Josh Brown: ‘If people don’t get fired, then it’s not a recession’

““You can’t have a recession if people still have their jobs and have no problem getting their next job. So I don’t care what the NBER says. … If people don’t get fired, then it’s not a recession.”“ That was Josh Brown, chief executive officer of Ritholtz Wealth Management, onstage at MarketWatch’s Best New Ideas … Read more

Netflix chief accounting officer gives up $2.4 million position after just 4 months on the job

Netflix Inc. is seeking a new chief accounting officer after its current one quits the role after less than four months. The streaming giant NFLX, -4.49% said in a regulatory filing Friday that Ken Barker has submitted his resignation effective Oct. 7. Barker, 55, joined the company on June 27 from Electronic Arts Inc. EA, … Read more

Metaverse funds top $2bn as Fidelity, LGIM, Franklin chase ‘theme du jour’

Funds investing in the metaverse are now managing more than $2bn globally, as a flurry of launches from some of Europe’s biggest asset managers look to take advantage of a hot investment trend. Data from Morningstar, provided to Financial News, shows a sharp increase in assets managed by funds focused on immersive virtual worlds, as … Read more

Banker bonus cap: Going, going, gone?

New chancellor Kwasi Kwarteng is drawing up plans to ditch the UK banker bonus cap as part of plans for a ‘Big Bang 2.0’ to reinvigorate the City after Brexit. The timing could be better. The British public has barely forgiven bankers for the 2008 financial crisis, and dangling bigger banker bonuses during a cost-of-living … Read more

‘Moore’s Law’s dead,’ Nvidia CEO Jensen says in justifying the gaming-card price hike

Nvidia Corp. Chief Executive Jensen Huang on Wednesday said he thinks it’s going to be “a pretty terrific Q4 for Ada,” the company’s next-generation chip architecture unveiled this week, even as critics balk of a price hike during a softening in consumer demand. Nvidia NVDA, +0.65% expects high demand for gaming chips using its next-generation … Read more

Meta Quietly Reduces Staff in Cost-Cutting Push

Meta Platforms Inc. META -2.72% is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans. The Menlo Park, Calif., company has begun quietly nudging out a significant number of … Read more

Meta and Google Are Cutting Staff. Just Don’t Mention Layoffs.

In response to stalling growth and intense competition, Meta META -1.75% Platforms Inc. executives have spoken of cost cuts, hiring freezes and “ruthless prioritization.” One word the company hasn’t used: layoffs. But Meta has begun quietly nudging out a significant number of staff by reorganizing departments and giving affected employees a limited window to apply … Read more

Nikola CEO Tells Jurors He Worried About Exaggerations by Company Founder Trevor Milton

Nikola Corp. CEO Mark Russell told a New York federal jury Monday that he had concerns about joining the electric-truck company because he believed its founder, Trevor Milton, “was prone to exaggeration in public statements.” Testifying in Mr. Milton’s securities-fraud trial, Mr. Russell said that before coming on board in 2019 as president of Nikola, … Read more

Who Will Inherit the Family Business? Often, It’s Private Equity

Neal Rosenthal found a different kind of heir when he set out to craft a succession plan for his wine-importing business a few years ago. Mr. Rosenthal wasn’t ready to give up the company he started in 1977 out of a liquor store connected to his parents’ pharmacy in New York City, on Manhattan’s Upper … Read more