Helbiz (HLBZ) +68.15% a leading global provider of electric shared micro-mobility solutions, has begun examining measures to address the alleged illegal short selling of its stock. The Company believes that certain individuals and/or companies may have engaged in illegal short selling practices that have artificially depressed the stock price. Short selling involves borrowing a security whose price you think is going to fall from your brokerage and selling it on the open market. The plan is to then buy the same stock back later, hopefully for a lower price than you initially sold it for, and pocket the difference after repaying the initial loan.
Online furniture retailer Wayfair W +20.15% said it will lay off 10% of its global staff. The news comes amid similar announcements from Google’s parent Alphabet and Microsoft MSFT +3.57% The layoffs amount to approximately 1,750 employees. The labor portion of the restructuring plan represents approximately $750 million in annualized cost savings, with the steps essential to realize these savings.
JBS S.A is a Bazillian company that is the largest meat processing company in the world. Jbsay -4.36% In an audit was found to have nearly 17% of the cattle bought by JBS SA in Brazil's Para state in the Amazon rainforest. Cattle were reportedly from ranches with "irregularities" such as illegal deforestation. The audit, which examined cattle purchases between July 2019 and June 2020, said that the world's largest meatpacker bought some 93,734 head from irregular ranchers. Overall, the audit found 136,172 irregular cattle purchases.
Bed Bath & Beyond BBBY –11.61% got a notice from Nasdaq, warning the company that it was at risk of being delisted from the stock exchange.
The notice sent the stock down as investors pulled back. And while Bed Bath’s stock won’t get booted from the exchange just yet, the notice adds yet another chapter to the embattled retailer’s saga.
WHAT ELSE HAPPENED?
As Big Tech continues to reel from its massively difficult 2022, some of the sector's biggest names are beginning 2023 by laying off employees by the thousands. In 2022, companies like Meta (META), Amazon (AMZN), and Intel (INTC) announced major job cuts following years of expansion. There's hope that Big Tech is set up for a better year in 2023, but high interest rates, inflation, a hawkish Fed, and spending slowdowns among both advertisers and consumers have created a storm that's not passing just yet.
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