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☆ We live in a world where top Twitch streamer Kai Cenat got a therapist to help him beat a video game boss he was stuck on for over 60 hours
▼ + stars: | 2024-06-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Read previewFrustrated with his performance against a video game boss, Twitch streamer and YouTuber Kai Cenat went viral on Tuesday evening for bringing a therapist to his livestream to help process his emotions. "I've been on the last boss for the past 60 hours of my life that I can't get back," Cenat lamented. Cenat would defeat Radahn about six hours and 40 deaths later, or 67 hours after his first encounter with the video game boss. AdvertisementWilliams and representatives for Cenat did not immediately respond to requests for comment sent by Business Insider outside regular business hours. Though its main title was launched in February 2022, Cenat was playing a recently released expansion, "Shadow of the Erdtree," when Williams appeared on his stream.

Persons: —, Kai Cenat, Aubri Williams, Williams, Cenat, I've, — Williams, Instagram, Radahn, He'd, Tyler, Ninja, Blevins Organizations: Service, Business, Counselling, Stetson University, Cenat, Bandai

☆ Why a divided government would be the best outcome for crypto in the November election, according to TD Cowen
▼ + stars: | 2024-06-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A sweep of the executive and legislative branches by either Democrats or Republicans in the November election could spell more risk to crypto assets, according to TD Cowen. "Divided government is the best possible outcome for financial firms, housing and crypto as we believe there would be bipartisan legislative and regulatory agreements that could survive future political changes," TD Cowen's Jaret Seiberg wrote in a note Monday. "If Biden wins, a Republican Senate could limit his ability to put aggressive regulators in power," Seiberg added. "Trump would likely have a GOP Senate, but House Democrats could block his legislative agenda. Republican politicians have tended to hold more crypto-friendly views, but the digital currency industry maintains that crypto is a nonpartisan issue.

Persons: TD Cowen, Jaret Seiberg, Seiberg, Trump, Donald Trump, Biden, Biden's, Gary Gensler, Gensler, Michael Bloom Organizations: Republicans, Biden, Republican, GOP Senate, Innovation, Technology, Republican Senate, TD Cowen's Washington Research Group, SEC, Securities and Exchange Commission Locations: Washington

☆ Nvidia has shed $431 billion in market cap in just 4 days after briefly becoming the world's most valuable company
▼ + stars: | 2024-06-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Nvidia stock has plunged 16% in the past week, erasing $431 billion in market value. AdvertisementNvidia stock has suffered a painful four-day decline that has erased $431 billion in market value. The AI tech giant, which was the world's most valuable company just last week, is now worth $2.9 trillion, making it once again the third largest company behind Microsoft and Apple. AdvertisementAltogether, Nvidia stock is down 16% from its record high. "The surge in Nvidia share price has been so remarkable throughout 2024 that most investors are still in the black.

Persons: —, Jensen Huang, Neil Roarty, Huang, Ray, Wang, Vivek Arya Organizations: Service, Nvidia, Microsoft, Apple, SEC, Constellation, CNBC, Bank of America

☆ Trump’s company is valued ‘absurdly out of the realm of normal,’ LinkedIn billionaire says
▼ + stars: | 2024-06-25 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

But the LinkedIn co-founder is dumbfounded by the size of the social media fortune former President Donald Trump is sitting on. Trump’s conservative social media company, Truth Social owner Trump Media & Technology Group, is valued by Wall Street at a whopping $6 billion — even after a recent plunge in its share price. “That is wildly high,” Hoffman, who is now a director at Microsoft and a venture capital investor, told CNN. Trump’s stake is worth nearly $4 billionHoffman is hardly the first to express disbelief at the valuation of Trump Media. Based on Monday’s share price, Trump’s 114.75 million shares in Trump Media are valued at nearly $4 billion.

