Category: Billion Dollar Companies

  • Swiss Fund GAM Holding Announces Departure of Chief Executive

    Swiss Fund GAM Holding Announces Departure of Chief Executive

    In a statement released this Tuesday morning, crisis-hit Swiss fund manager GAM Holding AG announced that chief executive Alexander Friedman will be stepping down. Now the troubled firm that manages some $145.5 billion in assets for institutions is scrambling to prevent an outflow of capital from troubled investors following the top boss’ departure.

    Alexander Friedman, who’s held the top spot since 2014, will be leaving effective immediately after the latest round of backlash over unpopular decisions taken. GAM Holding AG Director David Jacob will be taking over in the meantime until a suitable long-term replacement is found.

    GAM Holding Under Attack Since August

    GAM’s chief executive Alexander Friedman has been facing heavy criticism since August when he made the controversial decision to freeze withdrawals from some of its major bond funds after a run on the portfolios.

    GAM Holding Chief Exective

    This lead to major investor anxiety especially amid rumors that the fund manager had suspended a prominent manager over possible record keeping and risk management problems. London-based Tim Haywood was later suspended.

    GAM Holding’s share price has tumbled by more than 60% over the last year and the fund manager has gone from bad to worse over the last twelve months.

    The Outlook for GAM

    Nervous shareholders may not welcome the latest blow to come out of GAM Holding, although there may be a silver lining in sight as the hedge fund explores all possible options to maximize shareholder value, including its possible sale.

    According to the statement, Mr. Jacob’s top priority now will be to ensure that all possible steps are taken to keep GAM Holding profitable, including finding possible buyers–and that any key actions are taken as swiftly as possible.

    Chairman of GAM Holding AG, Hugh Scott-Barrett, said:

    “The Group is facing some important decisions as we seek to position the business for future growth.”

    Images from Bloomberg.

  • Elon Musk Posts The Boring Company’s LA Tunnel Video on Twitter

    Elon Musk Posts The Boring Company’s LA Tunnel Video on Twitter

    Elon Musk uploaded a 30-second video of the tunnel built by his company, The Boring Company, under the city of Los Angeles on November 3. The two-mile track will open for the first time on December 10 in a ‘one-dimensional party’.

    The video has been sped up but Musk assured people that the tunnel is “disturbingly long.”

     

    In an interview with tech news website Recode, Musk admitted to enjoying dad jokes while adding that tunnels are “underappreciated.”

    LA’s Proof-of-Concept Tunnel

    Musk chose tunnels over flying cars because this mode of transportation is safer. Tunnels are noise-free and are protected from earthquakes and bad weather.

    In 2017, The Boring Company uploaded a video on YouTube which showed that cars would be lowered into the tunnel on electric sleds. Construction of the tunnel began in the same year when the Hawthorne City approved The Boring Company’s plans for the test tunnel.

    Once the proof-of-concept tunnel is accepted by the public, the company will begin constructing the 2.7-mile ‘Phase 1’ tunnel. It will run from Pico Boulevard to Washington Boulevard in Culver City. If these projects are successful, Musk plans on creating 3-D tunnels in the entire city to make it easier for people to avoid traffic.

    Elon Musk Only Spends 10-15 Minutes on Twitter

    Musk’s tweets have recently been in the news for many reasons. From being sued for a tweet by the U.S. Securities and Exchange Commission (SEC) to claiming that said tweet was ‘worth it‘, Musk still believes that he doesn’t need to change his behavior. He said:

    “Some people use their hair to express themselves; I use Twitter.”

    Musk also talked about his tweets criticizing journalists and other news websites earlier this year. He said that news writers need to research and find authentic sources for their articles.

    Musk added that he only comments on 1% of articles because the rest of the material doesn’t convey false information. Despite asking followers to send him ‘dank memes’ and commenting on the low budget of Star Wars, Musk added that he only spends a maximum of 15 minutes on Twitter, concluding by saying that there is no harm in expressing himself on Twitter.

    Featured image from The Boring Company.

  • China Has More $1 Billion Unicorns Than the US

    China Has More $1 Billion Unicorns Than the US

    The latest Hurun Report from China on Friday revealed the number of Chinese startups worth $1 billion has overtaken the number of US startups worth the same amount.

