Business

Dating apps Tinder and Bumble are seriously at war

They may happily coexist in your phone, but Bumble and Tinder, two of the world’s most popular dating apps, are at war offscreen. Last month, Match Group, which owns Tinder (along with Match.com, OkCupid and Plenty of Fish), sued Bumble for violating its patents and trademarks, and for a misuse of trade secrets. Bumble quickly fired back. First, it published a fierce open letter that declared itself unintimidated. Then, it countered with a lawsuit of its own, accusing Match of asking Bumble to reveal confidential information under the guise that Match might purchase it. Bumble claims that Match’s lawsuit is an attempt to scare off other investors by discrediting the company. More from the New York Times: Spotify’s Wall Street Debut Is a SuccessSleeping in Car and Visiting...

Everything David Einhorn’s Been Saying About Tesla Came True And He Still Lost Money

This was it. It was finally happening. For years, David Einhorn has been telling anyone who’d listen that Tesla was a fraudulent mirage and a fever dream certainly not worth as much as his preferred car-maker stock, GM. It didn’t work. Worse, in his fervor against all things Elon Musk, he stood at risk of becoming what he most loathed: Bill Ackman. At last, however, the spell was lifting. Elon Musk had killed somebody, and Tesla stock was tanking. Amazon and Facebook and all of the other stocks that were making it feel like 1999 all over again, too. And not a moment too soon, as Einhorn’s Greenlight Capital was just days from closing the books on one of its worst-ever quarters. Things were finally starting to make sense again. Right? Wrong. In an analysis of his largest stock wagers, Einho...

The WSJ Pens A Touching Obit To Bill Ackman’s Career

While we knew that things were pretty pretty bad for old Billy Ackman, we were surprised to see this morning that he had fallen into “Left for dead by The Wall Street Journal” territory. Apparently, the fine folks over at WSJ have examined Pershing Square Capital and found very few signs of life. Everyone’s favorite old man newspaper is not only saying that The Ack-Man is basically dead, it’s throwing a little dirt on his coffin: After three years of subpar performance, most investors in his Pershing Square Capital Management LP have asked for money back, with about two-thirds of the cash that could be withdrawn at the end of the year being pulled, according to people familiar with the matter. Redemptions, which only involve a portion of total assets, have continued at a similar rate this ...

Ripple Tried To Pay For Coinbase, Gemini Listings Which Is 100% Legal, 60% Of The Time

Remember Ripple? No? That’s ok, neither does anyone else apparently. As it turns out, people tend to forget about things that lose 85% of their value in the space of four months, which is what’s happened to Ripple after it hit a high above $3 earlier this year. That absurd blowoff top for the coin (which sports a literal fidget spinner as a logo) came hot on the heels of 2017’s 32,000% gain. The furious rally briefly catapulted cofounder and former CEO Chris Larsen above Google founders Larry Page and Sergey Brin, Steve Ballmer, Larry Ellison, and a whole host of other high profile billionaires on the list of Earth’s richest people. When someone writes the history of cryptocurrencies, the short-lived Ripple mania may end up marking “peak crypto”, because as silly as it most assuredly was, ...

Virgin Galactic completes first rocket powered, supersonic flight of its new spacecraft, Unity

Virgin Galactic completed its first powered flight in nearly four years on Thursday when Richard Branson’s space company launched its Unity spacecraft by rocket power, reaching supersonic speeds before safely landing. @virgingalactic: VSS Unity went supersonic and will be landing shortly #SpaceShipTwo Unity took off from the Mojave Air and Space Port, lifted by the jet-powered mothership Eve. It landed there more than hour later. It was the fifth powered test flight of the SpaceShipTwo design, and the first since the fatal crash of Spaceship Enterprise on Oct. 31, 2014. @virgingalactic: Touch down. Congratulations Mark “Forger” Stucky and Dave Mackay for a great milestone test flight #SpaceShipTwo The spacecraft underwent extensive engine testing and seven glide tests bef...

Hopes rise for Shire sale as Takeda CEO discusses case for deal

Expectations that Takeda Pharmaceutical will bid for London-listed rare disease specialist Shire before an April 25 deadline rose on Thursday after comments from the head of the Japanese drugmaker on the merits of a deal. The briefing by Takeda Chief Executive Christophe Weber for analysts fueled a 4 percent jump in Shire shares, valuing the company at around $48 billion – or $9 billion more than Takeda. During the meeting, Weber discussed the strategic case for buying Shire and addressed concerns about the size of such an acquisition, which Takeda first announced it was considering last week. The briefing was closed to the media and Takeda declined to confirm Weber’s remarks, but analysts said he had declared that size was no obstacle for any “mindful” acquisition ...

