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☆ From $40 billion fraud to $4.5 billion settlement: Inside the latest crypto firm paying big bucks to end legal trouble
▼ + stars: | 2024-06-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +14 min

This week, a judge signed off on Do Kwon and his bankrupt Terraform Labs settling with the U.S. Securities and Exchange Commission for $4.5 billion. This comes after a jury unanimously found Kwon and his company liable for securities fraud following less than two hours of deliberation. But investors piled in anyway, giving luna and UST a combined market value of almost $40 billion at one point. Terraform and Kwon fought our efforts to investigate – taking a fight over investigative subpoenas all the way to the Supreme Court. They are Caroline Ellison, the Alameda Research CEO who at one time dated Bankman-Fried; FTX engineering chief Nishad Singh; and Gary Wang, the co-founder and chief technology officer of FTX.

Persons: Kwon, Woohae Cho, Sam Bankman, Changpeng Zhao, Luna, atoning, Alex Mashinsky, Wall, Stevo Vasiljevic, Reuters Kwon, He's, Satoshi Nakamoto, Elon Musk, Mike Novogratz, Gary Gensler, –, Fried, Fatih Aktas, Lewis Kaplan, Kaplan, Bankman, convicting, Prosecutors, Ryan Salame, Caroline Ellison, Nishad Singh, Gary Wang, FTX, Jason Redmond, Zhao, Richard Jones, …, Binance, Justin Sullivan Organizations: Terraform Labs, Bloomberg, Getty, U.S, Forbes, Arrows Capital, Voyager, U.S . Securities, Exchange Commission, Labs, U.S . Justice Department, Futures Trading Commission, Treasury Department, bitcoin, BlackRock, Fidelity, Reuters, terraUSD, UST, Traders, Twitter, SEC, Supreme, Anadolu Agency, Alameda Research, ., Republicans, Bankman, AFP, of Prisons, District, Bank, DOJ, CFTC, Treasury, Binance, New, Commercial Bank Locations: U.S, Balkans, Podgorica, Montenegro, Singapore, Dubai, Serbia, Balkan, South Korea, United States, lockstep, New York, Manhattan, Seattle, Lompoc , California, Binance

☆ Russian ally ditching Putin's rival to NATO damages the image Putin wants to project of himself, experts say
▼ + stars: | 2024-06-14 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewArmenia's announcement that it's going to leave a Russia-led alliance that was set up to rival NATO is a blow to the image Russian President Vladimir Putin wants to project, experts told Business Insider. In fact, experts say it's the opposite of what Putin hoped to achieve with the alliance. But leading it is still important to Putin as, in Putin's mind, "great powers lead alliances and organizations." Armenia snubbing RussiaPashinyan's announcement came after months of snubs against Putin, and criticism of the CSTO in general.

Persons: —, Vladimir Putin, Nikol Pashinyan, Putin, Davis Ellison, Alexander Cooley, Thomas Graham, snubs, Pashinyan, Graham, Armenia doesn't Organizations: Service, NATO, Collective Security, Organization, Business, The Hague, Strategic Studies, Columbia University, Yale, Armenia's, Reuters, Getty Locations: Russia, Armenia, Kremlin, Soviet Union, Moscow, Soviet, East, Azerbaijan, Ukraine, Washington, Kazakhstan, Belarus, Kyrgyzstan, Tajikistan

☆ Oracle execs share plans about exiting the ad business in leaked audio
▼ + stars: | 2024-06-13 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +1 min

Oracle plans to phase out its advertising business, with no "catch-all date" for the transition. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOracle executives in an internal meeting said much remains to be decided about its plans to shutter its advertising business, according to audio reviewed by Business Insider. Oracle this week disclosed plans to wind down the business, which brought in just $300 million in the most recent fiscal year, down from $2 billion in 2022. This story is available exclusively to Business Insider subscribers.

Persons: —, Larry Ellison's Organizations: Oracle, Meta, Service, Business

☆ Why Shari Redstone called off talks with David Ellison’s Skydance on Paramount deal
▼ + stars: | 2024-06-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

After weeks of endless speculation about the future of Paramount Global, and more than half a year of grueling negotiations, the heiress called off talks with David Ellison’s Skydance Media, astonishing the industry and raising questions about the future of her family-controlled media empire. Why Redstone ultimately vetoed the deal is now up for discussion. Chief among them was whether the deal should have been subject to approval from a majority of the minority shareholders. And tried they did over the last several months, with the negotiations claiming several high-profile casualties along the way. Over the course of the last few months, Bob Bakish was ousted as chief executive of Paramount Global and four directors resigned from the company’s board.

