Reddit plans to reward its most loyal users during its upcoming IPO, Hope writes from a WSJ report.
Zoom in: 75,000 of the platform's "redditors" will be able to buy shares at Reddit's IPO price before the stock starts trading — an opportunity generally reserved for money managers.
Why it matters: It's an unusual move that could introduce volatility in the stock, but it could also help build more loyalty, WSJ notes.
The meme stock frenzy, after all, began on Reddit and proved the power of the platform to mobilize retail investors.
Reddit declined to comment on the report.
Zoom out: Reddit separately announced today that it's setting aside 1% of its common stock over 10 years to fund community-related programs through the Pledge 1% nonprofit.
What to watch: The company is reportedly set to go public next month.
Why it matters: Hawley's stance aligns him with other critics of the deal, most of whom are Democrats, such as Sen. Elizabeth Warren (D-Mass.) who also has called for regulators to block the deal.
Nvidia's stock popped after hours following its latest earnings report, which showed the AI boom is still booming.
By the numbers: Revenue from the chip maker's data center unit, which fuels AI efforts for thousands of organizations, reached $18.4 billion in its fourth quarter compared to analyst expectations of about $17.1 billion and up about 409% from $3.6 billion last year in the same period.
BuzzFeed has sold Complex, the entertainment media brand it acquired for $300 million in 2021, to livestream shopping platform NTWRK for $108.6 million, the companies announced Wednesday. BuzzFeed also announced a plan to cut expenses, which includes 16% layoffs.
Why it matters: The deal represents an enormous strategy shift for BuzzFeed, which went public two years ago in order to raise money to acquire companies and scale its offerings. Now, it's forced to offload some of its most lucrative franchises as it struggles to survive on the public market.
Boeing has replaced the head of its troubled 737 MAX program following an emergency blowout involving one of the aircraft during an Alaska Airlines flight last month, according to a memo sent to employees and seen by multiple media outlets on Wednesday.
Why it matters: The executive's departure comes after a federal watchdog said the near catastrophe that's renewed scrutiny on the company was likely caused by missing bolts.
Federal Reserve officials worried about cutting interest rates too soon — fearing progress on inflation could stall out, according to minutes of the central bank's late January policy meeting released on Wednesday.
Why it matters: Most Fed policymakers last month agreed more proof of receding price pressures was necessary before the central bank lowered borrowing costs.
Beyoncé became the first Black woman to top Billboard's Hot Country Songs chart, multipleoutlets reported, with a No. 1 spot for her single "Texas Hold 'Em."
Why it matters: Beyoncé's new music — her first to make it on the country chart — revived a debate about diversity and inclusion in the genre traditionally dominated by white artists.
Alto, an employee-based ride-hailing company that offers an upscale alternative to Uber and Lyft, is suspending operations in Washington, D.C., and Miami.
It's also killing plans for an all-electric fleet, at least for now.
Chip giant Nvidia will report fourth-quarter earnings results after the close today.
Why it matters: Nvidia is easily the biggest single story in the stock market over the last year. Its business — once built around chips tailored to gaming consoles — has been transformed by demand from data centers at the heart of the AI boom.
SNAP recipients will soon be able to use their funds at an online-only grocery store for the first time.
Why it matters: Many in the SNAP program — commonly referred to as "food stamps" — live in food deserts where it's hard to find high-quality groceries near home.
A $40 tote bag that was thin and "terrible" quality. A T-shirt with a stained collar that took three months to arrive. Scroll through social media and you'll find quite a few Taylor Swift fans unhappy with their merch purchases.
Why it matters: Swift has had a stratospheric year, propelled by a billion-dollar tour credited with boosting the U.S. economy. But for many die-hard fans, getting official swag has proven difficult — and disappointing.
New York Attorney General Letitia James said she's ready to seize former President Trump's buildings and other assets if he can't pay the penalty imposed on him and his companies in the state's civil fraud case.
What she's saying: "If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets," James told ABC News on Tuesday.
Hunter Biden's lawyers argued that the "rabbit hole of lies" allegedly told by indicted ex-FBI informant Alexander Smirnov have infected the investigation into the president's son, per a Tuesday court filing.
Why it matters: While this is a separate matter to the indictment Smirnov faces concerning President Biden and his son, the lawyers' response signals the ex-FBI informant's claims will form a key part of Hunter Biden's defense against tax charges.
