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☆ WorldQuant is launching its global investing competition. It's another example of hedge funds getting creative in the hunt for talent.
▼ + stars: | 2024-03-18 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Where the Connecticut-based manager sets itself a part from peers and rivals is with its talent strategy. "Talent is global, opportunity is not," the website states. In this three-stage competition, students and academics from around the world can submit math models predicting market moves for a chance to win a piece of the $400,000 prize pool. Out of those 60,000, 4,000 have received part-time contracts from WorldQuant and have been given access to even more data and tools. For Tulchinsky, born in Soviet-era Belarus, the competition and the BRAIN platform are a chance to see the best work from untraditional places.

Persons: WorldQuant, Igor Tulchinsky, — Nihar Patel, Vaibhav Gupta, — Patel, Gupta Organizations: Service, Business, Indian Institute of Technology, Ivy League Locations: Connecticut, Singapore, Indian Institute of Technology Delhi, Bahamas, WorldQuant, Belarus

☆ High cost of capital a bane for energy transition ahead of COP28
▼ + stars: | 2023-11-28 | by ( Divya Chowdhury | ) www.reuters.com time to read: +2 min

REUTERS/Rula Rouhana Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Advocates for the energy transition are concerned ahead of the COP28 summit in Dubai about the high cost of capital available to make change happen, as policymakers ratchet up their rhetoric on the need for tight monetary policy. COP28 is widely expected to focus on climate finance, specifically to build on the G20 nations' commitment to triple renewables deployment to about 11,000 gigawatts by 2030, which will need funds of around $4.5 trillion. Climate finance is going to be the "Achilles' heel" of COP28, said Vaibhav Chaturvedi, fellow at the Council on Energy, Environment and Water (CEEW). Linda-Eling Lee, head of the MSCI Sustainability Institute, said companies and investors cannot be expected to commit long-term capital to the energy transition if policymakers change track suddenly. Agreements on greater transparency in disclosures, along with innovations in finance, will help mobilise more private sector funds, Lee said.

Persons: Rula, Gauri Singh, IRENA, Vaibhav Chaturvedi, Chaturvedi, Linda, Eling Lee, Lee, Divya Chowdhury, Jan Harvey Organizations: Abu Dhabi Sustainability, REUTERS, Rights, International Renewable Energy Agency, Reuters Global Markets, Council, Energy, Bridgetown Initiative, World Bank, Bank, MSCI Sustainability Institute, Finance, Thomson Locations: UAE, Abu Dhabi, Rights MUMBAI, Dubai, Barbados, Bridgetown, Mumbai

☆ Investing in Space: Deutsche Bank draws investors, companies for NYC for summit
▼ + stars: | 2023-11-16 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Yesterday Deutsche Bank held a Space Summit conference here in New York City. Investors want to invest in space, but investors understand that this is a long investment cycle," Lohiya said. In general, the space sector is "much more rationalized" than bubble times of two or three years ago, Lohiya noted. Lohiya said the space sector is different than other fast-growing American industries, such as electric vehicles, clean energy or fintech. There's no doubt of a liquidity crunch that reaches beyond the space sector.

Persons: CNBC's Michael Sheetz, I've, Lohiya, There's Organizations: Deutsche Bank, CNBC, Rocket Lab, Deutsche, Investment Banking, Space Locations: New York City, New York

☆ Fitch downgrades Egypt one notch deeper into junk territory
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The downgrade reflects increased risks to Egypt's external financing, macroeconomic stability and the trajectory of already-high government debt, the rating agency said. The ratings agency said it expects Egypt to face a significant rise in external debt maturities in fiscal years ending June 2024 and June 2025, from that which ended in June 2023. The rating agency expects receipts from tourism, the Suez Canal and a recovery of remittances to help contain financing needs from larger imports. "Israel-Hamas war poses significant downside risks to tourism, although we build in some near-term hit," Fitch said. In October, fellow ratings agencies Moody's and Standard & Poor's (S&P) both downgraded Egypt's credit ratings by a notch.