Persons: Shari Redstone, David Ellison’s Skydance, Sumner, Skydance, Ellison, Charles Phillips, “ Shari, Bob Bakish, ”, Brian Robbins, George Cheeks, Chris McCarthy, NAI Organizations: New York CNN, Paramount Global, Amusements Inc, CNN, Redstone, Redbird Capital, Paramount’s Office, Company’s, Directors, Paramount, “ Locations: New York

☆ Oracle stock pops 13% on AI demand, new deals with Google and OpenAI
▼ + stars: | 2024-06-12 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Oracle shares closed up more than 13% on Wednesday, a day after the software company announced its fourth-quarter results and cloud deals with Microsoft -backed OpenAI and Google . Alongside its results, Oracle said it is partnering with Microsoft and OpenAI to help supply additional computing capacity for the startup. Analysts from Citi said Oracle's sluggish revenue for the fourth quarter was offset by "tremendous RPO bookings growth." UBS analysts said the highlight of Oracle's results is its "extraordinary sequential backlog growth of $18 billion." Morgan Stanley analysts said Oracle's quarter was mixed, but the "near term AI build-out likely wins the day and sustains momentum in shares."

Persons: Larry Ellison, Safra Catz, Oracle, Morgan Stanley, — CNBC's Michael Bloom, Jordan Novet Organizations: Oracle, Microsoft, Google, Analysts, Citi, UBS Locations: San Francisco

☆ Elizabeth Holmes, Silicon Valley’s most famous convict, makes her long-shot appeal
▼ + stars: | 2024-06-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Holmes was sentenced to 11 years in prison for defrauding investors in her failed blood-testing company, Theranos. She is seeking a new trial, arguing that the judge in her case erred in several decisions during the 2022 proceedings. Since her conviction, her projected release date from prison has been moved up, shaving about two years off her sentence. Theranos’ unraveling, and Holmes herself, became the subject of a bestselling book, a Hulu scripted series and an award-winning documentary. Holmes knowingly concealed the technology’s problems, and still pushed to get the company’s Edison devices into pharmacies, prosecutors argued.

Persons: Elizabeth Holmes, Holmes, Stanford, Steve Jobs, Larry Ellison, Rupert Murdoch, Ramesh “ Sunny ”, “ Holmes, Balwani, Holmes ’, Theranos, “, Edward Davila, Balwani “, laywers, ”, Agustin Orozco, Crowell, Orozco Organizations: New, New York CNN, California’s, Circuit, Wall Street, Prosecutors, Moring Locations: New York, California, Texas

☆ National Amusements stops discussions with Skydance on Paramount deal, sources say
▼ + stars: | 2024-06-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

National Amusements has stopped talks with Skydance on a proposed merger with Paramount Global , CNBC's David Faber reported Tuesday. The deal had been awaiting signoff from Redstone, CNBC previously reported. She has approved of their ideas and leadership during their short tenure, CNBC previously reported. This is why it was no surprise when Paramount and Skydance agreed to merger terms earlier in June, CNBC reported. Under those terms, which were still being ironed out up until Tuesday, Redstone would have received $2 billion for National Amusements, CNBC reported.

Persons: Skydance, CNBC's David Faber, Shari Redstone, David Ellison's Skydance, Spokespeople, Redbird, It's, George Cheeks, Chris McCarthy, Brian Robbins, Bob Bakish, Paramount's Organizations: Paramount Studios, Amusements, Paramount Global, Paramount, RedBird Capital, KKR, CNBC, National Amusements, Street, CBS, Paramount Media Networks, Paramount Pictures, Redstone, Apollo Global Management, Sony, Skydance Locations: Los Angeles , California, Redstone

☆ Oracle shares jump on Google and OpenAI deals despite earnings miss
▼ + stars: | 2024-06-11 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Larry Ellison, co-founder, chairman and chief technology officer of Oracle, speaks during the Oracle OpenWorld conference in San Francisco on Oct. 1, 2017. Oracle shares jumped as much as 9% in extended trading on Tuesday after the software maker announced cloud deals with Google and OpenAI, despite fourth-quarter results that fell short of Wall Street expectations. Organizations will be able to deploy workloads in Google and Oracle cloud data center regions without having to pay data-transfer charges, Oracle said. In an additional statement, Oracle said OpenAI has selected Oracle's cloud to provide additional computing capacity. During the quarter, Oracle said its database software would be available in five additional Azure data center regions, bringing the total to 15.

