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☆ What ARM's expected debut means for the IPO market and SoftBank
▼ + stars: | 2023-08-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

Its debut will be a big deal for an IPO market that's been in the doldrums since 2022, but the company's listing has big implications for SoftBank as well. SoftBank agreed to acquire Arm in 2016 for $32 billion, which at the time was the biggest-ever purchase of a European technology company. The unit also swung to a 9.5 billion yen loss, having made a profit of 29.8 billion yen in the same period a year earlier. SoftBank said its Vision Fund booked an investment gain of 159.8 billion yen, its first gain in five consecutive quarters. In July, the company led a $65 million investment in U.K. insurance technology company Tractable.

Persons: Son, Tomohiro Ohsumi, SoftBank, It's, Rene Haas, Haas, Nvidia SoftBank, Arm, Grace Hopper, Didi, Uber, Yoshimitsu Goto, Leswing Organizations: SoftBank Group Corp, ARM Holdings, Bloomberg, Getty, Apple, reining, Acorn Computers, Acorn, Machines, VLSI Technology, CNBC, ARM, Nvidia, Vision, Investors, AMD, Vision Fund Locations: Tokyo, Cambridge, England, Switzerland, European, Europe, U.S, London, New York

☆ ‘You’re Telling Me in 2023, You Still Have a ’Droid?’ Why Teens Hate Android Phones
▼ + stars: | 2023-08-19 | by ( Magdalene J. Taylor | ) www.wsj.com time to read: 1 min

‘DROID RAGE Some parents say kids face a lot of peer pressure to buy iPhones. Photo: Getty ImagesDEB HARRISON lives in a house divided. The mom of teenagers, based in Hudson Valley, N.Y., says her children agree on a lot, but they cannot seem to get on the same page about their cellphones. Her youngest, Kira, 15 years old, has an Apple iPhone 11, because that’s what all her friends have. She didn’t want to be “the odd one out,” said Harrison.

Persons: DEB HARRISON, Kira, ”, Harrison Organizations: Apple Locations: Hudson Valley, N.Y

☆ Bumble declines as higher expenses fan concerns about Tinder competition
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Rival Match (MTCH.O), owner of Tinder, also forecast revenue for the third quarter above Wall Street estimates last week, expecting stronger marketing to drive user growth. Bumble App revenue grew 23.4% to $208 million in second the quarter, compared with $168.5 million a year earlier. Total revenue jumped 18.5% to $259.7 million, compared to $219.2 million, a year earlier. But Bumble forecast third-quarter revenue between $274 million and $280 million, a marginally higher midpoint compared with Wall Street expectations of $275.6 million, according to Refinitiv IBES data. Net earnings stood at $9.3 million, compared with a net loss of $5 million.

Persons: Mike Blake, Tinder, Nicholas Cauley, Bumble, we've, Whitney Wolfe, Manya Saini, Shinjini Organizations: Inc, Apple, Nasdaq, REUTERS, Tinder, Thomson Locations: Bengaluru

☆ Hey Siri: Screen iPhone calls on Apple’s valuation
▼ + stars: | 2023-08-04 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

Signage is seen at the Apple Fifth Avenue store for the release of the Apple iPhone 14 range in Manhattan, New York City, U.S., September 16, 2022. REUTERS/Andrew KellyNEW YORK, Aug 3 (Reuters Breakingviews) - The iPhone 15 is probably coming soon, but the handset that anchors Apple (AAPL.O) is losing some of its allure. Apple sold nearly $40 billion of them in the quarter, a 2.5% dip from roughly the same three-month stretch in 2022. In 2017, though, existing U.S. owners waited 2.1 years to replace their iPhone, according to Consumer Intelligence Research Partners. The segment’s revenue reached a record $21 billion in the quarter, or 8% more than the same period a year ago.

Persons: Andrew Kelly NEW, Boss Tim Cook, Cook, Jeffrey Goldfarb, Sharon Lam Organizations: Apple, REUTERS, Andrew Kelly NEW YORK, Reuters, Consumer Intelligence Research Partners, Reuters Graphics Reuters, Apple Watch, Thomson Locations: Manhattan , New York City, U.S

Apple's high-yield savings account passed $10 billion in deposits. The account, which encourages automatic deposits from Apple Card users, offers 4.15% APY. The savings account is the newest part of Apple's suite of products built into Apple Wallet, which allows iPhone users to easily integrate with Apple Card and Apple Savings. Users can choose to put this cash (called Daily Cash) in one of two places: an Apple Cash card, or an Apple Savings account. Like Apple Savings, Marcus is fee-free, FDIC-insured, and supported by the Salt Lake City branch of Goldman Sachs.