    China has added 34 “unicorns” in Q3 of 2018, taking China’s total to 181 compared to 138 in the US, according to the South China Morning Post. The country’s 181 thriving new enterprises are worth a combined 4.8 trillion yuan, the equivalent to $696 billion.

    Rupert Hoogewer, chief researcher of the Hurun report said of China’s startups:

    “These unicorns, mostly in the new economy, are the fastest-growing companies with the most potential to grow big against a slowing economy.”

    Despite this, China’s overall growth is slowing, Q3 saw its slowest quarterly growth as a country since the economic crisis which began a decade ago. Its stock markets have also tumbled with the Shenzhen and Shanghai declining over 25% this year alone.

    Many of these “unicorn” companies in the US and China are technology startups, with China’s new companies innovating in anything from fintech to e-commerce and artificial intelligence.

    China’s determined technology focus has been rewarded with much early investment capital sourced both nationally and internationally. More specifically, 45 of China’s unicorns are internet services related businesses and 21 are in internet finance.

    That said, China’s peer-to-peer lending business, much of it internet based, is under severe regulatory pressure and has declined rapidly over the last 12 months.

    15 of China’s billion-dollar startups surpassed their $1-billion thresholds within three years of their creation.

    The latest Hurun list doesn’t include the 20 Chinese companies that have become publicly listed already and 2018, and three which had merged.

    China’s Biggest Unicorns

    Billionaires in China, Jack Ma
    Jack Ma, image from Forbes

    China’s largest unicorn is, no surprise, Ant Financial an affiliate to Alibaba and the world’s most valuable unicorn with a valuation surpassing $150 billion and 1 trillion yuan. Alibaba and Ant Financial founder Jack Ma, at 54, is China’s richest man with a net worth of $39 billion.

    Ma founded Ant Financial, which rebranded from Alipay in 2014. In 2017 Ant Financial handled more payments than Mastercard and its online payments platform completed more than $8 trillion worth of transactions.

    It controls the world’s largest money-market fund, has made loans to tens of millions of people and is now the world’s biggest fintech firm.

    The second-largest Chinese startup is Jinri Toutiao, a news aggregation application owned by Bytedance Technology and with a value of over $75 billion or around 500 billion Chinese yuan.

    US Unicorns

    The US figure of 138 billion-dollar startups is taken from CB Insights and Pitchbook data from August 2018. A recent analysis of 91 U.S unicorns found over half had been founded by modern-day American immigrants.

    Uber is the most valuable U.S unicorn at $72 billion, followed by Elon Musk’s Tesla at $21 billion. If Uber decides to go public it could achieve an IPO valuation of $120 billion.

    Featured image from Alibaba.

  • Not Everyone Is Loving the Electronic Scooters Revolution

    Not Everyone Is Loving the Electronic Scooters Revolution

    Manufacturers of electric-scooter sharing companies have been drawn into a legal battle by nine individuals who have at one time or another suffered casualties from using these plug-in electric vehicles.

    The rides can be mesmerizing and adrenaline-filled, however, the slightest blip can catch you off-guard. The consequences are best imagined than experienced.

    A few who have borne the brunt in related accidents felt obliged to file a class-action suit on October 19 in Los Angeles County Superior Court against Birds Ride Inc. and Lime (Neutron Holdings).

    Also included in the list of defendants are electric scooter manufacturers; Xiaomi Corp. and Segway Inc. These companies were accused of gross negligence and complicity in the dangers associated with these scooters before deploying them to the market.

    Following the entrant of Birds into the US market in September 2017, there has been an increase in the demand for e-scooters both for the pleasure and the luxury attached to adding such product to your assets.

    Consequently, the surge has elicited an exponential increase in the number of riders and pedestrians landing in hospitals with injuries ranging from slight infringements to complicated cases–gravel rash, chipped toenails, joint dislocations, fractures, and detached biceps among other gory medical situations reported by both doctors and these victims.

    Three death cases occurred last month in Dallas, Washington DC and Cleveland involving scooter riders. Manufacturing companies have hospitals to thank for saving their blushes in recent times as they tend not to take account of circumstances that led to the causes of a patient’s injury. As a result, there are no definite statistical records on the number of scooter-associated incidents.

    That notwithstanding, Birds and Lime have been keeping close tabs on the number of rides handled by their scooters. This metric reveals over 20 million rides combined, and this increases every day.

