Few stocks and companies are as divisive as Tesla. Its dramatic 65% plunge last year, its worst ever, has only intensified the debate.
Why it matters: Investors in the past largely valued Tesla in a category of its own — neither purely tech nor auto. But with legacy car brands catching up and global market and economic conditions working against Tesla right now, the premium has steadily gotten smaller.
Celsius Network's bankruptcy might have just set a precedent in determining what crypto assets belong to whom when stored on a centralized platform.
Driving the news: The judge in a 45-page written decision on Wednesday concluded that the deposits in the lender's yield-bearing Earn accounts belong to the estate — that is Celsius — and not the individual holders of those accounts.
Federal Reserve officials believed at their last policy meeting that by slowing interest rate increases, they could bring inflation down without unnecessary hardship, especially among vulnerable Americans, according to minutes released Wednesday.
Driving the news: Fed officials believed that slowing down on rate increases "would better allow the Committee to assess the economy's progress" toward its goals of maximum employment and price stability, the minutes of the Dec. 14 Federal Open Market Committee state.
Driving the news: General Motors has reclaimed its title as the best-selling automaker in the U.S. after losing the crown to Toyota in 2021 for the first time since the 1930s.
As inflation surged over the last two years, the Fed and leading private-sector forecasters were persistently behind the curve, seeing it as a temporary phenomenon that would eventually fade.
It hasn't. And a top Fed official has a new essay out this morning that takes a stab at explaining why. He has a useful metaphor connecting ride-sharing price spikes to align supply and demand.
The latest data on the labor market out Wednesday shows that, at least as of November, it remained remarkably robust — for better and worse.
By the numbers: There were 10.5 million job openings in November, unchanged from the prior month (which was revised slightly higher), according to new data on job openings and labor turnover (JOLTS).
The University of California agreed to invest $4 billion into Blackstone Real Estate Income Trust, a $68 billion nontraded REIT whose holdings include residential homes and warehouses.
Why it matters: It's a major vote of confidence for BREIT, at a time when Blackstone needs it most.
Barnes & Noble is committing to open more than 30 new stores in 2023, three years after being taken private for $683 million by Elliott Management.
Why it matters: This is a very different sort of story for private equity, which is known for buying physical retailers, slashing costs, and then leaving them for dead.
Coinbase Global, the U.S.'s largest crypto exchange, agreed to a $100 million settlement with New York's Department of Financial Services on Wednesday for compliance shortfalls.
Driving the news: Coinbase will pay a $50 million fine for allowing customers to open accounts with little done in terms of background checks, and has committed an additional $50 million to bone up its compliance program.
Millions of Americans got a raise this week, as minimum wage increases in 23 states and Washington, D.C. went into effect.
Why it matters: The biggest factor driving the increases was inflation — 13 states tie their minimum wage rate to the Consumer Price Index, as Wolters Kluwer notes in a new analysis. Other states had increases set by legislation or ballot initiatives.
European natural gas prices — which soared after Russia's invasion of Ukraine — have tumbled back to pre-war levels.
Why it matters: If sustained, declining gas prices could ease a series of inflation, cost of living and economic crises across Europe — and help preserve public support for the sanctions against Russia.
Microsoft is working to incorporate OpenAI's ChatGPT technology in its Bing search engine, per The Information.
Why it matters: Bing has been a distant second to Google for years, but the hot new AI-driven chatbot could give people a fresh reason to try out the Microsoft-owned search service.
The latest breed of elevators can recognize your face, greet you by name, take you to your floor automatically — and even stop to let on a robot bearing a catering platter or hospital tray.
Why it matters: The widespread fear of elevators that hit during the pandemic served to turbo-charge new innovations, in what some are calling a "digital revolution."
Two Washington men have been arrested in connection with Christmas Day attacks on four power Tacoma-area substations that caused at least $3 million in damages and over 15,500 customers to lose power, per a criminal complaint.
Details: Matthew Greenwood, 32, and Jeremy Crahan, 40, both of Puyallup, were charged Tuesday with conspiracy to damage energy facilities — namely, Graham and Elk Plain substations, operated by Tacoma Power, and the Kapowsin and Hemlock substations, operated by Puget Sound Energy.