Virgin Galactic will on Thursday attempt its first powered rocket flight since 2014 fatal crash

[Update: The flight was a success.] Virgin Galactic is preparing for the first powered flight of its spacecraft Unity on Thursday, CNBC has learned. Richard Branson’s space tourism venture is going to fire the engines of its vehicle during a flight at Mojave Air and Space Port, a person familiar with the situation told CNBC. (The news was first seen by the blog Parabolic Arc.) Virgin Galactic has not tested a powered flight — as opposed to a glide — of one of its spaceships since the fatal crash of Spaceship Enterprise on Oct. 31, 2014. After extensive testing and glide tests, Virgin Galactic’s CEO George Whitesides said last year the company was “ready to go into powered flight.” With engine testing complete, Virgin Galactic completed the seventh glide test of Unit...

Sure, We May Be On The Verge Of Another Financial Crisis But At Least You’ve Got Something To Do

For some years now, life on Wall Street trading desks has been a bit slow. Boring, really. Not much to do and—worse—not much money to make. In spite of his promise, President Donald Trump has just not been able to inject much volatility into this quiet-ass market. Until now: Low-vol products are blowing up! The market drivers are cratering (Thanks, Mr. President)! There’s a trade war a-brewin’! People are desperately selling everything! The good times are again here at last. Enjoy them while you can. While no one is expecting a new peak in trading like the ones that occurred in 2009 and shortly before the financial crisis, the trading desks of the biggest U.S. banks are expected report revenue as much as 5% higher than a year ago, say analysts at Credit Suisse…. Stock-trading desks in part...

Yulia Skripal says UK poisoning episode ‘somewhat disorientating’

Yulia Skripal, who was poisoned in Britain last month along with her father, a former Russian double agent, issued a statement on Thursday saying the “entire episode is somewhat disorientating”. “I woke up over a week ago now and am glad to say my strength is growing daily,” the 33-year-old said in the statement issued on her behalf by London police. “I am sure you appreciate that the entire episode is somewhat disorientating, and I hope that you’ll respect my privacy and that of my family during the period of my convalescence.”

Facebook shares jump after Zuckerberg says data scandal has had no ‘meaningful impact’

Facebook stock rose nearly 4 percent in premarket trading Thursday after CEO Mark Zuckerberg told reporters he had not seen a noticeable change in user behavior in the wake of the Cambridge Analytica data scandal. “I don’t think there has been any meaningful impact we’ve observed,” Zuckerberg said, when asked if the tech giant has seen a change in the behavior of users or buying pattern of advertisers. “But, look, it’s not good,” Zuckerberg continued. “Even if we can’t really measure a change and the usage of a product, or the business or anything like that, it still speaks to people feeling like this is a massive breach of trust and that we have a lot of work to do to repair that.” As of the close of trading Wednesday, Facebook s...

GE to restate two years of earnings by April 13

General Electric said on Wednesday that it planned to provide restated results for 2016 and 2017 to reflect a new accounting standard by April 13. The updated accounting standard takes into account revenue from long-term contracts, which are being scrutinized by the U.S. Securities and Exchange Commission. GE had said in February that it expected to take a $4.2 billion accounting charge as it switches to the new standard. The company also said it would report its first-quarter earnings on April 20 under the new standard and that it would have no impact on its 2018 forecast.

Activist Carl Icahn plans a boardroom battle for SandRidge Energy as he advocates a sale

Activist investor Carl Icahn said on Wednesday he plans to nominate directors who would push for a sale of SandRidge Energy and may make an offer himself for the embattled Oklahoma City oil and gas producer. Icahn, who owns about 13.5 percent of SandRidge and is the company’s single largest shareholder, said he had “grave concerns” about current directors’ ability to decide the company’s future and will nominate his own slate at the annual meeting. The current board “had a history of making poor decisions on behalf of stockholders,” Icahn wrote in a filing with the U.S. Securities and Exchange Commission. Ashley Wilemon, a representative of SandRidge, said the company would not comment on Icahn’s characterization of the board or proposal to n...