    The New Craze

    Electric scooters have registered such an intimidating presence in more than 100 cities across the globe as startups exploit the niche of providing an innovative and eco-friendly type of micro transportation.

    e-scooters

    The ascent within the first year of operation has been a tremendous feat, earning Bird Lime Inc. a unicorn status in Silicon Valley with valuations estimated at nothing less than $3.3 billion.

    The phenomenal rise in the craze for scooters has, however, been trailed by controversies, complaints, and breaches. Fears have been cited about the risks they portend to public safety, and this has even led to authorities in some cities wielding regulatory provisions just to put a gag in its usage.

    San Francisco and Santa Monica imposed a temporary ban on electric scooters. They went further, filing criminal suits against their manufacturers who are allegedly operating without a business permit.

    At the communal level, some disenchanted vigilante residents have gone to the extreme by dumping scooters in the ocean. Some settled for burying them in the ground while there are those who resorted to setting them ablaze.

    The plaintiffs had different narratives to tell according to the lawsuit which was filed. Two among them got injured by tripping over electric scooters, abandoned on the sidewalk.

    Four got knocked over from behind as they walked. Included among the casualties was a 7-year-old boy who suffered severe damage in his dentition and lost eight of his front teeth in the process. The gravity of the incidence affected his lips severely.

    The personal injury lawyer at McGee Lerer who is the counsel of the plaintiffs stated criticized these companies for being preoccupied with their profit at the expense of general safety.

    There has been a sense of awakening among those who have never been able to voice their say since the lawsuit was filed. An additional 75 persons according to Lerer have been casualties of scooter-related accidents including a 67-year old man who suffered brain damages.

    In response to these spates of accusations, Bird and Lime maintain safety as one of their priorities. In their viewpoint, cars pose a lot more danger. A spokesperson of Bird stated in a written statement:

    “Class action attorneys with a real interest in improving transportation safety should be focused on reducing the 40,000 deaths caused by cars every year in the U.S.”

    Images from Shutterstock.

  • Facebook CEO Mark Zuckerberg Summoned by UK and Canadian Parliaments

    Facebook CEO Mark Zuckerberg Summoned by UK and Canadian Parliaments

    In what is being described as an “unprecedented” joint move by the UK and Canadian governments, Zuckerberg is to appear before parliamentary committee members from both countries.

    Two separate parliamentary committees in the two countries have joined forces in requesting Zuckerberg to personally answer questions relating to the Cambridge Analytica scandal. Following new data breaches, both parliaments are asking for explanations regarding Facebook’s policies and data management.

    Both the UK and Canada are investigating the impact on democracy, privacy, and the incentives and rewards pertaining to false information published via social media, and in particular on Facebook.

    A Never Before Seen International Grand Committee

    The UK’s House of Commons Digital, Culture, Media and Sport (DCMS) committee has announced the intention to hold a joint hearing with its Canadian counterpart to pressure Zuckerberg into speaking directly to the UK and Canada.

    The hearing will be held in the UK parliament’s home of Westminster, London, at the end of November. According to reports, it has been dubbed the “international grand committee on disinformation and fake news.”

    Zuckerberg has appeared in front of the US Congress and Senate and the EU Parliament but has so far refused to appear in front of other parliaments. He has, however, sent junior Facebook executives.

    The UK parliamentary committee has invited other parliamentary committees from around the world to send representatives. Conservative party MP Damian Collins and Canadian MP Bob Zimmer have co-signed a letter to Zuckerberg. The letter reveals:

    “No such joint hearing has ever been held. Given your self-declared objective to “fix” Facebook, and to prevent the platform’s malign use in world affairs and democratic process, we would like to give you the chance to appear at this hearing.”

    The letter also notes that although they realize he cannot appear in front of all governments:

    “We believe that your users in other countries need a line of accountability to your organisation – directly, via yourself. We would have thought that this responsibility is something that you would want to take up.”

    Declaring that both MPs plan to issue final reports on the matter by the end of December 2018, they add:

    “The hearing of your evidence is now overdue, and urgent.”

    The UK DCMS committee called for urgent action to combat online disinformation and defend democracy a few months ago. It also suggested a charge to social media platforms to fund programs in digital literacy to better educate social media users.

