Global Market developments include Binance CEO conviction, Tesla axing Supercharger team, Starbucks and Amazon’s earnings report, and Viking Holdings’ IPO price.
Changpeng Zhao sentenced to 4 months in prison for money laundering, Tesla cuts Supercharger team, Starbucks misses Q2 earnings, Amazon surpasses Q1 expectations, South Korea’s exports surge, US demand drives growth.
Former Binance CEO has been sentenced
Changpeng Zhao, former Binance CEO, has been sentenced to four months in prison for violating US money laundering laws, becoming the second major crypto boss to be sentenced to prison.
Tesla laid off entire Supercharger team
Tesla has axed nearly its entire Supercharger team, including senior director Rebecca Tinucci, in a move that comes in addition to a 10% staff cut ordered in mid-April. The company’s vast network of public charging stations is being impacted.
Starbucks’ earnings
Starbucks’ Q2 earnings fell short of expectations due to reduced customer visits and orders. CEO Laxman Narasimhan attributed the challenge to macro headwinds, particularly consumer pressures.
Amazon’s earnings beat
Amazon’s Q1 earnings and revenue exceeded expectations, driven by advertising and cloud computing growth. Operating income soared 200% to $15.3 billion, highlighting cost-cutting measures. CEO Laxman Narasimhan cited macro headwinds and consumer pressures as challenges.
South Korea’s export growth surged
South Korea’s export growth surged in April, driven by US demand and economic momentum amid China’s domestic slump, resulting in a trade surplus of $1.5 billion.
$9,000 fine on Donald Trump
Justice Juan Merchan imposed a $9,000 fine on Donald Trump for contempt of court and warned of potential imprisonment if he continued to violate a gag order, stating that the fine may not deter Trump.
Viking Holdings Ltd. IPO
Viking Holdings Ltd. raised $1.54 billion in its IPO, with 64.04 million shares sold for $24 each. The company upsized its IPO and aims for a valuation of over $10 billion. Merchan expressed concerns about Trump’s fine and the lack of authority to impose a higher penalty.
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