Persons: Mohamed Abd El Ghany, Fitch, Vaibhav, Shailesh Organizations: REUTERS, Monetary Fund, Reuters, Thomson Locations: Cairo, Egypt, Egypt's, Suez, Gaza, Israel, Bengaluru

☆ Tesla discloses DOJ probes over vehicle range, personal benefits and more
▼ + stars: | 2023-10-23 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

A Tesla Model Y is seen on a Tesla car lot in Austin, Texas, on May 31, 2023. The Wall Street Journal reported in August that federal prosecutors were investigating whether Tesla used company funds to design and build a "glass house project" for Musk. Last year, Reuters reported that a federal criminal investigation was underway concerning Tesla's claims that its cars were self-driving. Reuters has reported, and research by Recurrent and others have revealed, that Tesla's cars frequently fail to achieve the mileage stated in range estimates and shown on the in-vehicle displays. Shares in Tesla were ticking higher Monday midday, starting to recover from a 15% decline last week following the company's pessimistic third-quarter earnings call.

Persons: Tesla, Elon, Musk, Vaibhav Taneja, Zachary Kirkhorn Organizations: Tesla, U.S . Department of Justice, Elon Musk's, Street, Reuters, SpaceX, X Corp, Tesla's, CNBC Locations: Austin , Texas

☆ Tesla stock ends the week down 15%, the worst performance of the year
▼ + stars: | 2023-10-20 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Elon Musk, chief executive officer of SpaceX and Tesla, and owner of X. formerly known as Twitter. Tesla shares dropped more than 15% over the last few days to close the week at $211.99 after CEO Elon Musk waxed pessimistic about macroeconomic issues on a third-quarter earnings call Wednesday. It marks the worst week for Tesla stock of the year, although shares of the electric automaker are still up 96% year-to-date. For the period ending Sept. 30, 2023, Tesla reported $23.35 billion in revenue and $1.85 billion in profits, a decline versus the prior quarter. His forecast still implies more than a 56% upside in a note out after the Q3 Tesla call.

Persons: Elon Musk, Tesla, Musk, Didi, it's, Vaibhav Taneja, We've, Wells, Colin Langan, Morgan Stanley's Adam Jonas, Jonas, Toni Sacconaghi, Bernstein Organizations: SpaceX, Tesla, CNBC Pro Locations: U.S, China

☆ Tesla earnings call was a 'mini disaster,' Wall Street analyst says
▼ + stars: | 2023-10-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

One Wall Street analyst referred to the accompanying earnings call as a "mini disaster." AdvertisementAdvertisementTesla's third-quarter earnings call was a "mini disaster," as one Wall Street analyst put it. "We dug our own grave with Cybertruck," Musk said. AdvertisementAdvertisementGiven all of that uncertainty, some analysts anticipated Musk also would end the frequent and substantial vehicle price cuts Tesla's had throughout this year. The ambiguity about pricing concerned Wall Street analysts like Ives.

Persons: Tesla, —, Elon Musk, Dan Ives, Musk, Vaibhav Taneja, Tesla's, Ives Organizations: Service, EV, Wedbush Securities

☆ Tesla set to report third quarter earnings after the bell
▼ + stars: | 2023-10-18 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla is set to report third-quarter results after the bell on Wednesday. The Q3 2023 earnings call will be Tesla's first since its previous CFO, Zachary Kirkhorn, announced he was stepping aside. Earlier this month, Tesla reported a 7% decline in vehicle deliveries for the third quarter compared to the previous three-month period. Tesla reiterated at the time that it was still aiming for 1.8 million vehicle deliveries for the full year in 2023. Tesla uses an online platform called Say Technologies to pick out questions from shareholders to answer in advance of earnings calls.

Persons: Tesla, Zachary Kirkhorn, Vaibhav Taneja, Elon Musk Organizations: LSEG, Elon, Technologies, Highland, Tesla, Twitter, Say Technologies Locations: U.S, China, EU, Austin

But on Saturday, for the first time in seven years, these two rivals will play each other on Indian soil in the opening stages of Cricket World Cup, which India is hosting. As Pakistan’s cricket team arrived in India’s southern city of Hyderabad last month, they were met with rapturous applause from Indians waiting at the airport for the star players. Even the Pakistan cricket team were only able to obtain visas at the eleventh hour, after complaints of a delay in the process which the Pakistan Cricket Board said disrupted the team’s preparation for the event. Chaudhry Abdul Jalil, popularly known as Chacha Cricket, waves after crossing the India-Pakistan border in Wagah on March 29, 2011, on the eve of the India-Pakistan Cricket World Cup semi-final match. “The World Cup is the one with the history and the legacy, it’s the one you want to win,” Shah said.

