Daily Dozen | Forbes: Twitter takeover by Musk; Amazon shares plunge; Foot Locker’s double whammy

Nevada continues its winning streak with a 19th straight month of gambling revenue topping $1 billion. Progressive advocacy group urges regulators to review shares of TikTok parent company ByteDance following a Forbes investigation. Ford has abandoned Argo AI, its Volkswagen-backed self-driving car technology development initiative.

register here to receive the Forbes Daily Dozen morning newsletter straight to your inbox.

In the news today

  • Elon Musk would have completed its $44 billion takeover of Twitter Thursday night and quickly fired executives like CEO Parag Agrawal and CFO Ned Segal. The world’s richest man and CEO of Tesla is reportedly looking to take over the post of CEO of Twitter himself and appears to acknowledge the completion of the acquisition by tweeting “the bird is released”.
  • Amazon shares plunged 18% to below $90 in after-hours trading, pushing the stock to its lowest level since the start of 2020 and making the company the latest victim of an earnings season that has seen the value of some of the biggest players plummet. technology.

Best takeaways

Foot Locker withstood a double this weekwhile the mall-based shoe chain will remove the popular Yeezy line of shoes from its physical stores and website while already grappling with the difficult reality that Nike wants to sell far fewer shoes in its stores, this which will result in lower income from its own.

Nevada’s luck continues with a 19th Consecutive Month of Over $1 Billion in Gaming Revenue. A new NFL season and the Canelo-GGG rematch helped extend Silver State’s lucrative winning streak. The state is also on track to hit last year’s record $13.4 million in gambling revenue.

The Securities and Exchange Commission would be investigating Tesla over claims it made about its Autopilot driver assistance system, with regulators investigating whether the automaker misled investors about the safety of the system. The civil regulatory investigation is separate from a criminal investigation by the Justice Department that is assessing whether Tesla oversold the self-driving vehicle safety allegations.

The progressive advocacy group Public Citizen sent a letter to 10 legislative leaders, the Federal Trade Commission and the Committee on Foreign Investment in the United States to launch an investigation after a Forbes report that a China-based team at Tiktok’s parent company, ByteDance, planned to use the TikTok app to monitor specific US citizens without their knowledge or consent. Public Citizen lends leading liberal voice to growth bipartisan concern about the app’s risks to users’ privacy.

Argo AI, an ambitious self-driving car technology development initiative from Ford and Volkswagen, is in the process of shutting down and disbanding after Ford largely blamed the company for the company’s $827 million net loss. business in the third quarter. The automaker had positioned Argo AI as a way to catch up with Alphabet’s Waymo and General Motors-backed Cruise in the race to commercialize self-driving cars and trucks.

A blame battle is brewing between the airlines and the Federal Aviation Administration who is responsible for the ongoing flight disruptions in the travel industry. Over the past few months, major carrier executives have pointed to FAA staffing issues for impacting flight schedules, while the FAA has repeatedly suggested that airlines should put order in their own homes.

Must read today

Helmets like Iron Man’s and a smart shirt calling for help: Inside the Pentagon’s wearable tech revolution

Multiple efforts are underway in the US military to develop wearable technology to protect soldiers, assess their physical condition in real time, and make them fitter and more lethal.

In case you missed it

Neoplants super plants can help purify indoor air of formaldehyde and other pollutants 30 times better than ordinary houseplants. Meet the entrepreneurs who designed the polluting flora.

Advice you can trust

  • People with disabilities lobbied for remote work options for years before the Covid-19 pandemic, but since the provisions have become more widely adopted, a survey shows people with disabilities aged 25 to 54 were 3 .5% more likely to be employed in the second quarter of 2022 than they were before the pandemic. here’s how flexible work environments benefit employees with disabilities and businesses.
  • The high-profile rift between Kanye West and Adidas has been costly for both parties, and questions about how the rapper’s anti-Semitic comments will affect public sentiment towards each of them remain unanswered. Here is where Ye and the German shoe and clothing company could go from hereand takeout for other brands when celebrity deals backfire.

Must-see video

How Cuyana’s Founders Raised One of the Biggest Funding Rounds for a Women-Led Fashion Startup

Lifestyle brand Cuyana in 2019 raised $30 million, singling out co-founders Shilpa Shah and Karla Gallardo’s company as it landed one of the biggest rounds for a born fashion startup. Cuyana’s business model is rooted in “slow fashion” and appeals to customers looking for an affordable alternative between expensive luxury goods and cheap, over-consumer shopping options. The brand has seen double-digit growth every year since its launch. Here’s how Shah and Gallardo pulled it off.

A Forbes subscription enlightens, informs and inspires. Join today to get unlimited access to all our journalism and a front row seat to exclusive subscriber-only events.

Comments are closed.