securities
Washington (AFP) - The US Supreme Court on Monday declined to hear an appeal by Elon Musk of a settlement that requires the billionaire to have some of his social media posts about Tesla pre-approved by a company lawyer. The nation's highest court rejected the Tesla and X owner's appeal without comment. Musk was seeking to overturn restrictions imposed on him by the Securities and Exchange Commission (SEC) following a 2018 post on Twitter, now X. In the tweet, Musk said he had acquired funding to take Tesla private, which caused a spike in the company's stock price, but he did not provide any ...
AFP
New York (AFP) - The US conglomerate General Electric, co-founded more than 130 years ago by Thomas Edison, is opening a new chapter in its history on Tuesday: its break-up into three independent entities which will then concentrate on their disparate core businesses. The group announced its "spin-off" project in November 2021, which was to be carried out in several stages. An initial split took place in January 2023 with the creation of GE HealthCare, bringing together all the health care activities. The official finalization of the separation comes Tuesday, with General Electric disappearin...
AFP
New York (AFP) - Tesla chief Elon Musk has asked a New York court to overturn a provision in an agreement with the US securities regulator requiring a lawyer's pre-approval of tweets related to the electric vehicle company. In a court document filed Tuesday evening with a Manhattan federal appeals court, Musk's lawyers described the provision as "a government-imposed muzzle." "The effect of the provision is to inhibit and chill Mr. Musk's lawful speech," they said, decrying the requirement as "unconstitutional." Billionaire Musk was reprimanded by the Securities and Exchange Commission after p...
AFP
New York (AFP) - Social media platform Reddit said Wednesday it has confidentially submitted a draft registration with the US Securities and Exchange Commission to go public on Wall Street. Reddit Inc said in a statement that it has "confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the 'SEC') relating to the proposed initial public offering of its common stock." The company said it had not yet determined the number of shares that will be offered nor the price range for the stock. "The initial public offering is expected to occur...
AFP
Washington (AFP) - American athletic apparel company Under Armour on Monday agreed to pay $9 million to settle charges by US financial regulators that it misled investors about its revenues. The Securities and Exchange Commission (SEC) said that for six quarters from the third quarter of 2015 through 2016, Under Armour inflated sales to meet analysts' expectations. Faced with missing those revenue targets, the company pulled forward $408 million in orders customers had requested for future quarters, the SEC said in a statement. Under Armour, which sponsors American football player Tom Brady, b...
AFP
New York (AFP) - Gaming platform Roblox -- which has skyrocketed in popularity among kids and teens during the coronavirus pandemic -- will make its Wall Street debut Wednesday as a direct listing. The company's shares will be listed under the symbol RBLX on the New York Stock Exchange. By opting to go public as a direct listing, like companies such as Spotify, Slack and Palantir have done, Roblox will not be able to issue new shares on the exchange and therefore will not raise capital. Instead existing shareholders -- such as founders, employees and initial investors -- will be able to sel...
AFP
New York (AFP) - Online trading platform Robinhood, which has seen demand surge amid a social media campaign targeting GameStop and other companies, said on Monday it had raised $3.4 billion to finance its needs. That includes $1 billion raised last week, then another $2.4 billion "to continue to invest in record customer growth," Robinhood said in a blog. The funds represent more than the total amount raised by the company since its inception, The Wall Street Journal reported. The new funding round was led by Ribbit Capital and existing investors like ICONIQ Capital, Andreessen Horowitz, Sequ...
AFP
New York (AFP) - US markets appeared ready to welcome the election of Joe Biden, with futures for the major New York Stock Exchange indices rising on Sunday evening ahead of the week's trading.At around 0015 GMT, futures contracts for December on the Dow Jones appreciated by 0.99 percent, on the Nasdaq by 1.28 percent and on the S&P 500 by 1.02 percent.Futures contracts generally provide the direction that the financial markets take when trading opens.Wall Street stocks on Friday had finished their best week in months as Biden inched closer to victory in the election against Donald Trump.The b...
AFP
New York (AFP) - Wall Street was set to open higher Monday after the election of Joe Biden as the next US president, with futures for the major New York Stock Exchange indices advancing on Sunday evening.At around 2315 GMT, futures contracts for December on the Dow Jones appreciated by 0.5 percent, on the Nasdaq by 0.6 percent and on the S&P 500 by 0.5 percent.Futures contracts generally provide the direction that the financial markets take when trading opens.Wall Street stocks on Friday finished their best week in months as Biden inched closer to victory in the election against Donald Trump.T...
AFP
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