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Verizon is looking to “step up the pace” amid leadership change

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Change is coming to Verizon Communications Inc. After a tough year for the company’s consumer wireless business.

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It announced Monday morning that Manon Brouillette, CEO of its consumer business, will be Step down from this role After keeping it for less than a year. Verizon CEO Hans Vestberg is in charge of the consumer unit.

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Despite the change in leadership, Vestberg said the move did not reflect a change in strategy.

“Sometimes you make adjustments in order to … increase the pace of execution and things like that,” he said at a UBS conference Monday morning, according to a transcript provided by Sentieo/AlphaSense. “And we wanted to get to 2023 strong.”

Vestberg also denied that the change was a reflection on the company’s performance in the fourth quarter so far. After, after Three-quarters of the subscriber decline in Verizon’s retail postpaid phone business, the company said on its most recent earnings call that it expects to see positive consumer phone network net additions in the fourth quarter. Vestberg said Monday that Verizon is still “following” in that direction, though there is still time left in that period.

“The only kind of warning anyone would get and I think this is very versatile [is] there is [is] some volatility in supply,” though Verizon has so far managed it well thanks to “very good” relationships with phone manufacturers, according to Vestberg.

He said the company hasn’t been as aggressive in its promotions as it has been in years past, though it still has a “good Black Friday”.

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“We continue to do the right things for the right segments, to see that we continue to grow our top earnings and our bottom line,” he said at the UBS conference. “That’s really our focus in the group, we have the best product, we have the best network and we have the largest consumer base.”

Also read: AT&T will pay $6.25 million after SEC charges over disclosure of non-public information

Verizon shares fell nearly 3% in the afternoon Monday.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.