Business, Financial & Legal News - Page 58

The next time you hear Jim Cramer scream "BUY" on some stock -- maybe don't -- as the host of "Mad Money on CNBC" told the world to buy Netflix stock on January 4... and it has absolutely tanked since.

Netflix stock is down 39% in the last 5 days, down from around $350 to just $214 at the time of writing. A disaster, as Netflix stock has a 52-week high of $700.99 and now we're scraping just over $200. SpaceX and Tesla boss Elon Musk said the "woke mind virus" is killing Netflix... and with shows like "He's Expecting" (about a man who is "pregnant") it's no wonder.

Netflix has been getting worse and worse with its content over the years, where its woke-focused content isn't being consumed anywhere near as much. Not only that, but there are far more competitors in the streaming space now including Disney+, Apple TV, HBO Max, and more.

Netflix can't blame losing 200,000 subscribers from its 200,000,000+ strong base of monthly subscribers for the disastrous 35%+ drop of its stock on the opening bell this morning.

SpaceX and Tesla boss -- as well as Twitter enthusiast and board member, Elon Musk -- said that a "woke mind virus" is the biggest threat to civilization. Musk said Netflix had been neglecting its viewership, focusing too much on "woke issues". Anyone that has watched Netflix over the last few years can agree.

Netflix is competing with other streaming giants in the space now, with Apple TV, Disney+, HBO Max, Paramount, and more. The mainstream media wants to blame the Ukraine conflict, but they can't use that as the new pandemic and lay blame for all economic issues because of it. I won't. Because the cost of living and the Ukraine conflict were screwing Netflix, all streaming giants would be suffering.

Netflix will follow its competitors by offering a lower-cost subscription tier with advertisements.

Netflix CEO Reed Hastings confirms the streamer plans to add new cheaper subscriptions with ads to stay competitive against its rivals. The strategy comes after Netflix lost over 203,000 subscribers in Q1 2022--the first loss in 11 years--and the company forecasts to lose another 2 million subs in Q2.

While Netflix hasn't concretely outlined its plans, Hastings says the new ad-based subscription tier will offer more consumer choice and highlights the benefits that ads have brought to Hulu, Peacock, HBO Max, and Disney.

Taipei-based Chinese Television Systems, a TV network that is partly owned by the Taiwanese government, had a ticker at the bottom of its screen at 7 AM local time on Wednesday alerting everyone that Taiwan had been invaded by China.

The graphic on Taiwan TV read: "New Taipei City has been hit by a Chinese Communist guided missile. Ships in Taipei Port have exploded, damaging facilities. Banqiao Station is reported to have been set on fire by explosives placed by special forces".

The Ministry of National Defense had asked municipal governments to include the Chinese invasion scenario in a video as part of an annual drill, Huang De-ching, commissioner of the New Taipei City Fire Department explained: "This is for the drill of national defense mobilization and disaster prevention. The Defense Department asked us to include the scenario of a China attack. So we have that scripted in the start of the video".

SpaceX and Tesla CEO Elon Musk, the richest individual on Earth, is attempting to buy Twitter and has reportedly shifted his strategy.

In a new report from the New York Post, Musk's previous offer to purchase Twitter for $43 billion has now resulted in Musk searching for financial backing in the deal. The new deal is described as "complex" and involves Musk putting forward $10 - $15 billion of his own money, which is a large increase from the $3.4 billion in Twitter stock he currently owns. A further $20 billion will come from outside investors who will together own more equity in Twitter than Musk.

While outside investors will own more equity in Twitter than Musk, the Tesla and SpaceX CEO will still remain in control of the company being the single largest shareholder. Individuals close to the situation have told the New York Post that Musk is also willing to borrow against his current state in the company, which would raise additional funds if necessary.

Netflix has lost subscribers for the first time in 11 years and its stock is currently plummeting.

Netflix today reported disappointing Q1 results and subscription growth has dropped. The company lost 203,000 paid subscribers across its three most important worldwide regions, including the United States, EMEA, and Latin America.

Netflix now has 221.6 million active subscribers, down from the 221.8 million reported in Q4 2021, which was also a miss. The company attributes the loss to factors like account sharing, economical issues, COVID-19 disruptions, and worldwide problems like the war in Ukraine.

Twitter's board of directors will formally reject Elon Musk's $43 billion buyout offer, sources tell The Wall Street Journal.

Twitter's board has decided not to sell itself to tech magnate Elon Musk, and is instead prepared to shop around for another potential buyer. Leading buyout firm Apollo may support a separate buyout by offering equity to another bidder.

It's believed that Twitter's board has put the company "in play" by declining Musk's offer and now has one sole responsibility: To take a deal that maximizes shareholder value.

A Kentucky man has been awarded $450,000 in a lawsuit that he won over an unwanted birthday party his company threw him.

The man is Kevin Berling, who filed a lawsuit against his company Gravity Diagnostics where he claimed that the company discriminated against him based on disabilities. The lawsuit was filed in Kentucky's Kenton County and explains that Berling suffers from anxiety disorders and previously requested his manager refrain from throwing him a surprise birthday party at the workplace as it could trigger a panic attack and traumatic childhood memories.

Gravity Diagnostics has denied that it has committed any wrongdoing despite staff still throwing him a surprise birthday in August 2019 that resulted in Berling having a panic attack and leaving to eat the remainder of his food in his car.

Privacy and social media experts have raised concerns about Elon Musk's attempt to privatize Twitter and its impact on user privacy.

A few days ago, the SpaceX and Tesla CEO put forward an offer of $43 billion to purchase 100% of Twitter's stock and convert the second largest social media platform into a privatized company. To recap past events, Musk originally purchased a 9.2% stake in Twitter in early April, causing Twitter's stock price to rise by 25% following Musk's purchase.

In a letter included in the SEC filing, Musk writes that if his offer isn't accepted, he will have to reconsider his position as a shareholder, which could be translated to "If you don't accept my offer, I will sell my position which may or may not cause Twitter's overall stock price to fall suddenly fall back to where it was before I purchased a position."

Elon Musk has launched a huge hostile takeover of Twitter, slamming down a $43 billion "best and final" offer for the second-largest social networking company in the world.

Musk explained in a letter sent to Twitter Chairman Bret Taylor, disclosed in an SEC filing: "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy".

"As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder".