Elon Musk, the world’s richest man and now first-ever trillionaire, controls a lot of different businesses. Electric vehicles. Brain implants. Underground tunnels. A social media platform once called Twitter. And a rocket maker that blasted off its trading from Wall Street this week. Over time, more and more of those ventures have found themselves under the same roof. Musk merged SpaceX — which went public on Friday — with his artificial intelligence company xAI just earlier this year. But he still holds the role of CEO at several corporations today, in addition to other various executive titles or ownership stakes across his business empire.
The U.S. Justice Department has determined that Paramount Skydance’s proposed acquisition of Warner Bros. Discovery is unlikely to be harmful to consumers. The agency said Friday that an investigation by antitrust regulators concluded that the merger would increase competition in areas like video streaming, giving consumers more options. It also found that the merger is not likely to harm competition in the film industry. Paramount Skydance reached the deal in February, beating a rival bid by Netflix. Critics, however, worry about industry consolidation. The merger is still under review by other regulators, including those in Europe and the U.K., with decisions expected in the coming months.
HONG KONG (AP) — General Mills is selling its Häagen-Dazs ice-cream shops in mainland China to an investor group that includes Chinese tea bra…
Berkshire Hathaway’s new CEO Greg Abel started the week by inking a deal to acquire homebuilder Taylor Morrison for $6.8 billion, and he's followed that up on with a $10 billion investment in Google's parent company. Abel has also hinted in the Taylor Morrison deal that he may depart from Warren Buffett’s longtime hands-off operating model by consolidating some operations. For six decades under Buffett, Berkshire promised to largely leave companies alone after it acquired them and allow the executives to keep running the day-to-day operations the same way. It’s not clear how much consolidating Abel might do among Berkshire’s dozens of companies. But Abel is known a much more active manager than Buffett ever was.
Caesars Entertainment is being acquired for almost $6 billion by Fertitta, the company that owns Las Vegas’ Golden Nugget and chains like Rainforest Cafe and Morton’s. Caesars became an iconic name after the opening of Caesar’s Palace on the Las Vegas Strip in 1966. However, its roots date back to the 1930s in Reno, Nevada. Fertitta Entertainment will pay $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion. Shares of Caesars Entertainment, which are up 15% since merger rumors emerged, rose almost 2% before the opening bell Thursday. Tilman Fertitta is a billionaire hospitality mogul who owns Fertitta Entertainment. He is also the largest shareholder in Wynn Resorts as well as DraftKings.
Everlane, which bucked the fast-fashion industry by promising affordable ethically sourced and sustainable clothing, is being acquired by the king of fast-fashion Shein, founded in China. Everlane has signed an agreement to be acquired by Shein, according to a letter written by the brand’s CEO Alfred Chang sent to employees and obtained by The Associated Press on Friday. Everlane’s majority owner had been L Chatteron, which also owns a significant stake in Boll & Branch, Etro and Birkenstock, Everlane didn’t disclose a purchase price. Shein declined to comment, The takeover bid arrives at a time when Everlane is struggling. Sales are down and debt has mounted
NEW YORK (AP) — Promising a commitment to "ambitious journalism and agenda-setting conversations,” media scion James Murdoch has struck a deal…
TORONTO (AP) — Canadian miner Sherritt International Corp. announced Tuesday it is no longer pursuing a plan to dissolve its Cuban joint ventu…
NextEra Energy is seeking to acquire Dominion Energy in an all-stock deal valued at about $67 billion, creating a massive power company as the…
Warner Bros. is again rejecting a takeover bid from Paramount and telling shareholders to stick with a rival offer from Netflix.