Xcel Energy's stock is trading lower following the company's announcement of potential liability for the Smokehouse Creek Fire.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 8:46 pm

BIVI

CRDF

FSR

REAL

SCLX

SIDU

U.S. stocks traded higher with the Nasdaq Composite gaining over 1%. Energy shares rose by 1.4% as crude oil prices increased by 2.3%. BioVie Inc., Cardiff Oncology, and The RealReal reported significant gains following positive updates. Conversely, Sidus Space, Fisker Inc., and Scilex Holding experienced sharp declines. Fisker's drop was due to preliminary Q4 revenue results below estimates and concerns about its ongoing viability.

Portfolio Pulse from Avi Kapoor

March 01, 2024 | 7:32 pm

META

Meta Platforms, Inc. (NASDAQ:META) shares hit all-time highs, trading above $500, following CEO Mark Zuckerberg's focus on AI, AR, and VR advancements, including meetings in Tokyo and with Samsung and LG Electronics on AI cooperation. Meta is set to unveil AR glasses codenamed Orion this fall. A U.S. court ruled in favor of Meta in a case against NSO Group over spyware. META's stock is up over 40% YTD, with analysts having a positive outlook despite the average target suggesting potential downside.

Portfolio Pulse from Erica Kollmann

March 01, 2024 | 7:04 pm

BMO Capital Markets analyst John P. McNulty downgraded The Chemours Company (NYSE:CC) to Underperform from Outperform with a new price target of $19, down from $45, citing management changes, delays in filing its 10-K, and financial struggles. Despite these challenges, McNulty notes early signs of recovery in core businesses but finds it high risk to make numeric earnings assumptions currently. Chemours expects FY23 net sales of about $6.0 billion, down from $6.8 billion the previous year.

Portfolio Pulse from Lekha Gupta

March 01, 2024 | 6:54 pm

RCAR

This week's financial crime news includes a trial of Jian Wen for laundering billions in Bitcoin, Janet Yamanaka Mello's guilty plea for defrauding the U.S. Army of $108 million, and a final judgment against RenovaCare Inc. (OTC:RCAR) for a pump and dump scheme involving the 'SkinGun'. Jian is accused of laundering for a fraudulent scheme in China, Mello used a charity as a front for her fraud, and RenovaCare's executives were charged with securities fraud.

Portfolio Pulse from Neil Dennis

March 01, 2024 | 6:35 pm