A significant stake in Rivian Automotive, a start-up that develops electric cars, including Amazon’s commercial delivery vans, was revealed by the retail giant on Friday. According to an SEC filing, Amazon has equity assets “including preferred shares of Rivian Automotive, Inc. reflecting an approximately 20% ownership stake” with a carrying value of $3.8 billion as…
After reporting better-than-quarterly expected results, Hershey Co. raised its annual sales and profit estimates on Thursday, driven by expectations of high demand for its chocolates and sweets during the “biggest ever” Halloween season. After the epidemic halted trick-or-treating gatherings last year, demand for the company’s products such as Reese’s Peanut Butter Cups and KitKat chocolates…
After closing off Europe’s largest IPO of the year so far, Volvo Cars shares soared 22 per cent on their Stockholm market debut on Friday, boosting new issue markets and the vision of the carmakers to have an electric only future. While cutting down the size of its IPO, the Gothenburg-based firm on Monday also…
The iPhone maker Apple Inc has been able to fare the global semiconductor shortage much better than other mobile phone makers and has as a consequence been able to claw into the other mobile phone makers of its competitors, as is evident from analysis of data providers. According to data from market research firms Counterpoint,…
Facebook, the world’s largest social networking platform, has changed its company name to Meta pot Meta Platforms in an apparent surprise decision. Mark Zuckerberg, co-founder and CRO of Facebook, announced the new platform, which would bring together apps and technology under one unified business identity. However, for users of the company’s social media services –…
Reliance Industries said on Friday that its low-cost 4G smartphone, created jointly by the Indian group’s Jio telecommunications business and Alphabet’s Google, will be available in stores starting this Diwali season for 6,499 rupees ($87). Reliance said in a statement that the smartphone, which is the result of a $4.5 billion Google investment in Reliance’s…
Democratic lobbyist Tony Podesta was paid $1 million by Chinese telecommunications company Huawei for trying to influence the Biden administration on its behalf, claimed reports based on information sources in Washington. The reports claimed that the amount paid by Huawei to the lobbyist was double of what had been reported publicly. In a third-quarter lobbying…
After paying $809.5 million to resolve a long-running lawsuit, more than $500 million was lost by the social media company Twitter in the three months ending September. In 2015, accusations of deceiving investors about user engagement were leveled against the social media behemoth. The quarterly sales revenues of the company increased by 7 per cent…
The fast-spreading Delta strain of coronavirus depressed consumer spending in the third quarter of the year, causing US economic growth to stall considerably. In the three months to September, the economy grew at an annualized pace of barely 2 per cent, compared to 6.7 per cent in the preceding quarter. This slowdown occurred at a…
While showering praises for Elon Musk’s Tesla, the CEO of Volkswagen Group also welcomed the idea that the two companies would compete in the future. After being requested by the German automaker’s CEO, Herbert Diess, Musk spoke to VW officials via video conference earlier this month. Musk’s presence was verified by Diess on Twitter and…
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