Temu Sues Fast-Fashion Rival Shein Over U.S. Antitrust Law
The lawsuit is the latest development in the retailers’ battle for dominance in the lucrative U.S. market.
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Recent Editions
Oddity Tech Raises Price Range for IPO
The makeup and skincare company aims to ride the current wave of investor enthusiasm for other consumer and beauty stocks.
Tesla Builds First Cybertruck After Years of Delays
The Cybertruck is Tesla’s first new passenger vehicle in more than three years.
Twitter Still Cash Flow Negative, Musk Says
Elon Musk tweeted that Twitter's ad revenue has dropped by around 50 percent.
Coinbase to Halt Some Staking Services in California, 3 Other States
The decision comes after 10 states took actions against Coinbase, alleging that the staking products violated securities laws.
Binance Fires More Than 1,000 Employees
The crypto exchange is continuing to lay off employees and could lose up to one-third of its staff, which totaled 8,000 employees before the layoffs.
Goldman’s PE Arm Taking Educational Gaming Company Kahoot Private
Deal values the Norwegian company at $1.7 billion.
CAA in Talks to Sell Majority Stake
French billionaire Francois-Henri Pinault could buy stake that would value firm upward of $7 billion.
Jasper, Mutiny AI Startups Cut Workers As Chatbot Rivalry Grows
The layoffs follow a proliferation of AI-powered software, including from OpenAI, which also licenses the underlying technology.
Appeals Court Denies FTC Emergency Motion to Block Microsoft-Activision Deal
If Microsoft can't close its acquisition of Activision by the July 18 deadline, both parties are free to walk away from the deal.
Tucker Carlson Is Reportedly Raising Money for New Media Company
Carlson aims to raise hundreds of millions of dollars for his new venture, which would distribute videos on Twitter while also seeking to drive subscriptions.
Amazon Lays Off Around 80 Pharmacy Employees
The layoffs are the first known cuts since Amazon finished eliminating 27,000 jobs through two major rounds of layoffs that ended in the spring.
JPMorgan, Wells Fargo Second-Quarter Profits Rise; Citi Sags
JPMorgan's profit climbed sharply as the bank benefited from higher interest rates and an influx of customers.
Hollywood Actors Join Writers in Labor Strike Against Studios
The actors' union's decision to go on strike will grind Hollywood to a halt, stopping productions and delaying future releases of movies and TV shows.
FTC Probing OpenAI’s Data Security, Consumer Protection Practices
OpenAI CEO Sam Altman has called for legislation to prevent AI from negatively affecting humanity, and now the FTC is taking a closer look at its operations.
E-Commerce Sales Hit $12.7 Billion During Amazon’s Prime Day
Rivals like Walmart and Target also drove sales by offering competing discounts during Prime Day.
Disney CEO Bob Iger Floats Selling Its Cable TV Channels
Iger said ABC and Disney's cable channels, excluding ESPN, "may not be core" to the company. He's also exploring a partner for ESPN to go direct to consumers.
Ex-Celsius CEO Alex Mashinsky Arrested, Sued by SEC and CFTC
The FTC also filed a lawsuit against the former CEO of the bankrupt crypto lender.
Disney Extends CEO Bob Iger’s Contract Through 2026
Iger returned to Disney in November 2022 with plans to find a successor. That process is still underway, the company said, while announcing the extension.
Weekday mornings
The Information AM by The Information Staff
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