Gautam Adani’s seven listed companies have lost a combined ~$50B in market value since the release of Hindenburg Research’s report on Tuesday alleging widespread fraud. Adani Enterprises was down almost 20% on Friday, its largest decline since 2017. Adani Green Energy and Adani Total Gas declined by the daily 20% limit. More: - Trading volumes in Adani stocks are three times their three-month average.
- India’s NSE Nifty 50 Index was down 1.6%, with bank stocks leading the losses as investors worried about their exposure to the Adani Group.
- According to sources, the Securities and Exchange Board of India (SEBI) said it would review the Hindenburg Research report and add it to its ongoing investigation into Adani Group’s foreign portfolio investors.
- Gautam Adani’s net worth has dropped to $96.6B in the last few days from ~$113.4B.
- Adani Group has dismissed the report, calling it maliciously mischievous and unresearched, and said it is exploring legal action.
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Chevron released its Q4 and full-year 2022 earnings on Friday, reporting a record annual profit of $35.5B. The oil giant generated $56.47B in total revenues in Q4 and $246.25B for the entire year. Q4 net income came in at $6.35B, or $3.34 a share, up from $5B reported in the same period last year. More: - FY 2022 net income was $35.5B, or $18.36 a share, more than double the $15.6B reported in FY 2021 and a record for the oil company.
- On Wednesday, Chevron announced a $75B stock repurchase program effective April 1 and over five years.
- The move follows a $25B stock buyback plan enacted in 2019 that is set to expire at the end of March.
- The White House objected to Chevron’s plan to triple its spending on share repurchases, wanting the company to lower the price at the pump.
- The average price for a gallon of gasoline crossed the $5 mark for the first time in the U.S. in 2022.
- Chevron also increased its dividend payout from $1.42 to $1.51 per share and will distribute the payment on March 10.
- Chevron shares rose more than 50% in 2022.
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Boston Metal, a clean steel technology company spun out of MIT, announced it has raised $120M in new funding led by global steel giant ArcelorMittal and with involvement from Microsoft. Boston Metal developed a new way of making clean steel. More: - In 2013, MIT professors Donald Sadoway and Antoine Allanore published a paper with lab results showing that it is possible to produce steel without releasing carbon dioxide emissions.
- Later that year, they launched the Boston Electrometallurgical Corp. to scale and commercialize the technology.
- Other investors in Boston Metal include Bill Gates through his climate venture firm Breakthrough Energy Ventures, Prelude Ventures, Piva Capital, and SiteGround Capital.
- In 2018, Breakthrough Energy Ventures and the National Science Foundation led Boston Metal’s $20M Series A funding round.
- According to the World Steel Association, the steel industry generates about $1.6T in revenue annually and accounts for 7% to 9% of global carbon dioxide emissions.
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Salesforce has appointed three new directors to its board as activist investor Elliott Management prepares to nominate new directors. According to sources, the investment firm has made a multibillion-dollar investment in Salesforce. More: - Salesforce has appointed Arnold Donald, former CEO of Carnival Corporation; Sachin Mehra, CFO of Mastercard; and Mason Morfit, CEO of ValueAct Capital.
- Salesforce chair and CEO Marc Benioff said the new directors bring valuable experience to further enhance and balance the diverse skills on the company’s board and advance its value-creation initiatives.
- Current Salesforce board members Sanford Robertson, co-founder of buyout group Francisco Partners, and Hasbro chair emeritus Alan Hassenfeld will step down.
- Benioff has been under pressure to improve the company’s performance after several activist investors disclosed they had built positions in the company.
- In October, Starboard Value, run by Jeff Smith, disclosed it had taken a stake in Salesforce.
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Intel released its Q4 and full-year 2022 earnings on Thursday, missing expectations across the board. The chipmaker posted Q4 revenue of $14B, down 32% YoY and a net loss of $664M, 16 cents a share, compared to a net income of $4.62B reported during the same period a year ago. Full-year revenue was $63.1B, down 20% YoY. More: - This was Intel’s fourth straight quarter of declining sales.
- The company’s Client Computing unit, which includes its PC chips, generated $6.63B in revenue, down 36% YoY.
- CEO Pat Gelsinger said the company faces persistent economic headwinds.
- The company expects Q1 FY 2023 revenue between $10.5B and $11.5B and an adjusted net loss of 15 cents per share.
- The company announced a $0.365 per share dividend payable on March 1.
- Intel shares fell more than 8% in extended trading on Thursday; it closed at $28.16 on Friday, down ~6.4% for the day.
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BuzzFeed said it plans to use OpenAI to enhance its quizzes and personalize some content for its audience. In a memo sent to employees, BuzzFeed CEO Jonah Peretti said AI would play a significant role in the company’s editorial and business operations this year. The company is the latest digital publisher to embrace AI. More: - BuzzFeed said it plans to incorporate AI to create personalized quiz results.
- Peretti said in 15 years, AI and data would help create, personalize, and animate content.
- On Wednesday, WSJ reported that Facebook parent Meta is paying BuzzFeed about $10M to help generate creator content for its various social platforms.
- Last year Meta announced it would stop paying news publishers to feature their content in its News tab.
- The company said it would reallocate resources to grow its creator business.
- BuzzFeed went public in late 2021 through a SPAC merger. The company is down more than 60% since its debut.
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- Israeli jets bombed Gaza overnight in response to rocket fire from the Palestinian coastal territory amid a sharp escalation in tensions after a deadly Israeli raid in the occupied West Bank.
- U.S. consumer spending fell 0.2% in December from November, its second consecutive monthly decline. Consumer spending fell 0.3% in November.
- Recently unsealed FTX bankruptcy documents showed that the defunct crypto exchange has thousands of creditors, including Netflix, Apple, Meta, American Airlines, United Airlines, JPMorgan, the New York Times, and the WSJ.
- Airbus plans to hire more than 13,000 new employees this year. The airplane maker hired roughly the same amount in 2022 to help boost its commercial aircraft production.
- Goldman Sachs CEO David Solomon received a 29% pay cut to $25M for 2022. Solomon's package includes a $2M base salary and variable compensation of $23M.
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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