    Canada’s Concerns

    Zimmer leads the Canadian Standing Committee on Access to information, Privacy, and Ethics (SCAIPE). It is concerned about a company connected to Cambridge Analytica, AggregateIQ, which is based in British Columbia, Canada. AggregateIQ provided online advertising services to the “Vote Leave” campaign in the UK during the 2016 referendum on leaving the EU, now known as Brexit.

    AggregateIQ once served as a data handler and system developer for Cambridge Analytica. The SCAIPE committee has already questioned executives from the company.

    Zimmer, potentially with colleagues, will attend the hearing in the UK which according to reports will proceed with or without, the Facebook CEO’s attendance. Zuckerberg has been given to November 7, 2018, to confirm his attendance. A Facebook spokesperson confirmed:

    “We’ve received the committee’s letter and will respond to Mr Collins by his deadline.”

    Zuckerberg has directly refused the UK DCMS committee before and the committee responded with the threat of a formal summons when he next arrived in the UK. Zuckerberg has not visited the UK since the threat was made. The joint international request to Zuckerberg is a new tactic, and the question is very much open as to whether the CEO will attend.

    Facebook’s latest data breach exposed 29 million user’s personal information, news that hasn’t helped Facebook after months of defending itself over Cambridge Analytica. On release of its Q3 earnings, it’s apparent that Facebook is beginning to feel the financial effect of the negative press and critical data privacy concerns.

    Featured image from Shutterstock.

  • Alphabet Exec Steps Down After Sexual Harassment Investigation

    Alphabet Exec Steps Down After Sexual Harassment Investigation

    It seems that large corporations have learned nothing from Harvey Weinstein and the barrage of accusations and repercussions that rock through our daily lives a year on. Here we are again with Google’s parent company Alphabet facing unrest from staff and widespread discontent over the handling of a harassment case that saw an executive at Alphabet’s X research lab Richard DeVaul step down.

    DeVaul was forced to leave his post after the disclosure of a past investigation into a sexual harassment claim against him from 2015.

    Not a Good Time for Alphabet

    The Alphabet X executive’s departure comes right at a time when Google, which accounts for more than 99% of Alphabet’s business, is already in the midst of a staff outbreak over the company’s handling of such cases (or rather, failure to handle such cases by sweeping them under the rug).

    Sundar Pichai, Google’s CEO wrote to staff this Tuesday for the second time in an effort to appease the rising anger. The first time he emailed Google employees was last week in the wake of a New York Times report that revealed the company had failed to disclose the fact that the departure of at least two senior executives was due to sexual harassment claims. One of them was even given a pay-off of $90 million which infuriated employees further.

    Sweeping Sexual Harassment Under the Rug

    DeVaul was originally investigated in 2015 after a woman who had been interviewed by him for a job at X made a formal complaint. The details were kept under wraps until yesterday however and DeVaul remained an Alphabet employee for a full three more years. Google’s CEO said in his email to employees:

    “I understand the anger and disappointment that many of you feel. I feel it as well, and I am fully committed to making progress on an issue that has persisted for far too long in our society… and, yes, here at Google, too.”

    His latest attempt to appease staff will not prevent the planned walkout this Thursday of Google staff in protest over management’s handling of these cases. However, Pichai assured staff that they would be given the support needed during the protest.

    Tapping into staff sentiment and also the larger belief in society regarding major coverups of harassment cases, Google will now be taking a stronger position.

    In fact, the tech giant has already laid off 48 employees in the past two years without payoffs, including DeVaul.

    Featured image from Shutterstock.

  • Pizza Hut and Toyota Build a Pizza Making Truck

    Pizza Hut and Toyota Build a Pizza Making Truck

    The global pizza giant and vehicle-maker Toyota have teamed up to create a prototype truck that can cook your pizza in seven minutes while it’s being delivered.

    In a bid to keep ahead in the still growing market for pizza delivery, worth an expected $76 billion by 2022, Pizza Hut is thinking out of the box.

    Pizza Hut COO Nicolas Burquier wants to bring Pizza Hut’s ovens closer to the customer’s door, saying:

    “We’re exploring any opportunities to streamline our processes and systems that impact our team members’ experiences and making their lives easier and safer, and then we’re looking at how that impacts the customer experience.”

    The “Tundra PIE Pro.” Source: Pizza Hut

    The new mobile pizza maker, the “Tundra PIE Pro,” is being revealed at specialty automotive show SEMA 2018 this week in Las Vegas and has a refrigerator, computer-controlled robotic arms, and a portable oven.

