Nvidia Directors Offload $80 Million in Shares Following Exceptional Performance

Highlights

• Nvidia's board members sell $80 million in shares after impressive performance.
• Snowflake CEO Slootman steps down; Ramaswamy becomes CEO, shares plummet.
• FAA sets 90-day deadline for Boeing to develop safety plan.
• Wendy's refutes surge pricing; explains digital menu board strategy.
• Bitcoin's 7% drop leads to $700 million in cryptocurrency liquidations due to volatility.  

Nvidia Executives Sell $80M in Shares Following Stellar Performance

Nvidia's board members capitalized on the company's success by divesting $80 million worth of shares after an impressive financial showing. This significant move, characterized by the sale of 99,000 shares, marks the most substantial insider sell-off since September. With Nvidia's stock surging 59% year-to-date and its market capitalization exceeding $700 billion, insiders have been offloading shares, with approximately 370,000 shares sold or slated for sale last month, following an exceptional 220% rally driven by AI advancements.

Snowflake CEO Slootman Steps Down; Ramaswamy Assumes Leadership

Following the announcement of CEO Frank Slootman's retirement, shares of cloud software company Snowflake plummeted 24% in after-hours trading. Former Google ad chief Sridhar Ramaswamy is set to succeed Slootman. Slootman, renowned for his leadership roles at ServiceNow and Data Domain, guided Snowflake through its groundbreaking IPO in 2020. Meanwhile, Ramaswamy, recognized for his tenure at Google and as a co-founder of Neeva, brings extensive tech leadership experience. Snowflake also reported fourth-quarter financials, indicating a 32% year-over-year increase in sales, but offering lower-than-expected first-quarter revenue and operating margin projections.

FAA Sets 90-Day Deadline for Boeing's Quality-Control Plan

Under pressure from the Federal Aviation Administration (FAA), Boeing must address safety concerns within 90 days, following a year-long investigation that revealed a "disconnect" between executives and employees regarding safety issues. The FAA's demand comes subsequent to a meeting between FAA Administrator Mike Whitaker and Boeing CEO Dave Calhoun. Boeing's plan must rectify deficiencies in its Safety Management System (SMS) and integrate it with another quality program, aspiring to bring about a significant transformation in manufacturing quality control.

Wendy's Dismisses Plans for Surge Pricing Amid Public Outcry

US burger chain Wendy's dispels rumors about contemplating surge pricing, asserting that its intentions were "misunderstood." Following criticism for discussing dynamic pricing in investor meetings, the company clarifies that its digital menu boards aim to provide flexibility in promoting discounts, not raising prices during peak hours. The term "surge pricing" drew comparisons to Uber's model, prompting backlash from customers and public figures like Senator Elizabeth Warren, who denounced the potential move as price gouging.

Bitcoin's 7% Plunge Leads to $700M Crypto Liquidations Amid Turbulence

Following Bitcoin's rapid surge to $64,037, subsequent to a sharp drop to $59,400, over $700 million in crypto liquidations ensued. The CoinDesk 20 Index (CD20) also experienced a nearly 5% decline, impacting major cryptocurrencies such as ether, XRP, and dogecoin. Wednesday's sell-off resulted in the most substantial wipe-out since August, affecting both long and short positions. Notably, U.S.-listed spot bitcoin exchange-traded funds witnessed record-breaking trading volumes, while some Coinbase users reported zero balances in their accounts.