The recent bankruptcy of Synapse, a fintech middleman, has revealed an $85 million shortfall between what partner banks are holding and what depositors are owed. This has caused a significant disruption in the fintech sector, with over 100,000 customers being locked out of their savings accounts. The missing funds have raised questions about the operational
Business
Rivian Automotive recently announced significant changes to its all-electric R1 pickup and SUV models, set to be released in 2025. The company has made improvements in various aspects including range, performance, and computing power, with the assistance of Nvidia chips. The CEO, RJ Scaringe, emphasized the evolution of their flagship R1 vehicles, boasting about the
Walmart, the nation’s largest private employer, has recently announced that it will be offering new training programs and certifications to fill high-demand roles across its business. This includes positions such as HVAC technicians, opticians, and software engineers. The retail giant is making this move in an effort to retain market share gains, particularly in the
In a recent announcement, Warner Bros. Discovery’s Max revealed that it will be increasing the prices of its ad-free options. This decision comes amidst a trend where various streaming services are raising the cost of their memberships. The timing of this price increase is significant, given that it is just 12 days before the highly
Recently, Paramount and Skydance have reached an agreement on the terms of a merger, with CNBC’s David Faber reporting that a deal could be announced in the near future. This merger involves a special committee from Paramount and a buying consortium led by David Ellison’s Skydance, supported by private equity firms RedBird Capital and KKR.
When Adam Moelis co-founded a fintech startup named Yotta in 2019, he had noble intentions of providing Americans with a new way to save money and build financial security. However, his vision quickly turned into a nightmare as the company became embroiled in a crisis that left thousands of customers in dire straits. The ordeal
The recent approval by the Food and Drug Administration of Moderna’s vaccine for respiratory syncytial virus (RSV) for adults aged 60 and above marks a significant milestone in the company’s journey to diversify its product offerings. This approval comes at a crucial time for Moderna, as it seeks to address the declining demand for its
The real estate market saw a significant decline in signed sales contracts on existing homes in April, with a 7.7% drop compared to March. This decrease marked the slowest pace since April 2020, reflecting the impact of escalating interest rates on home sales. The average rate on the 30-year fixed mortgage surged from around 6.9%
American Eagle recently announced that it is making strides in boosting profitability through improving its product assortment and operational tweaks. Despite this positive development, the company’s fiscal first-quarter sales fell short of Wall Street’s expectations. However, the company reported a 6% increase in revenue compared to the previous year, setting a first-quarter record. Despite this,
Porsche recently unveiled the first-ever production hybrid version of its iconic 911 sports car, the 2025 911 Carrera GTS hybrid, with a starting price of $164,900. This marks a significant shift for the German automaker, as it joins the trend of increasing electrified vehicles and tightening fuel economy standards. The hybrid model promises enhanced performance