Persons: Farees Shah, ”, Vijay Hazare, Pakistan's Amir Eliah, Babar Azam, Azam, Abdul Jalil, Chaudhry Abdul Jalil, Narinder Nanu, “, ” Hadeel Obaid, Asif Hassan, Punit Paranjpe, Mukerji, Imran Khan, “ Ajay Jadeja, Waqar Younis, Venkatesh Prasad, Amir Sohail, Divya Bakhshi Bhatnagar, It’s, Narendra Modi, Money Sharma, Modi, Modi –, Shah, ” Shah Organizations: Islamabad CNN —, Indian, Pakistan cricket, Cricket, Keystone, Hulton, Sri, Pakistan Cricket Board, CNN, India’s Sports Ministry, Ministry, Pakistan Cricket, Getty, Gaddafi, Pakistan, Pakistan …, Bharatiya Janata Party, BJP, Western, India, Pakistani, team, – Locations: Delhi, Islamabad, Pakistan, Republic of India, Lahore, Amritsar, Hindu, India, New Delhi, India’s, Hyderabad, Sri Lanka, Wagah, AFP, Australia, Chennai, Gurgaon, Kashmir, UAE, Ahmedabad, India's, Gujarat, China

☆ Tesla reported 435,059 deliveries for the third quarter, and production of 430,488 vehicles
▼ + stars: | 2023-10-02 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Tesla vehicles waiting to be loaded on board a cargo vessel at Nangang port, in Shanghai, China, on Sept. 6, 2023. Here are the key numbers from the electric vehicle maker:Total deliveries Q3 2023: 435,059Total production Q3 2023: 430,488During the previous quarter, Tesla reported total deliveries of 466,140 and total vehicle production of 479,700. During the same period in 2022 Tesla reported total vehicle production of 365,923 and deliveries of 343,830. Wall Street was expecting Tesla deliveries to reach 461,640 for the period ending Sept. 30, according to a consensus of analysts polled by StreetAccount. That number showed Wall Street was expecting around 455,000 total deliveries, with a median estimate of 453,128 deliveries for the quarter, based on 25 analysts' estimates.

Persons: Tesla, Elon Musk, Troy Teslike, Martin Viecha, Zachary Kirkhorn, Vaibhav Taneja, Tesla's Organizations: Tesla, PepsiCo, StreetAccount, U.S, Taneja Locations: Shanghai, China

☆ US CDC says existing antibodies can work against new COVID variant
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Early research data has shown that antibodies produced by prior infection or existing vaccines against the coronavirus were sufficient to protect against the new BA.2.86 variant, the U.S. Centers for Disease Control and Prevention (CDC) said on Friday. The Food and Drug Administration in the coming days is expected to authorize the updated vaccines that target the XBB.1.5 subvariant of Omicron, and early data provide encouraging signs for the new shots, CDC said. Since CDC's initial risk assessment last month, BA.2.86 has been identified in nine U.S. states as of Friday. The Omicron offshoot has also been identified from both human and wastewater specimens in countries including Japan, UK and Canada. Reporting by Vaibhav Sadhamta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: coronavirus, Vaibhav, Shailesh Organizations: U.S . Centers for Disease Control, Prevention, Drug Administration, CDC, Omicron, Canada, Thomson Locations: United States, Japan, Bengaluru

☆ Tesla engineering executive Colin Campbell joins Redwood Materials as technology chief
▼ + stars: | 2023-08-22 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Redwood Materials, the battery-recycling startup founded by Tesla board member JB Straubel, recently nabbed Tesla's vice president of powertrain engineering, Colin Campbell, to serve as chief technology officer. Based in Carson City, Nevada, Redwood was founded by Straubel in 2017 while he was still serving as Tesla's CTO. Straubel resigned from Tesla in 2019 to focus on Redwood. Another executive at Redwood, operating chief Kevin Kassekert, previously served as vice president of people and places at Tesla. More than 120 people currently work at Straubel's company after previously working for Tesla, according to LinkedIn data.

