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Andreessen and Horowitz are the latest and most prominent members of the startup investing community to publicly support Trump. Up until now, there have been pockets of vocal Trump support within Silicon Valley, including conservative provocateur Peter Thiel, the pugnacious hosts of the All-In podcast, and Palantir co-founder Joe Lonsdale. WE HAVE A FORMER TECH VC IN THE WHITE HOUSE. Most of the VCs Business Insider spoke to were unanimously against Kahn. "If it is Biden vs. Trump officially, I think many '"never Trumpers" will go with Trump," said a Bay Area VC.

Persons: —, Andreessen Horowitz, Ben Horowitz, Marc Andreessen, Donald Trump, Sen, JD Vance, Peter Thiel's, Steve Case, Andreessen, Horowitz, provocateur Peter Thiel, Palantir, Joe Lonsdale, Elon Musk, who's, Joe Biden, Vance, Trump, IT'S JD VANCE, WE, MAGA, he's, Bradley Tusk, Chuck Schumer, Tusk, Lina Khan, That's, what's, Kahn, Lina Kahn, Khan, Biden, they're, David Hornik Organizations: Service, The Little, Business, Trump, Wall Street, Founder's Fund, TECH, Democratic, Biden, FTC, SEC, Bay, Republican, Sequoia Capital, Lobby Locations: America, Silicon Valley, New York, Delian, San Francisco, Silicon, There's

☆ How a Network of Tech Billionaires Helped J.D. Vance Leap Into Power
▼ + stars: | 2024-07-17 | by ( Ryan Mac | Theodore Schleifer | ) www.nytimes.com time to read: +1 min

Vance flew to San Francisco to hold a fund-raiser for Donald J. Trump and to host a private dinner afterward with two dozen tech and crypto executives and investors. The location was the opulent Pacific Heights mansion of David Sacks, an entrepreneur and podcaster whom Mr. Vance had met through the tech investor Peter Thiel. Mr. Vance, now 39 years old, had worked for one of Mr. Thiel’s investment firms in San Francisco in 2016. During the $300,000-a-person dinner that night, Mr. Trump, seated between Mr. Sacks and another tech investor, Chamath Palihapitiya, informally polled the room about whom to choose as his running mate. Even with another vice-presidential hopeful, Doug Burgum, the governor of North Dakota, in attendance, Mr. Sacks, Mr. Palihapitiya and others all had the same answer: Pick Mr. Vance, they told Mr. Trump, according to two people with knowledge of the exchange.

Persons: Vance, Donald J, David Sacks, Peter Thiel, Trump, Sacks, Chamath Palihapitiya, Doug Burgum, Palihapitiya Organizations: Trump Locations: San Francisco, North Dakota

☆ JD Vance tried to be a VC. He didn't do much, old colleagues said.
▼ + stars: | 2024-07-16 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

But his former colleagues previously told Business Insider in a 2021 report that his business expertise wasn't that noteworthy. AdvertisementVance's former coworkers previously told BI that Vance was away from his new job much at the time to promote his book. Trump's campaign also didn't respond to a request for comment about how Vance's old colleagues characterized his VC work. AdvertisementVance's time at Revolution did provide him the connections needed to go off and start his own VC firm, Narya Capital, in 2019. "There are a thousand red flags," Jeff Sohl, director of the University of New Hampshire's Center for Venture Research, previously told BI.

Persons: —, Donald Trump's, JD Vance, Trump, Vance, Peter Thiel, didn't, weren't, Steven Case's, Narya, Jeff Sohl, Donald Trump Organizations: Service, Technology, Finance, Business, Mithril, BI, Narya, Politico, University of New Hampshire's Center for Venture Research Locations: Ohio, San Francisco

☆ Dollar drifts as Powell comments bring September rate cut in focus
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell slightly on Monday after comments from Federal Reserve Chair Jerome Powell, while cryptocurrencies rose on bets that an assassination attempt on former President Donald Trump lifted his reelection chances. The dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrencies gained on rising odds of former President Donald Trump getting reelected. The comments, likely Powell's last until his press conference following the Fed's July 30-31 meeting, shifted rate cut expectations. Markets are now anticipating 68 basis points of easing this year, with a rate cut in September fully priced in, CME FedWatch tool showed. "Markets may need to wait longer for the confirmation of their September rate cut hopes, and growth and labor data will be on the radar such as retail sales today."

