Tesla remains the most powerful player in the electric vehicle space, but investors are getting antsy as they await new EVs from the company.
Why it matters: The automaker reported higher third-quarter net income and revenue on Wednesday, but it fell short of expectations as price cuts and increased investments offset increased vehicle sales.
FTX's former general counsel testified in federal court on Thursday that he never signed off on borrowing customer funds, taking aim at Sam Bankman-Fried's anticipated defense that the ex-CEO relied on legal advice ahead of the company's collapse.
Why it matters: Filings indicate thatSBF's legal team aims to use the advice claim to undermine prosecution's argument that he had fraudulent intent when conducting various activities specified in the government's charges that led to FTX's spiral. Can Sun's testimony appeared to contradict that claim.
Watch 12 contestants waffle between a posh villa and a hammock in the woods or meet real-life ghostbusters in a new show from the creators of "Queer Eye."
Here's what's new on streaming this October weekend.
Robust economic growthcould undermine the Fed's fight against inflation and warrant more rate increases, chair Jerome Powell said in a speech Thursday, while also acknowledging a surge in long-term interest rates that could slow activity.
Why it matters: The Fed may well be done with interest rate hikes, but is keeping its options on the table if a recent run of strong economic data continues and looks to undermine progress on inflation.
Sam Bankman-Fried, the co-founder and CEO of the failed crypto exchange FTX, thought very little of his industry's political intelligence, evidence revealed at his trial shows.
Why it matters: Bankman-Fried lost significant good faith in the crypto industry after releasing a blog post in October 2022 on what he felt was needed in terms of cryptocurrency legislation in the United States.
An Atlanta-based bank will enter a $9 million agreement to settle allegations of redlining predominately Black and Hispanic neighborhoods in Jacksonville, Florida, the U.S. Department of Justice said Thursday.
Driving the news: U.S. Attorney General Merrick Garland announced the DOJ has filed a consent decree in federal court involving Ameris Bank following an investigation into its lending practices.
The U.S. House of Representatives soon may move to make Rep. Patrick McHenry (R-N.C.) temporary speaker, following a series of failed GOP nominations. A vote could even come later on Thursday, if Rep. Jim Jordan (R-Ohio) loses for a third time.
Why it matters: Beyond stemming the D.C. dysfunction: Crypto and crypto investors don't have a lot of heroes right now, but one of them seems poised to become one of America's most powerful politicians.
Venture capital firm Greycroft told investors this week that it will refocus its core strategy around AI startups, according to a letter obtained by Axios.
Why it matters: The move is emblematic of the overall VC market, but it also caused internal friction at Greycroft that will result in two longtime partner departures.
As revelations pile up in the criminal trial of Sam Bankman-Fried, the cryptocurrency worldhas been left without any high-profile cheerleaders who might seem worthy of trust or admiration to the general public.
Why it matters: Bankman-Fried, the founder of the now-bankrupt crypto exchange FTX,was, briefly, about as close as anyone to achieving the status of crypto hero. Now that he's finding himself elevated to the highest tier of villains, there's no one left to root for or get behind.
Three firms caught in the FTX contagion allegedly lied to customers, each other and public about risk — the latest development in the crypto industry saga.
Driving the news: New York attorney general Letitia James announced Thursday that her office has sued Gemini Trust, Genesis Global and Digital Currency Group for defrauding some 230,000 investors of more than $1 billion.
The Biden administration eased sanctions primarily on Venezuela's oil and gas sector Wednesday after Nicolás Maduro's regime agreed with the U.S.-backed opposition to a roadmap to presidential elections in 2024.
ESPN drives more annual profit for Disney than the entirety of Disney's entertainment business, according to a new regulatory filing.
Why it matters: Disney is looking for a strategic partner to help ESPN manage its transition into the streaming era. The network's high profit margins may help explain why Disney isn't looking to sell the asset completely.
Elon Musk has been using price cuts to drive demand as competition grows. And some investors think more cuts will be needed.
State of play: Tesla's average transaction prices are now already lower than luxury market brands Acura, Lexus, Infiniti and Volvo, according to a Kelley Blue Book report from last week.
