Elon Musk is back on Twitter antagonizing the Securities and Exchange Commission just four days after settling with them for $20 million.
Why it matters: The SEC reached settlements with Musk and Tesla that contain provisions aimed at vetting Musk’s shoot-from-the-hip tweeting. He’s mocking the very commission he struck a deal with — before that deal has even been approved by a judge.
Tronc, short for "Tribune Online Content" is reverting back to its old name, "Tribune Publishing Co.," after years of criticism from pundits, investors and the media elite, the Chicago Tribune reports.
Why it matters: The name change comes amid rumors that the company is exploring a sale.
One year ago tomorrow, with a stunning New York Times exposé — "Harvey Weinstein Paid Off Sexual Harassment Accusers for Decades" — the feared mogul became the first of many prominent men to fall as the #MeToo movement became a cultural force.
The big picture: Allegations about past sexual behavior have ranged from corner suites to the silver screen to the brink of the Supreme Court. Thanks to a $22 million Time’s Up Legal Defense Fund, a dollar-store cashier and aspiring signer are among the women teamed up with top-notch lawyers to pursue #MeToo-style sex harassment cases, AP reports.
Cheddar, the streaming video network dubbed the "CNBC for millennials," is launching a partnership with Synacor Inc., a tech platform, that will give people who pay for "skinny bundle" TV packages access to Cheddar content for free.
Why it matters: The capability gives customers access to Cheddar in the same way they would access a traditional cable network through a skinny bundle.
ZipRecruiter, a Los Angeles-based online job posting company, has raised $156 million in new funding co-led by IVP and Wellington Management at a $1.5 billion post-money valuation.
Bottom line: This is only eight-year-old ZipRecruiter's second funding round, after a $63 million Series A in 2014, and it became profitable before ever taking a penny of outside money.
CNN is launching its new business, tech and media brand called CNN Business — with a new design, editorial focus on the intersection of business and tech and a new bureau in San Francisco.
Why it matters: The new brand replaces the old CNN Money, which the network didn't feel was representative of the new tech-driven economy.
Although eBay just accused Amazon of unfair trade practices, it isn't looking for regulators for help. In an onstage interview at the GeekWire Summit yesterday, CEO Devin Wenig told me, "That's not the way we compete."
Driving the news: Wenig's comments came shortly after it was reported that eBay had sent Amazon a cease-and-desist letter accusing the company of violating California law and eBay's terms of service by trying to lure away eBay merchants.
The Director-General of the World Trade Organization, Roberto Azevêdo, said during an episode of Freakonomics Radio that while he has had conversations with the leaders of nearly every major economy, he has never spoken directly with President Trump.
Why it matters: Trump has repeatedly threatened to withdraw from the WTO, a move that would send global markets into a spiral and cast trillions of dollars of trade into doubt, per Axios' Jonathan Swan. The U.S. has also blocked the reappointment of one of the WTO's four remaining appellate judges, claiming the panel oversteps its authorities and protects unfair trade practices by other countries.
Verizon Communications offered buyout packages to as many as 44,000 management employees last month in an effort to cut costs, potentially eliminating more than a fourth of its workforce, per The Wall Street Journal.
The details: Verizon, which had 153,100 employees worldwide at the end of June, aims to cut $10 billion in costs as it also foots the bill for upgrading to new 5G networks. Employees eligible for the severance packages were offered three weeks’ pay for each year of service, up to a 60-week maximum.
Aston Martin, the British sports car maker, listed in London today after pricing its IPO at £19 per share. That gave it an initial market cap of around $5.6 billion, but shares were off more than 6% in early trading.
Why it matters: Many are viewing this as something of an investor referendum on both Brexit, particularly in terms of how it will affect supply chains, and on the looming prospect of U.S. auto tariffs on imports from Europe. Per Bloomberg, "The listing marks the first initial public offering of a UK car-maker in more than three decades, since Jaguar was spun into an independent company under Margaret Thatcher’s government in 1984."
The creditors that opted to liquidate Toys "R" Us, despite having takeover offers on the table, now say that they might try to revive the brand — including the possible opening of new retail locations. This comes after calling off an auction for the retailer's brand name and other IP assets.
The big picture: If you're a fired Toys "R" Us worker right now, this development must make you want to scream. Almost everyone, including company management and Toys' previous private equity sponsors, told the creditors that liquidation was the wrong move, both financially and morally. No clue why it took them so long to reach the same conclusion.