Persons: Jerome Powell, Donald Trump, cryptocurrencies, Powell, We've, Charu Chanana, Trump, Gary Gensler, Chris Weston Organizations: Federal, Economic, of Washington, Saxo, Traders, Bank of Japan, Republican, cryptocurrency, San, SEC, New Zealand Locations: Tokyo, San Francisco

☆ Reimagining downtown San Francisco by bringing workers back to the office
▼ + stars: | 2024-07-16 | by ( Kate Rogers | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReimagining downtown San Francisco by bringing workers back to the officeCNBC's Kate Rogers joins 'Squawk Box' with a first look at San Francisco Mayoral Candidate Mark Farrell's plans to revitalize the city's downtown district, which includes a proposal to provide tax incentives to companies that relocate downtown and have workers in office four days a week.

Persons: Kate Rogers, Mark Farrell's Organizations: San Francisco Locations: San Francisco

☆ I raised $1 million for my tech startup by taking Zoom meetings in my high-school bathroom
▼ + stars: | 2024-07-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +5 min

He cofounded the startup Aviato and raised $1 million while still at high school aged 15. I then joined Stanford's Online High School community and met some impressive people. I would attend those cold Zoom meetings from my high school bathroom and pitch to investors. At one point, I was spending about five hours a day in the bathroom taking meetings. AdvertisementI haven't graduated from high school yet and I started taking online classes instead a few months ago after I got suspended for taking meetings in the bathroom.

Persons: —, Eric Zhu, Tom Preston, Werner, We've, we're, I've, It's Organizations: Service, Business, Stanford's, School, Bachmanity, Bloomberg Locations: Carmel , Indiana, San Francisco

☆ Elon Musk says he’s moving SpaceX and X to Texas
▼ + stars: | 2024-07-16 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Elon Musk says he’s moving his companies out of California. In two posts on X Tuesday, the billionaire said he will move SpaceX’s HQ from Hawthorne, California, to Starbase, Texas, a company town being built in the southern part of the state. Social media platform X will move from San Francisco to Austin, Texas, he then said. In 2021, Musk said he would move Tesla HQ from the Bay Area to Austin, Texas. CNN has reached out to X, SpaceX and Newsom’s office for comment.

Persons: New York CNN — Elon Musk, Musk, Gavin Newsom, ” Musk, “, ”, CNN’s Chris Isidore Organizations: New, New York CNN, SpaceX, Lone Star State, CNN Locations: New York, California, Hawthorne , California, Starbase , Texas, San Francisco, Austin , Texas, Delaware, Texas

☆ Who is Usha Vance, the wife of Trump’s running mate?
▼ + stars: | 2024-07-15 | by ( Arit John | ) edition.cnn.com time to read: +4 min

His wife, Usha, has been by his side through it all. As the Ohio delegation chanted her husband’s name on the Republican convention floor in Milwaukee, Usha Vance stood beside the first-term senator and applauded as he was nominated by voice vote to be Donald Trump’s running mate. Now, with JD Vance as Trump’s vice presidential nominee, the couple has embarked on a journey even bigger than the 2022 Senate campaign in Ohio. If his 2022 Senate campaign is any indication, Usha Vance may play an understated but key role in helping introduce him to the public. In his 2016 memoir, “Hillbilly Elegy,” JD Vance described her as his “Yale spirit guide,” helping him navigate life at the elite university where they met.

