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Engadget
19 minutes ago
- Engadget
Court blocks FTC investigation into Media Matters' alleged scheme against X
The court has blocked the Federal Trade Commission's investigation into Media Matters, the media nonprofit that previously published research showing that ads appeared on X alongside neo-Nazi and other antisemitic content. In 2023, Elon Musk's X filed a lawsuit against the media watchdog following an advertiser exodus. It accused Media Matters of "knowingly and maliciously manufactur[ing] side-by-side images depicting advertisers' posts on X Corp.'s social media platform beside Neo-Nazi and white national fringe content." Just this May, the FTC started looking into whether the nonprofit violated antitrust laws by allegedly colluding with advertising and advocacy groups to boycott X. In June, Media Matters sued the FTC, accusing it of unfairly targeting the group in retaliation for past criticisms of X. "The Federal Trade Commission seeks to punish Media Matters for its journalism and speech in exposing matters of substantial public concern — including how has enabled and profited from extremist content that proliferated after Elon Musk took over the platform formerly known as Twitter," the group said at the time. Now, Judge Sparkle L. Sooknanan has granted a preliminary injunction in the nonprofit's favor. Sooknanan has agreed with the group that the FTC's investigation is "a retaliatory act" and has noted that it is "likely to succeed on its First Amendment retaliation claim." She wrote in her decision that such probes would deter other reporters from speaking again. "Indeed, the FTC's [investigation] has had its intended effect." Apparently, because of the probe, Media Matters has "decided against pursuing certain stories about the FTC, Chairman Ferguson, and Mr. Musk." "The court's ruling demonstrates the importance of fighting over folding, which far too many are doing when confronted with intimidation from the Trump administration," Angelo Carusone, the president of Media Matters, told The New York Times . "We will continue to stand up and fight for the First Amendment rights that protect every American." As the publication notes, courts had also blocked investigations into the group by the attorneys general in Texas and Missouri. Musk's lawsuits against the nonprofit, however, are still ongoing.
New York Post
19 minutes ago
- New York Post
Bourbon blues: Five months into ban, Canadian bars running dry of Kentucky whiskey
Canadian bars that stocked up on Kentucky Bourbon are running on fumes five months into its nation's ban on US booze – yanking popular cocktails from menus or slapping on a premium for the scarce commodity. In March, provinces ordered their liquor stores to yank all American products from their shelves, in retaliation for the Trump administration slapping 25% tariffs on Canadian goods. One Canadian bar owner told The Post he stocked up on half gallons of Kentucky Bourbon to survive the trade war. 3 Rafferty, who stocked up in March, is down to his last few bottles of Bourbon. Courtesy of Johnny Rafferty 'When Ontario said it was going to take every American brand off the shelf, I went nuts,' said Johnny Rafferty, owner of Rose and Crown bar in Toronto. Rafferty bought six cases in March, each containing six bottles of the Bluegrass State spirit. 'When I showed up, they just had these monster bottles,' he said. 'I pretty much grabbed whatever I could.' He's now down to his last four — two bottles of Jim Beam, one Jack Daniel's and a Bulleit. 'If these tariffs lift, I think it'll be a free for all,' he said. 3 Canada pulled US booze from shelves back in March in response to US tariffs. REUTERS Another bar owner meanwhile has been overcharging customers who are desperate for a taste of Kentucky whiskey — the now rare liquor. 'Because it's in limited supply, I charge more for it, right?' Scott Swain, manager of Danu Social House told CBC News. 'It's a premium product right now.' 3 Except for Alberta, other provinces have stuck with the ban, even five months in. VCG via Reuters Connect Bourbon makers in Kentucky had slammed Canada's ban as a 'disproportionate response' to the trade war. Alberta — where some have warmed to the idea of a 51st state — lifted the US booze ban in June to help ease trade negotiations, but other Northern provinces have shown no sign of relenting.
Yahoo
23 minutes ago
- Yahoo
CoreWeave Crashes 46% After Lockup--Is This the AI Bargain of the Year or a Falling Knife?
CoreWeave's (NASDAQ:CRWV) post-IPO honeymoon may be ending. After skyrocketing more than fourfold by mid-June, the stock has come back to earthfalling 46% from its June 20 peak. The trigger? Over 80% of Class A shares just became eligible for sale as the IPO lockup expired. That timing came two days after CoreWeave's second earnings report, which revealed a wider-than-expected loss despite a raised 2025 revenue forecast. The stock has already dropped 33% this week alone, with analysts flagging the potential for more downside as early investors head for the exit. Warning! GuruFocus has detected 5 Warning Signs with CRWV. The selloff could create both risk and opportunity. CoreWeave now trades at a roughly $49 billion market cap, down from a June high of $88 billion. Its free floatpreviously under 15%could expand significantly as insiders begin selling. That's likely what spooked the market, according to Roundhill CEO Dave Mazza, who called it a challenging, even confusing setup. Citi's Tyler Radke echoed that sentiment, warning of short-term pressure but suggesting that a more liquid float might attract new buyers. Meanwhile, Nvidia (NASDAQ:NVDA)CoreWeave's key AI chip supplierisn't going anywhere. It actually increased its stake in Q2 to 6.5%, now worth about $2.4 billion. The long-term bull case hasn't vanished. CoreWeave is still spending aggressivelyup to $23 billion this yearto meet rising AI demand, and counts Microsoft as its largest customer. But execution risk is climbing, especially with its all-stock acquisition of Core Scientific looming. Hedge funds like Magnetar and Coatue may opt to ease out slowly to avoid triggering further panic. D.A. Davidson's Gil Luria has a $36 price target, implying over 60% downside from recent levels. Whether this marks a healthy reset or the beginning of a deeper unwind depends on who shows up to buyif anyone does. This article first appeared on GuruFocus.
