News Highlights: Top Company News of the Day
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EV Startup Rivian Looking to Cut Costs, Make Workforce Reductions, CEO Says
The electric-vehicle startup is looking to realign its business by cutting costs, halting hiring of non-factory workers and making other reductions, according to an internal letter from Chief Executive RJ Scaringe.
Three Arrows Crypto Hedge Fund's Founders at Odds With Liquidators
Court-appointed liquidators for cryptocurrency hedge fund Three Arrows Capital said its founders can't be located and aren't cooperating in the investigation of its assets, allegations that the founders denied.
Endo Moving Toward Bankruptcy Filing Without Opioid Settlement Deal
Without a deal with opioid plaintiffs after years of negotiations, the pharmaceutical company is considering filing for bankruptcy as a means to restructure its more than $8 billion of debt and thousands of outstanding lawsuits, according to people familiar with the matter.
Google Countersues Match for Breach of Contract Over App Store Payments
Search giant wants to ban dating-app company from its app store amid a dispute over payments
Netflix in Talks With Hollywood Studios for New Ad-Supported Platform
The streaming giant is seeking to amend its programming deals with major entertainment studios to allow it to put content on an ad-supported version of the service.
Former Herbalife China Executive Ordered to Pay Fine After Defaulting in SEC Case
Yanliang 'Jerry' Li didn't send a lawyer to respond to U.S. Securities and Exchange Commission bribery charges brought in New York.
Walmart Orders 4,500 Electric Vans From Canoo
Shares of Canoo jumped after Walmart said it will use the electric vehicles to fulfill online orders and control costs.
The Elon Musk-Twitter Deal Saga: What's Happened So Far
The Tesla CEO is seeking to abandon his bid to buy the social-media company, capping a tumultuous stretch since he struck an agreement to buy it in April.
PepsiCo Revenue Rises as Higher Prices, Snack Brands Lift Business
PepsiCo reported a 5.2% increase in revenue in the latest quarter, driven by price increases and strong sales of its snacks and packaged foods.
Peloton to Stop Making Bikes Itself
The maker of connected fitness equipment said it plans to exit all the manufacturing operations it owns as it works to simplify its supply chain and reduce its cost structure.
