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OpenAI is allowing employees to sell roughly $1.5 billion worth of shares in a new tender offer to SoftBank, CNBC has learned. Employees will have until Dec. 24 to decide if they want to participate in the new tender offer, which has not previously been reported, one of the people said. The tender offer is not related to OpenAI's potential plans to restructure the firm to a for-profit business, one of the people said. The OpenAI investment matches SoftBank's eagerness to deploy cash, with a capital-intensive business model, a person close to Son told CNBC. The company also received a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion.
Persons: Masayoshi Son, OpenAI, SoftBank, Son Organizations: CNBC, Employees, Apple, Qualcomm, SoftBank's, Microsoft, Nvidia
The U.S. Securities and Exchange Commission said that between January 2021 and October 2023, Leech disproportionately allocated better performing trades to favored portfolios, and worse performing trades to other portfolios. Leech also faces related criminal charges from the U.S. Attorney’s office in Manhattan, the SEC said. Lawyers for Leech did not immediately respond to requests for comment. The U.S. attorney’s office did not immediately respond to a similar request. Clients have pulled tens of billions of dollars from Wamco in the last few months, after Franklin announced that authorities were investigating Leech.
Persons: Kenneth Leech, Leech, Legg Mason, Franklin Organizations: Western Asset Management, U.S . Securities, Exchange Commission, SEC, Franklin Resources Locations: Manhattan, U.S
It’s a “capital junkie” that’s been on a yearslong binge of unprecedented spending on all-electric and autonomous vehicles. Capital junkieThe latest cost-cutting cycle comes nearly a decade after an infamous Wall Street presentation by late-Fiat Chrysler CEO Sergio Marchionne called “Confessions of a Capital Junkie.” The April 2015 report highlighted the industry’s massive capital spending on overlapping or niche products that Marchionne was convinced could be solved through consolidation and shared capital spending. That’s shareholder money.”Most capital spending by automakers isn’t wasted, but the industry isn’t as efficient as other sectors, with minimal return on invested capital. While losing ground in China, GM has been among the most aggressive in spending on EVs and self-driving vehicles. GM and Hyundai this summer entered into an agreement to explore “future collaboration across key strategic areas” in an effort to reduce capital spending and increase efficiencies.
Persons: ” that’s, bender, ” Morgan Stanley, Adam Jonas, It’s, Sergio Marchionne, Marchionne, ” Jonas, Sergio, Joe Hinrichs, , Hinrichs, isn’t, “ We’ve, Rebecca Evans, Roland Berger, , Ford, Peter Rawlinson, “ We’re, Oliver Blume, ” Blume, Paul Jacobson, ” Jacobson, Rivian, ” Marchionne, don’t, codevelop, Stellantis, , Carlos Tavares, Bernstein, Daniel Roeska, Tavares, ” Tavares Organizations: DETROIT, General Motors, Ford, Nissan Motor, Volkswagen Group, Chrysler, Companies, Research, GM, Volkswagen, Toyota Motor, Fiat, Rivian, Lucid, Fiat Chrysler, Rivian Automotive, Hyundai Motor, Toyota, CSX, , Rehab, Nissan, EV, CNBC, VW, Reuters, Honda, BMW, SAIC, Barclays, Saudi, Public Investment Fund, Hyundai, Detroit, French, PSA Groupe, PSA, Locations: Detroit, Japan, Germany, That’s, Europe, China, U.S, North America
But it doesn’t have to, just ask the world’s flight attendants. “It’s important for flight attendants to know who is sitting in what seats,” she says. And during those quieter moments, he says flight attendants “honestly love to talk to passengers.”We love when people come back and talk to us. Liz SimmonsFor flight attendants, interacting with the occasional famous face is just part of the job. While gifts are thoughtful, flight attendants don’t expect them, and especially not extravagant ones.