Persons: JB Straubel, Colin Campbell, Straubel, Campbell, Tesla, Zach Kirkhorn, Vaibhav Taneja, Redwood, Kevin Kassekert Organizations: Materials, Tesla, LinkedIn, Elon, CNBC, Redwood Locations: Carson City , Nevada, Redwood

☆ US FDA approves Regeneron's ultra-rare blood disease drug
▼ + stars: | 2023-08-18 | by ( Pratik Jain | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 18 (Reuters) - Regeneron Pharmaceuticals (REGN.O) said on Friday the U.S. health regulator approved its drug to treat a rare blood disease. The drug pozelimab, branded as Veopoz, would treat CHAPLE disease in adult and pediatric patients 1 year of age and older. Regeneron said the disease has fewer than 10 patients identified in the U.S. and estimates less than 100 patients worldwide. With Veopoz's approval, the company said the pre-approval inspection issues related to the marketing application of the higher dose of its blockbuster eye disease drug Eylea, or aflibercept, has been addressed. The FDA had in June declined to approve the higher-dose version following an inspection at third-party manufacturer Catalent (CTLT.N).

Persons: Brendan McDermid, Veopoz, Regeneron, 8mg, Evan Seigerman, Seigerman, Vaibhav Sadhamta, Khushi, Shilpi Majumdar Organizations: Regeneron Pharmaceuticals, REUTERS, U.S . Food, Drug Administration, Reuters, BMO Capital, FDA, Thomson Locations: Westchester, Tarrytown , New York, U.S, Bengaluru

☆ Drug distributor Cardinal sees sales boost from weight-loss drugs in 2024
▼ + stars: | 2023-08-15 | by ( Mariam E Sunny | ) www.reuters.com time to read: +2 min

Aug 15 (Reuters) - Drug distributor Cardinal Health Inc (CAH.N) on Tuesday raised fiscal 2024 expectations for sales at its pharmaceutical unit, banking on growing demand for newer weight-loss drugs, including GLP-1 treatments. Cardinal peers AmerisourceBergen (ABC.N) and McKesson (MCK.N) have also flagged a potential boost to revenues for drug distributors due to high demand for these drugs. It now expects revenue from its pharmaceuticals unit to rise 10% to 12% in fiscal 2024, compared with its previous expectation of about 10% growth. It raised its 2024 profit forecast slightly to a range of $6.50 to $6.75 per share, from $6.45 to $6.70 it had forecast previously. Excluding one-off items, Cardinal Health reported a profit of $1.55 per share in the fourth quarter ended June 30, topping expectations of $1.49 per share.

Persons: Novo, Eli Lilly's, it's, Cardinal, AmerisourceBergen, Aaron Alt, Vaibhav Sadhamta, Mariam Sunny, Pooja Desai Organizations: Health Inc, Cardinal Health, Thomson Locations: United States, Bengaluru

☆ CFOs are stepping into a rapidly revolving door
▼ + stars: | 2023-08-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Aug 14 (Reuters Breakingviews) - Chief financial officers are stepping into an increasingly rapidly revolving door. loadingIn the first half of this year, 103 of the top 1,000 companies ranked by Fortune lost their CFO, according to executive search firm Heidrick & Struggles. CFOs are grappling with rising inflation and interest rates – in some cases, for the first time in their careers. High CFO turnover looks far from transitory. Follow @jennifersaba on TwitterCONTEXT NEWSTesla said on Aug. 7 that its Chief Financial Officer Zachary Kirkhorn was stepping down.