Persons: Goldman Sachs, Apple iPhones, Marcus Organizations: Apple Card, Apple, Apple Savings, Savings, Wall Street Journal, Cash, OceanFirst Bank Locations: Salt Lake City

☆ Apple heads for largest Q3 revenue drop since 2016 as iPhone sales slow
▼ + stars: | 2023-08-01 | by ( Yuvraj Malik | ) www.reuters.com time to read: +4 min

The world's most valuable firm will wrap up Big Tech earnings on Thursday, with a likely 1.6% drop in total quarterly revenue, according to Refinitiv - its steepest drop in third-quarter revenue since 2016. IPhone sales likely fell more than 2% in the period, according to 24 analysts polled by Visible Alpha, compared with a near 3% increase a year earlier and a 1.5% rise in the quarter ended March. IPHONE SLOWDOWNMuch of the weakness in iPhone sales is expected to come from the Americas, where revenue is set to fall 6%, analysts said. "If there is any sales weakness from China, it is likely to be easily offset by strong sales momentum in India," they added. Mac and iPad sales are expected to fall by 10.6% and 11.2%, respectively, according to Refinitiv data.

Persons: Andrew Kelly, Bob O'Donnell, Apple, Fargo, Piper Sandler, Yuvraj Malik, Sayantani Ghosh, Maju Samuel Organizations: Apple, REUTERS, Big Tech, Alpha, Microsoft, TECHnalysis Research, Bloomberg, Nasdaq, International Data Corp, Reuters, Thomson Locations: Manhattan , New York City, U.S, Americas, China, India, Bengaluru

☆ Google, Microsoft, and Meta can't stop talking about A.I. — here's why Apple rarely mentions it
▼ + stars: | 2023-07-28 | by ( Kif Leswing | ) www.cnbc.com time to read: +6 min

Stefani Reynolds | AFP | Getty ImagesMicrosoft, Google and Meta are rallying everyone around AI, even though the future is murkyGoogle launched Bard AI, it's own chatbot to rival Microsoft and OpenAI's ChatGPT. Google, for example, has announced its plans to revamp its search engine using an AI model called Search Generative Experience. Google and Pichai say that the company's text-generating AI models will make its search engine better and could even answer questions that normal Google search can't. Zuckerberg was effusive about AI technology and its applications in virtual reality, ad targeting and recommending content from accounts users don't follow. UBS analyst Lloyd Walmsley wrote this week that generative AI was still an "overhang" over Google.

Persons: Tim Cook, Narendra Modi, Stefani Reynolds, ChatGPT, Jonathan Raa, OpenAI's, Amy Hood, we'll, Nadella, Pichai, it's, Zuckerberg, Meta, Bing, Gartner, Mark Murphy, Laura Martin, Lloyd Walmsley, monetization, Walmsley, Scott Olson Organizations: India's, White, AFP, Getty, Microsoft, Google, Nurphoto, Meta, Apple, Big Tech, Nvidia, Venture, JPMorgan, UBS Locations: Washington ,, iPhones, Brussels, Belgium, Chicago

☆ A new foldable smartphone is becoming as popular as an Apple iPhone model in China
▼ + stars: | 2023-07-20 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. BEIJING — On Chinese e-commerce site JD.com's "hot sales" smartphone rankings this week, the Honor Magic V2 foldable vies with Apple iPhone models for the top three spots. Honor, spun off from Huawei, launched its Magic V2 on July 12 with a starting price of 8,999 yuan ($1,245). The Magic V2's 9,999-yuan model ranked second in popularity among JD.com smartphone sales as of Thursday morning, while a 7,799-yuan Apple iPhone 14 Pro ranked first. The iPhone 14 claims about 20-30 hours of video watching on a single battery charge, depending on the bar phone model.