Persons: New York CNN — Reid Hoffman, Donald Trump, ” Hoffman, “, Elon Musk’s, Hoffman, Trump, Meta, —, Jay Ritter, Barry Diller Organizations: New, New York CNN, LinkedIn, Truth Social, Trump Media & Technology Group, Wall, Microsoft, CNN, Trump Media, Nasdaq, Reddit, Meta, Facebook, “ Trump Media, ” Trump Media, Trump, SEC, GameStop, AMC, University of Florida, ” Billionaire, MGM Resorts International, CNBC, White Locations: New York

☆ These are the best-paid CEOs in the U.S.—some pull in over $1 billion a year
▼ + stars: | 2024-06-25 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

The highest-paid CEOs don't all lead the world's biggest companies. On Monday, C-Suite Comp published its list of the highest-paid CEOs of 2023 based on "total compensation granted," a measure that includes executives' salaries, bonuses, perks and stock options, among other factors. CEOs often receive restricted stock or options as a significant part of their compensation, the value of which can fluctuate based on the company's performance and market conditions. This new measure of executive earnings, dubbed "compensation actually paid" under SEC rules, is designed to help stakeholders better understand how executive pay aligns with the company's financial performance. Here's how much the U.S.'s best-paid CEOs are being awarded, as of 2023:

Organizations: Apple, Blackstone, Securities and Exchange Commission, SEC Locations: U.S

☆ Fast fashion retailer Shein confidentially files for London IPO
▼ + stars: | 2024-06-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein, the fast fashion giant with links to China, has confidentially filed for a public listing in London as it faces backlash in the U.S., a person familiar with the matter told CNBC. Elected officials in the U.S. have repeatedly expressed concerns about the use of forced labor in Shein's supply chain and its use of a U.S. tax law exemption known as de minimis. Shein would still prefer to go public in the U.S., sources previously told CNBC, and its filing in London doesn't mean that an IPO will happen there. It's unclear if Beijing has signed off on the London listing. Shein's London filing marks another twist in the company's so-far long road to a public markets debut.

Persons: Shein, It's, Donald Tang, — CNBC's Sara Salinas Organizations: CNBC, U.S, National Retail Federation, U.S . Securities, Exchange Commission, Wall Street Journal, SEC Locations: China, London, U.S, Beijing, Singapore, Xinjiang

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin drops to $60,000 level to start the week: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Chen Arad, Solidus Labs co-founder, weighs in on what Consensys' announcement that the SEC was dropping its investigation into the firm and the Ethereum network means for adoption of the network.

Persons: explainers, Chen Arad Organizations: CNBC Crypto, CNBC, Solidus Labs, SEC

☆ CDK Global says software outage will take several days to resolve
▼ + stars: | 2024-06-23 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +4 min

New York CNN —Retail software provider CDK Global says it will likely take several days for its software to be back online and operational, as the company grapples with a system outage that has paralyzed nearly 15,000 car dealerships across North America since Wednesday. The data provider’s software, which dealerships use to manage everything from scheduling to records, said Saturday it has begun restoring its software. Car manufacturer Ford told CNN it is working with dealers to set up alternative software systems and other workarounds. Several dealerships on the East Coast told CNN on Sunday they are manually filling out forms to process sales. One used car dealership told CNN it has been filing paperwork by hand and sending runners to the car registry with the paperwork.

Persons: CDK, Mike Stanton, Ford, they’re Organizations: New, New York CNN — Retail, CDK, CNN, Bloomberg, Dealers, National Automobile Dealers Association, East Coast, Sunday, Securities and Exchange Commission, Penske Automotive, Premier Trucking Group, Penske, SEC, Sonic Automotive, Premier Truck Locations: New York, North America, Eastern European, CDK, United States

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWinklevoss twins donate $2 million in bitcoin to Trump campaign: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Laura Brookover, head of litigation & investigations at Consensys, provides new details after Consensys says the SEC closed its investigation into Ethereum 2.0 and the crypto firm itself.

Persons: explainers, Laura Brookover, Consensys Organizations: Trump, CNBC Crypto, CNBC, SEC

☆ Under Armour to pay $434 million to settle lawsuit over sales disclosures
▼ + stars: | 2024-06-21 | by ( ) edition.cnn.com time to read: +2 min

Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts. The shareholder lawsuit accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the company’s financial health. In 2021, the Baltimore-based company had agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth. Under Armour said it intends to pay the settlement amount of $434 million through cash on hand as well as by drawing on its $1.1 billion revolving credit facility. The company expects its total accrual in legal proceeding contingencies related to the lawsuit to reach $434 million during the first quarter of fiscal year 2025, from $100 million at the end of fiscal 2024.