Persons: Larry Ellison, Oracle, OpenAI, Jim Lebenthal, Bill Baruch Organizations: Oracle, Google, Amazon Web Services, Microsoft Locations: San Francisco

☆ Morale plummets inside The Washington Post as staffers express alarm over publisher’s attempts to squash story
▼ + stars: | 2024-06-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +7 min

New York CNN —Will Lewis is quickly losing the confidence of his newsroom. At The Post, according to more than a half-dozen staffers who spoke with CNN Thursday, morale has fallen off a cliff since Lewis abruptly ousted Executive Editor Sally Buzbee on Sunday. Lewis’ uncouth dispatching of Buzbee poisoned much of the goodwill he had earned with his employees over the preceding six months. Indeed, the day after he announced Buzbee’s exit, staffers pressed him in a town hall about the circumstances that led to her departure. Will Lewis, the publisher of The Washington Post, finds himself embroiled in a scandal affecting the newsroom itself.

Persons: Will Lewis, —, Lewis, Sally Buzbee, “ It’s, Lewis ’, Buzbee, Matt Murray, Robert Winnett, Rupert Murdoch’s, Prince Harry, Carlotta Cardana, David Folkenlik, Lewis “, heatedly —, Folkenflik, ” Folkenflik, Puck’s Dylan Byers, Byers, Sarah Ellison, Elahe Izadi, ” Lewis, “, Ellison, Izadi, Jeff Bezos, “ He’s, ”, don’t Organizations: New York CNN, The Washington Post, CNN, Wall Street, Fleet Street, News Corporation, The New York Times, Bloomberg, Getty, NPR, “, Columbia Journalism School Locations: New York, —, Washington

☆ With Paramount's long and winding sales process coming to an end, here's what comes next for the media giant
▼ + stars: | 2024-06-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementThe media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. Skydance might not be as recognizable a name, but the company's owner and CEO David Ellison is. It's "is Paramount big enough to survive on its own?" The rush to corner the market on data centers is a move by Big Tech to secure the keys to the coming AI kingdom. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people.

Persons: —, Donald Trump, Rebecca Zisser, Warner, David Zaslav, Byron Allen, David Ellison, Larry Ellison, he's, Phillip Faraone, Peter Kafka, That's, Larry Ellison's, Alyssa Powell, Savita Subramanian, Gary Shilling, Kitty, Keith Gill, Arif Qazi, Jason Zander, they'll, Apple's, Siri, Dominic Bugatto, that's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith Organizations: Service, Paramount, Business, Paramount Pictures, CBS, RedBird Capital Partners, KKR, Warner Bros . Discovery, Sony, Hollywood, Getty, Tech, Bank of America, Wall Street, GameStop, Google, Microsoft, Big Tech, BI, Washington Post, Hewlett Packard Enterprise Locations: China, India, Texas, New York, London

The current leadership of Paramount Global presented a go-forward plan at the company's annual shareholder meeting Tuesday in the event a sale of the company doesn't happen. Redstone has been supportive of the Office of the CEO leadership team that has run the company since former CEO Bob Bakish stepped down in late April. The plan that Paramount Global shareholders are hearing on Tuesday will essentially serve as Redstone's alternate option if she chooses not to sell. "We'll be thoughtful with how we deploy capital, with our world-class content being the priority," said Robbins during the presentation Tuesday. On Tuesday, Robbins said the company has been "aggressively exploring all options" when it comes to partnerships with other streamers.

Persons: George Cheeks, Chris McCarthy, Brian Robbins —, —, David Ellison's, Shari Redstone, Bob Bakish, Robbins, Cheeks, McCarthy Organizations: Paramount, SAG, Paramount Global, CBS, Paramount Media Networks, Paramount Pictures, Media, RedBird Capital, KKR, CNBC, Amusements Locations: Los Angeles , California, U.S

☆ Paramount and Skydance agree to terms of a merger deal
▼ + stars: | 2024-06-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount and Skydance have agreed to terms of a merger, CNBC's David Faber reported Monday. A Paramount special committee and the buying consortium — David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR — agreed to the terms. The deal currently calls for Redstone to receive $2 billion for National Amusements, Faber reported Monday. Following the close of the deal, Skydance and RedBird would own two-thirds of Paramount, and the class B shareholders would own the remaining third of the company, Faber reported. The deal will not require a vote from the shareholders, which was part of the negotiations, Faber reported.

