PayPal has only known a growth, growth, growth mindset under long-time CEO Dan Schulman. That mindset officially ended as of August 2 as PayPal switches tactics to appease activist investor Elliott Management, which has disclosed a $2 billion stake in the payments giant. Late Tuesday, the company outlined $900 million in cost cuts — mostly through layoffs, real estate consolidation, and project cutbacks. PayPal also uncorked a new $15 billion stock buyback plan. Investors cheered the about… Source link

Bankers and advisers that backed Tesla (TSLA) CEO Elon Musk’s $44 billion bid for Twitter (TWTR) have been hit with a flood of new subpoenas from the social media site’s lawyers. Those lawyers want to know what happened in Musk’s private negotiations leading up to the now-disputed deal. On Tuesday, Twitter filed more than a dozen subpoenas in its fast-tracked lawsuit to force Musk to go through with the deal. The filings directed to Musk’s advisers and would-be lenders — including Source link

NFL training camps are already in full swing, but there’s one significant domino still left to fall. San Francisco 49ers quarterback Jimmy Garoppolo is looking for a new after undergoing offseason surgery. The 49ers have made it clear Garoppolo will be traded before the start of the regular season. The team committed to second-year quarterback Trey Lance at the start of training camp, signaling Garoppolo’s run in San Francisco was over. Though Garoppolo is finally healthy, the team will limit… Source link

U.S. stocks rallied Wednesday, recovering this week’s losses as investors barreled through the earnings season and weighed upbeat economic data out of the services sector. The S&P 500 jumped 1.6%, and the Dow Jones Industrial Average gained 450 points, or roughly 1.4%. The tech-heavy Nasdaq Composite surged 2.6%. Bonds also pushed forward after hawkish Fedspeak Tuesday, with the benchmark 10-year Treasury yield near 2.8% and the 2-year yield topping 3.1%. Economic data out Wednesday that showed… Source link

Tesla stock is inflated and could lose more than half of its value, according to Citi analyst Itay Michaeli. In a note to clients, Michaeli reiterated a sell rating on Tesla’s stock on with a $424 price target. Tesla stock traded around at $923 per share on Wednesday. The basis for Michaeli’s bold call involves skepticism related to Tesla’s autonomous driving technology and the view that Tesla’s stock — which is trading on a lofty forward P/E ratio of 76 times — is not factoring in a… Source link

Pablo Martinez Monsivais/AP; SEBASTIEN BOZON/AFP via Getty Images Bezos’ yacht was moved from a Dutch shipyard before dawn Tuesday, likely to avoid local attention. After public outcry from locals, it did not involve the dismantling of a historic bridge. Watch Bezos’ yacht make its journey. Jeff Bezos’ megayacht has quietly left the Dutch shipyard where it was built, sans a bridge dismantling and crowds of spectators. The 417-foot vessel, known as Y721 and estimated to cost $500 million, has been… Source link

New England Patriots head coach Bill Belichick answered questions about the NFL’s investigation into the Miami Dolphins’ tampering with Tom Brady in true Belichickian fashion: With indifference. When asked twice Wednesday about the NFL’s decision to take two draft picks from the Dolphins – including the team’s 2023 first-rounder – as well as fine and suspend owner Stephen Ross for “impermissible communications” with Brady while he was on the Patriots in 2019 (as well when he was the Tampa… Source link

Lucid Group (LCID) shares crashed in after hours trading on on Wednesday following the release of the electric vehicle (EV) maker’s second quarter report. The company cut its production outlook for 2022 for the second time in as many quarters, now forecasting it will make 6,000-7,000 cars this year, down from its prior guidance of 12,000-14,000. At the beginning of the year, the company had expected it would make up to 20,000 cars this year. “Our revised production guidance reflects the… Source link

In June, Google announced that it’s bringing the features of Meet into the Duo app — and that transformation begins today. Google isn’t technically getting rid of either app; Duo’s getting rebranded as Meet with the features from both apps, and Meet’s staying Meet. Yes, it sounds pretty confusing, but by the end of this process, there will be just two apps: “Meet Original” (the standard Meet app that will eventually get phased out) and the new Meet that combines both Meet… Source link

Kansas City Royals reliever Amir Garrett didn’t like what one Chicago White Sox fan said to him Tuesday night, and Garrett let the fan know it. The pitcher was caught on camera tossing his drink at the heckler, who was shouting at Garrett from above the Royals’ dugout in Chicago’s 9-2 win over Kansas City. It’s hard to hear what the fan said to Garrett, but it was enough to evoke a fit of frustration from him. Someone did shout “party foul!” after Garrett tossed the drink, though. It didn’t… Source link