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Tesla buys $1.5 billion in bitcoin, plans to accept it as payment

Tesla announced Monday it has bought $1.5 billion worth of bitcoin. In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to accept do so. The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments. Tesla’s move into bitcoin represents an investment...

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Wall Street’s Most Reviled Investors Worry About Their Fate

If the price falls, the short seller buys the now-cheaper shares back, returns them to the broker and pockets the difference. But the strategy can be risky. If shares climb — either because other investors make the opposite bet, as in GameStop’s case, or simply because the short seller got it wrong — short sellers lose. In the past year, as the stock market soared more than 16 percent, hedge funds that were mainly shorting stocks lost nearly 47 percent, according to a Hedge Fund Research index that tracks industry performance. “Short sellers have been beaten up and left for dead on...

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AMC shares quadruple as retail traders raid hedge fund short targets

Street performers in Minnie Mouse costumes pass in front of an AMC movie theater at night in the Times Square neighborhood of New York, Oct. 15, 2020. Shares of embattled movie theater giant AMC Entertainment more than quadrupled at the opening bell on Wednesday amid a flurry of trading activity in some of Wall Street’s most shorted stocks. About ten minutes into the session the stock was halted due to volatility. Shares of AMC jumped as much as 310% just after stocks opened for trading. The stock quickly gave back some of those gains, and last traded 247% higher before it was...

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MyPillow C.E.O.’s Trump Conspiracy Theories Put Company on the Spot

For the past four years, most American corporations have tried to avoid the appearance of partisanship while also distancing themselves from the inflammatory rhetoric of former President Donald J. Trump and his supporters, walking a tightrope to keep customers and employees happy. It has been a different story for MyPillow. Mike Lindell, the company’s founder and chief executive, has remained one of Mr. Trump’s most fervent supporters. His sustained peddling of debunked conspiracy theories about election fraud got him barred from Twitter on Monday night. With retailers like Kohl’s and other major companies cutting ties with the privately held manufacturer, Mr....

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Trump becomes first president to be impeached twice, as bipartisan majority charges him with inciting Capitol riot

President Donald Trump, a man hyperaware of his achievements and place in history, added a first to his record on Wednesday. A week before he will leave office, Trump became the first president impeached by the House twice. The chamber charged him with high crimes and misdemeanors for inciting an insurrection at the U.S. Capitol seven days ago. The president’s behavior in the 13 months since the first impeachment left House Democrats making a more clear-cut case than the first time around. The chamber charged Trump in a 232-197 vote, as all Democrats and 10 Republicans backed the measure. The four-page article of...

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J&J’s one-shot Covid vaccine is safe and generates promising immune response in early trial

Johnson & Johnson‘s one-dose coronavirus vaccine is safe and appears to generate a promising immune response in both young and elderly volunteers, according to trial data published Wednesday in the New England Journal of Medicine. J&J scientists randomly assigned healthy adults between the ages of 18 and 55 and those 65 and older to receive a high or low dose of its vaccine — called Ad26.COV2.S — or a placebo. Some participants in the 18-to-55 age group were also selected to receive a second dose of the vaccine. Most of the volunteers produced detectable neutralizing antibodies, which researchers believe play an important...

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The unemployment rate is above 20% for the lowest-paid workers, Fed’s Brainard says

Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. Unemployment for the lowest-paid workers in the U.S. is above 20%, a figure that Federal Reserve Governor Lael Brainard said underscores the importance of policy help for the economy. The figure indicates how uneven the recovery has seen since efforts to control the Covid-19 pandemic resulted in the biggest quarterly GDP drop since the Great Depression. “The damage from COVID-19 is concentrated among already challenged groups,” Brainard said in a speech Wednesday. “The K-shaped recovery remains highly uneven,...

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Lack of Tiny Parts Disrupts Auto Factories Worldwide

The semiconductor shortage came out of left field, hitting the industry at a perilous moment. Sales have plunged worldwide. In Europe, for example, they were down 25 percent in 2020. This is all happening while automakers are trying to navigate a shift in basic technology from internal combustion engines to batteries, which has subjected them to new competition from Tesla, the California company that has become the most valuable automaker in the world by far, and emerging Chinese manufacturers like Nio. Exactly how long the shortage will last is unclear. It can take 20 to 25 weeks from the time new orders...

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How Parler, a Chosen App of Trump Fans, Became a Test of Free Speech

From the start, John Matze had positioned Parler as a “free speech” social network where people could mostly say whatever they wanted. It was a bet that had recently paid off big as millions of President Trump’s supporters, fed up with what they deemed censorship on Facebook and Twitter, flocked to Parler instead. On the app, which had become a top download on Apple’s App Store, discussions over politics had ramped up. But so had conspiracy theories that falsely said the election had been stolen from Mr. Trump, with users urging aggressive demonstrations last week when Congress met to certify the...

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Trump not expected to be criminally charged — at least for now — with inciting Capitol riot, DOJ says

U.S. President Donald Trump gestures during a rally to contest the certification of the 2020 U.S. presidential election results by the U.S. Congress, in Washington, U.S, January 6, 2021. President Donald Trump is not expected to be criminally charged — at least for now — with inciting the riot at the U.S. Capitol, a Department of Justice official said Friday. The official’s comments came just a day after the top federal prosecutor in the District of Columbia did not rule out charging Trump. “We don’t expect any charges of that nature,” the official said Friday during a conference call with reporters when asked...

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