Persons: CNN — JD Vance, Usha, Usha Vance, Donald Trump’s, Weeks, wasn’t, ”, “, JD Vance, MAGA, he’s, Newsmax, ” JD Vance, – Usha Vance’s, Usha Chilukuri, – Brett Kavanaugh, John Roberts, Olson, –, “ Usha Organizations: CNN, Republican, Fox News, Trump, Senate, Yale University, Yale, University of Cambridge, Appeals, District of Columbia Circuit, Tolles Locations: Ohio, Milwaukee, Yale, Kentucky, San Diego, Munger, Los Angeles, San Francisco, Washington, DC, clerkships

☆ Who Is Usha Vance, the Wife of J.D. Vance?
▼ + stars: | 2024-07-15 | by ( Joseph Bernstein | ) www.nytimes.com time to read: 1 min

If you were to build a member of the American elite from scratch, she might look something like Usha Vance. The wife of Senator J.D. Vance of Ohio, Donald J. Trump’s newly announced running mate, certainly has the credentials. A corporate litigator at a prestigious San Francisco law firm, Ms. Vance has clerked for Supreme Court Chief Justice John G. Roberts Jr. and Supreme Court Justice Brett Kavanaugh when he was an appeals court judge, and earned degrees from Yale and Cambridge. It’s a conspicuous résumé for a woman whose husband gave a speech in 2021 titled “The Universities are the Enemy,” and rarely missed a chance to bash the establishment as he campaigned for the Senate in 2022, as The New York Times previously reported.

Persons: Usha Vance, J.D, Vance of Ohio, Donald J, Trump’s, Vance, John G, Roberts Jr, Brett Kavanaugh, It’s Organizations: Supreme, Yale, Cambridge, Senate, New York Times Locations: San Francisco

☆ CNBC TechCheck Evening Edition: July 15, 2024
▼ + stars: | 2024-07-15 | 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 EmailCNBC TechCheck Evening Edition: July 15, 2024CNBC's TechCheck brings you the latest in tech news from CNBC's 1 Market in the heart of San Francisco.

Persons: TechCheck Organizations: CNBC Locations: San Francisco

☆ Trump rally shooting draws flood of condemnation, support, and wild conspiracy theories
▼ + stars: | 2024-07-14 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Read previewA shooting at a Trump rally in Pennsylvania on Saturday is drawing a flood of condemnation against the incident, supporting words for the former president, and, in less than an hour, unsubstantiated claims of a conspiracy. "God protected President Trump," Sen. Marco Rubio posted on X. Advertisement"I wish Donald Trump, and anyone else who may have been hurt, a speedy recovery," Sanders said in a statement on X. Some Trump supporters, however, were quick to find a scapegoat for the incident, blaming mainstream media and even spreading baseless claims that the shooting was a coordinated attack. And at least one prominent GOP lawmaker is suggesting conspiracy theories about the shooting.

Persons: —, what's, Joe Biden, Jill, Trump, Sen, Marco Rubio, Bernie Sanders, Donald Trump, Sanders, Elon Musk, David Sacks, Sacks, Mike Collins, Collins Organizations: Service, Trump, Republican, Democratic, Business, Biden, AP, Bloomberg, Venture, GOP Locations: Pennsylvania, America, San Francisco, Georgia

☆ Jacoby Jones, Ravens’ Super Bowl star and All-Pro returner, dies at 40
▼ + stars: | 2024-07-14 | by ( Mark Puleo | ) www.nytimes.com time to read: +6 min

Jacoby Jones, the former NFL receiver and kick returner who helped the Baltimore Ravens win Super Bowl XLVII with the longest play in the game’s history, has died at the age of 40. Jones, who also caught a touchdown pass in the game, was named an All-Pro returner after that season. “If I see a Ravens fan, they’ll look at me and point and just say, “Mile High.” They don’t care about the Super Bowl. They’ll be like, “Mile High.”The Ravens went on to win in double overtime to fuel their Super Bowl run. Free tickets available: https://t.co/bLA8I0MNCD pic.twitter.com/wg3XpYyCDD — Baltimore Ravens (@Ravens) September 28, 2019“I loved Jacoby Jones,” Ravens coach John Harbaugh said in a statement.

