In a surprising turn of events, Wish, the once-valued $14 billion e-commerce platform, has recently announced its acquisition by Singapore’s Qoo10 for a mere $173 million in cash. This staggering decrease in value highlights the challenges faced by e-commerce companies in maintaining sustainable growth. Founded in 2010 and based in San Francisco, Wish gained popularity
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The upcoming release of the consumer price index (CPI) has the potential to sway the stock market, and investors are closely watching the outcome. JPMorgan’s traders suggest that the January CPI will continue the trend of easing inflation. Economists anticipate a 0.2% increase last month, and a 2.9% rise from the year-ago period. Core CPI,
Mitch Landrieu, the campaign national co-chair for President Joe Biden, responded to worries raised by Special Counsel Robert Hur regarding Biden’s alleged mental deterioration. In an interview on NBC’s “Meet the Press,” Landrieu dismissed comparisons between Biden and former President Donald Trump’s investigations into mishandling of classified documents, stating that they are not even remotely
The direct-to-consumer (DTC) boom, once hailed as the future of retail, is now facing its own reckoning. In the past decade, DTC companies such as Allbirds, Warby Parker, Rent the Runway, and ThredUp emerged as disruptors, leveraging social media ads and online shopping to gain traction. With the support of billions in venture capital funding,
Pinterest, the popular visual discovery platform, experienced a significant drop in its stock shares following the release of a weaker-than-expected forecast and disappointing revenue. Despite a rebound after announcing a new partnership with Google, the company is facing challenges in monetizing its platform and expanding its international sales. In its latest earnings report, Pinterest reported
Credit card debt in America has reached an alarming new high, soaring to $1.08 trillion, according to a report by the Federal Reserve Bank of New York. This represents a significant 10% increase from the previous year. In addition, the average balance per consumer has hit a historic record of $6,360. The surge in credit
The online advertising market is experiencing a rebound, but the spoils are not being evenly shared. The latest earnings reports from social media giants Meta (formerly Facebook) and Snap reveal a stark contrast in their advertising growth. Meta’s ad business, which includes Facebook and Instagram, experienced a remarkable 24% growth from the previous year, positioning
In an era where misinformation and deepfakes continue to plague social media platforms, Meta is taking a proactive step to identify AI-generated content. As the company gears up for upcoming elections worldwide, it aims to weed out false narratives and manipulated visuals. Meta recently announced that it is building tools to detect AI-generated images on
Federal Reserve Chair Jerome Powell has assured the public and the market that the central bank will proceed with caution when it comes to interest rate cuts in 2020. In an interview with “60 Minutes,” Powell expressed confidence in the economy and emphasized that the Federal Reserve’s decision-making process would not be influenced by the
In a recent interview, National Security Adviser Jake Sullivan affirmed that the United States is prepared to take further military action against Iran-backed groups. This declaration has raised concerns and heightened tensions in the already volatile region. Although Sullivan emphasized that the U.S. is not seeking a wider conflict, the prospect of additional strikes has