World Street: Binance Founder Jailed, Tesla Supercharger Team Cut, Starbucks Earnings Miss, Amazon Surpasses Expectations, South Korea Exports Surge, Viking Holdings IPO
Binance founder Changpeng Zhao sentenced to 4 months in prison for money laundering, Tesla slashes Supercharger team, Starbucks laments Q2 earnings miss, Amazon surpasses Q1 expectations, South Korea’s exports surge, and Viking Holdings prices IPO to raise $1.54 billion.
In a shocking turn of events, Changpeng Zhao, the former CEO of Binance, has been sentenced to four months in prison for money laundering. Once considered a powerful figure in the cryptocurrency industry, Zhao, also known as “CZ,” is the second major crypto boss to face such consequences after FTX’s Sam Bankman-Fried.
Meanwhile, Tesla Inc. has made the decision to cut almost its entire Supercharger team, including senior director Rebecca Tinucci. This move comes as part of broader staff cuts ordered by Elon Musk, with more than 10 percent of the workforce being let go in mid-April.
Starbucks is facing disappointment as its Q2 earnings missed expectations across the board. The company cited macroeconomic challenges and a decrease in customer visits and orders as reasons for the underperformance.
On a more positive note, Amazon has exceeded expectations in Q1, with strong earnings and revenue growth driven by advertising and cloud computing. The company expects continued profitability in the second quarter.
South Korea’s exports have surged, fueled by record demand from the US. The country’s trade surplus reached $1.5 billion in April, with exports increasing by 11.3 percent year-on-year.
In the legal realm, former US President Donald Trump has been fined $9,000 for contempt of court in his criminal hush money trial. The judge warned of potential imprisonment if Trump continues to violate the gag order.
Lastly, Viking Holdings Ltd. has priced its IPO to raise $1.54 billion, aiming for a valuation of over $10 billion. The luxury cruise operator and two investors sold 64.04 million shares at $24 apiece.
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