Persons: anyone’s, Hunter Smith, Lihas, Liz Simmons, you’ve, Elijah Nouvelage, Smith, , , you’re, Kamil Krzaczynski, Simmons, Mike Blake, FlightRadar, “ It’s, you've, Joshua Lott, don’t, Kent Nishimura, “ I’m, who’s, they’ve, it’s, — Simmons, ” Smith, there’s, — isn’t, ” Simmons, “ It’ll, Alexander Spatari, ” I’ve, who’ve, lister, I’ve, she’s, everyone’s, Liz Simmons “, ’ Simmons, Kevin Lamarque, “ I’ve, They’re Organizations: CNN, Reuters, Getty, Facebook, Los Angeles Times, Netflix, Hallmark, Hollywood, , Disney Locations: Florida, AFP, earshot, Greece, You’re, London, New York,
Instead, talks will be focused on chemicals of concern and other measures after petrochemical-producing nations such as Saudi Arabia and China strongly opposed efforts to target plastic production over the protests of countries that bear the brunt of plastic pollution. The U.S. delegation did not answer questions on whether it would reverse its new position to support plastic production caps. Climate Change Conference this month that despite not producing any plastic, Fiji is bearing the brunt of its downstream pollution. While supporting an international treaty, the petrochemical industry has been vocal in urging governments to avoid setting mandatory plastic production caps, and focus on solutions on reducing plastic waste, such as recycling. “We would see a treaty successful if it would really put ... emphasis on ending plastic pollution.
Persons: Luis Vayas Valdivieso, , Donald Trump, Inger Andersen, Sivendra Michael, Martin Jung Organizations: Intergovernmental, European Union, High Ambition Coalition, U.S, White, Council, Environmental, Environment, Reuters, BASF, Industry Locations: Busan, South Korea, Ottawa, Saudi Arabia, China, COP29, , States, Kenya, Peru, Fiji, France, Barbados
Conventional wisdom holds that Musk — the world’s richest man and key Donald Trump ally — and his friends are just joking. But Musk’s posts are adding to the anxiety that MSNBC staffers are feeling about the reelection of Donald Trump and the recently announced spinoff of Comcast’s cable channels. I learned that more than one benevolent billionaire with liberal bonafides has already reached out to acquaintances at MSNBC to express interest in buying the cable channel. Instead, he is moving MSNBC and a half dozen other cable channels into “SpinCo,” a pure-play cable programming company. I have sensed quite a bit of enthusiasm at MSNBC about “SpinCo,” actually, because the new structure should allow for more investment into MSNBC, CNBC and the other brands.
Persons: CNN — Elon Musk, Donald Trump, , bonafides, Brian Roberts, Benjamin Swinburne, Morgan Stanley, SpinCo, , , Donald Trump , Jr, Joe Rogan, Rachel Maddow’s, Musk, Maddow, Mark Cuban, Trump, Matt Gaetz, Viktor Orbán’s “, Ian Bassin, ” Bassin, Gábor, Kamala Harris, Cuban Organizations: CNN, MSNBC, Twitter, Comcast, , CNBC, Trump Jr, Former Florida, ” CNN, , Democracy, Politico Magazine, Fox Locations: Hungary
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets will be harder to navigate at the sector level, says Charles Schwab's Liz Ann SondersLiz Ann Sonders, Charles Schwab chief investment strategist, joins 'The Exchange' to discuss markets, what investors should expect ahead and equities.
Persons: Charles Schwab's Liz Ann, Liz Ann Sonders, Charles Schwab
Digital render of NEOM's The Line project in Saudi Arabia The Line, NEOMIn Saudi Arabia's northwestern desert, a sprawling construction site replete with cranes and pile drivers sits encircled by a recently-built road. The changes come as the Saudi deficit grows and the outlook for oil demand, along with global oil prices, sees sustained lows. Construction for The Line project in Saudi Arabia's NEOM, October 2024 Giles Pendleton, The Line at NEOMThat begs the question: does Saudi Arabia have enough money to meet its lofty goals? Saudi Arabia has poured tens of billions into projects that have yet to hint of any financial returns." Saudi Arabia has an A/A-1 credit rating with a positive outlook from S&P Global Ratings and an A+ rating with a stable outlook from Fitch.
Persons: Prince Mohammed bin Salman, Saudi Arabia's NEOM, Giles Pendleton, Andrew Leber, Leber, Mohammed Al, Jadaan Organizations: Saudi, Public Investment Fund, CNBC, Tulane University, Saudi Finance, Fitch, , P Global, Al Locations: Saudi Arabia, NEOM, Saudi, Neom, Saudi Arabia's, Riyadh
If they look beyond their travel plans, they may even spy an investment opportunity, according to Nuveen. The Transportation Security Administration is expecting one of the busiest Thanksgiving travel periods on record for the nation's airports. That is keeping pace with the increase in air travel demand in recent years. "So as travel increases, a lot of what's being financed is these amenities and lounges and better restrooms." What Nuveen looks for There are a number of airport revenue bonds within Nuveen's muni funds.