Persons: Ethan Qi, Qi Organizations: Apple, Huawei, Counterpoint Research Locations: China, BEIJING

☆ Apple iPhone from 2007 sells for $190,000
▼ + stars: | 2023-07-18 | by ( Caolán Magee | ) edition.cnn.com time to read: +2 min

CNN —A first-edition 2007 Apple iPhone has sold for more than $190,000 at auction, far exceeding the estimate. Dubbed the “Holy Grail” by auctioneer LCG Auctions, the 4GB model was expected to fetch in the region of $50,000-$100,000. An original 2007 Apple iPhone Factory Sealed (First Release, 4GB) sold at auction for $190,372.80. Earlier this year, a first-generation 2007 iPhone sold for more than $63,000, while another unopened first-generation iPhone sold for more than $39,000 in a listing also by LCG Auctions in October. “It’s a real revolution to bring real Web browsing to a phone.”Other rare Apple memorabilia or relics of Jobs’ life have also sold at auction for eye-watering prices.

Persons: LCG, Steve Jobs, “, Jobs, ” Organizations: CNN, Apple, LCG Auctions, Macworld

☆ An unopened, first-generation iPhone from 2007 just sold for a record-breaking $190,000 at auction — more than 317 times its original price
▼ + stars: | 2023-07-17 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

An unopened, original Apple iPhone from 2007 fetched nearly $200,000 at auction. The 4 GB first-generation iPhone sold for $190,372, blowing past sales estimates of $50,000 to $100,000. The sale price is more than 317 times the iPhone's original price of $599. The sale shattered the record set in February, when an unopened, first-generation 8 GB iPhone sold at auction for $63,356.40. The original iPhone sold at auction Sunday belonged to a member of the original engineering team at Apple when the iPhone first launched.

Persons: we've, Mark Montero, Steve Jobs, Max Organizations: Apple, Morning, LCG, Consumers

☆ Russia moves to ban iPhones for government officials after claiming they were hacked by the US
▼ + stars: | 2023-07-16 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +2 min

Russian government ministries are beginning to ban officials from using Apple iPhones. Russia's trade ministry will impose a ban starting Monday, the Financial Times reported. Beginning July 17, employees at Russia's trade ministry will no longer be allowed to use iPhones on the job, the Financial Times reported. In March, the Kremlin told officials to stop using Apple products, citing fears they were vulnerable to US hacking. Following the Russian claims, Apple announced patches to its iOS software, crediting researchers at the Moscow-based Kaspersky Lab with identifying vulnerabilities.

Persons: Apple Organizations: Apple, Financial Times, Service, Kremlin, iOS, Washington Post, Federal Security Service Locations: Russia, Wall, Silicon, Moscow, Ukraine

Amazon Prime Day has been piling on the best Prime Day deals throughout the event, including big discounts on phones. Below, we've compiled all of the best Prime Day phone deals so far. Best Prime Day Samsung Galaxy phone dealsDeal icon An icon in the shape of a lightning bolt. Deal Samsung Galaxy S23+ (256GB) For Prime Day, you can save $200 on our top pick for the best Android phone, the Galaxy S23+. Check out our full roundup of all the best Apple Prime Day deals for a complete list of discounts.

Persons: we've, It's Organizations: Amazon, Samsung, Google, Apple, Samsung Galaxy, Deal Samsung, Deal Samsung Galaxy, Galaxy, Qualcomm, Motorola, Prime

Amazon Prime Day has been piling on great deals, including big discounts on phones. Below, we've compiled all of the best Prime Day phone deals so far. For more deals, check out our live blog, where we're tracking the best Prime Day deals across a range of categories. Best Prime Day Samsung Galaxy phone dealsDeal icon An icon in the shape of a lightning bolt. If you're looking for a new Android phone, Prime Day has great deals on some popular phones.

Persons: we've, It's, it's Organizations: Amazon, Samsung, Google, Apple, Samsung Galaxy, Deal Samsung, Deal Samsung Galaxy, Galaxy, Qualcomm, Prime, Motorola

Amazon Prime Day is in full swing, and we're rounding up all of the best Prime Day deals throughout the event. Best Prime Day Samsung Galaxy phone dealsDeal icon An icon in the shape of a lightning bolt. Deal Samsung Galaxy S23+ (256GB) For Prime Day, you can save $200 on our top pick for the best Android phone, the Galaxy S23+. Deal Samsung Galaxy S23 Ultra (512GB) This Prime Day deal on the Galaxy S23 Ultra is an all-time low price for Samsung’s most powerful smartphone to date. Deal Samsung Galaxy S23 (128GB) The Galaxy S23 (2023) is the entry model in Samsung's flagship smartphone series.

