What you need to know today
Germany’s bitcoin sell-off
The German government has been selling off hundreds of millions of dollars worth of bitcoin, contributing to the cryptocurrency’s recent price drop.
The German government has been selling off hundreds of millions of dollars worth of bitcoin, contributing to the cryptocurrency’s recent price drop.
Police in the eastern German state of Saxony seized close to 50,000 bitcoins in mid-January, worth about $2.2 billion at the time of the seizure. Despite selling $379 million worth of bitcoin in recent weeks, Germany’s Federal Criminal Police Office still holds roughly 32,488 bitcoins — worth around $1.9 billion at today’s prices.
Boeing plea deal
Boeing has agreed to plead guilty to criminal fraud in relation to the fatal 737 Max crashes.
Boeing has agreed to plead guilty to criminal fraud in relation to the fatal 737 Max crashes.
The plea deal, pending court approval, will label Boeing a felon but allows it to avoid trial.
The company will likely pay a fine of $243.6 million and have an independent compliance monitor oversee its operations for three years. This conviction could impact Boeing’s ability to sell products to the US government, though it could seek waivers.
Elliott proxy fight threat
Activist investor Elliott Management has threatened a proxy fight with Southwest Airlines unless its board agreed to negotiate leadership changes. Elliott seeks to oust CEO Bob Jordan and Executive Chairman Gary Kelly, citing underperformance and cultural issues. The investor claims the board’s recent actions, including adopting a poison pill and expanding the board, are “entrenchment maneuvers.” While open to collaboration, Elliott plans to give shareholders a say in leadership changes if the board remains unresponsive.
Activist investor Elliott Management has threatened a proxy fight with Southwest Airlines unless its board agreed to negotiate leadership changes. Elliott seeks to oust CEO Bob Jordan and Executive Chairman Gary Kelly, citing underperformance and cultural issues. The investor claims the board’s recent actions, including adopting a poison pill and expanding the board, are “entrenchment maneuvers.” While open to collaboration, Elliott plans to give shareholders a say in leadership changes if the board remains unresponsive.
Corning’s AI pop
Corning’s stock surged 12% on Monday, its biggest jump since March 2020, after the company raised its second-quarter forecast. Corning attributed the growth to increased demand for its optical connectivity products, which support generative AI networks. “We’ve invented new fibers, new cables, new connectors and new custom integrated optical solutions to dramatically reduce installation costs, overall time and space and carbon footprint,” Corning CEO Wendell Weeks said on CNBC’s “Squawk Box.”
Corning’s stock surged 12% on Monday, its biggest jump since March 2020, after the company raised its second-quarter forecast. Corning attributed the growth to increased demand for its optical connectivity products, which support generative AI networks. “We’ve invented new fibers, new cables, new connectors and new custom integrated optical solutions to dramatically reduce installation costs, overall time and space and carbon footprint,” Corning CEO Wendell Weeks said on CNBC’s “Squawk Box.”
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Some famous words of Buffett. I hope it's useful to you. : )
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