CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC.com's Brian Schwartz breaks down the millions of dollars pouring in from different outside groups ahead of the coming Supreme Court confirmation battle in the Senate. Plus, CNBC's Phil Lebeau explains all the twists and turns in the Nikola saga that forced out the founder and executive chairman of the electric vehicle company.
Outside groups gear up for expensive battle over Ruth Bader Ginsburg Supreme Court seat
Outside organizations are gearing up for a battle in the Senate over the Supreme Court seat once held by Ruth Bader Ginsburg.
Many of those leading the effort say the various campaigns will spend millions to sway lawmakers after President Donald Trump chooses Ginsburg's replacement, who died on Friday after serving on the court for over 20 years.
The tactics of these groups from both sides of the political spectrum range from TV and digital ads, to producing opposition research on Trump's shortlist of potential candidates. The moves come as Democrats and Republicans, from Trump to Democratic nominee Joe Biden to congressional lawmakers on Capitol Hill, are already at odds over whether a Supreme Court nominee should be brought up for a vote with just under 50 days until Election Day.
Nikola founder Trevor Milton agreed to forfeit up to roughly $166 million of equity as well as a two-year, $20 million consulting contract as part of his abrupt departure from the company he started. However, the EV executive gets to walk away with more than $3.1 billion in stock as part of a separation agreement reached over the weekend.
Milton, who's come under scrutiny in recent days, agreed to give up his position and duties as executive chairman of the board as well as all other board seats on the company's subsidiaries, according to the agreement dated Sunday. The deal strips the 39-year-old entrepreneur of any say in the company's operations and blocks him from attempting to influence any decisions for at least three years, according to a company filing with the Securities and Exchange Commission on Monday.
Media mogul Barry Diller told CNBC on Tuesday the deal in which Oracle and Walmart would take minority stakes in TikTok "is a crock."
Diller, chairman of Expedia and IAC, made his comments in a "Squawk Box" interview days after President Donald Trump agreed to approve the deal with the Chinese-based owner of the viral video-sharing app.