Persons: Skydance, CNBC's David Faber, — David Ellison's Skydance, KKR —, Shari Redstone, Faber, RedBird, Paramount's, Bob Bakish, George Cheeks, Chris McCarthy, Brian Robbins Organizations: Paramount, Columbia, —, RedBird Capital, KKR, Amusements, Apollo Global Management, Sony Pictures, National Amusements, Wall Street, CNBC, Apollo, Sony, Redstone, CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon Locations: Hollywood , California

☆ A Hollywood mega-merger for Paramount is going through: reports
▼ + stars: | 2024-06-03 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Paramount and Skydance have agreed to terms on a merger, according to multiple reports. The deal is valued at $8 billion, according to CNBC, but has yet to be signed by Shari Redstone. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter weeks of negotiations, a Paramount and Skydance merger is happening, according to reports in CNBC and Deadline. The deal has yet to be signed by Shari Redstone, who owns a controlling stake in Paramount, but will be formally unveiled in days, according to CNBC.

Persons: Skydance, Shari Redstone, David Ellison, —, Larry Ellison — Organizations: Paramount, CNBC, Service, RedBird Capital Partners, KKR, Business

☆ Tesla investor accuses Elon Musk of insider trading that banked him $7.5 billion
▼ + stars: | 2024-06-01 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Read previewA Tesla investor accused Elon Musk of using insider information on his company to sell $7.5 billion worth of Tesla stock in 2022, according to a lawsuit filed Thursday in Delaware Chancery Court. "Musk's insider profits for his November and December sales were approximately $3 billion based on the January 3, 2023 closing price of $108.10 per share," the lawsuit alleged. AdvertisementPerry also accused Musk of misleading shareholders about what to expect in the fourth quarter of that year in an October 2022 earnings call. "So, Q4 is looking extremely good," Musk said in the call, according to a transcript published by The Motley Fool. AdvertisementMcCormick's ruling has caused Musk to sour on Delaware and has been pitching a move for Tesla to be incorporated in Texas.

Persons: —, Elon Musk, Michael Perry, Tesla, Perry, Musk, Larry Ellison, Ellison, James Park, Kathaleen McCormick, McCormick Organizations: Service, Business, Oracle, New York Times, University of California, Investors Locations: Delaware Chancery, Los Angeles, Delaware, Texas

☆ Opinion: It’s hard to applaud billionaires – but these few deserve recognition
▼ + stars: | 2024-05-29 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +7 min

But this is the global system we do have and, within it, some billionaires are behaving much more generously and ethically than others. Melinda French Gates is one of the good ones. French Gates has long been an advocate for family planning and women’s rights abroad, and now she’s dedicating $1 billion through 2026 to those issues. Female billionaires, in other words, are far more likely than male ones to give away substantial portions of their wealth. So yes, we can applaud the good billionaires who give their wealth away, even if we think that they are representative of a bigger inequality problem.

Persons: Jill Filipovic, —, Melinda French Gates, French Gates, it’s, She’s, Gates, MacKenzie Scott, Jeff Bezos, Scott, Forbes, Elon Musk, Larry Ellison, Warren Buffett, Larry Page, Ellison, Page, Buffett, Donald Trump’s, Sam Altman, Bill Gates, Scarlett Johansson, that’s, George Soros, doesn’t Organizations: Twitter, CNN, Gates Foundation, The New York Times, Forbes ’, Forbes, Elon, Facebook Locations: New York, United States, French, The, New Zealand, There’s

☆ Rising home equity levels could help stoke pent-up demand for these two stocks
▼ + stars: | 2024-05-27 | by ( Brian Evans | ) www.cnbc.com time to read: +8 min

How long this trend will last is unclear, though it's clear a lot will depend on the direction of interest rates. This dynamic isn't surprising given a high interest rate environment that has pressured consumers. "Elevated interest rates are causing customers to defer their large discretionary projects," UBS analyst Michael Lasser said. "This means that a recovery should be robust as interest rates move lower." "Existing home sales also continue to be a material headwind to remodel activity as long as interest rates remain relatively high," Badishkanian said.

