Business and Tech News - 4.3.24

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Skool Projekt Staff
April 03, 2024

Tesla Vehicle Sales Fall

Tesla's first-quarter vehicle sales declined by 8.5% compared to the previous year, with a total of 386,810 units sold, missing the expected 443,000 due to a production downturn to 433,371 units. The discrepancy between production numbers and deliveries was emphasized, indicating sales closely follow delivery figures. The decline in sales, which led to a 7.4% drop in pre-market stock prices, was attributed in part to challenges in ramping up the Model 3 production and disruptions at its factories.

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General Electric Splits Into Three Companies

General Electric has finalized its division into three entities: GE Vernova focusing on energy, GE Aerospace, and GE HealthCare, which became independent in 2023. With GE Vernova debuting on the NYSE under "GEV" and GE Aerospace retaining the "GE" ticker, the split underscores a strategic pivot towards renewable energy amidst the global shift from fossil fuels. The restructured GE, once the world's most valuable company at nearly $600 billion in 2000, stood at a valuation of $191 billion prior to this significant transformation.

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Trump Posts $175 Million Bond

Donald Trump secured a $175m bond with Knight Insurance Group, using cash and investment-grade bonds as collateral, to prevent asset seizures in his New York civil fraud case. The bond posting temporarily stops New York's attorney general from enforcing a $464m penalty imposed after Trump was found to have inflated property values. Trump, denying any wrongdoing and alleging political motivation behind the case, had the originally ordered penalty reduced from $464m to $175m for the bond.

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Endeavor To Go Private In Deal Valued at $13 Billion

Silver Lake is set to acquire Endeavor Group Holdings for $27.50 per share, valuing the entertainment giant at $13 billion, with the transaction slated to finalize by the first quarter of 2025. Following the announcement, Endeavor's shares saw a more than 2% increase, highlighting a deal structure that will maintain TKO Group Holdings' public status. This acquisition, underlining Silver Lake's long standing support since its initial investment in 2012, signifies a strategic pivot for Endeavor, which has a history of significant transactions including the recent sale of IMG Academy for $1.25 billion.

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Microsoft is Testing an Xbox AI Chatbot

Microsoft is testing an AI-powered Xbox chatbot designed to automate various support tasks, such as processing game refunds, and aims to simplify customer assistance through natural language processing. The expanded testing of this chatbot indicates plans for its eventual deployment across all Xbox support inquiries, highlighting Microsoft's commitment to enhancing customer service efficiency. This initiative is a component of a larger strategy to embed AI across the Xbox ecosystem, encompassing game development, content moderation, and the broader "Xbox Everywhere" vision that seeks to innovate gaming experiences with AI technology.

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.