SoFi issuing $750mm in new debt
Fintech company SoFi is adding to its $5 billion in debt by issuing $750 million more in convertible notes. The stock is taking a 15% haircut on the…
Author
Lew
JetBlue officially grounds takeover of Spirit Airlines
This was all but inevitable after a judge ruled against the acquisition last month, but it’s now officially dead. Spirit is now on deathwatch.
Silver spoon Disney heirs “rally” behind Bob Iger
Today in news that shouldn’t be news: eight grandkids of Walt & Roy Disney have come out in support of Bob Iger in his battle with Nelson Peltz.…
Closing bell clicks: Feb. 28, 2024
Webull to go public via SPAC <CNBC> Apple abandons electric vehicle project <Semaphor> Wendy’s denies reports that it will implement surge pricing <Reuters> Why are so many CEOs…
E-commerce company Thrasio gets throttledio
The headline: Thrasio Takes Steps to Strengthen Financial Position The sub-headline: Initiates Pre-Arranged Chapter 11 Process with Support from Lenders to Significantly Reduce Debt and Facilitate Comprehensive Balance…
Internal memo from CEO Sundar about Google’s Gemini
From: Sundar Pichai To: Google — “Hi everyone I want to address the recent issues with problematic text and image responses in the Gemini app (formerly Bard). I…
It’s a “Bold New Chapter” at Macy’s (read: they’re laying off employees and closing 150 stores)
Following last month’s announcement that it was showing 2,350 employees the door, the struggling company today announced that it will close 50 “underperforming” stores this year, and 100…
Sony laying off 900 PlayStation employees
~8% of their workforce and closing the entire London studio. Here is the internal memo from Sony Interactive’s President & CEO:
Expedia books itself a new CEO and slashes 1,500 jobs
The travel booking site is cutting jobs as part of “an organizational and technological transformation.” This transformation represents 9% of its total headcount. <https://finance.yahoo.com/news/expedia-cut-1-500-jobs-222833758.html>
Closing bell clicks (Feb. 26, 2024)
FTC opens its 30,000th lawsuit against the Kroger-Albertson’s merger <CNBC> The one major tech player the FTC hasn’t sued, Apple, might be facing a justice department lawsuit <WSJ> Kellog’s CEO…