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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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‘We Are Forgotten’: Grocery Workers Hope for Higher Pay and Vaccinations

HAC, the Oklahoma company that owns Cash Saver and Homeland, is employee-owned. Its chief executive, Marc Jones, said the initial hero pay last year was “a reflection of the surge of people in our stores, and when that surge died down it seemed like the appropriate time to end it.” It was a huge expense for the company, he said, which has about 80 stores and 3,400 employees, and competes with Walmart. Even with a better year than usual, groceries are a “peculiarly low-profit” business, Mr. Jones said. Until March, he said, “it was a big question of whether the local...

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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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Why India’s Farmers Are Protesting

At least one protester was killed and 300 police officers were injured after tens of thousands of farmers, many driving tractors, took to the streets of New Delhi on Tuesday to call for the repeal of contentious new agriculture laws. After months of sustained but peaceful demonstrations on the city’s outskirts, the farmers upstaged the city’s national Republic Day holiday, clashing with the police, destroying barricades and storming the Red Fort, a 400-year-old landmark. In addition to the police officers, many protesters were injured as well. On Wednesday, the day after the chaos, the farmers had returned to their camps on the...

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Biden’s $1.9 Trillion Stimulus: 8 Key Details of Plan

The incoming Biden administration unveiled a $1.9 trillion stimulus plan on Thursday that offered a wish list of spending measures meant to help both people and the economy recover from the coronavirus pandemic, from state and local aid and more generous unemployment benefits to mass vaccinations. Below, we run through a few of the biggest provisions, how they would work and what they might mean for the United States economy as it struggles through a winter of surging coronavirus cases and partial state and local lockdowns. Let’s put that headline number in context. That $1.9 trillion figure is a lot of money, to...

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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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U.S. Bans All Cotton and Tomatoes From Xinjiang Region of China

WASHINGTON — The Trump administration on Wednesday announced a ban on imports of cotton and tomatoes from the Xinjiang area of China, as well as all products made with those materials, citing human rights violations and the widespread use of forced labor in the region. The measure could have sweeping implications for makers of apparel and food products, many of whom have sought to distance themselves from atrocities in Xinjiang but have struggled to ensure their supply chains are free of all raw materials from the region. The area is a major source of cotton, coal, chemicals, sugar, tomatoes and polysilicon,...

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