Business and Tech News - 4.16.24

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Skool Projekt Staff
April 16, 2024

Tesla To Cut Over 10% Workforce

Tesla is set to lay off over 10% of its workforce, about 14,000 employees, following its first year-over-year decline in vehicle deliveries since 2020. Elon Musk expressed that these cuts are crucial for the company to stay "lean and innovative," amid significant changes including the departure of Senior VP Drew Baglino and policy chair Rohan Patel. Concurrently, Tesla has paused its plans for the affordable $25,000 Model 2, shifting focus to the development of a new robotaxi.

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OpenAI Opens Office in Tokyo

OpenAI is establishing a presence in Japan with a new office in Tokyo and a GPT-4 model optimized for the Japanese language, aimed at strategic localization and influencing AI regulations. The company, now competing with SoftBank's SB Intuitions, is focusing on enhancing its enterprise AI services under the leadership of Tadao Nagasaki, a former AWS executive. The custom GPT-4 model is designed to offer improved performance and a better understanding of Japanese nuances, particularly in business contexts.

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Biden Administration Grants $6.4B for Samsung's Chip Production

President Biden has announced $6.4 billion in grants to Samsung to expand chip production in Austin and Taylor, Texas, aiming to reduce U.S. reliance on China and Taiwan. The expansion is expected to trigger a $40 billion investment from Samsung, creating over 21,500 jobs and enhancing the U.S. semiconductor industry. This initiative is part of the broader CHIPS Act, which supports national efforts to strengthen semiconductor manufacturing.

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Trump Media Shares Fall 13% After Announcement of New Shares

Trump Media's shares dropped over 15% after it proposed issuing millions of additional shares, coinciding with Donald Trump's attendance at his Manhattan criminal trial. The company, known for the Truth Social app, saw a nearly 20% decrease in stock value last week and plans to potentially raise $247.1 million through the exercise of over 21.4 million warrants. Trump, who holds nearly 60% of the company, has seen the market cap plummet from $9.5 billion to $3.7 billion.

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Goldman Sachs Posts Higher First Quarter Earnings

In the first quarter of 2024, Goldman Sachs' profits rose by 28% with net income reaching $4.1 billion and revenues hitting $14.2 billion, fueled by a 32% increase in investment banking fees. The company's stock climbed over 5% in response to these strong financial results. Despite this success, CEO David Solomon is confronting internal challenges, including upcoming shareholder votes concerning his role.

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Here’s how the markets closed yesterday:

 

 

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