Persons: we've, It's Organizations: Amazon, Samsung, Google, Samsung Galaxy, Deal Samsung, Deal Samsung Galaxy, Galaxy, Qualcomm, Motorola, Apple, Prime

☆ U.S. antitrust regulator plans to target Amazon's online marketplace, Bloomberg reports
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

June 29 (Reuters) - The U.S. antitrust regulator is planning to file a suit targeting Amazon.com's (AMZN.O) core online marketplace in the coming weeks, Bloomberg News reported on Thursday, citing documents and people familiar with the matter. The agency's antitrust case targeting Amazon's online marketplace has been in the works for a long time, according to the report. Amazon got the FTC notice for initial investigation in June 2019, Bloomberg reported, citing documents. Those documents included questions about how using Amazon's warehousing and delivery services impacted third-party sellers’ product placements in its online marketplace, including boxes on the website that give products additional prominence. The two companies had entered into a deal to sell Apple iPhones, iPads and other devices on Amazon's marketplace in 2018.

Persons: Lina Khan's, Joe Biden's, Chavi Mehta, Anil D'Silva, Pooja Desai Organizations: Bloomberg, U.S . Federal Trade Commission, Amazon, Big Tech, FTC, Apple Inc, Apple, Thomson Locations: Bengaluru

☆ Tim Cook bets his legacy on augmented reality
▼ + stars: | 2023-06-13 | by ( Clare Duffy | ) edition.cnn.com time to read: +11 min

David Paul Morris/Getty Images Cook speaks in front of an image of an iPhone 4S at Apple headquarters in 2011. Yui Mok/PA Images/Getty Images Tim Cook puts on a Boston Red Sox jersey before a baseball game between the Red Sox and the Detroit Tigers in June 2017. Justin Sullivan/Getty Images Tim Cook signs the box of a new iPhone X at an Apple Store in Palo Alto in November 2017. Andrew Harrer/Bloomberg/Getty Images Cook speaks via video conference at a House Judiciary subcommittee hearing on online platforms and market power in July 2020. In pictures: Apple CEO Tim Cook Prev NextFollowers of the company are divided on what the headset could ultimately mean for Cook.

Persons: Tim Cook, Steve Jobs, Cook, It’s, … it’s, ”, Margaret O’Mara, Andrew Burton, Phil Schiller, Jobs, David Paul Morris, Apple, Tom Williams, Marcio Jose Sanchez, Bono, Justin Sullivan, Tony Avelar, Stephen Lam, George Washington University's, Alex Brandon, Stephen Colbert, Jeffrey R, Pope Francis, Shutterstock Cook, Maddie Ziegler, AirPods, Monica Davey, James Corden, Pharrell, Beck Diefenbach, Reuters Cook, Yui Mok, Billie Weiss, Donald Trump, Jonathan, Oprah Winfrey, Win McNamee, Theresa Goh, Edgar Su, Andrew Harrer, Graeme Jennings, Noah Berger, Sajid Moinuddin, India's, Francis Mascarenhas, Brooks Kraft, it’s, Mike Bailey, “, Tim Bajarin, ’, ” Bajarin, Bajarin, they’ll Organizations: New, New York CNN, Apple, Vision, Apple Watch, University of Washington, Washington Post, Getty, Reuters, Alamy, Homeland Security, Governmental, Flint Center, Performing Arts, Cook, CBS, Serviziofotograficoor, Primary School, Boston Red Sox, Red Sox, Detroit Tigers, American Technology, White House, Steve Jobs Theatre, Carnegie Library, Central Public Library, Bloomberg, Singapore, Apple Worldwide, Conference, Epic Games, Apple Inc, FBB Capital Partners, Jobs Locations: New York, Cupertino , California, Cupertino, Palo Alto , California, Palo Alto, San Francisco, Down, London, Washington , DC, Oakland , California, Mumbai

☆ How can we possibly be in a bull market now? Two letters: AI
▼ + stars: | 2023-06-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

That’s a strange place to find a bull market. After a horrible year for Big Tech in 2022, optimism has returned as ChatGPT has made AI the it-thing in Silicon Valley. That brought an end to the bear market that began in January 2022, since a 20% lift from recent lows is generally accepted as the definition of the start of a bull market. However, there is no exact definition — and the current market situation is a bit more nuanced than the typical bull market-bear market binary. The silver liningEntering a bull market lifts investor sentiment, which could propel upward momentum in markets.

