Citibank’s Big Blunder | SpaceX Value Takes Off | Parler’s Return

Plus: Michael Burry, The Hedge Fund Genius Who Started GameStop’s 4,000% Rise, Sold Before Its Reddit Surge

Good morning.

A federal judge branded Citibank’s $500 million bungled wire transfers as one of banking's “biggest blunders,” ultimately ruling against the bank. We also look into reports of SpaceX's surging value and at whether Parler’s resurrection will see its former users return.

In The News Today

A lawsuit in New York over workers’ pandemic protections and a bill in California targeting warehouse quotas are thrusting Amazon’s treatment of its employees back into the spotlight.

Ghislaine Maxwell’s lawyer claimed her client suffered abuse in the New York federal prison where she’s awaiting trial on charges related to deceased financier Jeffrey Epstein.

Top Take-Aways

Citigroup’s attempt to retrieve the more than $500 million it mistakenly wired last year to a group of companies that loaned money to embattled cosmetics firm Revlon failed in court, marking what could be the end of what the judge called “one of the biggest blunders in banking history.”

Billionaire Elon Musk’s rocket company SpaceX reportedly completed an $850 million fundraising round last week, as it looks to raise capital for its ambitious Starlink and Starship projects.

Canned wine startup Bev is using $14 million in fresh funding and a distribution deal with E. & J. Gallo to land a spot at some of the nation’s biggest retailers, all the while fending off competitors who have, according to a lawsuit, taken a bit too much inspiration from the company’s branding.

A former Walmart executive’s new venture aims to reduce the number of cardboard boxes resulting from online deliveries by betting that customers are willing to wait a little longer for their purchases so they can be bundled together in reusable tote bags. 

Parler, the social media platform that was cut off from Amazon’s servers due to its ties to the Capitol riots on January 6, came back online after a new company decided to host it. But not only was its return not without hiccups, it’s also not clear if it can win back its old audience.

Mass layoffs are said to have occurred at Terrafugia shortly after the company received an FAA certificate for its aircraft Transition, a light sport airplane designed to be drivable on roads, whose intellectual property is now being moved to China by automotive giant Geely.

As the state of Americans’ mental health declines, the mental health market is heating up. Among the latest startups to attract investors is Talkiatry, which has raised $5 million in Series A funding to expand its operations and develop a proprietary technology platform.

Today's Must Read

In Case You Missed It

As a part of our weekly series with Morning Joe and Know Your Value spotlighting women who are breaking age and gender norms, here are four women over 50 who’ve run for president to mark Presidents’ Day.

Tips You Can Trust

The Future Of Work Will Demand These 8 New Skills

Feeling Stuck At Work And Life? Stop Making These Seven Mistakes.

Across Forbes