Persons: Armour, averts, Kevin Plank, Mark Solomon, Robbins Geller Rudman, Dowd Organizations: Securities, Exchange Commission, SEC Locations: Baltimore

☆ Consensys' head of litigation provides new details after SEC closes probe into crypto firm
▼ + stars: | 2024-06-21 | by ( Talia Kaplan | Kaan Oguz | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsensys' head of litigation provides new details after SEC closes probe into crypto firmLaura Brookover, head of litigation & investigations at Consensys, provides new details after Consensys says the SEC closed its investigation into Ethereum 2.0 and the crypto firm itself. She also explains whether the crypto firm still plans to pursue its lawsuit against the agency.

Persons: Laura Brookover, Consensys Organizations: SEC

☆ If you’re grabbing tax-free income from this asset, you may be sacrificing yield
▼ + stars: | 2024-06-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Though municipal bonds generally offer income that's free of federal income taxes – and state taxes if the investor resides in the issuing state – they also come with lower yields compared to other bonds. When it comes to muni bonds, the higher your tax bracket, the more valuable the tax-free income is. A tax-conscious approach to fixed income You don't have to bulk up on municipal bonds to get the best yield for your tax scenario. Municipal bonds are good contenders in taxable brokerage accounts, where investors can benefit from their tax-free income. Some fund families offer "tax-aware strategies" either in mutual funds or ETFs, which can include some exposure to municipal bonds, as well as equities.

Persons: Wells Fargo, aren't, Nisha Patel, That's, Collin Martin, Michael Carbone, it's, Beth Foos Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, SEC, Bond, Corporate Bond, York Life Investments, Schwab Center, Financial Research, Morningstar Locations: Wells Fargo, Chelmsford , Massachusetts

What's next: Media Matters filed a motion to dismiss Musk's lawsuit in March, but a judge has yet to rule. VCG/GettyGovernment lawsuits and investigationsSEC investigation into Musk's Twitter takeoverThe issues: The Securities and Exchange Commission is investigating Elon Musk's Twitter purchase. Matt Winkelmeyer/Getty ImagesPersonal lawsuits against MuskTornetta v. MuskThe issues: Tesla shareholder Richard Tornetta sued Musk and Tesla in a class action lawsuit regarding Musk's compensation package, which was worth $55.8 billion at the time. Several lawsuits also allege Musk discriminated against them because of their race, gender, or disability in choosing to fire them. The executives were set to receive golden parachutes, but claim Musk and X have not paid them out.

Persons: —, Elon Musk, Musk, Claire Boucher, Grimes, Alex Spiro, Sam Altman, Donald Trump, Spiro, Anna Webber, Angelo Carusone, What's, Gina Carano, Schaerr Jaffe, Tesla, Musk's, Elon, SEC hasn't, Elon Musk's, who've, Owen Diaz, Matt Winkelmeyer, Richard Tornetta, Kimbal Musk, He's, Boucher, Benjamin Brody, Brody, Brody reverberated, Ben Brody, didn't, Robert Kaiden, Kaiden, he's, Agrawal, Parag Agrawal, Ned Segal, Twitter Vijaya Gadde, Sean Edgett, Segal, hadn't Organizations: Service, SpaceX, Business, OpenAI, SEC, Trump, Trump —, Elon, Variety, Media, X Corp, Disney, National Labor Relations Board, UAW, Tesla, Getty Government, Twitter, Securities, Exchange Commission, Justice Department, Reuters, Traffic, Administration, NHTSA, Apple, NLRB, Musk's SpaceX, US, Employment Opportunity, Musk, Nazi, Litigation Locations: Texas, Texas and Missouri, America, Nazi Germany, California, Delaware, San Francisco

☆ Trump Media shares sink 12% as DJT slide accelerates
▼ + stars: | 2024-06-20 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

A sell-off of Trump Media picked up speed Thursday, with shares of former President Donald Trump's company falling as much as 15% shortly after the opening bell. The company behind the conservative social media app Truth Social, which trades on the Nasdaq as DJT, was hovering around $27 per share at the market's open. That price is more than 40% lower than it stood at the start of June, when Trump Media stock cost just over $49 a share. The slide represents a massive on-paper loss for Trump, the majority owner of Trump Media. After the bell, Trump Media revealed that the SEC had declared its registration statement effective.