    “The Kitchen” sits in the back of the truck bed and the whole cooking process is performed by the robot while out of delivery. Burquier said:

    “Our obsession is always the same: How do we reduce the gap between the moment when the pizza comes out of the oven and when the customer starts to enjoy eating our product?”

    The robot can pick out a pizza, place it on a conveyor that goes through a high-speed oven, and slice it and box the pizza when it’s cooked.

    The truck and its mobile kitchen are fuelled by hydrogen-fuel-cell electric power.

    The Tundra PIE Pro is actually the second prototype for Pizza Hut and Toyota. The pair’s first automation partnership was a blueprint for driverless delivery vans revealed at the Consumer Electronics Show in January.

    If Pizza Hut and Toyota combine mobile pizza making with self-driving trucks in a few years’ pizza deliveries could be completely automated. Burquier said:

    “We’re going to play with this prototype and then figure out what we can learn in order to build the future of our processes and our systems.”

    The Tundra PIE Pro might seem a little too “out of the box,” but maybe not when futuristic hot food delivery is being explored by other brands too. Domino’s Pizza has already tested pizza delivery drones in New Zealand and Uber is looking at a similar concept.

    Robot-powered manufacturing and automation in all industries is growing, creating global concern about the future jobs market and employment prospects for more manual workers.

    Industrial robot-makers ABB has recently ramped up its robot producing capacity to meet worldwide demand with plans for a new $150 million factory in China.

    Featured image from Pizza Hut.

  • New Apple MacBook Air Is the Greenest Apple Ever

    New Apple MacBook Air Is the Greenest Apple Ever

    The new Apple MacBook Air has just been launched and is supposedly the ‘greenest’ Apple in the company’s history. When an Apple dropped, it used to be something in relation to Isaac Newton’s laws of gravity, but not in this day and age.

    Apple has launched their new MacBook Air, new Mac Mini and iPad Pro in Brooklyn, New York. The Silicon Valley company is pulling out the stops in the run-up to the Christmas festive season with the launch and revamp of some top-notch products.

    Introducing the New Apple MacBook Air

    The new Apple MacBook Air is being lauded as the greenest Apple in history, using “100% recycled aluminum” that gives the product a lighter body and a thinner exterior. This is the first significant MacBook upgrade since 2015. Alongside the sleeker appearance, the product has a new 13.3-inch Retina Display.

    MacBook-Air-Retina-Display-10302018_inline.jpg.large

    The elegant MacBook Air laptop has a myriad of new features such as an Apple Touch ID fingerprint scanner, a new butterfly keyboard, a FaceTime HD camera, a Force Touch trackpad and 2x Thunderbolt 3 ports that will aid greater connectivity.

    These features will complement other upgrades that include macOS Mojave with its Dark Mode and lots of newly designed apps in the Mac App Store.

    Here is a list of the specs of the new Apple MacBook Air:

    • 8th-gen Intel dual-core i5 processor
    • 8GB or 16GB 2,133MHz memory
    • 128GB, 256GB, 512GB or 1.5TB SSD
    • 13.3-inch 2560×1600-pixel resolution display
    • 802.11ac Wi-Fi, Bluetooth 4.2

    The Launch of the New Mini Mac & iPad Pro

    When it comes to Apple’s smallest desktop, the Mini Mac is being updated for the first time since 2014. The new update includes 4 and 6-core Intel processors, 4x Thunderbolt ports that bring the product up to speed, and 68GB of RAM.

    MacBook-Air-Touch-ID-screen-10302018_inline.jpg.large

    The iPad Pro has also been waiting since 2015 to get an update, which is now happening. The upgraded iPad Pro enjoys a new all-screen display and is 11-inches in size, which pretty much has a similar body to the earlier 10.5-inch version.

    The tablet has the Apple Face ID recognition system, USB-C ports and a cool new Apple Pencil that is ideal for those budding artists amongst us. It also comes with an A12x Bionic Chip which is apparently 90% quicker than the previous version and supposedly 92% quicker than all the mobile PCs sold last year.

    Where and How to Buy the New MacBook Air

    Prices for the new MacBook Air start from $1,199 and can be ordered directly from Apple’s official website. However, you will not be able to buy one at Apple Authorized Resellers and Apple Stores until November 7.