Persons: Jacoby Jones, Jones, “ Jacoby, Jacoby, Jacoby’s, Joe Flacco, “, ” Jones, They’ll, bLA8I0MNCD, wg3XpYyCDD, ”, John Harbaugh, Emily, ” Sam Gordon, ” “ Jacoby, God, ” Remembrances, Torrey Smith, JJ Watt, Lamar Jackson, Momma Jones, Lil Coby’s, pic.twitter.com, r9MZKU4sqb — Torrey Smith, Ezra Shaw Organizations: NFL, Baltimore Ravens, Ravens, Houston Texans, Super, San Francisco 49ers, Texans, Houston, Lane College, II, Baltimore, Pro, Dallas Cowboys, Pittsburgh Steelers, AFC, Denver Broncos, Athletic, ” Ravens, Vikings, San Diego Chargers, Steelers, Monterrey Steel, National Arena League, Calvert Hall College, Morgan State University and Alabama State University, Beaumont, Renegades, American Indoor Football, Getty Locations: Baltimore, New Orleans, Jackson, Tenn, Houston, Texas

☆ Jacoby Jones: Former NFL player and Super Bowl champion dead at 40
▼ + stars: | 2024-07-14 | by ( Kevin Dotson | ) edition.cnn.com time to read: +2 min

“We are completely heartbroken to learn about the passing of Jacoby Jones,” the Ravens organization said in a statement. “The NFL is heartbroken to hear of the passing of Super Bowl champion Jacoby Jones,” the league said in a post on social media. Jones remains the only player to have a receiving touchdown and kickoff return touchdown in the same Super Bowl. Jones runs with the ball for a 56-yard touchdown against the San Francisco 49ers in the second quarter of Super Bowl XLVII. R.I.P Jacoby Jones.”

Persons: CNN — Jacoby Jones, Jones, Jacoby Jones, “ Jacoby, ”, ” Jones, “, Vince Lombardi, Chris Graythen, Ray Lewis, Love, ” JJ Watt, R.I.P Jacoby Jones Organizations: CNN, Baltimore Ravens, Ravens, Houston Texans, NFL, Texans, Pittsburgh Steelers, San Diego Chargers, Los Angeles Chargers, Super Bowl, AFC Divisional, Denver Broncos, Super, San Francisco 49ers

☆ These kinds of businesses are driving a surge in US corporate bankruptcies
▼ + stars: | 2024-07-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

In the meantime, you can stay up to date on the latest business news with CNN’s Business Nightcap newsletter. Access to credit is especially crucial for small, private businesses that aren’t able raise money through financial markets. “There were a number of programs out there to support small businesses during the depths of the pandemic, and there were relatively fewer filings than usual in 2021 and 2022.”Rising corporate bankruptcies could just reflect a lot of churn occurring in Corporate America, Jamner said. Don’t panicMost banks offer free checking if, for instance, customers have their paycheck direct deposited or they maintain an average minimum balance, reports my colleague Jeanne Sahadi. Marianne Lake, the head of Chase Bank, told the Wall Street Journal last week that Chase might stop offering free checking and other free banking services.

Persons: It’s, ” “, Matt Rowe, Josh Jamner, Jamner, we’re, Reena Aggarwal, “, ”, Banks, Jeanne Sahadi, Marianne Lake, Chase, Jaret, Read, Goldman Sachs, Jerome Powell, Mary Daly, Morgan Stanley, Charles Schwab, Adriana Kugler, Johnson, Kinder Morgan, Tom Barkin, Lorie Logan, Michelle Bowman, John Williams, Raphael Bostic Organizations: CNN’s Business, Washington CNN —, P Global Market Intelligence, CNN, Federal Reserve Bank of Kansas, Nomura Capital Management, Consumer, Institute for Supply, P, ClearBridge Investments, ”, Corporate America, Federal, Fed, Georgetown University Psaros Center, Financial Markets, Chase Bank, Wall, TD Securities, BlackRock, San Francisco Fed, Bank of America, PNC, State, US Commerce Department, US Labor Department, National Association of Home Builders, Johnson, US Bancorp, Discover, Vegas Sands, Northern Trust, Citizens, United Airlines, National Statistics, Federal Reserve, Richmond Fed, Netflix, Novartis, Abbott Laboratories, Marsh, Blackstone, Infosys, Cintas, T Bank, Nokia, American Airlines, European Central Bank, American Express, Fifth Third Bancorp, AutoNation Locations: Federal Reserve Bank of Kansas City, Corporate, UnitedHealth, Wells Fargo, Vegas, Equifax, Northern, McLennan, Schlumberger, Haliburton