Persons: Elon Musk, Zachary Kirkhorn, Francois, Xavier Roger, Anna Manz, Fortune, Refinitiv, Ruth Porat, Morgan Stanley, Mike Cavanagh, NBCUniversal, Mike Lenz, Unilever’s, Graeme Pitkethly, Walt Disney’s, Christine McCarthy, James Kehoe, Crist Kolder, Tesla, Vaibhav Taneja, Kirkhorn, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Finance, Walgreens Boots Alliance, London Stock Exchange, Reuters Graphics Reuters, Comcast, Walgreens, CFOs, Thomson Locations: Swiss

☆ Charles River says NHP supply snarls to no longer persist near-term
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Aug 9 (Reuters) - Charles River Laboratories International (CRL.N) beat Wall Street estimates for second-quarter results on Wednesday, as the strong demand for contract researcher's tools and services cushioned the impact of suspended non-human primates' (NHP) shipment. The statement comes after Charles River in February suspended the shipment of NHPs from Cambodia as the Department of Justice and U.S. Fish and Wildlife Service investigated the company over smuggling of wild long-tailed macaques to the United States. The Massachusetts-based company tightened its full-year profit forecast to the range of $10.30 to $10.90 per share, compared with $9.90 to $10.90 previously expected. Excluding items, the company earned $2.69 per share in the quarter ended July 1, beating analysts' average estimate of $2.64 per share.

Persons: Charles River, Charles River's, Vaibhav Sadhamta, Shweta Agarwal Organizations: River Laboratories, Department of Justice, Fish, Wildlife Service, Thomson Locations: United States, NHPs, Cambodia, The Massachusetts

☆ Tesla's 'Master of Coin' bids the EV-maker farewell after racking up a $590 million fortune
▼ + stars: | 2023-08-09 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

A Tesla exec's departure will see him leave with a $590 million fortune, according to Bloomberg. Despite owning less than 1% of Tesla's common stock, Kirkhorn has still gone home with deep pockets, according to the company's latest proxy filing. In 2022 alone, Kirkhorn earned about $16.3 million in stock awards, while being awarded almost $1.3 million in options. The company's stock has surged more than 100% year-to-date, boosting its market cap to roughly $800 billion, per Markets Insider data. Vaibhav Taneja, Tesla's chief accounting officer will step in Kirkhorn's role following his exit.

Persons: Zachary Kirkhorn, Elon Musk's carmaker, Kirkhorn, Tesla, Musk, Kirkhorn's, Vaibhav Organizations: Bloomberg, Tesla, Service, Elon Musk's, GM, Ford Locations: Wall, Silicon, Elon

☆ CNBC Daily Open: Treasury bets
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. U.S. stocks reboundAsia-Pacific markets were tepid on Tuesday, and didn't track a rebound on U.S. indexes overnight. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. Tesla's chief accounting officer, Vaibhav Taneja, is its new CFO and will hold both roles concurrently.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, CSI, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Asia, Pacific, China, Omaha

☆ Here's what CEOs are saying about consumers this earnings season
▼ + stars: | 2023-08-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.

Persons: Taylor Swift’s, ” Ed Bastian, ”, Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, “, Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin

☆ Elon Musk's touted successor left Tesla after a 13-year stint under the billionaire, which 'is like working 50 years for anyone else,' analyst says
▼ + stars: | 2023-08-08 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Zachary Kirkhorn worked 13 years under Elon Musk until he confirmed Monday that he's leaving Tesla. That number of years working for Musk is like "working 50 years for anyone else," Gene Munster said. Kirkhorn did not say why he's leaving Tesla, but called his time there a "special experience." "He's done a 13-year tour of duty working for Elon, which is like working 50 years for anyone else," Munster told Bloomberg. In his announcement on LinkedIn, Kirkhorn didn't say why he left Tesla, but thanked Musk and called his time at Tesla a "special experience."

Persons: Zachary Kirkhorn, Elon Musk, Gene Munster, Kirkhorn, Elon, Munster, Tesla, Zach, Musk, Dolly Singh Organizations: Elon, Tesla, Elon Musk's, Bloomberg, Munster, Deepwater Asset Management, SEC, LinkedIn, Twitter, Wired, SpaceX Locations: Minnesota, Munster, Tesla

☆ CNBC Daily Open: Playing the T-bill game
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. The "service-generated data" includes customer information on product usage, telemetry and diagnostic data as well as similar content or data collected by the company. Hot, hotter, hottest oceansIt's officially no longer just climate warming — it's climate boiling.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, Dow, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Omaha

