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.
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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.
Nvidia Invests $50 Million in Drug Discovery Firm Recursion
The association with Nvidia seems to have rekindled investors' interest in Recursion, whose shares have traded below their IPO price since late 2021.
Crypto Company Circle Cuts Staff
USD Coin’s outstanding supply has shrunk by nearly one fifth since the start of the year, which likely has cut Circle’s revenue significantly.
SEC Charges Another Former Executive at JPMorgan Acquisition Frank
Founder and chief growth officer hired engineer to create fake user accounts, SEC says.
Google Cloud Hires Ex-AWS Data Center Chief in Shakeup
At AWS, Vonderhaar oversaw the cloud provider’s global data centers and led efforts around capacity planning.
Roku and Shopify Team Up for Click-to-Buy TV Ads
Under the partnership, Roku viewers will be able to use their remotes to learn more about and purchase products advertised by Shopify merchants.
Elon Musk Glass House at Center of Tesla Internal Probe
Musk deputy Omead Afshar stepped away from Tesla following an investigation last year.
Bank of America Fined For Creating Accounts Without Customers’ Consent
Bank will pay $250 million to resolve issues raised by the CFPB and OCC
Sam Altman’s SPAC to Acquire Altman-Backed Nuclear Fission Startup
AltC, the blank check company founded by the OpenAI CEO and ex Citibank exec Michael Klein, faced an imminent deadline to find a merger partner
Sapphire Ventures Dedicates $1 Billion to AI Deals
Sapphire will funnel $1 billion to investments in artificial intelligence startups focused on enterprise technology
TikTok Subsidizes Returns Costs in Bid to Grow U.S. Shopping Service
TikTok is trying to recruit more sellers to use its e-commerce features by offering free services
Judge Denies FTC’s Bid to Block Microsoft-Activision Deal
The two companies are aiming to close the deal later this month.
Weekday mornings
The Information AM by The Information Staff
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