☆ I'm a mom of 3 and I prefer to vacation with each of my kids individually instead of traveling as a family
▼ + stars: | 2024-07-14 | by ( Kate Loweth | ) www.businessinsider.com time to read: +3 min

I always thought I'd do the same when I had my kids and spend our vacations exploring new places as a family. Now that I have my own three kids, I've found that I don't particularly enjoy family vacations. It's expensive to fly with five people, you always need two hotel rooms, and my husband doesn't enjoy travel. Related storiesSince then, I've sought out opportunities to travel with my kids individually, and it has become my favorite way to see a new city or country. AdvertisementTraveling with my kids individually lets me get to know them in a new wayMy three kids are all teenagers, and they'll likely go to college in the next few years.

Persons: I've, I'd, it's, they'll, I'm, Dad Organizations: Service, San Francisco Giants, Business, Catan Locations: Arizona, Florida, Wyoming, Costa Rica, Quepos, Alaska, Santiago

☆ I'm moving to America's fastest-growing city. I get why it's so popular, but I hope it keeps the small-town Texas charm.
▼ + stars: | 2024-07-14 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +8 min

Read previewThis as-told-to essay is based on a conversation with Michelle Clifford, a 33-year-old sales manager from California who is moving to Celina, Texas, in July. Celina's population surged 26.6% from July 2022 to July 2023, making it the fastest-growing city in the US. There were a lot of things that I liked about Texas, and my job also had an office in Frisco. In Texas, rent is cheaper and we can experience country livingWe moved to Prosper, a town north of Dallas, in February. We were drawn to Celina because we have friends from California who moved here and college friends who are natives.

Persons: —, Michelle Clifford, TCU — Texas Christian University —, Prosper, Clifford, California I've, I'm, Clifford's, Celina doesn't Organizations: Service, Business, TCU — Texas Christian University Locations: California, Celina , Texas, Celina's, Orange County, Austin, Texas, Bay, He's, Southern California, San Diego, San Francisco, Oceanside , California, Frisco, Prosper, Dallas, Oceanside, Celina, Preston, America

☆ Live Updates: Authorities Find Explosives in Car of Gunman Killed in Assassination Attempt on Trump
▼ + stars: | 2024-07-14 | by ( Michael D. Shear | Mike Ives | ) www.nytimes.com time to read: +11 min

“I will Never Surrender!” Mr. Trump wrote in a text message to supporters. And Mr. Trump is preparing to name his running mate and formally claim his party’s nomination for the third consecutive election. Vance of Ohio, who is on the shortlist of candidates that Mr. Trump is considering as a running mate, wrote on X. “An assassination attempt is contrary to everything we stand for as a nation,” Mr. Biden said. Mr. Trump had assured Malphine Fogel, who lives in Butler County, that he would help get her son home.

Persons: Donald J, Trump’s, Trump, Biden’s, Biden, ”, Mr, “, Susie Wiles, Chris LaCivita, LaCivita, Doug Mills, Ronald Reagan, Melania Trump, Douglas Brinkley, Butler, ” Mr, Brinkley, “ Trump, Dan Crenshaw, Lara Trump, Kenny Holston, Donald Trump, J.D, Vance of Ohio, Lester Holt, Pramila Jayapal, Eric Lee, Nancy Pelosi, Gabby Giffords, Steve Scalise, “ It’s, Scalise, Mike Johnson, ” “ We’ve, Johnson, Christine Toretti, committeewoman, gee, Ms, Toretti, Malphine Fogel, Mike Kelly, ” Reid J, Epstein, Lisa Lerer Organizations: White, Republican National Convention, Trump, Washington, Republicans, New York Times, Rice University, ”, Republican, Republican National Committee, Trump . Federal, NBC, Congressional Progressive Caucus, Mr, Capitol, Arizona Democrat, Fox News, Louisiana Republican, Homeland Security, Pennsylvania Republican Locations: Pennsylvania, Delaware, New Jersey, Milwaukee, West Palm Beach, “ America, Butler , Pennsylvania, Texas, Trump ., America, Washington, San Francisco, Arizona, Louisiana, Butler County