    If you are looking to obtain the new graphics configurations for the MacBook Pro, they will also be available from the official website, Apple stores, and Apple Authorized Resellers on November 14.

  • Sony Reports $2 Billion in Q2 Profits Fuelled By Growth in Gaming Revenue

    Sony Reports $2 Billion in Q2 Profits Fuelled By Growth in Gaming Revenue

    Sony has reported record Q2 profits of $2.1 billion this week off the back of a 27% increase in its gaming revenue and the success of the Sony PlayStation.

    PlayStation has delivered $4.9 billion in console sales for Sony, with an operating profit for the PlayStation business alone of $800 million. The popular gaming consoles figures are up 65% year-on-year.

    A total of 86 million PS4 consoles have sold to date including 3.9 billion of the machines in Q2 illustrating the excellent performance of the latest PlayStation Model. According to reports, total sales of the PS3 were 80 million in 2013. Total sales for the first PlayStation model were 102 million.

    For recently released game titles, both “God of War” and “Spider-Man” sold over 3 million copies in their first three days after release.

    Sony’s other business areas are also delivering for the $60 billion company. Its financial services division and second-largest source of revenue, founded in 2004, offers life insurance and payments services. This side of Sony’s business also delivered a 27% rise in revenue.

    Sony’s Semiconductor Solutions Corporation builds imaging and sensing technology, it too delivered a revenue increase of 11%.

    Letting Sony down recently is Sony Mobile Communications where revenue fell 32% and losses reached $265 million for Q2.

    Sony’s Acquisition of EMI Music Publishing

    In May 2018, Sony announced a $2.3 billion deal to increase its stake in the world’s largest music publisher EMI which is thriving on new revenue from streaming services. Speaking at the time Sony CEO Kenichiro Yoshida said:

    “This investment in content intellectual property is a key stepping stone for our long-term growth.”

    In the deal, Sony’s 39.8% share in EMI Music Publishing increases to full control with its acquisition of both Mubadala Investment Company’s equity and the Michael Jackson Estate’s stake in EMI. The takeover of EMI was approved by the European Commission late this October, leaving Sony to reap the benefits.

    The company is confident on its overall results for 2018, with the inclusion of revenue from EMI, raising its operating profit forecast for the year to $7.7 billion and exceeding its original goal by 30%. Delivering on Sony’s year-end ambitions would deliver the company a record annual profit figure.

    Sony follows HSBC this week in reporting growth for 2018. HSBC’s Q3 earnings were also up 28% on Q3 2017.

    Featured image from Shutterstock.

  • Target to Close Six Stores in February 2019

    Target to Close Six Stores in February 2019

    Target Corporation, US-based department store, is planning to close six stores in February 2019, as reported by Minneapolis/St. Paul Business Journal today. Earlier this year, Target closed 12 stores in Minnesota, Fergus Falls, and Hastings, among others, as part of their announcement in 2017.

    Two of these stores are located in Chicago, while the rest are located in Greenfield, Brooklyn Center, Commack, and Cordova. With almost 120 employees in Brooklyn Center, Target plans to offer jobs in other stores to the existing employees. The company will also offer severance packages to some employees in case they have to let them go.

    Target said that the decision was made after ‘decreasing profitability’ was observed in these stores. The company had even upgraded some of these stores and added new retail categories.

    Erin Conroy, Public Relations Senior Manager, said that even though it is a difficult task, the company performs such analyses every year. In this way, they keep their:

    “store portfolio healthy and ensure it’s always a small number”

    While the store in Brooklyn Center was opened in 1986, the two stores in Chicago were opened in 2002 and 2008. Now, only three stores are left in Chicago.

    Despite this news, Target has announced that it will open 30 small stores near colleges and urban areas. While an average Target store is around 120,000 square feet, the new stores will be 50,000 square feet in size in order to attract millennial customers.

    A Tug of War Between Target and Walmart

    One of the stores which is closing in the next year is located close to retail company Walmart. These companies are often competing against each other in order to entertain more customers. However, they decided to stand against Amazon as well by offering free two-day shipping this holiday season.

    The two retail stores often collaborate with celebrities to promote their brands. From The Oscars to The Grammys, they have appeared on TV screens in front of millions of people.

    Currently, Walmart’s stock has increased by 1.99% and has soared past $100, while Target’s stock is set at $86.12 with a 2.44% increase in the past 24 hours.

    Featured image from Shutterstock.