Uber raised slightly more than $1 billion from Japanese tech and investing giant Softbank. The ride-sharing company’s board also changed its stock voting structure to take power away from former CEO Travis Kalanick. According to The Wall Street Journal:
Among the approved proposals Tuesday, Uber’s board agreed to revoke certain investors of their so-called supervoting rights, which granted them multiple votes per share, a person familiar with the matter said. The provision is intended to restrict Kalanick’s grip on the company and create equal voting power among shareholders.
Yahoo, the internet portal owned by Verizon Communications Inc. (NYSE: VZ), provided new details about a 2013 hack of some of its customers, saying it was larger than previously disclosed. Reuters reports:
Yahoo on Tuesday said that all 3 billion of its accounts were hacked in a 2013 data theft, tripling its earlier estimate of the size of the largest breach in history, in a disclosure that attorneys said sharply increased the legal exposure of its new owner, Verizon Communications Inc.
New Ford Motor Co. (NYSE: F) CEO Jim Hackett said the company would invest $7 billion in products for the popular truck and sport utility vehicle segments while sharply cutting costs elsewhere.
New NBC star Megan Kelly posted mediocre ratings in her early days on the air. According to The New York Times, during its first week the show, called Megan Kelly Today, did no better than the Today Show, which used to air in the same time slot.
President Trump commented that Puerto Rico’s troubled debt load may have to be “wiped out.” He told Fox News:
We are going to work something out. We have to look at their whole debt structure. You know they owe a lot of money to your friends on Wall Street. We’re gonna have to wipe that out. That’s gonna have to be — you know, you can say goodbye to that. I don’t know if it’s Goldman Sachs but whoever it is, you can wave good-bye to that.