Persons: Richard McPhail couldn't, McPhail, Marvin Ellison, Bradley Thomas, Greg Melich, it's, Michael Lasser, Melich, bode, Wolfe, Greg Badishkanian, Badishkanian, Edward Decker, KeyBanc's Thomas, Ellison, Lowe's, Thomas, Lowe's Ellison Organizations: Home, Federal Reserve, Depot, CNBC, UBS, Home Depot, Wolfe Research, Lowe's, Pro, FactSet Locations: Lowe's, Friday's

☆ Neighborhoods have really dumb names these days
▼ + stars: | 2024-05-26 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This was after Sam Altman tried to hire her to voice the AI bot, and she declined. OpenAI paused the voice, saying a different actress was behind it, and that the voice was cast before Altman reached out to Johansson. That one of the AI voices sounds a great deal like a Hollywood star who declined to work with OpenAI is purely coincidental . Also read:Fine Art Photographic/Getty Images; Jenny Chang-Rodriguez/BIWelcome to DumBroCities on the rise have a weird trend these days: Really dumb neighborhood names.

Persons: —, Andrew Caballero, Reynolds, Isabel Fernandez, OpenAI's, Spike Jonze, Scarlett Johansson, Samantha, Sam Altman, OpenAI, Altman, Johansson, Sundar Pichai, Vincent Sandoval, Getty, Henrik Sorensen, Tyler Le, Larry Ellison, it's, Tera Vector, Juanma Hache, Abanti Chowdhury, they're, Andrea Chronopoulos, — isn't, Jenny Chang, Rodriguez, — Lindsay MacMillan, Goldman Sachs Organizations: Service, Business, Pujol, Hollywood, Tera, Sciences, BI FI, Goldman Locations: Guadalajara, Mexico, DumBro Cities, Denver

☆ We want to use loyalty data to make a better customer experience, says Lowe's CEO
▼ + stars: | 2024-05-21 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe want to use loyalty data to make a better customer experience, says Lowe's CEOLowe's Chairman, President and CEO Marvin Ellison joins 'Mad Money' host Jim Cramer to talk quarterly results, consumer trends, digital partnerships and more.

Persons: Marvin Ellison, Jim Cramer

☆ Lowe's beats on earnings and revenue, even as consumers spend less on DIY projects
▼ + stars: | 2024-05-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Lowe's topped Wall Street's quarterly earnings and revenue expectations on Tuesday, even as do-it-youself customers bought fewer pricey items. It marked the fifth quarter in a row that Lowe's posted a year-over-year sales decline. Roughly half of Home Depot's sales come from pros compared to about 20% to 25% at Lowe's. Lowe's is lapping a year-ago quarter when the company slashed its full-year outlook and posted a year-over-year sales decline. For each of the three quarters since then, Lowe's sales have also dropped from the year-ago periods.

Persons: Lowe's, Marvin Ellison, Ellison Organizations: Home Depot, LSEG

☆ The unusual hobbies of Tim Cook, Mark Zuckerberg, Jeff Bezos and more
▼ + stars: | 2024-05-21 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

The leaders of tech's biggest companies have some interesting hobbies. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWhen they aren't running multi-billion-dollar companies, tech executives find time to pick up some varied hobbies. This story is available exclusively to Business Insider subscribers.

Persons: Bill Gates, —, Larry Ellison Organizations: Service, Business

☆ Lowe's CEO Marvin Ellison goes one-on-one with Jim Cramer
▼ + stars: | 2024-05-21 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLowe's CEO Marvin Ellison goes one-on-one with Jim CramerLowe's Chairman, President and CEO Marvin Ellison joins 'Mad Money' host Jim Cramer to talk quarterly results, consumer trends, digital partnerships and more.

Persons: Marvin Ellison, Jim Cramer Lowe's, Jim Cramer

☆ Lowe's CEO explains why the company is partnering with Big Tech
▼ + stars: | 2024-05-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Tuesday interview with CNBC's Jim Cramer, Lowe's CEO Marvin Ellison described the home improvement retailer's partnerships with Big Tech companies like Apple and Nvidia . Ellison said Lowe's offers a Chat GPT plug in that aims to better assist customers, adding that the company also has a program designed for Apple's Vision Pro. Lowe's peer Home Depot has also delved into the AI space by partnering with Alphabet . And like Home Depot, Lowe's is feeling the burden of high interest rates. "We're preparing to be at our best when the cycle turns up, and we know that's going to happen," he said.

Persons: CNBC's Jim Cramer, Marvin Ellison, We've, Ellison, Lowe's Organizations: Big Tech, Apple, Nvidia, Apple's Vision, Home Depot, Google

☆ Stocks making the biggest moves midday: Peloton, Lam Research, Lowe's, AstraZeneca and more
▼ + stars: | 2024-05-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Lowe's — The home improvement stock fell 2.9% despite the company posting a first-quarter earnings and revenue beat. By comparison, analysts surveyed by FactSet had penciled in $1.45 in earnings per share on $1.21 billion in revenue. XPeng — U.S-listed shares jumped nearly 5% after the Chinese EV company topped first-quarter estimates for revenue and said it anticipates a rise in quarterly deliveries. AutoZone reported $4.24 billion in revenue for the quarter, below the $4.29 billion expected by analysts, according to FactSet. Sprout Social — Shares dropped 4% after Sprout Social responded to a Reuters report, citing sources familiar, that said its founders are in talks to take the social media strategy company private.

