Wells Fargo employees in its Albuquerque, New Mexico, branch voted to unionize Wednesday.
Why it matters: They are the first big bank workers to unionize in the U.S. — a move that reflects the growing momentum of unions across industries in recent months.
Venture capital firm Spark Capital is seeking to raise $2.1 billion for a pair of new funds, according to filings with the U.S. Securities & Exchange Commission.
Why it matters: Spark is known for big hits like Twitter, Coinbase, and Slack, plus more recent bets on buzzy generative AI companies like Anthropic.
Toyota announced it is recalling roughly 1 million vehicles because of potential issues with sensors that allow airbags to deploy correctly.
Why it matters: It's the latest major recall for the automaker, which announced a recall of over 1.85 million RAV4 sports utility vehicles in November because of fire risks associated with batteries.
Warner Bros. Discovery CEO David Zaslav met with Paramount Global CEO Bob Bakish on Tuesday in New York City to discuss a possible merger, Axios has learned from multiple sources.
Why it matters: The combination would create a news and entertainment behemoth that would likely trigger further industry consolidation.
Vlad Tenev, the CEO and co-founder of trading app Robinhood, has a unique relationship with copper cookware.
The big picture: Wealth preservation comes in many forms and can't be taken for granted, as Tenev saw firsthand growing up amid hyperinflation in Bulgaria — an early experience that helped shape how he thinks about Robinhood's mission.
The Iranian-backed Houthi rebels vowed on Tuesday to defy a U.S.-led naval mission and continue targeting Red Sea shipping off the coast of Yemen in support of Hamas.
By the numbers: There have been 37 incidents involving shipping vessels from Nov. 19 to Dec. 18, most of which were concentrated near the Bab el-Mandeb Strait, according to Ambrey Analytics, the digital intelligence arm of the Ambrey maritime risk management group.
Days before Christmas, the Internal Revenue Service said it is waiving $1 billion in tax penalties for 4.7 million individuals, businesses and organizations who owe back taxes.
Why it matters: The rare relief is about $200 on average for each affected taxpayer and about 70% of those affected have household incomes below $100,000, the IRS announced Tuesday.
Driving the news: The federal agency said last week that two Empower Brands air fryer models have an internal connector that can break during use, creating a burn risk.
SoftBank has sold Open Opportunity Fund, a $100 million venture fund focused on Black and Latino founders, to managing partner Paul Judge and former SoftBank COO Marcelo Claure.
The big picture: This reflects how SoftBank no longer wants to own investment funds that include outside limited partners, perhaps chastened by its original Vision Fund experience.
2023 was a brutal yearin the cryptocurrency industry, one in which the worst miscreants of the 2021 boom by and large met justice.
Why it matters: With bitcoin on the rebound and macro conditions improving, digital assets have a chance to make a different set of headlines in 2024 — but it remains to be seen if lessons have been learned, either by entrepreneurs or financial cops.
Suno, a venture-backed AI music company, has come out of stealth with the aim of helping anyone write and create songs as easily as taking photos on a phone.
Why it matters: The race to build consumer AI audio products and platforms is accelerating.
Bird Global has filed for Chapter 11 bankruptcy protection in Florida, after the scooter rental company saw nearly its entire market value wiped out since listing two years ago.
Why it matters: Bird was part of both the scooter boom of 2018 and the special purpose acquisition company boom of 2021.
Rite Aid will be banned from using AI-powered facial recognition technology for five years under a proposed settlement of Federal Trade Commission charges, the FTC announced Tuesday.
Why it matters: The FTC alleged in a complaint Tuesday that the pharmacy retail chain failed to implement reasonable procedures in hundreds of stores and prevent harm to consumers with what the agency called Rite Aid's "reckless" use of facial recognition technology that it said "disproportionately impacted people of color."
