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Uber ex-security chief concealed 2016 hack, GE lays off workers, Ford raises electric F-150 price

Yahoo Finance's Julie Hyman breaks down leading business headlines, including the former Uber security chief being found guilty of concealing a 2016 hack, GE laying off onshore wind workers, and Ford hiking the price of its F-150 Lightning truck.

Video transcript


JULIE HYMAN: Let's get down to business now with some other headlines we're watching.

Uber's former security chief Joseph Sullivan has been found guilty of obstructing an FTC probe for failing to report a 2016 data breach to authorities. Prosecutors said he took steps to cover up the incident, classifying the hack as a "bug bounty," rather than a data breach.

Sullivan's legal team said that after the hackers signed nondisclosure agreements, the security chief felt the incident did not need to be reported. But Sullivan now faces a five year prison sentence for obstruction and up to three years for failing to report a felony. That data breach, by the way, occurred during Travis Kalanick's term as CEO, where top performers were often given a blind eye.

Meanwhile, General Electric is restructuring. The company laying off workers at its offshore wind unit, as it grapples with weak demand, rising costs, and supply chain delays, according to reports. The cuts are expected to affect 20% of the offshore wind units' US workforce, which equates to hundreds of workers. Wind has been GE's largest and most profitable renewable business. But the expiry of renewable energy tax credits took a big toll on demand.

And Ford is raising the price again for its electric F-150 Lightning pickup truck. It's the second time in the last couple of months. The cheapest version now retails for just under $52,000. That's roughly a 30% increase from the original starting price of about $40,000 when it first went on sale in May. Ford said in a statement, "The increases are the result of ongoing supply chain constraints, rising material costs, and other market factors."