Persons: Lam, Macy's, Tony Spring, Marvin Ellison, BlackLine, FactSet, Keysight, AutoZone, Li Auto, Li, Yun Li, Jesse Pound, Sarah Min, Alex Harring, Lisa Han, Samantha Subin Organizations: AstraZeneca — U.S, Traffic Safety Administration, Dell Technologies, Citi, Baird, Palo Alto Networks, Keysight, EV, Reuters, Li Auto Locations: billings, —

☆ Inside Oracle's Deadly Gamble on Cerner and Electronic Health Records
▼ + stars: | 2024-05-20 | by ( Ashley Stewart | Blake Dodge | ) www.businessinsider.com time to read: +29 min

That was the promise of Cerner, the medical-records company Oracle bought in 2021 for $28.3 billion — Oracle's biggest acquisition. At the time, Cerner managed the electronic health records for a quarter of all American hospitals, including those run by the Pentagon and the Department of Veterans Affairs. Larry EllisonCerner's electronic records, in short, were a deadly disaster for the VA. Never mind the futuristic, AI-driven healthcare system Ellison envisioned. In 2015, it beat out Epic, its main competitor, for a $4.3 billion contract to handle electronic health records for the Defense Department. It had agreed to process tens of millions of crucial medical records, but it couldn't handle the subsequent deluge of data.

Persons: Larry Ellison's, Ellison, Cerner, I'm, Larry Ellison, Neal Patterson, Cerner's, Patterson, Ellison's, they're, David Shulkin, Margaret Albaugh, Cerner couldn't, Charlie Bourg, —, Larry, Marc Benioff, Ellison protégé, Mike Wilson, David Agus, oncologist, Agus, he'd, Steve Jobs, Sensei, We've, Georges De Keerle, Cerner —, hadn't, Mike Sicilia, Sicilia, Oracle, Anthony Jones Jr, Jones, Donald Remy, didn't, Seema Verma, Neil Evans, Sara Vaezy, Ed Meagher, haven't, Charlie Monroe —, it's, Charlie Bourg —, Bourg, Charlie Monroe, Monroe, Cathy McMorris Rodgers, grandkids, We're, there's Organizations: Oracle's, Oracle, Pentagon, Department of Veterans Affairs, Cerner, RAND Corporation, RAND, Big Tech, GE, Siemens, Cerner Corporation, Defense Department, Department of Defense, Business, Spokane, Ellison Institute of Technology, Microsoft, Agency, Health, Amazon, Veterans ' Affairs, Oracle Health, Navy, Columbus VA, BI, Life Sciences, Intermountain Health, UPMC, DOD, Seabees Locations: Las Vegas, antiaging, Silicon Valley, Spokane , Washington, Cerner, VistA, Bourg, Washington, Sicilia, Ohio, Columbus, Providence, Spokane, Monroe, CloudWorld

☆ It's shaping up to be a tough summer for the stock market, but Nvidia could help salvage things
▼ + stars: | 2024-05-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we examine how this summer is shaping up to be tough for the stock market . Stocks are on track to either remain flat or turn negative going forward , according to two market vets Jennifer spoke to. The pessimism about stocks' future is due to a few factors. Some Nvidia employees are considered to be millionaires SOPA ImagesThere is, however, one company that could salvage things: Nvidia. As the key chipmaker in the space, a win for Nvidia is a win for everyone betting on AI being the future.

Persons: —, Jenny Chang, Rodriguez, Jennifer Sor, Stocks, Jennifer, It's, Jerome Powell, BI's Linette Lopez, Warren Buffett Scott Morgan, Warren, Berkshire Hathaway, Goldman Sachs, Michael Burry, John Paulson, Alyssa Powell, Gen Zers, Instagram, Vincent Sandoval, Getty, Henrik Sorensen, Tyler Le, Larry Ellison, it's, aren't, Cash, Bill Lee, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, New York Knicks, NBA, Business, Getty, Fidelity, Hamptons, Nvidia, Reuters, Berkshire, JPMorgan, Meta, Sciences, Apple, The Locations: Montauk, Berkshire, New York, London

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