Business

Warning to Wall Street: SPACs may be out of control

Reverse mergers were long reserved to the backwaters of Wall Street. Today, they've become the hottest way to go public.Virgin Galactic, DraftKings and Nikola have all gone public by merging with special purpose acquisition companies, or SPACs. Even Playboy is…

Bitcoin surges after Paypal jumps into the cryptocurrency business

PayPal is launching its own cryptocurrency service, allowing people to buy, hold and sell digital currency on its site and applications.The online payments company declared adding crypto was a significant milestone on the path to mainstream adoption of cryptocurrencies such…

A mask startup is rapidly expanding into empty mall stores

Covid-19 Essentials is a pandemic-specific store for all your pandemic-specific needs, and the growing business already has eight locations at malls across America.The company sells a wide variety of more fashionable face masks and even makes personalized masks on location…

The 'Code Red' scenario for Google

The Trump administration sued Google on Tuesday in what is the largest antitrust case against a tech company in more than two decades.At the heart of the government's lawsuit is a secretive deal under which Google allegedly pays billions of…

Wall Street could call the 2020 election before the media does

With an unprecedented number of mail-in ballots to count, news organizations will probably exercise extreme caution before declaring a winner on the night of the election. Wall Street, on the other hand, isn't known for its patience.Investors will be closely…

Snap stock soars over 20% on strong user growth

More time at home has meant more people on Snapchat.On Tuesday, the social platform announced it had 249 million daily active users at the end of the third quarter, an increase of 18% compared to the same time a year…

Netflix shares fall after it reports slowing subscriber growth

Netflix stock fell around 5% in after-hours trading Tuesday after the company posted slowing growth in new subscriptions and lower-than-expected profits, a sign that the streaming giant's pandemic bump may be petering out.The company said it added 2.2 million net…

Allbirds launches its first line of sustainable apparel

If you've ever wanted to wear a T-shirt made of discarded crab shells, now's your chance.Yes. Really.Allbirds — the footwear company known for making shoes from sustainable materials such as merino wool and sugarcane waste — is launching its first…

Berkshire Hathaway fined for alleged Iran sanctions violations

A foreign subsidiary of Berkshire Hathaway appears to have violated US sanctions on Iran, the Treasury Department said Tuesday.Berkshire, the conglomerate run by the legendary investor Warren Buffett, agreed to pay $4.1 million to settle its potential civil liability over…