Persons: Donald Trump, Donald Trump's Organizations: Trump Media, Nasdaq, Trump, New, Securities, Exchange, SEC Locations: Washington ,, New York

☆ Trump Media stock has plunged 46% since Donald Trump was found guilty in hush-money trial
▼ + stars: | 2024-06-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Trump Media stock has plunged 46% since Trump's federal hush-money trial verdict. AdvertisementTrump Media stock has plunged 46% since former President Donald Trump was found guilty of 34 counts of falsifying business records in his federal hush-money trial last month. Trump Media stock fell 6% on Monday, declined by another 10% on Tuesday, and is down another 10% on Thursday. Trump Media's amended S-1 filing also includes a new risk that comes just weeks after former President Donald Trump signed up for TikTok. Trump has almost exclusively posted on his Truth Social media platform since he was banned from most major social media platforms following the January 6 insurrection.

Persons: Devin Nunes, —, Donald Trump, Nunes, Trump, Donald J Organizations: Trump Media, SEC, Trump Media's, Service, Social, TikTok, Truth Locations: TMTG

☆ Judge tosses Exxon lawsuit against activist shareholder Arjuna: Here's what's next for the company
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJudge tosses Exxon lawsuit against activist shareholder Arjuna: Here's what's next for the companyFormer SEC Chairman Jay Clayton joins 'Squawk Box' to discuss news of a judge ending Exxon Mobil's lawsuit against activist shareholder Arjuna over climate proposal, what's next for the company, and more.

Persons: Arjuna, Here's, Jay Clayton, Exxon Mobil's, what's Organizations: SEC, Exxon

☆ More states expected to roll out Inflation Reduction Act energy-efficiency rebates this summer
▼ + stars: | 2024-06-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

New York is launching a program offering homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property, and more states are expected to follow suit by summer's end. The rebate programs are part of the federal Inflation Reduction Act, the largest piece of climate legislation in U.S. history, which President Joe Biden signed in 2022. The law earmarked $8.8 billion for consumers via two Home Energy Rebates programs. Such projects might include installing air sealing, insulation, electric heat pumps and electric stoves, for example. When combined with a fledgling state program called EmPower+ — which offers up to $10,000 per low-income household — consumers can access up to $24,000 in total rebates for making energy-efficiency upgrades, according to Doreen Harris, president and CEO of the New York State Energy Research and Development Authority.

Persons: Joe Biden, Doreen Harris Organizations: Energy, Finance, SEC, FEMA, New York State Energy Research, Development Authority Locations: York, New York

☆ With 10% yields, private credit looks attractive, says UBS. What you need to know before investing
▼ + stars: | 2024-06-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

There's a lot to like about private credit right now, according to UBS. "We still have defaults very low on the private credit side, lower than what we're seeing on public. "With private credit, you don't know how things might change going forward," she explained. While there are some good players in private credit, there are others who are not, he said. Investing in BDCs Another way to get exposure to private credit is by investing in the public stocks of the business development companies, or BDCs, that are doing the private lending.

Persons: Leslie Falconio, Falconio, Jamie Dimon, Dimon Organizations: UBS, Blackstone Private Credit Fund, Franklin BSP Private Credit Fund, SEC Locations: UBS Americas, Franklin, BDCs

☆ Kraken CEO Dave Ripley on the state of crypto, battles with SEC and crypto regulation
▼ + stars: | 2024-06-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKraken CEO Dave Ripley on the state of crypto, battles with SEC and crypto regulationKraken CEO Dave Ripley joins 'Squawk Box' to discuss the state of the crypto market, the company's battles with the SEC, regulatory outlook, and more.

Persons: Dave Ripley Organizations: SEC

☆ Trump Media shares plunge 17% with newly available DJT shares set to dilute stock value
▼ + stars: | 2024-06-18 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

The stock price of Trump Media plunged by more than 17% in after-hours trading Tuesday after the Truth Social app owner said its registration of additional shares had been declared effective by the Securities and Exchange Commission. Trump Media, which trades under the DJT ticker, had seen its share price slump by nearly 10% during the regular trading day. The SEC's declaration authorizes early investors in Trump Media to exercise public warrants they hold in the company, whose majority shareholder is former President Donald Trump. Trump Media said up to 14,375,000 additional shares would be issuable upon the exercise of those warrants. These funds would supplement the more than $200 million in unrestricted cash the Company now retains."