Persons: Daniel Close, Munis, John F Organizations: Transportation Security, TSA, American Municipal Bond Fund, Airports, AMT, Republican, AAA, LaGuardia, Kennedy, Dallas Fort Worth International Locations: White, Nuveen's, New York, Dallas
Steven Witkoff, the billionaire New York real estate executive whom President-elect Donald J. Trump has named as his special envoy to the Middle East, was in a jam. But there was a two-part rescue of sorts from the kind of real estate angels that New York property investors have increasingly turned to. First, Abu Dhabi’s sovereign wealth fund expanded its stake in the troubled hotel, Park Lane, which sits at the southern edge of Central Park. Then, in an even more crucial move, the Qatar Investment Authority last year dispatched $623 million as a leveraged buyout of Mr. Witkoff and his partners. The transactions — involving two oil-rich sovereign wealth funds from the Middle East — are a hint of the enormous flow of dollars pouring into U.S. real estate firms from entities associated with countries like Qatar, the United Arab Emirates, Saudi Arabia and Kuwait.
Persons: Steven Witkoff, Donald J, Trump, Witkoff’s, Abu, Witkoff Organizations: New, Justice Department, Qatar Investment Authority, Mr, United Arab Locations: New York, Manhattan, Park, Central, Qatar, United Arab Emirates, Saudi Arabia, Kuwait
State Farm has signed USC star JuJu Watkins to an NIL deal as it increases its investment in women's sports. State Farm is furthering its investment in women's sports with two new deals. State Farm will kick off the NIL partnership with Watkins starring as a "new neighbor" in a co-branded ad spot with mascot/spokesman Jake from State Farm. State Farm's investments in women's sports now include the National Women's Soccer League, the Women's National Basketball Association, National Collegiate Athletics Association basketball regular season and women's Olympic basketball and volleyball. State Farm saw an additional 28% boost in effectiveness when the spots aired during her Iowa Hawkeyes games.
Persons: JuJu Watkins, Kristyn Cook, Watkins, Jake, they've, Caitlin Clark, Sue Bird, Cook, Clark Organizations: USC, Farm's, Farm, University of Southern, State, National Women's Soccer League, National Basketball Association, National Collegiate Athletics Association, WNBA, EDO, Iowa Hawkeyes Locations: Watkins, University of Southern California
Dow notches record close, Russell 2000 hits all time high
  + stars: | 2024-11-25 | 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 EmailDow notches record close, Russell 2000 hits all time highPaul Hickey, Bespoke Investment Group co-founder and Bob Elliott, Unlimited CEO, joins 'Closing Bell Overtime' to talk the day's record market action.
Persons: Russell, Paul Hickey, Bob Elliott Organizations: Investment Group
"If I was in this to make money, I wouldn't even be releasing the kind of music that I am," she said. Raye is a multi-platinum singer and three-time Grammy nominee who has worked with Beyoncé and opened for Taylor Swift on the Eras Tour. And yet, as of this summer, she said her music career still isn't making her money. And trust me when I tell you, I'm not taking those ways," Raye told me in June following a performance at the Conrad hotel in downtown Manhattan. "If I was in this to make money, I wouldn't even be releasing the kind of music that I am."
Persons: Raye, Beyoncé, Taylor Swift, Lizzie Widhelm, I'm, Rachel Keen, she'd, She's, Chappell Roan, Sabrina Carpenter, Lucky, Jeff Spicer, WireImage, Donald Passman Organizations: Conrad, Polydor, Century, Brit, Music Locations: Manhattan, Amsterdam, London, Berlin, Ghanaian, Swiss
AdvertisementApple CEO Tim Cook is visiting China for the third time this year. Cook attended discussions focused on supply chain and trade issues, per Bloomberg. Apple CEO Tim Cook is visiting China for at least the third time this year as the tech giant prepares for president-elect Donald Trump's proposed import tariffs and the impact on global trade. AdvertisementAccording to Bloomberg, the discussion was focused on supply chain and trade issues. AdvertisementCook has made at least three public appearances in China this year to show his commitment to the country.
Persons: Tim Cook, Cook, Donald Trump's, Premier Li Qiang, Trump Organizations: Bloomberg, Apple, Premier, Beijing, Trump, Companies, China Central Television, Huawei Locations: China, Beijing
AdvertisementApple CEO Tim Cook is visiting China for the third time this year. Cook attended discussions focused on supply chain and trade issues, per Bloomberg. Apple CEO Tim Cook is visiting China for at least the third time this year as the tech giant prepares for president-elect Donald Trump's proposed import tariffs and the impact on global trade. AdvertisementAccording to Bloomberg, the discussion was focused on supply chain and trade issues. AdvertisementCook has made at least three public appearances in China this year to show his commitment to the country.
