This week’s money news you might have missed
Charlotte Irwin
4 hours ago
Money and business news you may not have seen
Click or scroll through one of the world’s largest pig breeding companies to see a $ 1.3 billion lawsuit over a CEO’s political views on another surge in GameStop stock to shake off some of the financial and see business news you may have missed this week.
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Michael Lindell is being sued for $ 1.3 billion
Michael Lindell never led a quiet life, but now his unwavering support from Donald Trump has got the controversial founder of MyPillow into legal trouble. He started MyPillow in 2004 and previously battled the drug addiction that cost him his marriage and nearly led to the early demise of his young business. But lately Lindell has made headlines for repeating and very publicly questioning the 2020 election result. In fact, his political views have led retailers like Bed, Bath & Beyond, Kohl’s, and JC Penney to stop selling its MyPillow products. Things got serious this week when Dominion Voting Systems took legal action against the entrepreneur, suing Lindell over $ 1.3 billion. It’s reportedly worth $ 300 million. But not all battles this week ended with legal action …
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Facebook fell out with Australia (and then fixed things)
The battle between Facebook and Australia to spread news on the platform came to a head. The conflict began in 2018 when an Australian investigation found that Google and Facebook were the dominant forces in the country’s media and advertising market. As a result, the government suggested that companies should pay for the content they display, such as news reports, as it benefits the giants of Silicon Valley compared to the media itself. After Australia threatened to completely remove the search engine from the country, Google agreed to pay Rupert Murdoch’s media empire News Corp for content on February 18. However, Facebook has chosen to block all messages from its platform in Australia to prevent users from seeing or sharing the content. However, it wasn’t long before Facebook overturned the decision and agreed to resume the news content following changes to the law proposed by the Australian government. As of Friday, the news was back on the Facebook timeline in Australia. But not all government-business relations worked out this week …
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Kroger closed two more stores because of COVID hazard pay
Bucking the 2020 pandemic trend, Kroger had strong sales year-round, including a 14.6% increase in sales in the second quarter. Even so, the company refuses to comply with the new district hazard payment laws, which require food workers to be paid extra to compensate for work on the front lines. Instead of paying an additional $ 4 an hour for each employee, Kroger decided to close two of its stores in Long Beach, California – a Food 4 Less location and a Ralphs supermarket. And now it is announced that two QFC stores in Seattle, Washington, will be closing by April 24th for the same reason. It’s not the only company to announce store closings this week …
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More Victoria’s Secret stores are closing
Victoria’s Secret has announced another 30-50 store closings. This is on top of the 250 closings the lingerie and clothing giant announced in May 2020. By the end of last year, 248 stores had closed. Now, the future of 1,050 North American-based Victoria’s Secret stores has remained in the air as employees and customers wait to see which locations will close next. But some companies with falling sales are trying to adapt …
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Huawei works on pig farms
Chinese tech giant Huawei saw cell phone sales decline 42% in the final quarter of 2020 after struggling to access microchips due to sanctions imposed by the Trump administration on US companies selling key Huawei components. Huawei has also been frozen out of 5G development in the US, Australia, and the UK. Now it’s all about pig farming to bring home extra bacon. How? Huawei has already worked on facial recognition technology and is expected to use it to identify individual pigs, while other technologies will monitor pigs’ weight, diet and movement. Huawei isn’t the only tech company working on it, however, and Alibaba is just one of several companies working with pig farmers to use AI (piglets shown on a farm outside Beijing). Huawei isn’t the only company to turn a problem into a positive …
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Seville turns oranges into electricity
The municipal water company Emasesa in Seville is focusing on green energy and solving the city’s orange problem. The city in southern Spain is known for the bright oranges that are scattered on its 48,000 trees in spring. Seville’s trees attract tourists and produce 5,700 tons of fruit, but most of them are rotten. By winter, the oranges are wreaking havoc in the city as they fall on paths and streets, and the local government will have to employ around 200 people to clean them up. But now the city’s fruits are said to be used to generate electricity using the methane that the fruits give off when they decompose. This clean electricity will initially be used to operate one of the city’s water treatment plants. Tests have shown that 1 ton of oranges can produce 50 kWh of electricity, enough to supply five households with electricity for one day. It is predicted that using all of the city’s oranges could power up to 73,000 households. Keep clicking or scrolling to read more stories you may have missed …
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GameStop shares rose for the second time
In January, little-known video game retailer GameStop made headlines when Reddit users and employees of the Robinhood Stock Traders Facebook group targeted the struggling chain and teamed up to buy shares in the company to hit Wall Street bets that had bet on Gamestop fails. In fact, GameStop was the most “cut” stock on Wall Street, a process where hedge funds borrow and sell stocks to profit when the business goes down. But this week there was a second spike in GameStop stock, up 104% on Wednesday, though there’s no clear indication on Reddit as to why. However, some commentators noted that at the time of the surge, activist investor Ryan Cohen tweeted a picture of a McDonald’s ice cream cone next to a frog emoji, which could mean a lot of thoughts due to its timing. Meanwhile, a prominent businessman is wealthy …
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Jay-Z sold 50% of its brand of champagne
Hip-hop superstar Jay-Z has been searching for money well beyond his music career, and his investments in sports teams, music streaming, clothing and alcohol made him a billionaire in 2019. And now Jay-Z, who prides himself on “A Million Money Ways to Make”, has sold 50% of his Armand de Brignac champagne brand to French luxury group LMVH, which also includes other big names such as Moët Hennessy, Dom Pérignon and Veuve Cliquot . No financial details of the deal were released, but in 2018 the Armand de Brignac brand was valued at $ 250 million. Jay-Z isn’t the only person spinning and trading …
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Apple bought 100 companies in just six years
This week, Apple CEO Tim Cook (pictured in 2019 with Jennifer Aniston and Reese Witherspoon) announced that the tech giant has bought 100 companies over the past six years. That is a company every three to four weeks on average. Cook announced the staggering number at a general meeting on Tuesday. Unsurprisingly, most of the purchases have focused on technology. The largest acquisition during this period was the $ 3 billion Apple made in 2014 for Dr. Dre’s Beats Electronics paid. But Tesla’s CEO didn’t have such a good week …
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Elon Musk’s tweets lost him the title of richest person in the world
This week, Elon Musk’s tweets about Bitcoin saw Tesla’s stock price fall, pushing him back to being the second richest person in the world. On Monday, Tesla’s share price fell 8.6%, in part due to a Musk tweet agreeing that Bitcoin and Crypotcurrency Ethereum prices “appear high”. Last week it was revealed that Tesla had invested $ 1.5 billion in Bitcoin. In this news, the price of Bitcoin hit record highs. On Tuesday, Bitcoin fell slightly from $ 58,000 on Sunday the 21st to $ 47,500.
Now look at the industries that will win and lose under the Biden administration
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