Persons: Donald Trump Organizations: Trump Media, Securities and Exchange Commission, SEC

☆ DJT shares tumble 13% as Trump Media stock sell-off accelerates
▼ + stars: | 2024-06-18 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +2 min

Shares of Trump Media & Technology Group dropped more than 13% on Tuesday, continuing the stock's tumble following the conviction of former President Donald Trump, the company's majority shareholder. Trump Media shares, which trade under the ticker "DJT," are down about 40% since May 30, when a New York jury found Trump guilty of 34 felony counts of falsifying business records. But the registration statement notes that holders of Trump Media warrants can exercise them on a "cashless basis" starting Tuesday and until the registration statement becomes effective. The warning comes just weeks after the former president — who uses Truth Social almost exclusively to make his public statements — joined the social media app TikTok. Trump Media & Technology Group disclosed a net loss of $327.6 million and total revenue of $770,500 in the first quarter of the year on its most recent earnings report, filed in May.

Persons: Donald Trump, Trump, Tuesday's, Donald J, — Organizations: Trump Media & Technology Group, Trump Media, New, Securities and Exchange Commission, Trump, SEC, Truth Locations: New York, TMTG

☆ Activist Starboard sues Autodesk in bid to mount proxy fight
▼ + stars: | 2024-06-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Starboard Value sued software maker Autodesk on Monday to delay the company's annual meeting and reopen the board nominating window and allow the activist to mount a proxy fight. Activists can typically only begin a proxy fight, involving the nomination of a slate of directors to replace the existing board, if they submit their proposals within a specific window. Starboard confirmed in a letter on Monday that it has a stake in Autodesk valued at more than $500 million. The company waited until April 1 to tell shareholders about the investigation, filings show, which was more than a week after the nominating window had closed. An Autodesk representative referred CNBC to its prior statements on the matter, where it said it would refuse Starboard's requests to reopen the nominating window and delay the annual meeting.

Persons: Deborah Clifford Organizations: Autodesk, SEC, CNBC Locations: Delaware Chancery

☆ Here's another reason for Elon Musk to support Trump
▼ + stars: | 2024-06-17 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

He also seems increasingly interested in Donald Trump, though he won't come out and say he's formally backing him. So here's another reason for him to move more firmly into the Trump camp: The US Securities and Exchange Commission, currently run by Biden appointee Gary Gensler, keeps dogging him. Caveats: The last time the SEC went after Musk, Trump was in the White House, and Trump appointee Jay Clayton was running the SEC. AdvertisementJust as important: The Journal piece includes lots of to-be-sures from legal experts about the difficulty of the SEC winning a case against Musk. But Musk would certainly prefer not having to go to court to find out.

Persons: —, Elon, Joe Biden, Donald Trump, he's, Trump, Biden, Gary Gensler, Tesla, Musk, Jay Clayton Organizations: Service, US Securities and Exchange Commission, Business, SEC, Twitter, SEC hasn't, Musk, Trump

☆ Jeffrey Gundlach likes this corner of fixed income as the Fed keeps rates high. It's yielding 8%
▼ + stars: | 2024-06-17 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

The timing of cuts from the Federal Reserve is looking uncertain, but fixed income investor Jeffrey Gundlach has a way to play the theme: BB-rated bank loans. Playing the bank loans space The actual bank loans themselves are made by lending institutions to companies. Rather, large institutional investors snap them up and add them to their fixed income portfolios. The Fed's rate policy presents another wrinkle for bank loans: These loans have a floating coupon rate component. Accessibility through ETFs A fixed income sleeve should include exposure to high-quality bonds.

Persons: Jeffrey Gundlach, We've, Gundlach, FFRHX, Collin Martin Organizations: Federal, SEC, Schwab Center, Financial Research, Exchange, Blackstone Senior Loan Locations: BlackRock

☆ White Castle is taking drive-thru orders using an AI voice system that claims to be more accurate than a human
▼ + stars: | 2024-06-17 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

White Castle is just one in a long line of restaurant chains toying with drive-thrus powered by voice-recognition AI. Chains such as Taco Bell, McDonald's, and Checkers & Rally's have all tested or introduced voice AI drive-thrus. AdvertisementBut voice AI drive-thrus are far from achieving widespread adoption. Last year, restaurant-tech company Presto Automations revealed in an SEC filing that over 70% of its voice AI orders required assistance from off-site human workers. AdvertisementIf customers don't want to order using the voice AI system, they can ask to speak to a human, he said.

Persons: —, Julia, Julia isn't, Taco Bell, McDonald's, Jamie Richardson, White, Richardson, Ben Bellettini, SoundHound's, SoundHound, SoundHound doesn't, fryer Organizations: Service, Business, SEC, IBM Locations: White, St Louis, Cincinnati, Indiana, Merrillville

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