Tesla sues Amazon-backed rival Rivian over technology secrets July 23, 2020 Tesla has filed a lawsuit against electric truck-making startup Rivian, accusing it of stealing trade secrets and poaching its employees. “Rivian is knowingly encouraging the misappropriation of Tesla’s trade secret, confidential, and proprietary information by Tesla employees that Rivian hires,” the company said in a lawsuit. The filing pointed to four former Tesla employees for [...]
Top 10 most shorted UK stocks: Hedge funds bet against Metro Bank, Royal Mail and Cineworld July 23, 2020 Metro Bank, Royal Mail and Cineworld are among the UK’s most shorted stocks, new analysis has revealed, as financial uncertainty amid the coronavirus crisis continues to weigh on industry heavy-weights. How does short selling work? Short sellers place bets on stocks that they expect to fall in price. Investors pay a fee to borrow shares [...]
Twitter suffers advertising revenue slump amid pandemic and US protests July 23, 2020 Twitter suffered a 23 per cent slump in advertising revenue in the second quarter due to the coronavirus pandemic and civil unrest in the US. The social media giant said today that advertising revenue was $562m, down 23 per cent year-on-year. The company said it had seen a “gradual, moderate recovery” compared to March, however [...]
California dreaming: A plan to phase out petrol and diesel cars that might actually work July 23, 2020 Transport is now the UK’s biggest source of climate-warming greenhouse gases. While other sectors slash their carbon footprint, our cars alone continue to produce 15 per cent of annual emissions — and the figure is still rising. To tackle this, earlier this year the government announced plans to bring forward a ban on new petrol [...]
Tesla shares bounce on fourth consecutive quarterly profit July 22, 2020 Tesla has beat analyst estimates to report its fourth consecutive quarterly profit, inching it closer to entering the S&P 500 index. It posted earnings per share of 50 cents for the second quarter, compared to a loss of $2.31 a year earlier. Tesla is now able to qualify for entry into the S&P 500. At [...]
Musk qualifies for $2.1bn payday after Tesla rally July 21, 2020 A prolonged bounce in Tesla’s share price means its chief executive Elon Musk has qualified for a $2.1bn payout, in his second award since May. The electric carmaker’s six-month average market capitalisation officially surpassed $150bn today, triggering the vesting of the second of 12 tranches of options granted to Musk in 2018. Musk, who is [...]
Amber Heard admits punching ex-husband Johnny Depp during heated row July 21, 2020 Amber Heard has admitted that she punched ex-husband Johnny Depp during a heated row at their Los Angeles penthouse in 2015, as Depp’s court battle against the Sun newspaper enters its third week. Depp is suing the Sun’s publisher News Group Newspapers (NGN) and the Sun’s executive editor Dan Wootton over an article from April [...]
Top 10 billionaires: Jeff Bezos boosts fortune by $13bn in one day July 21, 2020 Amazon founder Jeff Bezos leads a list of the world’s top 10 billionaires after seeing his personal fortune jump $13bn (£10.2bn) yesterday, in what is believed to be the largest single-day individual wealth jump of all time. Bezos’ net worth has swelled $74bn this year to $189.3bn, according to the Bloomberg Billionaire Index. The Amazon [...]
Twitter hack promoting Bitcoin scam draws headlines, but price remains ‘boring’ July 21, 2020 This week the price of Bitcoin (BTC) started trading around $9,300 but over time traded downward to a low testing the $9,000 support, before moving up to trade close to $9,200. Ether (ETH), the second-largest cryptocurrency by market capitalization, started the week close to $245 and traded within its range throughout it. Bitcoin made headlines [...]
Rare earth miner Pensana inks deal with Chinese firm for Angola project July 20, 2020 Rare earth metals firm Pensana has today announced that it is exploring a partnership with China Great Wall Industry Corporation (CGWIC) to develop its flagship mine in Angola. The project, at Longonjo in the southern African country, is the first new rare earth mine in over a decade. The mine, which is slated to start [...]