• Peter Rawlinson, the CEO of Lucid thinks that there’s a bright future for the company and believes that the start-up’s stock and market cap will surpass tesla and other automakers
• Currently, Lucid’s market cap is around $73 billion and is approaching the market cap of Ford at $79.4 billion

New report says Walmart topped its earnings estimates despite rising inflation 

• For Walmart’s third-quarter fiscal earnings, it topped the expectations of analysts as grocers looking for deals came to its stores during a time of rising costs for household goods
• Inventory for Walmart in the U.S. is up 11.5% ahead of the busy shopping season, Doug McMillon, the CEO of Walmart, said

After offering 23.9 million shares at $46 each, Peloton nets $1 billion

• On November 16, Peloton says that it plans to sell about 23.9 million shares of its Class A common stock at a price of $46 a share which has netted the company about $1.07 Billion
• In its announcement Tuesday, the connected fitness equipment maker said the proceeds would be used for general corporate purposes like construction and investment in new products

Oil giant, Shell plans to move its headquarters to the UK

• In an effort to simplify the company’s structure, Royal Dutch Shell will soon ask shareholders to vote on shifting its tax residence from the Netherlands to the UK
• In addition to this, Shell wanted to eliminate its dual share structure in favor of just one class of shares

United States plans to sell crypto worth $56 million after record seizure in fraud case

• As a part of a large Ponzi scheme case against a man who promoted a crypto lending program “BitConnect”, the US Justice Department will sell $56 million worth of seized crypto
• According to authorities, the liquidation of this cryptocurrency follows “the largest single recovery of a cryptocurrency fraud by the United States to date.” 

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