☆ Laurene Powell Jobs buys San Francisco mansion for record $70M, just a month after splashing $94M on a Malibu property
▼ + stars: | 2024-07-13 | by ( Cameron Manley | ) www.businessinsider.com time to read: +1 min

Laurene Powell Jobs has purchased a $70 million home in San Francisco, The Wall Street Journal reported. Powell Jobs bought a $94 million property in Malibu in June. 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 . AdvertisementBillionaire Laurene Powell Jobs has purchased a mansion for around $70 million in the Pacific Heights neighborhood of San Fransisco — a record price for a home in the city, The Wall Street Journal reported, citing unnamed people familiar with the transaction.

Persons: Laurene Powell Jobs, Powell Jobs, —, Steve Jobs, Sloan Lindemann Barnett, Roger Barnett Organizations: Street Journal, Powell, Service, Emerson, Apple, Shaklee Corp, Business Locations: San Francisco, Malibu, Pacific Heights, San Fransisco

☆ Opinion: Dr. Ruth taught us not only about sex but also chosen family
▼ + stars: | 2024-07-13 | by ( Opinion Allison Gilbert | ) edition.cnn.com time to read: +8 min

Dr. Westheimer — who was widely known as Dr. Ruth — was in her early fifties when she became the first therapist to use mass media to educate adults and hormone-buzzing teenagers about sex. The answer was yes, yes, and yes. Ruth’s Guide to Safer Sex.” She worked relentlessly to reach new audiences and succeeded by expanding her fanbase to television with “The Dr. Ruth Show,” “The All New Dr. Ruth Show,” “You’re On the Air with Dr. Ruth,” and more. There has simply been no one like her.”Debby Herbenick, director of the Center for Sexual Health Promotion at Indiana University, wrote: “Countless of us have been described at various times as ‘the next Dr. Ruth’ though of course there is only one Dr. Ruth. Without much fanfare, Dr. Westheimer had decided to make me a member of her chosen family, too.

Persons: Allison Gilbert, Ruth K, Westheimer, Pierre Lehu, Ruth Westheimer, —, “, ” Allison Gilbert Elena Seibert, Westheimer —, Ruth —, unapologetically, Jerry Seinfeld jested, Ruth Show ”, “ Seinfeld, let’s, ”, I’ll, Dr, Ruth’s, Ruth Show, Ruth, Peggy Orenstein, ” Debby Herbenick, Ruth ’, ” Carol Queen, Westheimer’s, Karola Ruth Siegel, Hitler, Walter, . Westheimer Organizations: CNN, New, America, The New York Times, “, Center for Sexual, Indiana University, San Francisco’s, Sex, Twitter Locations: New York City, ”, Frankfurt, Germany, Heiden , Switzerland, Switzerland, New York

☆ AT&T says hackers stole records of nearly all cell customers' calls and texts
▼ + stars: | 2024-07-12 | by ( Patrick Smith | ) www.cnbc.com time to read: +2 min

A pedestrian walks by a sign posted in front of an AT&T store on June 20, 2023 in San Francisco, California. Hackers stole six months' worth of call and text message records of nearly every AT&T cellular network customer, the company said Friday. The data contains records of calls and texts between approximately May 1 and Oct. 31, 2022, and on Jan. 2, 2023. The content of the calls and messages was not compromised and customers' personal information was not accessed — but the records did include phone numbers. The company sought to assure customers that, at least as of Friday, "AT&T does not believe that the data is publicly available."

Organizations: SEC, U.S . Justice Department Locations: San Francisco , California

☆ Wells Fargo shares tumble after net interest income falls short of estimates
▼ + stars: | 2024-07-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Wells Fargo on Friday reported a 9% decline in net interest income, even though its second-quarter earnings and revenue exceeded Wall Street expectations. That was below the $12.12 billion expected by analysts, according to FactSet. The bank said the drop was due to the impact of higher interest rates on funding costs. "We continued to see growth in our fee-based revenue offsetting an expected decline in net interest income," CEO Charlie Scharf said in a statement. Wells Fargo saw net income dip to $4.91 billion in the second quarter, from $4.94 billion during the same quarter a year ago.

