Elon Musk’s Twitter Deposition Delayed, FTX US Goes Shopping, Spotify Analyst Sees Intangible Audiobooks: Top Financial Media Stories Tuesday, September 27 – Apple (NASDAQ:AAPL), Biogen (NASDAQ: IBIB)

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Bloomberg

As Twitter CEO Elon Musk defers depositions, legal fraternity wary of Tesla chief’s tendency to insult opposing attorneys

  • The long-awaited testimony of Elon Musk in the Twitter Inc. TWTR trial has been delayed, according to multiple reports, citing sources.
  • Musk will now be deposed at an unspecified future date. According to court documents, the original schedule called for a two-day deposition beginning Monday, with the possibility of extending until Wednesday.

the wall street journal

Ford launches new trial after $1.7 billion jury verdict in truck rollover accident

  • Ford Motor Co. F urged a Georgia court to hold a new trial after a jury returned a $1.7 billion verdict against the automaker over a truck rollover crash that left two people dead.
  • Ford claimed an unfair ban on providing evidence that would show the truck involved was safe, with a sturdier roof structure than most of its peers.
  • Ford filed two motions in state court in Gwinnett County, Georgia. One requested a new trial, while the other challenged the punitive damages awarded to the company in August.

Reuters

Stellantis, the electric vehicle market of Uber Eye France

  • Car manufacturer Stellantis SA STLA and Uber Technologies Inc. UBER collaborated with Free2Move to focus on the French electric vehicle market.
  • Free2Move would help Uber convert 50% of its vehicle fleet in France to electric models.
  • Producing and selling more electric and hybrid vehicles is also crucial for the head of Stellantis Carlos Tavares‘ plans to double Stellantis’ overall revenue by 2030.
  • Uber is committed to becoming a zero-emissions platform in US and Canadian cities and major urban centers around the world by 2030.

Porsche’s IPO will be set at the upper end of the expected range

  • Volkswagen AG VWAGY owned luxury sports car brand Porsche AG the shares should be quoted at the high end of the range at the next quotation.
  • The expected range will likely value the automaker up to 75 billion euros ($72 billion).
  • The luxury carmaker’s books were covered several times ahead of the September 29 IPO.

Japanese Stanley Electric Inks alliance agreement with Honda

  • Honda Motor Co. HMC and Japanese manufacturer of electric lighting fixtures Electric Stanley have inked a capital and business alliance.
  • Companies will work for decarbonize the supply chain, consolidate parts, and improve product development efficiency.
  • Under terms of the agreement, Stanley Electric will transfer 7.5 million of its shares to Honda for ¥2,534 ($17.57) per share.

BMW forecasts slight sales growth in 2023

  • German luxury car manufacturer BMW (Bayerische Motoren Werke AG) BMWYY expects to hit the upper limit of its 7-9% margin target for the automotive business.
  • BMW sees slight sales growth in 2023, chief financial officer says Nicolas Pierre.
  • Describing BMW’s performance in its biggest market in China as a “roller coaster” year, the chief financial officer added that a recovery in demand was underway in the region.

Benzinga

Elon Musk Spent One Night Texting Oracle Co-Founder Before Quitting Twitter Deal

  • Tesla Inc. TSLA CEO Elon Musk texted late into the night with Oracle Corporation ORCL co-founder larry ellison before suspending a $ 44 billion purchase agreement Twitter Inc. TWTR.
  • A filing by Twitter said Musk exchanged multiple text messages with Ellison from May 12 to 12:20 a.m. on May 13.
  • The messages were said to have been exchanged nearly four hours before Musk announced he was putting the Twitter deal “on hold”.

Meta focuses on hassle-free switching between Facebook and Instagram accounts

  • Meta-Platforms, Inc META experimented with new features to help users manage their Facebook and instagram accounts through a single interface.
  • Users can switch between Facebook and Instagram accounts and see notifications for both apps.
  • Meta has streamlined its user registration process for more accessible login and the creation of new Facebook and Instagram accounts.
  • The new features could help new users create accounts on both services, helping to attract more people to the platforms.

