Huawei’s profit doubled in 2023 as smartphone, autos business picked up

Huawei brought one of the largest displays to Mobile World Congress in Barcelona in February 2024. Sopa Images | Lightrocket | Getty Images BEIJING — Chinese telecommunications company Huawei said Friday its net profit for 2023 more than doubled thanks to better product offerings. The company also attributed the profit gains to revenue growth of … Read more

Caroline Ellison, SBF ex-girlfriend, helped put FTX founder in prison

Caroline Ellison, former chief executive officer of Alameda Research LLC, center, arrives at court in New York, US, on Tuesday, Oct. 10, 2023.  Yuki Iwamura | Bloomberg | Getty Images In sentencing FTX founder Sam Bankman-Fried to a 25-year prison sentence on Thursday, Judge Lewis Kaplan cited testimony from Caroline Ellison, an ex-girlfriend of the … Read more

Reddit shares plunge 25% in two days, end week below first day close

The trading floor of the New York Stock Exchange prepares for the social media platform Reddit’s initial public offering in New York City on March 21, 2024. Spencer Platt | Getty Images Reddit shares are plummeting after experiencing a rally stemming from the social media company’s IPO last week. Shares closed at $49.32, ending the … Read more

Xiaomi releases electric car $4K cheaper than Tesla’s Model 3

Chinese consumer electronics company Xiaomi revealed Thurs., Dec. 28, 2023, its long-awaited electric car, but declined to share its price or specific release date. CNBC | Evelyn Cheng BEIJING — Chinese smartphone company Xiaomi said Thursday it will sell its first car for far less than Tesla’s Model 3, as price wars heat up in … Read more

FTX founder Sam Bankman-Fried sentencing

FTX founder Sam Bankman-Fried faces sentencing Thursday in New York federal court for a massive fraud conspiracy that led to the collapse of his cryptocurrency exchange and a related hedge fund. Federal prosecutors want Bankman-Fried sentenced to between 40 to 50 years in prison. His defense team asked Manhattan federal court Judge Lewis Kaplan to … Read more

Adam Neumann WeWork bid faces questions over financing, business plan

Israeli-American businessman Adam Neumann speaks during The Israeli American Council (IAC) 8th Annual National Summit on January 19, 2023 in Austin, Texas. Shahar Azran | Getty Images Adam Neumann has sent a preliminary offer to buy WeWork out of bankruptcy for more than $500 million, five years after he was ousted by the office-sharing company … Read more

Sam Bankman-Fried FTX fraud victim says life was destroyed

NEW YORK, US – JANUARY 03: Sam Bankman-Fried leaves the court in New York, on January 03, 2023.  Fatih Aktas | Anadolu Agency | Getty Images In a letter to the Department of Justice, an FTX customer who lost $4 million when the exchange filed for bankruptcy in 2022 expressed disgust at a circulating narrative … Read more

Trump’s Truth Social won’t capture serious market share, Sorrell says

Anna Barclay | Getty Images News | Getty Images Advertising guru Martin Sorrell has questioned the prospects of Donald Trump’s newly public Truth Social platform, saying it was currently “unfathomable” that clients would want to buy ads on the site. The British businessman told CNBC on Wednesday that the former U.S. president’s social media platform … Read more

Reddit stock jumps 9% as post-IPO rally continues

Reddit CEO Steve Huffman stands on the floor of the New York Stock Exchange (NYSE) while ringing a bell on the floor setting the share price at $47 in its initial public offering (IPO) on March 21, 2024 in New York City.  Spencer Platt | Getty Images News | Getty Images Reddit’s first stock rating … Read more

Parent of FTX victim who lost $130,000 asks judge to go easy on SBF

Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City. Michael M. Santiago | Getty Images Heather Ferguson’s son lost approximately $130,000 in cash when crypto exchange FTX went bankrupt in November 2022. At the time, Ferguson traveled to where her child was … Read more