Yahoo Finance SBF on the stand, X's value, McDonald's prices: Top Stories
Sam Bankman-Fried was questioned by the prosecution during cross-examination in the FTX co-founder's fraud trial, picking apart mixed statements from his testimony from last week.
Elon Musk bought Twitter.com for a staggering $44 billion one year ago, with reports now valuing the company at less than half of that figure. According to The Verge, internal documents show employees were offered equity in the company at an evaluation of $19 billion dollars.
McDonald's (MCD) CEO announced on the company's earnings call that it would raise prices on its menus in California. This is in response to the state's raised minimum wages where, starting in April, employees must legally be paid a minimum of $20 an hour.
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Video Transcript
- Here's a look at some of the top stories of the day. The cross-examination of Sam Bankman-Fried is now underway. Prosecutors are grilling SBF as they look to frame his public statements about the company as misleading or lies. At one point, he said he called some of the shots at FTX, but he also kept many of his answers vague or simply said, I don't recall.
In just about a year ago, Elon musk took Twitter private for $44 billion. But reports now say the company is valued at less than half that at $19 billion. According to the Verge, internal documents show employees at X were awarded equity in the company, an evaluation of $19 billion or $45 per share. That price is a 55% discount to Musk's original purchase price.
And separately, Fidelity marked down the value of its X shares by another 8% in September. Fidelity, remember, put up $300 million in Musk's takeover. So in that time, its shares are down 65%. And McDonald's is raising prices in California. Company CEO making that announcement on its earnings call, saying the price hikes will offset higher labor costs. Starting April, fast food workers in California will start making at least $20 an hour.