Spotify analyst finds risk-reward compelling, but says audiobooks aren’t important for year-end and 2023

  • Spotify Technology AG PLACE launched audiobooks in the US last week.
  • Commenting on the development, KeyBanc Capital Markets analyst Justin Patterson reiterated an overweight rating and $148 price target for Spotify shares.
  • Audiobooks could be irrelevant to Spotify’s performance until the end of the year and probably into 2023 as well, Patterson said in a note.

Netflix deepens its foray into gaming with a studio dedicated to Finland: what you need to know

  • Streaming giant Netflix Inc. NFLX announced the creation of an in-house game studio in Helsinki, the capital of Finland, with Marko Lastikka as a studio manager.
  • Netflix said the move is in line with the company’s vision to create a world-class studio that will deliver a variety of original games – without ads or in-app purchases – to its hundreds of millions of members worldwide.

Biogen settles for $900 million in bribe case for prescribing multiple sclerosis drugs

  • Biogene Inc IBIB reached a $900 million settlement with a whistleblower who accused the company of bribing doctors to encourage them to prescribe its multiple sclerosis drugs.
  • The whistleblower behind the report, Michel Bawduniakwill receive about $250 million directly, according to a statement released Monday by the US Department of Justice.

Voyager Assets, Client Accounts To Be Acquired By FTX In $1.4 Billion Deal

  • FTX US, the cryptocurrency exchange run by Sam Bankman Friedwon the tender to acquire digital travel (OTC: VYGVQ), said the latter Monday evening.
  • The deal includes FTX’s purchase of all cryptocurrencies held by Voyager, valued at $1.3 billion at current market prices.
  • FTX also provides additional consideration estimated at $111 million in additional value.

Rivian R1S ‘feels a lot bigger’ than Tesla’s Model Y: Munster weighs in after first lap

  • Rivian Automobile Inc. SHORE is among the United States electric vehicle startups that have gained some credibility even in adverse macroeconomic and supply chain scenarios. Wolf Fund Gene Munster shared his thoughts on the Irvine, Calif.-based company after his first ride in Rivian R1S Edition Released.
  • Munster said he was confident the business “will survive and thrive”. Second, he noted that the “R1S SUV feels much bigger” than the EV leader. Tesla Inc. TSLA best-selling Model Y vehicle.

Grab expects adjusted EBITDA breakeven by second half of 2024

  • On its first Investor Day, Grab Holdings Limited TO INPUT shared its plans to break even based on Group Adjusted EBITDA by the second half of 2024.
  • For the second half of 2022, adjusted EBITDA will likely be (380) million dollars, a 27% improvement compared to the first half of 2022.
  • Grab expects strong revenue growth between 45% and 55% year-over-year in 2023, at constant currency.
  • Grab also plans to break even for its Digibank operations by 2026.

US agency EEOC files lawsuit against Eli Lilly for nationwide age discrimination

  • The US Equal Employment Opportunity Commission (EEOC) accused Eli Lilly and company THERE IS to unlawfully refuse to hire older workers for sales positions because of their age.
  • According to the EEOC lawsuit, in 2017, Lilly’s Senior Vice President for Human Resources and Diversity acknowledged at a town hall leadership meeting that Lilly’s workforce was made up of older workers. .
  • The senior vice president then announced “early career” hiring goals to add more millennials to Lilly’s workforce.

Walmart in the Metaverse? Coming soon thanks to this game company

  • Leading retailer Walmart Inc. WMT is making a big bet on the growth of the metaverse with a partnership with the leader of the metaverse and gaming company Roblox Company RBLX.
  • Walmart on Monday announced the launch of Walmart Land and Walmart’s Universe of Play.
  • Roblox users can unlock exclusive content, experience Walmart exclusive virtual areas, and see top artists perform with the new partnership.
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