Persons: Tim Cook, Cook, Donald Trump's, Premier Li Qiang, Trump Organizations: Bloomberg, Apple, Premier, Beijing, Trump, Companies, China Central Television, Huawei Locations: China, Beijing
Final Trades: Domino's, Vertiv, Mercado Libre and the COWZ
  + stars: | 2024-11-25 | 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 EmailFinal Trades: Domino's, Vertiv, Mercado Libre and the COWZThe Investment Committee give you their top stocks to watch for the second half.
Organizations: Mercado Libre, Investment Locations: Mercado
Justin Sun, founder of blockchain platform Tron, poses for a photograph in Hong Kong, China, on Friday, May 8, 2020. Tron blockchain founder Justin Sun has invested $30 million into Donald Trump's crypto project, World Liberty Financial, he announced Monday. "We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor," Sun wrote in a post on X. In exchange, Trump's LLC received billions of tokens and the right to 75% of revenues above a $30 million threshold. Sales now appear to have crossed the $30 million threshold to trigger revenue distribution to Trump's LLC.
Persons: Justin Sun, Tron blockchain, Donald Trump's, Sun, Trump, Bitcoin, TRON, WLFI, Zachary Folkman, Folkman Organizations: Liberty Financial, Liberty, Trump, Trump's, America, Etherscan Locations: Hong Kong, China
AdvertisementInterest rate cuts and stable GDP growth boost market optimism for 2025. But AI-driven stock market gains may not sustain, with S&P 500 returns possibly muted. Goldman Sachs advises diversifying investments, focusing on value stocks and foreign markets. An earlier note from Goldman Sachs projected that the S&P 500 could have muted returns at 3% annually for the next decade. AdvertisementFinally, consider growth stocks that aren't pegged to technology, such as Eli Lilly, Honeywell International, Vertex Pharmaceuticals, and Chipotle, among others.
Persons: Goldman Sachs, Donald Trump's, it's, Peter Oppenheimer, Goldman, Eli Lilly Organizations: Honeywell, Vertex Pharmaceuticals, American Locations: Japan, Europe
‘Wicked’ was initially, and always, intended to be a movieBut there’s another reason that feels just as obvious. Clearly, the Tony-winning Broadway show’s and now movie’s success is a testament to the fact that he had the right instinct. The DNA of ‘Wicked’ comes from arguably the most beloved musical family movie, everJudy Garland in "The Wizard of Oz." Warner Home VideoBut what’s also clear is that the elements that the “Wicked” property is working with are unmistakably cinematic. But it was even more than that, as the whimsical opening of the new “Wicked” film demonstrates – minor spoilers ahead.
Persons: “ It’s, , stupendiferously, Gregory Maguire, I’m, Jon M, Chu, Cynthia, Ariana Grande, Jonathan Bailey –, Marissa Bode, Michelle Yeoh, Jeff Goldblum, Bowen Yang, , Maguire, Melanie Griffith, Antonio Banderas, Chicago’s ”, Oscar, Stephen Schwartz, Grammy.com, Mark Platt, Tony, Broadway show’s, Judy Garland, Oz, what’s, Oz ”, Frank Baum’s, it’s Organizations: CNN, Guardian, Hollywood, ” Universal, Universal, Broadway, Warner Locations: Erivo
Trade Tracker: Joe Terranova buys more Twilio
  + stars: | 2024-11-25 | by ( ) 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 EmailTrade Tracker: Joe Terranova buys more TwilioJoe Terranova, Senior Managing Director for Virtus Investment Partners, joins CNBC's "Halftime Report" to explain why he's buying more of this software stock. The Investment Committee discuss chip stocks.
Persons: Joe Terranova Organizations: Virtus Investment Partners
Chipmaker Intel and the CHIPS Act Office are close to finalizing a deal which would award the company a roughly $8 billion grant, according to a person familiar with the matter, as the Biden administration moves to dole out funds before President-elect Donald Trump's inauguration. The U.S. awarded Taiwan Semiconductor Manufacturing Co. a $6.6 billion grant earlier this month, raising investor expectations that cash funding for Intel would come soon. Intel has benefited from CHIPS Act tax breaks but has not yet received cash awards, something which Intel CEO Pat Gelsinger has expressed dissatisfaction with. "We're frustrated that hasn't moved faster," Gelsinger told CNBC in October, referring to the CHIPS Act grants. U.S. House Speaker Mike Johnson had previously said he might look to repeal the bipartisan CHIPS Act, but he then walked back those comments.
