Author: Editor

Tune in to the latest episode of “How to Tax a Billionaire: California Edition” — it’s filled with drama, tech celebrities, and there’s a big pot of money at stake!Today, Californians are heading to the polls, where they’ll be asked to answer “Yes” or “No” to Proposition 40, which would impose a one-time “5% tax on certain taxpayers with assets over $1 billion.”The vote has started a showdown that’s been shaking up Silicon Valley executives for months.Google cofounder Sergey Brin, former Google CEO Eric Schmidt, Affirm CEO Max Levchin, Stripe CEO Patrick Collison, DoorDash CEO Tony Xu, Kleiner Perkins Chairman…

The “Partners” statue of Walt Disney and Mickey Mouse, at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida, June 3, 2023.Joe Burbank | Tribune News Service | Getty ImagesDisney is planning to cut several thousand jobs, people familiar with the matter told CNBC. Some managers at the entertainment giant have been asked to reduce costs by up to 20%, according to the people, who asked not to be named because they were not authorized to speak publicly.It marks the latest round of layoffs since CEO Josh D’Amaro took the reins earlier this year.…

Citadel churned ahead in a painful month for hedge funds.Ken Griffin’s $77 billion hedge fund gained 1.7% last month, a person close to the Miami-based manager said, pulling its year-to-date gains to 15.3%. That figure so far leads the way among its multistrategy peers, which are known for their ability to manage choppy markets thanks to their diversification and tight risk controls.Despite the hyperfocus on avoiding losses, many of the industry’s biggest names struggled to stay out of the red last month as the S&P 500 index dropped nearly 1%.Stockpickers wrestled with a market that hit an all-time high at…

Working at the White House might be one of the most exclusive and prestigious jobs in the US, but you’d be surprised by how much some of the people around the president make each year.For starters, having the top job — that is, being the president of the US — brings in a salary of $400,000, which some independently wealthy presidents, such as John F. Kennedy, Herbert Hoover, and Donald Trump, have chosen to donate instead.While the figure is significantly higher than what the average American makes — $72,800 in 2025, according to the Social Security Administration — it’s also less…

Workers on the production line at the new Ferrari NV E-building factory in Maranello, Italy, on Friday, June 21, 2024. Francesca Volpi | Bloomberg | Getty ImagesFerrari on Tuesday raised its 2026 guidance after the sports car maker slightly beat Wall Street’s third-quarter expectations.Here’s how Ferrari performed in the third quarter compared with average estimates compiled by LSEG:Earnings per share: 2.44 euros ($2.77) adjusted vs. 2.37 euros expectedRevenue: 1.9 billion euros vs. 1.89 billion euros expectedFerrari raised its guidance to revenue of 7.65 billion euros, up from 7.6 billion euros; adjusted earnings before interest, taxes, depreciation and amortization to 3 billion…

Yum Brands on Tuesday reported earnings that beat expectations, but a cyclospora outbreak linked to iceberg lettuce at Taco Bell weighed on the company’s same-store sales growth.However, Yum said Taco Bell, which the company considers a “growth engine” for its business, has since rebounded. “Since the end of September, Taco Bell U.S. has been outpacing the [quick-service restaurant] industry on same-store sales growth,” Yum CEO Chris Turner said in a statement.Shares of Yum rose more than 3% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share:…

Versant Media on Tuesday reported quarterly earnings that beat expectations and reaffirmed its full-year 2026 guidance, citing strength across its portfolio and growth in its platforms revenue.The media company reported $245 million in revenue from digital platforms including Fandango, marking a nearly 10% year-over-year increase. Versant said Fandango saw “significant growth” in ticketing revenue in the third quarter, notching its highest level since the pandemic. Advertising revenue, however, slipped to $373 million during the period, down 5.3% from last year, primarily due to the impact of last year’s Ryder Cup, according to the company. The Versant portfolio includes CNBC, MS…

Pfizer on Tuesday reported fiscal third-quarter results that topped estimates and hiked its full-year outlook, as demand for its newly launched and acquired products grows. Pfizer also Tuesday announced that Cecile Guegan, who has held various finance leadership roles at the company over the last two decades, stepped in as chief financial officer this month. She had served as interim CFO since August, when Pfizer’s former CFO, Dave Denton, stepped down to take the same position at Nike.The company is now expecting full-year revenue to total $62 billion to $64 billion, which compares with a previous outlook of $60.5 billion…

The US midterm elections arrive at a precarious time for markets.We’re just days removed from the worst stock sell-off in months. Treasury yields — while down slightly from multidecade highs — are still uncomfortably high. And inflationary pressure continues to mount across the economy thanks to $100-plus oil prices.I previously broke down the stock-market winners and losers under different election scenarios. This time, I’m looking at how the results could amplify — or alleviate — the pressures investors are already facing.Here’s your election-day cheat sheet by scenario:1. Split Congress: The gridlock tradeUnder this scenario, Democrats take the House, while Republicans…

DoorDash employees might have to make fewer LinkedIn connections as a result of their employer’s $17 billion deal to buy Instacart.The food-delivery service told employees as much in an internal question-and-answer document filed with the SEC on Thursday.”Can I connect with Instacart employees on LinkedIn?” reads one of the questions in the document.”Not at this time,” the answer says. “Please do not request any new connections with any Instacart employees on LinkedIn, even if you have a prior relationship.”The guidance shows that a pending takeover can change life inside the companies involved, sometimes for long periods. Merging companies must remain…