☆ Stocks making the biggest moves midday: Tesla, Berkshire Hathaway, PayPal, Cinemark and more
▼ + stars: | 2023-08-07 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The company earned €168 million in revenue, while analysts polled by Refinitiv expected €672 million. The company reported adjusted net income and revenue that beat expectations for the second quarter. Viatris reported revenue of $3.92 billion, while analysts polled by StreetAccount called for $3.86 billion. PayPal – PayPal stock climbed 2% after launching its first stablecoin, PayPal USD, backed by the U.S. dollar on Monday. Analysts polled by FactSet are forecasting an adjusted 5 cents per share on $534.2 million in sales.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Taneja, BioNTech, Refinitiv, Tyson, Berkshire Hathaway, Warren, StreetAccount, Andrew Mok, Sovos, Campbell, Sovos Brands, Campbell Soup, Morgan Stanley, Benjamin Swinburne, Oppenheimer, Yun Li, Alex Harring, Samantha Subin Organizations: Refinitiv, Berkshire, Warren, UBS, Sovos, PayPal, U.S, FactSet Locations: Gruenheide, Germany, BioNTech –, stablecoins, U.S

Tesla 's chief financial officer, Zach Kirkhorn, stepped down from his position effective Friday, the automaker announced Monday morning in a regulatory filing. Tesla's chief accounting officer Vaibhav Taneja was appointed as the new CFO and will hold both roles concurrently. Kirkhorn will stay on with Tesla through the end of the year to assist in the transition, according to a Securities and Exchange Commission filing. Kirkhorn had served as CFO since March 2019 and had worked for Tesla since 2010. Kirkhorn's departure marks the second CFO replacement at Tesla in just over four years.

Persons: Tesla, Zach Kirkhorn, Vaibhav Taneja, Kirkhorn, Deepak Ahuja, Vaibhav, Taneja Organizations: Tesla, Securities and Exchange Commission, LinkedIn, SolarCity

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. U.S. stocks have sharply rallied in 2023, with the benchmark S&P 500 (.SPX) clocking 17% gains year to date, fueled by optimism around artificial intelligence and hopes of a soft landing for the world's largest economy. "But in the service side, it's been pretty sticky and that's one reason why it's taking a lot longer for inflation to subside." Reuters GraphicsOverall, second-quarter earnings have been better-than-expected so far, with 79.1% of the 422 S&P 500 companies that have reported as of Friday beating analysts' estimates, according to Refinitiv data. The S&P index recorded 17 new 52-week highs and seven new lows, while the Nasdaq recorded 46 new highs and 128 new lows.

Persons: Brendan McDermid, Dow, Charlie Ripley, it's, John Williams, Michelle Bowman, Vaibhav, Zachary Kirkhorn, Berkshire Hathaway, Warren Buffett, Tyson, packer, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Berkshire, Tyson, Dow, Nasdaq, Federal, CPI, Allianz Investment Management, York Fed, Dow Jones, Apple, Reuters, Sage Therapeutics, Tyson Foods, Yellow Corp, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ The Tesla executive who was rumored to be next in line for CEO is leaving the company
▼ + stars: | 2023-08-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla's CFO Zachary Kirkhorn is leaving the carmaker, the company said in a regulatory filing. Zachary Kirkhorn, Tesla's chief financial officer, is leaving the electric-car company after working for the electric-car maker for about 13 years. Tesla staff told the Journal that Kirkhorn won Musk's approval by leading with "bad news" and staying in the billionaire's shadow. Kirkhorn worked as an analyst at McKinsey & Company before joining Tesla and previously interned at Microsoft, his profile says. Kirkhorn, Musk, and a spokesperson for Tesla did not respond to a request for comment ahead of publication.

Persons: Zachary Kirkhorn, Elon, Kirkhorn, Vaibhav Taneja, Tesla, Kirhorn, Elon Musk, James Murdoch, Musk, Tim Cook, Steve Jobs, Jobs, Cook, Deepak Ahuja, Afshar Organizations: Street, Elon Musk's, Tesla, EV, Securities and Exchange Commission, LinkedIn, Street Journal, Musk's, Apple, McKinsey & Company, Microsoft, SpaceX

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