The founder of Nikola Corp has stepped down as executive chairman of the company.
Trevor Milton, the founder of Nikola Corp, has stepped down as executive chairman of the company. This comes just a few days after the company was reported to be the focus of investigations by the SEC and the DOJ following allegations by a short-seller. Milton said he plans to defend himself against the allegations and that the focus at this time should be on the company, not on him. Shares fell 22% in pre-market trading. Click here to read more
On Friday, it looked like this was going to be TikToks last weekend in the U.S. Markets. Then suddenly, the deal between Oracle Corp and TikTok was approved by President Trump. Oracle will take a 12.5% stake in the new TikTok Global formed in line with the U.S government’s demand that its U.S operations be divested to American owners. As part of the agreement, TikTok Global will run its app business on the Oracle cloud. Walmart will also take a 7.5% stake in TikTok Global. TikTok Global is set to launch an IPO and be listed on a U.S. stock exchange within 12 months. Click here to read more
According to subscription analytics firm Antenna, Netflix cancellations surged 5x the normal amount following the release of the French coming-of-age film “Cuties”. Netflix is facing serious backlash for the film which has been touted as over-sexualizing young girls. Antenna compared Netflix’s current cancellations to the last big event that caused a drop in users, the launch of Disney+ and discovered that cancellations only surged 1.7x at that time. Netflix is yet to make a statement on the issue. Click here to read more
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Here are the biggest movers in pre-market trading
1. Moderna expects to make 20 million doses of coronavirus vaccine by 2020 end. Click here to read more
2. HSBC, StanChart stock fell on allegations of money laundering. Click here to read more
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