Luckin Coffee Crashes After Company Admits COO ‘Fabricated Transactions’
Those involved in the scheme allegedly fabricated $310 million in total sales and inflated certain costs and expenses.
How One Restaurateur is Weathering the Coronavirus Shutdown
“With sliver-like margins and not enough resources to sustain a prolonged closure, the future looks grim.”
Uber CEO Asks Trump to Provide Relief to Drivers
The company’s 1.3 million independent workers are facing financial uncertainty due to the reduced demand for rides during the pandemic.
WeWork Investors Will Take ‘Necessary Actions’ If SoftBank Bails on Bailout
SoftBank agreed to the bailout deal in October.
Square Analysts React to FDIC’s Conditional Banking License Approval
The fintech company began its bid for a banking charter over two years ago.
House Report Says Wells Fargo Continues to ‘Abuse’ Customers
A new report slams the bank for failing to comply with regulatory orders on multiple customer abuse scandals and blasts regulators for inaction.
Trump Administration Asks Congress for $2.5B to Fight Coronavirus
"The President's request for coronavirus response funding is long overdue and completely inadequate to the scale of this emergency."
Tesla’s Scale, Ambition Hurts Bears After Another Big Quarter
CEO Elon Musk told analysts that Tesla electric vehicle demand is the highest in the world.
Grayscale Bitcoin Trust Becomes An SEC Reporting Company
Grayscale offers its services as an asset manager to accredited investors seeking to invest money in bitcoin as a security.
Taiwanese Chipmaker Facing Pressure to Produce Chips in U.S.
“The U.S. government wants chips that go into military projects to be built on American soil.”
Nike Gets Blockchain Patent To Let Users ‘Breed’ Own Shoes
The registration of the product on blockchain would allow users to "securely sell or trade" the tangible form of the shoes, Nike said.