Business

(Bloomberg) -- Cryptocurrency exchange FTX has amassed billions of dollars more than it needs to cover what customers lost in its November 2022 collapse, setting them up to receive full recoveries, plus interest, a rare outcome in US bankruptcy proceedings.Most Read from BloombergLower-ranking creditors typically receive just pennies on the…

Image source, Getty ImagesImage caption, Sam Bankman-Fried was sentenced to 25 years in prison for defrauding customersArticle informationAuthor, João da SilvaRole, Business reporter8 May 2024, 03:01 BSTUpdated 37 minutes agoCollapsed cryptocurrency exchange FTX says it has billions of dollars more than it needs to repay customers.The firm says…

Rivian (RIVN) reported mixed quarterly results for the first quarter, but will see further cost savings from shifting its upcoming R2 production to its Normal, Ill., plant and trimming its capital expenditure forecast. The EV maker also reaffirmed its full-year loss forecast and still sees a "path" to "modest gross profit" in the fourth quarter…

EV maker Lucid (LCID) reported mixed first quarter results as a wider-than-expected loss trumped the company's confirmation that its Gravity SUV is still on track for a 2024 debut.For the quarter, Lucid reported revenue of $172.7 million, topping expectations of $150.1 million and nearly 16% higher than a year ago. Lucid's loss per share,…

On Wednesday, Kendric Cromer, a 12-year-old boy from a suburb of Washington, became the first person in the world with sickle cell disease to begin a commercially approved gene therapy that may cure the condition.For the estimated 20,000 people with sickle cell in the United States who qualify for the treatment, the start of Kendric’s monthslong…

As people try to find more uses for generative AI that are less about making a fake photo and are instead actually useful, Google plans to point AI to cybersecurity and make threat reports easier to read.In a blog post, Google writes its new cybersecurity product, Google Threat Intelligence, will bring together the work of its Mandiant…

After months of uncertainty about its future, the nation’s largest private, for-profit hospital chain has filed for bankruptcy in Texas.Dallas-based Steward Health Care filed for Chapter 11 bankruptcy Monday, saying it will move to restructure its debt under court supervision and keep running its hospitals across the U.S. — including eight in…

6 Hours AgoFoxconn shares spike almost 7% after April sales soar almost 20%Shares of iPhone manufacturer Foxconn spiked as much as 6.73% after the company reported a 19.03% year-on-year rise in April revenue.Foxconn, which trades as Hon Hai Precision Industry in Taiwan, recorded 510.9 billion New Taiwan dollars ($15.83 billion) in revenue in…

Angle down icon An icon in the shape of an angle pointing down. A Tesla Cybertruck had to be helped out of the sand on Nantucket Island on May 2. iPullOut Beach Towing Tesla's Cybertruck doesn't appear as "apocalypse-proof" as Elon Musk first suggested.Since its November debut, the vehicles have gotten stuck in rough terrain and…

James Cameron and Ari Emanuel Josel Saget/AFP via Getty Images; Amy Sussman/Getty Images Both James Cameron and Ari Emanuel offered their support this weekend of Skydance‘s bid to acquire Paramount. Though reports earlier this week suggested that Paramount’s special board committee was leaning against…