Persons: Biden, Donald Trump's, Intel's, Pat Gelsinger, hasn't, Gelsinger, They've, Mike Johnson, acquirers Organizations: Intel, Commerce Department, Department of Defense, Street Journal, The New York Times, U.S, Taiwan Semiconductor Manufacturing, CNBC, Qualcomm Locations: Intel's
Committee Moves: Devon Energy, Transdigm and Reddit
  + stars: | 2024-11-25 | by ( ) 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 EmailCommittee Moves: Devon Energy, Transdigm and RedditThe Investment Committee discuss their latest portfolio moves. Bryn Talkington sells Devon Energy, Steve Weiss sells Transdigm, and Josh Brown talks about the new street high target for Reddit.
Persons: Bryn, Steve Weiss, Josh Brown Organizations: Devon Energy, Investment Locations: Bryn Talkington
Trade Tracker: Steve Weiss buys more Bitcoin
  + stars: | 2024-11-25 | by ( ) 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 EmailTrade Tracker: Steve Weiss buys more BitcoinSteve Weiss, Founder and Managing Partner of Short Hills Capital Partners joins CNBC’s “Halftime Report” to explain why he's buying more Bitcoin. The Investment Committee discuss crypto.
Persons: Steve Weiss Organizations: Short Hills Capital Partners
Andersen: S&P 500 target is 6,600 by year-end.
  + stars: | 2024-11-25 | 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 EmailAndersen: S&P 500 target is 6,600 by year-end. Mark Andersen, Chief Investment Officer at UBS, discusses the 2025 U.S. market outlook, predicting benefits from less regulation, positive impacts from Scott Bessent as Treasury Secretary.
Persons: Mark Andersen, Scott Bessent Organizations: Andersen, UBS Locations: U.S
Courtesy of Susie Buffett Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris. Courtesy of Susie Buffett Buffett teaches a class at the University of Nebraska-Omaha. Courtesy of Susie Buffett Buffett married his first wife, Susan, in 1952. Courtesy of Susie Buffett Buffett poses for a photo in 1980. Daniel Acker/Bloomberg/Getty Images Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.
Persons: Washington CNN — Warren Buffett, outlive, ” Buffett, I’ve, , Buffett, — Susie, Howard, Peter Buffett, , “ I’ve, Susan Thompson Buffett, Melinda Gates, Warren Buffett, Nati, Laila, Howard Buffett, Susie Buffett, Ernest, Susie Buffett Laila Buffett, Warren, Doris, Susie Buffett Warren Buffett, Susie Buffett Buffett, Susan, Peter, Lee Balterman, Salomon, Marcy Nighswander, AP Buffett, Buffett's, Mark Peterson, Curt Hudson, Arnold Schwarzenegger, Kathy Willens, Chris Machian, Dave Weaver, Michael Israel, John Sleezer, Bill Gates, Mario Tama, Barack Obama, Obama, doggedly, isn't, Jim Watson, Daniel Acker, Harry Benson, Getty Images Buffett, Astrid, David Cameron, Brendan Hoffman, Kristoffer Tripplaar, Alamy Buffett, Scott Eells, Chris, Franklin, Ndamukong Suh, Charlie Munger, Scott Olson, Huang Jihui, Jason Miller, Adam Jeffery, Hillary Clinton, Kempin, Forbes, Andy Kropa, Scott Morgan, Reuters Buffett, Andrew Harrer Organizations: Washington CNN, Berkshire Hathaway, Susan Thompson Buffett Foundation, Melinda Gates Foundation, Bloomberg, University of Nebraska -, Getty, Federal Reserve, AP, Omaha for Berkshire, California Gov, Wall Street, Schwarzenegger's, Kansas City Royals, Kansas City Star, Girl Scouts, Buffett, Microsoft, Getty Images, White, British, Woodrow Wilson High, Washington, Forbes, Harlem Globetrotters, Cleveland Cavaliers, Moon, NBA, CNBC, Reuters Locations: Omaha , Nebraska, Omaha, University of Nebraska - Omaha, Omaha for, Woodstock, Trenton , New Jersey, New York, AFP, Berkshire, Washington , DC, Illinois, Sun Valley , Idaho
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