Persons: Wells, Charlie Scharf Organizations: LSEG Locations: Wells Fargo, San Francisco

A branch of First Republic Bank is seen after Jamie Dimon's JPMorgan Chase & Co emerged as the winner of a weekend auction of the bank in San Franciso, California, U.S. May 1, 2023. First Republic failed on May 1, 2023, after a series of Federal Reserve interest rate increases caused large losses in its investment portfolio and led many depositors to move their money elsewhere. In their complaint filed last December, the former First Republic employees alleged that the FDIC had on May 18, 2023, wrongfully stopped making payments under their deferred compensation plan. First Republic failed less than two months after the failures of two other lenders, Silicon Valley Bank and Signature Bank. The case is Harrington et al v FDIC, U.S. District Court, Northern District of California, No.

Persons: Jamie Dimon's, Hyun Joo Jin, District Judge Haywood Gilliam, Gilliam, Harrington, Jonathan Stempel, Will Dunham Organizations: First Republic Bank, Jamie Dimon's JPMorgan Chase, REUTERS, Federal Deposit Insurance Corp, Bank, U.S, District, Federal, First, JPMorgan, Republic, Silicon Valley Bank, Signature Bank, FDIC, Court, Northern District of, Thomson Locations: San Franciso , California, U.S, California, San Francisco, Oakland , California, Northern District, Northern District of California, New York

☆ CNBC TechCheck Evening Edition: July 12, 2024
▼ + stars: | 2024-07-12 | 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 EmailCNBC TechCheck Evening Edition: July 12, 2024CNBC's TechCheck brings you the latest in tech news from CNBC's 1 Market in the heart of San Francisco.

Persons: TechCheck Organizations: CNBC Locations: San Francisco

☆ A string of Waymo tire slashings is the latest example of vandalism against self-driving cars in San Francisco
▼ + stars: | 2024-07-12 | by ( Jaures Yip | ) www.businessinsider.com time to read: +4 min

Read previewOver a dozen of Waymo's self-driving cars were vandalized in San Francisco. San Francisco District Attorney Brooke Jenkins announced Thursday that 36-year-old Ronaile Joshua Burton has been charged with 17 counts of vandalism on Waymo self-driving vehicles. AdvertisementThe arrest follows other reported incidents of vandalism against Waymo's self-driving cars in the last year. Waymo Vehicle surrounded and then graffiti’d, windows were broken, and firework lit on fire inside the vehicle which ultimately caught the entire vehicle on fire. San Francisco is one of the main test beds for self-driving tech, and incidents involving the vehicles — as well as traditional human-driven cars — are bound to come up.

Persons: —, Brooke Jenkins, Joshua Burton, Burton, Adam Birka, Ms, White, Waymo, Séraphine Hossenlopp, Tesla, Zoox, Cruise, Insider's Lloyd Lee Organizations: Service, San, Business, Prosecutors, FRANCISCO FIRE DEPARTMENT, London Breed, Reuters, General Motors Locations: San Francisco, Chinatown

☆ Stocks making the biggest moves midday: Wells Fargo, JPMorgan, AT&T, Carvana and more
▼ + stars: | 2024-07-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Wells Fargo recorded $11.92 billion in net interest income, a key measure of what a bank makes on lending, below the $12.12 billion expected by analysts, according to FactSet. JPMorgan reported revenue of $50.99 billion, higher than the $49.87 billion analysts polled by LSEG had expected. Citigroup — The shares dropped more than 2% even after the bank reported better-than-expected profit as investment banking activity surged. Earnings per share came in at $1.52 for the second quarter, compared to $1.39 a share expected by analysts polled by LSEG. Fastenal — The stock rose 4.5% after the industrial company reported earnings for the second quarter.

Persons: Wells, Wells Fargo, LSEG, BTIG, Fastenal, Coco, Piper Sandler, Yun Li, Alex Harring, Samantha Subin, Lisa Han, Michelle Fox, Sean Conlon Organizations: JPMorgan —, JPMorgan, Citigroup —, LSEG, Revenue, Bank of New York Mellon, Citi, FactSet Locations: San Francisco, Snowflake

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