Meta may be the biggest beneficiary of TikTok’s existential woes. After arguments at the Supreme Court today, which made the impending ban of TikTok appear to be more likely, Meta’s stock swung from down 2% to as much as 3% higher. Shares ended the day with a decent gain despite the swoon in the broader market.
Rivian may have some competition in its electric delivery van division: Bloomberg reports that Amazon is testing a small number of GM’s BrightDrop vans for its fleet.
According to Amazon, the test currently only includes a dozen of the vehicles. Amazon’s fleet also contains EVs from Ford, Stellantis, and Mercedes-Benz.
GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.
The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.
GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.
GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.
The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.
GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.
Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.
WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.
The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.
If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.
The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.
If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.
