Tesla Inc. announced on Tuesday that the Department of Justice is investigating CEO Elon Musk’s claims that he may take the company private. The Justice Department made a ‘voluntary request’ for documents about Musk’s statement. The EU dropped its lawsuit against Ireland for failing to recover back taxes and interest from Apple after Apple paid 13.1 billion euros ($15.3 billion) in back taxes following a regulatory order two years ago.
Jaguar Land Rover announced that 2,000 staff members will transition to a three-day week due to dropping sales of diesel vehicles and increasing Brexit fears. The Castle Bromwich plant in the West Midlands will provide full pay to workers who work reduced hours. The change will run through Christmas and ultimately prevent job cuts.
The executive chairman of successful Chinese e-commerce company Alibaba Jack Ma announced plans to step down next year. CEO Daniel Zhang will replace him. Alibaba’s shares nearly doubled last year and it remains one of the world’s most valuable companies. The longtime chairman and CEO of CBS Leslie Moonves will resign amid sexual assault allegations.
In a merger announced on Thursday, Vodafone Australia will be combined with TPG Telecom to create a mobile, fixed-line, and broadband provider to rival Telstra and Optus. Belgian executive Dr. Bruno Charles De Cooman the vice president of Russia’s Novolipetsk Steel (NLMK) was found dead after falling from a nine-story building in Moscow.
Elon Musk reversed course Friday, saying he would keep Tesla as a publicly traded company, bowing to apparent pressure from his own shareholders. Meanwhile, Uber is planning a shift in emphasis from cars to electric bicycles and scooters for shorter journeys as part of its long-term strategy, according to the ride-hailing app’s chief executive.
PepsiCo announced on Monday it will buy Israeli company SodaStream International for $3.2 billion. The deal is the latest effort by Pepsi CEO Indra K. Nooyi to move Pepsi toward healthier drink and snack options. US soda consumption is in a 31-year low as seltzer sales have grown 42% in the past five years.
Netflix announced on Sunday they are testing promotional videos in between episodes on the site. Users complained the videos are commercials, saying they could not be muted or skipped. Amid speculation that Tesla will go private following CEO Elon Musk’s surprise announcement, the company has slashed spending to seek profitability and protect its financial health. Tesla stock has slipped 18.7 percent since Musk’s Aug. 7 privatization tweet.
Walmart announced on Thursday its last quarter performance from its grocery division was its best in nine years after efforts to boost its food shopping services. Walmart facilitates online ordering, in-person pick-up, and home delivery of groceries. The performance was the company’s largest increase in a decade and pushed stock up more than 10%.
Elon Musk, the founder of Tesla, tweeted on Tuesday he is considering taking Tesla private and claiming ‘Funding secured.’ Tesla did not comment. Twitter CEO Jack Dorsey defended the decision to allow Alex Jones to remain on the platform after his content was removed from other social media sites due to violation of hate speech guidelines.
PepsiCo’s first female chief executive Indra Nooyi is stepping down after 12 years at the top of the food-and-beverage company. She was Pepsi’s first foreign-born chief executive and also one of the few minority female leaders of a major corporation. Nascar CEO and chairman Brian Z. France is taking an indefinite leave of absence after being arrested on charges of drunken driving and drug possession.