TikTok parent ByteDance Ltd. saw its operating losses more than triple last year to above $7 billion as it spent heavily to continue its torrid growth, according to a financial report shared with employees. ByteDance also produced an operating profit in the first quarter of 2022, the report showed, indicating one of the world’s most valuable startups could be turning a corner after years of incurring large losses. As a private company based in Beijing, ByteDance has closely guarded its finances and doesn’t publicly disclose results. Read More...
Motley Fool
Why Shares of Nio, Lucid Group, and Lordstown Motors Fell Hard Today
Shares of electric vehicle (EV) stocks Nio (NYSE: NIO), Lucid Group (NASDAQ: LCID), and Lordstown Motors (NASDAQ: RIDE) fell on Wednesday, down 5.1%, 3.6%, and 4.9%, respectively, as of 2:17 p.m. EDT. After a huge amount of selling in September, stocks were beaten down, but the first two days in October saw some potentially good news on inflation. With traders trying to sniff out the first signs of inflation breaking, that was a good sign.
