Author: streetwiseir

Mark Zuckerberg announced he would be reducing the size of the Meta team by about 13%, resulting in the cut of more than 11,000 “talented” employees. “I know this is tough for everyone, and I’m especially sorry to those impacted,” Zuckerberg shared on Wednesday in a blog post to employees. He also admitted the decision was “some of the most difficult changes we’ve made in Meta’s...

James Zhong has pleaded guilty to committing wire fraud in order to steal 51,680.32473733 BTC from Silk Road, per Bitcoin Magazine.  U.S. Attorney, Damian Williams said it was over a decade ago when James Zhong stole approximately 50,000 Bitcoin. “For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery.” Silk Road was a dark web internet...

Shipments of the iPhone 14 Pro are being impacted by a Covid-19 outbreak at an assembly factory in Zhengzhou, China. The facility is the primary assembly plant for the iPhone 14 Pro and Pro Max, Apple said in a press release.  “We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and...

John Tyson, CFO of Tyson Foods and son of board chairman, was arrested on Sunday, Nov. 6 after being found in a stranger’s bed.  KNWA / Fox 24 broke the news of the incident. Tyson was found asleep in a woman’s bed around 2 a.m. on Sunday after she called the police. Tyson was unable to speak to police upon arrival and smelled of alcohol. He...

No price is too high for coffee. Starbucks’ fiscal fourth-quarter earnings beat expectations while navigating “higher prices, ongoing unionization efforts, COVID-19 lockdowns in China, and more,” according to Yahoo Finance.  The earnings and revenue topped analysts’ estimates because customers complied with the hike in Starbucks’ higher prices.  CNBC reported, “Net sales for the period rose 3.3% to $8.41 billion. Global same-store sales increased 7%, fueled by increased spending...

Last week, Washington’s King County court granted a nationwide temporary restraining order on Albertsons’ $4 billion payout to investors. This is a wrench in Kroger’s plans to buy Albertsons for $25 billion, which was announced weeks ago. Albertsons’ $4 billion dividend payout to shareholders was part of the deal.  According to Fox Business, State Attorney General, Bob Ferguson, filed the lawsuit to prevent Albertsons’ from paying shareholders....

Rapper Sean Combs, also known by the stage names Puff Daddy, P. Diddy, Diddy or Puff, struck up a deal with Cresco Labs and Columbia Care last week.  CNBC reported, “The transaction marks Combs’ first investment in cannabis and will create the country’s first minority-owned, vertically integrated multi-state cannabis company, as well as the world’s largest Black-owned cannabis company, according to a release from Combs and...

Tubi, a free, ad-supported streaming service, helped boost the advertising revenue for Fox for its first fiscal quarter.  According to CNBC, Fox acquired Tubi in 2020 for an estimated valuation of $490 million to boost advertising revenue. And it looks like it paid off.  Tubi offers a library of Tubi Originals, on-demand movies and TV shows, and a selection of channels. Having an account is not necessary...

The challenging economic conditions have led many companies to cut large numbers of employees. The most recent, and most talked about, are the rumors of Elon Musk cutting 25% of Twitter’s staff just a week after he took over the company. The Washington Post obtained this information from four different anonymous sources.  But prior to that, many other companies made headlines with alarming layoff announcements. Here...

Bed Bath & Beyond is facing yet another unfortunate situation. The company confirmed there was a data breach after an employee was phished. Although details of the breach are limited, the company stated in an 8-K filing to the U.S. Securities and Exchange Commission, “an attacker had “improperly accessed” company data after a successful phishing scam targeting an employee in October. This gave the hacker access...