As part of his settlement with the SEC over tweets about taking Tesla private, Elon Musk agreed to step down from his post as chairman of the board of directors. Now, while he’s still CEO and retains his seat on the board, Tesla has announced his replacement: Robyn Denholm. Already a Tesla board member, she is currently CFO and head of strategy for the Australian telecom Telstra, but will leave that post once her six-month notice period is up to serve as board chair of Tesla full-time. Continue reading Tesla replaces Elon Musk as board chair with Telstra CFO Robyn Denholm
Apple’s status as the only public trillion-dollar company didn’t last long. Amazon has been flirting with a $1 trillion market cap throughout trading on September 4th, passing the symbolic milestone in the morning. It reached the figure through a relatively recent surge, CNBC pointed out. While Apple reached $900 billion eight months earlier, Amazon’s stock price has been climbing steadily throughout most of 2018 and has thrived since a record-setting Prime Day in July.
Now that Comcast has withdrawn from the bidding war, Disney is free to proceed with acquiring most of 21st Century Fox’s assets. Shareholders for both companies just approved a $71.3 billion buyout, a larger figure than either of the suitor companies’ earlier offers. They must still divest 22 regional sports networks per the Justice Department’s demands, but should everything go smoothly, the merger is expected to be completed in the first half of 2019.
Just when we thought the AT&T–Time Warner merger was finally a done deal after a district court judge ruled in its favor last month, it seems not everyone wants to accept its terms. The Justice Department has filed to appeal the approval, according to a court document spotted by CNBC, which could reverse the deal if the DOJ wins. Continue reading Justice Department appeals approval of Time Warner-AT&T merger
In a patent case that has been running since 2011, today a jury ruled that Samsung owes Apple $539 million in total. In 2012 Apple was awarded nearly $1 billion in damages, and Samsung agreed to pay as much as $548 million, but after the verdict was thrown out by the Supreme Court, we ended up in a retrial with hundreds of millions at stake. Samsung has already paid Apple some $399 million over these patents, and in a statement an Apple spokesperson said: Continue reading Jury rules Samsung owes Apple $539 million in iPhone patent trial
It’s been a long road for Spotify in terms of going public, but now that day is here. The company is now public; it took the unusual step of pursuing a direct listing, rather than the more traditional IPO. Shares were set at a price of $132 by the New York Stock Exchange late Monday, according to Reuters. That gives Spotify a value of over $23 billion.
If only a good idea and a bit of luck were all you needed to launch a successful startup. The reality is that it takes a lot more. Timing, competition, and future market conditions can make or break a business. So if you want yours to still be around in a year–or 10–it’s vital to know which industries are ripe for innovation and new entrants. Continue reading The Hottest Sectors for Launching a Business in 2018