Persons: ”, Sameer Samana, ChatGPT, Tesla, Matt Bartolini, It’s, Apple iPhones, Berkshire Hathaway, James Demmert, “, don’t Organizations: New, New York CNN, Wells, Wells Fargo Investment Institute, Big Tech, Investors, Apple, Nvidia, SPDR, Street Global Advisors, Meta, Google, Berkshire, Main, Research, Bank of America Locations: New York, United States, Europe, Wells Fargo, Silicon Valley, SPDR Americas, Meta, “

☆ Priceline joins A.I. chatbot race, signing on with Google to help ease travel booking
▼ + stars: | 2023-06-06 | by ( Seema Mody | ) www.cnbc.com time to read: +2 min

Booking , Expedia and Airbnb are among travel companies looking for ways to ease the booking process and help consumers more swiftly make plans. This tool will help you narrow that down pretty quickly," Priceline CEO Brett Keller told CNBC. The generative AI tools from Google will allow prospective travelers to communicate with a chatbot in a conversational way when making plans and receive personalized hotel bookings. Google Cloud is providing the tools and capabilities to help Priceline collect and scrub data that can then be used to help customers. Earlier this year, Expedia was among the first players to signal its investment in generative AI.

Persons: Brett Keller, Keller, Carrie Tharp, Tharp, Expedia, Peter Kern, Brian Chesky, you'll Organizations: Apple, CNBC, Google

☆ Apple just revealed a new feature that transforms your iPhone into a smart display for your nightstand — and Amazon should be worried
▼ + stars: | 2023-06-05 | by ( Cadie Thompson | ) www.businessinsider.com time to read: +3 min

Apple announced a new iPhone feature Monday called StandBy that will roll out with iOS17 this fall. StandBy basically transforms your iPhone into a horizontal smart display when your phone is charging. You will also be able to play music and use Siri when your phone is in StandBy mode. The biggest iPhone is the iPhone 14 Pro Max, which has a display size of 6.7 inches. While it's too soon to know whether the new iPhone feature will have an impact on sales of Amazon's Echo Show, it's clear the device certainly has some new competition.

Persons: Apple iPhones, Apple, Craig Federighi, Apple's, Siri, it's Organizations: Apple, Echo

"The FSB has uncovered an intelligence action of the American special services using Apple mobile devices," the FSB said in a statement. The FSB said the plot showed "close cooperation" between Apple and the National Security Agency (NSA), the U.S. agency responsible for cryptographic and communications intelligence and security. The FSB provided no evidence that Apple cooperated with, or had any awareness of, the spying campaign. "The hidden data collection was carried out through software vulnerabilities in U.S.-made mobile phones," Russia's foreign ministry said in a statement. Kremlin spokesman Dmitry Peskov said all officials in the presidential administration knew that gadgets such as iPhones were "absolutely transparent."

Persons: Russia Apple, NSA Kaspersky, Apple, Eugene Kaspersky, Igor Kuznetsov, Kaspersky, Dmitry Peskov, Guy Faulconbridge, Raphael Satter, James Pearson, Zeba Siddiqui, Mark Potter, Andrew Heavens, Matthew Lewis, Diane Craft Organizations: NSA, Apple, Federal Security Service, FSB, Apple Inc, Soviet, National Security Agency, Twitter, Reuters, NATO, Harvard University's, Federal Guards Service, Kremlin, Kommersant, San, Thomson Locations: Moscow, Russia, MOSCOW, Soviet Union, U.S, Israel, Syria, China, States, United Kingdom, Australia, Washington, London, San Francisco

The FSB, the main successor to the Soviet-era KGB, said that several thousand Apple phones had been infected, including those of domestic Russian subscribers. "The FSB has uncovered an intelligence action of the American special services using Apple mobile devices," the FSB said in a statement. 'SOFTWARE VULNERABILITIES'The FSB said the plot showed the close relationship between Apple and the NSA, the U.S. agency responsible for U.S. cryptographic and communications intelligence and security. "The hidden data collection was carried out through software vulnerabilities in U.S.-made mobile phones," Russia's foreign ministry said in a statement. Officials in Russia, which Western spies says has constructed a very sophisticated domestic surveillance structure, have long questioned the security of U.S. technology.

Persons: Vladimir Putin, Putin, Sergei Kiriyenko, Guy Faulconbridge, Gareth Jones, Mark Potter Organizations: NSA, Apple, Russia Apple, Russia, Federal Security Service, . National Security Agency, FSB, Soviet, NATO, U.S, Harvard University's, Officials, Kremlin, KGB, Kommersant, Thomson Locations: Russia, Russian, Soviet Union, Israel, Syria, China, U.S, United States, United Kingdom, Australia, Ukraine

☆ 5 ways Russia's been sidestepping Western sanctions and keeping its economy alive, from switching to the Chinese yuan and dabbling in ghost trades
▼ + stars: | 2023-05-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

A fleet of aging oil tankers that do not turn on their tracking signals is suspected of secretly transporting sanctioned Russian oil globally. Russia has also put together a "shadow fleet" of more than 100 oil tankers to skirt the sanctions, the FT reported in December. By August, such gray market sales reached nearly $6.5 billion, said Denis Manturov, the Russian trade and industry minister, according to an Interfax report. Russian oil is still getting into Western countries, thanks to intermediaries. Western nations that banned Russian oil have collectively imported nearly $46 billion worth of Russian oil products, according to a study by the Centre for Research on Energy and Clean Air, or CREA, published in April.

☆ Struggling Lordstown Motors expects to end production of its EV pickup 'in the near future'
▼ + stars: | 2023-05-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Lordstown Motors gave rides in prototypes of its upcoming electric Endurance pickup truck on June 21, 2021 as part of its "Lordstown Week" event. Lordstown Motors expects to end production of its Endurance pickup truck "in the near future," as the embattled EV startup runs out of cash and seeks additional capital. To the extent we do not identify such a partner, we anticipate that production of the Endurance will cease in the near future," the once-promising company said in the filing. Lordstown said Thursday its net loss widened to $171.1 million in the first quarter, compared with a loss of $89.6 million a year earlier. The company said it had cash and cash equivalents of just $108.1 million as of March 31, down 11% to begin the year.

Apple iPhone 14 Pro and Pro Max The iPhone 14 Pro and iPhone 14 Pro Max are Apple's newest high-end smartphones. iPhone 14 Pro Max vs. Google Pixel 7 Pro: CamerasBoth the iPhone 14 Pro Max and Pixel 7 Pro sport triple-lens camera systems, including main, ultrawide, and zoom cameras. iPhone 14 Pro Max vs. Google Pixel 7 Pro: Battery lifeThe iPhone 14 Pro Max (left) has better battery life than the Pixel 7 Pro (right) Antonio Villas-BoasThe iPhone 14 Pro Max has one of the best results we've seen in our battery life test at 67% remaining. iPhone 14 Pro Max vs. Google Pixel 7 Pro: Special featuresThis is where Google's Pixel 7 Pro comes into its own when compared to the iPhone 14 Pro Max. iPhone 14 Pro Max Google Pixel 7 Pro 128GB $1,099 $899 256GB $1,199 $999 512GB $1,399 $1,099 1TB $1,599 N/AiPhone 14 Pro Max vs. Google Pixel 7 Pro: Which should you buy?

☆ Lordstown Motors stock plunges after dispute with investor Foxconn
▼ + stars: | 2023-05-01 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

With that arrangement apparently unraveling, Lordstown could face bankruptcy, according to the truck maker. In 2021, it purchased an Ohio factory that Lordstown Motors had, itself, bought from General Motors in 2019. According to papers Lordstown Motors filed with the Securities and Exchange Commission on Monday, Foxconn has claimed that Lordstown has not met the agreed- upon requirements and, so, Foxconn is refusing to follow through with agreed-upon future investments. In April, Lordstown Motors received a letter from Nasdaq notifying the company that, because of its low stock price, the company was in danger of being delisted from the exchange. Because of that letter, according to Lordstown, Foxconn claimed the company had not met the investment agreements.

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