General Motors was once the most potent symbol of American industry. Silicon Valley now holds that title — and GM, just like other legacy automakers, wants back in.
Why it matters: Tech bros from California are increasingly holding sway over the car guys from Detroit as the auto industry tries to find the way to an electric, autonomous, software-driven future.
The Securities and Exchange Commission's lawsuit against the U.S.-based cryptocurrency exchange, Kraken, may proceed, a judge in the U.S. Court's Northern District of California ruled on Friday.
Why it matters: It is a victory for the agency, which has argued that its efforts to regulate cryptocurrency fall well within its existing powers, delegated by Congress.
Nestlé's shares in the U.S. jumped today after the sudden exit of the company's CEO.
Why it matters: The Swiss food giant — whose wide-ranging products include Kit Kat candy bars and Pellegrino water — suffered a series of missteps as it ventured into various health care products.
Driving the news: CEO Mark Schneider is being replaced with Laurent Freixe, who has been with the company for nearly three decades.
Rescue crews on Friday ended the search mission of a capsized luxury yacht off the coast of Sicily, multipleoutletsreported. British tech tycoon Mike Lynch's body was recovered on Thursday.
The latest: The sixth and final missing body was found on Friday, Lynch's 18-year-old daughter Hannah. She was the last person unaccounted for aboard the ship.
The Department of Justice on Friday filed an antitrust lawsuit against RealPage, a property management software company, for an alleged "unlawful scheme" to reduce competition in the apartment rental market and secure a monopoly for itself.
Why it matters: RealPage uses a trove of data to help some of the country's biggest landlords set apartment rental prices. According to the suit, it's helping them to artificially inflate prices for renters all across the county.
Silicon Valley was burning up the socials this week, after learning that Kamala Harris has tacitly endorsed a tax on unrealized capital gains. Lots of what was shared was inaccurate.
Reality check: This only would impact a small subset of America's wealthiest people, and most tech founders and investors would be spared.
Earlier this week a federal judge in Texas stopped the FTC's banon noncompete agreements from taking effect nationwide.
Why it matters: It's increasingly unlikely that a national ban on noncompetes will ever happen. That doesn't mean employers can run wild, however, locking down workers in contracts that bar them from taking jobs with rival firms.
To find out how Kamala Harris might approach climate issues, check out the latest issue of Foreign Affairs, where Harris adviser Brian Deese offers an aggressive plan to get countries to buy much more U.S.-made technology.
Why it matters: The idea is to position the U.S. and its allies — rather than China — as the partners of choice for developing countries looking to invest in climate resilience.
