Finance
U.S. Department of Energy Backs Rivian with $6.6 Billion Loan for EV Expansion
November 27, 2024 – Yesterday, local time in California, Rivian, the American pure electric vehicle company, announced that the U.S. Department of Energy has conditionally committed to providing a total loan of 6.6billionundertheATVM(AdvancedTechnologyVehiclesManufacturing)program.Thisloan,whichincludes6 billion in principal and $600 million in capitalized interest, is intended to support Rivian’s expansion plans. If finally approved, the loan will…
Warren Buffett to Leave Just 0.5% of His Wealth to His Three Children, Reveals Estate Plans
November 27, 2024 – In a letter addressed to shareholders of Berkshire Hathaway on the 25th of the month, 94-year-old Warren Buffett announced his decision to convert 1,600 Class A shares of the company into 2.4 million Class B shares. These newly acquired Class B shares will then be donated to four family charitable funds….
US Government Cuts Intel’s Subsidy: Dropping from 8.5BilliontoBelow8 Billion
November 25, 2024 – According to informed sources cited by The New York Times, the Biden administration in the United States is planning to reduce the initial 8.5billionallocationfromtheChipsandScienceActgrantedtoIntelCorporation.Thefundingamount,whichwasannouncedearlierthisyear,isexpectedtobecuttobelow8 billion. This change in conditions takes into account a $3 billion contract obtained by Intel to produce chips for the U.S. military. The U.S. government’s decision to…
Elon Musk’s Wealth Reaches New Heights at $348 Billion
November 25, 2024 – According to the Bloomberg Billionaires Index, Tesla CEO Elon Musk has achieved a new record high in his net worth, reaching $347.8 billion. This remarkable milestone was attained on Friday last week, when Tesla shares rose by 3.8%. Since November 4th, Tesla’s stock price has surged 45%, adding approximately 350billiontoitsmarketcapitalization.AsofFriday′sclose,thecompany′stotalmarketvaluestoodat1.13 trillion….
Lotus Announces Layoff of 200 Employees Amid Market Shifts
November 12, 2024 – British luxury sports car manufacturer, Lotus, has announced plans to lay off 200 employees in the UK, citing evolving market demands and changing market conditions as the reason behind the decision. The company confirmed the news to its staff last week, stating that it would attempt to relocate some of the…
AMD Takes the Lead: Q3 CPU Shipments Skyrocket
November 12, 2024 – According to data presented in a new investment report by Bank of America, Intel is increasingly being troubled by adverse factors, resulting in the gradual loss of its market share to its microchip rival, AMD. The report outlines the CPU trends for the third quarter of 2024, highlighting a quarterly decline…
Nissan Announces Global Layoffs of 9,000 Amid 94% Net Profit Plunge
November 11, 2024 – The automotive industry is experiencing rapid changes, and the downfall of once-dominant giants can occur swiftly. Recently, the financial reports for the first half of the fiscal year (April to September 2024) from Japan’s seven major car manufacturers have been released, revealing a decline in net profits for Toyota, Honda, Nissan,…
Booking.com Eyes Layoffs to Bolster Industry Flexibility
November 11, 2024 – Booking, the world’s largest online travel company, has announced potential layoffs as part of an organizational structure review. In an email statement released on Saturday, the company stated that the review process is still in its early stages and no final decisions have been made. “This is a difficult but necessary…
NVIDIA Tops Charts with $3.6 Trillion Market Value, Claiming Worldwide Leadership
November 08, 2024 – NVIDIA has achieved a historic milestone, becoming the first company to surpass a market value of 3.6trillion.OnThursday,itssharesreachedanall−timehigh,closingwithamarketcapitalizationof3.65 trillion. This surpassed Apple’s previous record of $3.57 trillion set on October 21st. In the race among technology giants like Microsoft and Alphabet to build artificial intelligence computing power and capture emerging technology markets,…
Precision Raises 93Million,Reaching500 Million Valuation as Neuralink Competitor
November 07, 2024 – According to Bloomberg, sources familiar with the matter have revealed that Precision Neuroscience, a brain-computer interface company, is seeking to raise 100millioninfunding.Thecompanyhasalreadysecured93 million, resulting in a valuation of approximately $500 million. Precision is positioned as a rival to Elon Musk’s Neuralink. This new infusion of funds provides Precision with additional financial…