Elon Musk Frets As Microsoft Axes AI Ethics Team, Richard Branson's Virgin Orbit Stops Ops, Credit Suisse To Borrow Up To $54B: Today's Top Stories

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Amid Thin Twitter Safety Staff, Elon Musk Frets Over Microsoft Reportedly Axing AI Ethics Team

• Elon Musk fusses over Microsoft Corporation (NASDAQ: MSFT), reportedly firing its AI Ethics and Society team amid concerns about the reduced Twitter workforce.
• Musk reacted to a news report about Microsoft slashing its Ethics and Society team within the artificial intelligence organization.
• While his reaction may seem legit, considering that since acquiring Twitter in October 2022 for $44 billion, Musk has steadily slashed many employees, netizens were quick to point out the irony.

• Elon Musk-owned SpaceX's Starlink now offers a global roaming option that enables users to stay connected even in remote places where internet access is erratic or non-existent.
• Musk provided an update on SpaceX's Starlink services and said it would offer global roaming. Sharing tweet by SpaceX, Musk said, "Starlink now offers global roaming."

• Credit Suisse Group AG (NYSE: CS) said it is taking decisive action to pre-emptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to $54 billion (50 billion Swiss Francs).
• The borrowing would be done under a covered loan facility and a short-term liquidity facility, fully collateralized by high-quality assets.
• Credit Suisse also highlighted offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to approximately $3.22 billion.

• Volkswagen AG (OTC: VWAGY) is making efforts to make a mark in the electric vehicle race. Shortly after announcing a massive $193 billion investment toward electrification, the German automaker premiered its budget model ID.2 all-concept EV.
• Unveiling the ID.2 on Wednesday, Volkswagen said it is extending the success story of its compact car to the EV arena. The EV's production model, priced at less than 25,000 euros ($26,500), would be made available in 2025, it added.

• Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) acquired more shares in Occidental Petroleum Corp (NYSE: OXY), increasing its stake to about 23.1%, according to a regulatory filing.
• According to the filing, Berkshire paid about $466.68 million for 7.9 million Occidental shares between March 13 and March 15.
• Berkshire Hathaway's company now owns about 208.04 million Occidental shares worth $11.81 billion, based on Wednesday's closing price of $56.80.

• Canadian convenience store operator Alimentation Couche-Tard (OTC: ANTCF) has signed agreements covering TotalEnergies SE's
• (NYSE: TTE) retail networks in four European countries.
• The proposed acquisition would comprise 100% of TotalEnergies retail assets in Germany and the Netherlands and a 60% controlling interest in the Belgium and Luxembourg entities.
• The planned transaction, based on an enterprise value of €3.1 billion, covers the service station networks and the B2B fuel card activities.

• Virgin Orbit Holdings Inc (NASDAQ: VORB) said it is halting all its operations from March 16, 2023.
• The company also conducts discussions with potential funding sources and explores strategic opportunities.
• The company expects the operational pause to continue through March 21, 2023.
• Richard Branson's satellite launch company is furloughing nearly all its employees.
• Chief Executive Officer Dan Hart told staff that the furlough was to buy time for an investment plan to bring Virgin Orbit out of its financial crisis.

Reuters

Tesla Slammed With 2 Class Action Suits Alleging Unfair Repair Practices

• Elon Musk-led Tesla Inc (NASDAQ: TSLA) has been slapped with two class action lawsuits.
• Two lawsuits were filed against the EV maker in the federal court in San Francisco on Tuesday and Wednesday, alleging customers were forced to pay supra-competitive prices and suffer exorbitant wait times to maintain and repair their Tesla vehicles as a result of Tesla's monopolization of the market.
• As per the lawsuit documents, first noted on Reuters, Tesla owners have only the option of scheduling service at Tesla for any service or repair activities, unlike buyers of traditional vehicles with internal combustion engines.

• U.S. District Judge Matthew Kacsmaryk questioned President Joe Biden's administration lawyers on whether the federal regulatory approval of the abortion pill mifepristone was proper.
• The judge is reportedly considering a request by anti-abortion groups to ban sales of the drug nationwide.
• The judge raised the possibility of keeping the drug on the market but re-imposing some restrictions lifted by Biden's administration, including requiring it to be dispensed in person rather than by mail.
• Kacsmaryk said he would rule "as soon as possible."

CNBC

Google Dumps AR Smart Glass Enterprise Sales For Reasons Undisclosed

• Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google has halted sales of Glass Enterprise Edition effective March 15, 2023.
• Google will continue supporting Glass Enterprise Edition until September 15.
• Google's retreat comes as rivals, including Meta Platforms Inc (NASDAQ: META) and Apple Inc (NASDAQ: AAPL), splurge over augmented reality and virtual reality technology.
• Google spokesperson Patrick Seybold told The Verge that the company is still "deeply committed to AR" and that it's "been building AR into many Google products, and we'll continue to look at ways to bring new, innovative AR experiences across our product portfolio."

Wall Street Journal

Novartis' Prostate Cancer Therapy Hit By Supply Crunch, Seeks To Ramp Up Production To Ease Supply Issues

• Last week the FDA said Novartis AG's (NYSE: NVS) Pluvicto is short in supply due to manufacturing and delivery issues.
• Novartis said it is operating the Italy facility at full capacity. It filed last month for FDA approval to manufacture commercial Pluvicto for patients in the U.S. at its site in Millburn, N.J. The company has asked the agency to expedite its review, Ms. Masow said.
• The company said it wouldn't take new orders for Pluvicto until it had clarity on the approval of more production capacity, which is expected in four to six months.

Bloomberg

Baidu's Recorded Demo of AI Chatbot Disappoints As People Seek More Information

• Baidu Inc (NASDAQ: BIDU) shares declined premarket after founder Robin Li opted for a pre-recorded video to introduce its ChatGPT equivalent, "Ernie Bot," on Thursday.
• Baidu's shares fell as much as 10% in afternoon trading in Hong Kong, wiping out over $4 billion of its value.
• Li's scripted video of interactions with the AI disappointed as everybody looked for a more full, real-life demo.
• The video raises questions about Ernie's ability to match OpenAI's ChatGPT, which met with mixed success.

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