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- 🚀 Buffett selling Apple stake
🚀 Buffett selling Apple stake
PLUS: Meta’s Reality Labs posts $4.48B loss, SunPower once a $11B company files for bankruptcy
Dear founder, here’s your 3-minute recap (without the fluff):
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Warren Buffett dumped half of his $160 billion stake in Apple (link)
Meta's Reality Labs unit recorded a $4.48 billion loss in the second quarter (link)
SunPower, a major rooftop solar installer, has filed for Chapter 11 bankruptcy (link)
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EmailTree - Helps to automate your responses with an AI-powered tool that leverages your internal knowledge base for swift and accurate replies (link)
Scale Donovan - An AI-powered decision-making platform that can help operators and analysts understand, plan, and act in minutes (link)
Beautiful AI - An AI-powered presentation software designed for teams, offering features to stay on brand, automate design, and collaborate effectively (link)
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đź“š Resources
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đź’° FundingAI chip startup Groq lands $640M to challenge Nvidia (link) Tencent joins $300M financing round for Chinese AI startup Moonshot (link) | đź’Ľ Job BoardPartner Marketing at OpenAI (US) Software Engineer, ML Platform at Reddit (Remote) |
đź’Ś Etcetera
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🗞️ News
Buffett sells half of Apple stake
Warren Buffett's Berkshire Hathaway has sold nearly half of its Apple stake, offloading approximately 390 million shares valued at over $50 billion, as part of a broader $76 billion stock sell-off. This decision comes as Apple reaches an all-time high market cap of $3.3 trillion.
Buffett's move, which has generated significant profits, is speculated to be a strategic hedge against potential tax increases and market uncertainties. Despite the sale, Apple remains Berkshire's largest holding, reflecting Buffett's continued confidence in the company
Meta’s Reality Labs posts $4.48 billion loss
Meta's Reality Labs reported a staggering operating loss of $4.48 billion for the second quarter of 2024, continuing a trend of significant financial setbacks. Since late 2020, the division has accumulated losses nearing $50 billion, despite a 28% increase in revenue to $353 million, primarily from VR headset sales.
Analysts had anticipated a slightly larger loss of $4.55 billion. As competition in the AR/VR market intensifies, former employees express concerns over Meta's strategic direction and management capabilities in this sector.
SunPower once a $11B company, files for bankruptcy
SunPower has filed for Chapter 11 bankruptcy protection and plans to sell its assets, including its Blue Raven Solar and New Homes divisions, to Complete Solaria for $45 million, pending court approval. The company's stock plummeted nearly 44% to 45 cents per share following the announcement, reflecting a decline of over 90% this year.
SunPower has faced significant challenges, including high interest rates impacting demand and allegations of misconduct in its financial reporting. Cumulative losses have reached approximately $50 billion since late 2020, raising doubts about the company's future viability.
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