Business
Arizona charges Kalshi with criminal misdemeanors, alleging illegal gambling
The Kalshi market “Will Iran effectively close the Strait of Hormuz for 7+ days?” appears on a smartphone screen, with the Kalshi logo displayed on a laptop computer screen in the background, in this photo illustration taken in Chania, Greece, March 9, 2026.
Nikolas Kokovlis | Nurphoto | Getty Images
Arizona’s attorney general has filed misdemeanor criminal charges against Kalshi, accusing the predictions platform of running an illegal gambling and election wagering operation in the state.
These are the first criminal charges to have been filed against Kalshi, though the company is embroiled in multiple lawsuits and investigations and has received dozens of cease-and-desist letters across the nation.
Prediction platforms like Kalshi have drawn comparisons to online sports gambling as they allow users to wager on the outcomes of events in pop culture, politics, sports and more.
Multiple states have argued that legalizing and regulating sports betting is under the jurisdiction of local regulators and outside the authority of the Commodity Futures Trading Commission, which regulates event contracts and the prediction markets.
States including Michigan and Massachusetts have filed civil lawsuits aimed at stopping operations or compelling Kalshi to meet gambling license requirements.
In the Arizona filing, Attorney General Kris Mayes charged Kalshi with 20 counts of accepting various bets in Arizona without a license, including wagers on state elections, which is separately and explicitly forbidden under Arizona law.
“No company gets to decide for itself which laws to follow,” Mayes said in a statement.
Kalshi draws distinctions between the event contracts it offers and what sportsbooks and casinos offer.
“Sadly, a state can file criminal charges on paper thin arguments,” the company said in a statement to CNBC. “States like Arizona want to individually regulate a nationwide financial exchange, and are trying every trick in the book to do it. As other courts have recognized and the CFTC affirms, Kalshi is subject to federal jurisdiction.”
Last week, Kalshi filed for a preliminary injunction to try and keep Arizona from enforcing its state laws.
On Tuesday, federal judge Michael Liburdi denied Kalshi’s request for a temporary restraining order and ordered Kalshi to demonstrate why the case should be in federal court given the state charges against Kalshi.
Kalshi has preemptively sued to stop other states from taking punitive action, a strategy Mayes described as bullying states, “running to federal court to try and avoid accountability.”
Gaming attorney Daniel Wallach meticulously tracks suits and countersuits against the predictions platforms. He described the preemptive lawsuits as Kalshi’s modus operandi.
“That ‘win the race to the courthouse’ strategy has proven to be an effective tactic thus far,” Wallach said, pointing to Kalshi’s legal victories in getting preliminary injunctions in New Jersey and Tennessee.
Wallach is not involved in any of Kalshi’s legal disputes.
Still, the Arizona attorney general’s office highlighted Kalshi’s recent loss for a preliminary injunction against Ohio, in which federal judge Sarah Morrison said Kalshi’s concerns were “dwarfed by Ohio’s interest in exercising its police power, enforcing its duly-enacted laws, and regulating sports gambling to promote the public welfare.”
CFTC Chair Michael Selig recently told CNBC the agency would require the prediction platforms, which currently self-certify, to do a better job of restricting event contracts that encourage manipulation, like, for instance, questions of whether an athlete would suffer an injury.
A bipartisan bill has been introduced in the House of Representatives that would prohibit event contracts on sports, unless a state were to specifically permit it. The bill would also ban entirely prediction markets on elections and government actions.
As lawmakers, regulators and courts grapple with defining what gambling is, 61% of Americans report they view event contracts on prediction markets more like gambling than investing, according to a poll released Tuesday by Ipsos and the American Institute for Boys and Men.
Disclosure: CNBC and Kalshi have a commercial relationship that includes a CNBC minority investment.
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Dell’s workforce has fallen by 10% for a third year in a row, according to annual reports filed Monday.
As of Jan. 30, the Texas-based tech giant reported a headcount of 97,000 employees, down roughly 11,000 from its previous year of 108,000.
The reductions were primarily driven by cost-cutting measures, including employee reorganizations, restricted external hiring and facility consolidation to better align investments.
“Throughout Fiscal 2026, we remained committed to disciplined cost management in coordination with our ongoing business modernization initiatives and continued to take certain measures to reduce costs,” the company said.
ORACLE EXPECTED TO SLASH THOUSANDS OF JOBS AS MASSIVE AI SPENDING CREATES FINANCIAL CASH CRISIS
The exterior of a Dell Technologies office building Jan. 4, 2023, in Round Rock, Texas. (Brandon Bell/Getty Images / Getty Images)
Over the years, Dell has implemented numerous cost-cutting measures, including employee reorganizations, restrictions on external hiring and other steps to better align its investments with strategic and customer priorities.
In its most recent reports, Dell highlighted the extensive integration of AI and machine learning technologies across its operations, including IT management, software solutions and the use of specialized servers.
Dell, whose shares have risen roughly 20% so far this year, said in February the company expects revenue from its AI-optimized server orders to double by 2027.
The Dell Technologies logo is prominently displayed at the company’s pavilion during the Mobile World Congress in Barcelona, Spain, March 5, 2026. (Joan Cros/NurPhoto via Getty Images / Getty Images)
According to its fiscal 2026 report, Dell recorded total severance charges of $569 million, compared with $693 million in 2025 and $648 million in 2024. These payments primarily affected the selling, general and administrative departments, followed by cost of net revenue and research and development each year.
While Dell reported a staff count of 97,000 in 2026, the company had 133,000 employees in 2023.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DELL | DELL TECHNOLOGIES INC. | 153.01 | -3.53 | -2.26% |
In 2023, Dell announced a workforce reduction of roughly 5% to navigate a challenging global economic environment.
The following year, Dell’s headcount fell by 13,000, a 9.8% decrease in its workforce.
In 2025, Dell again recorded a 10% reduction in staff, representing 12,000 fewer employees.
Most recently, the company reported a 10.2% decline in 2026.
META CUTS OVER 1,000 JOBS IN MAJOR METAVERSE RETREAT
A Dell logo displayed on a smartphone. (Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images / Getty Images)
Silicon Valley workers have grown increasingly concerned about AI-driven disruption as tech companies such as Meta and Oracle have reportedly planned mass layoffs.
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Earlier this month, Meta reportedly considered a massive 20% workforce reduction as AI infrastructure spending continues to rise. Oracle has also reportedly weighed cutting tens of thousands of jobs amid soaring AI spending and mounting financial pressures.
Reuters has also linked workforce decline to the demands of competing in the high-growth AI infrastructure sector, pressuring companies to offset expenses.
Reuters contributed to this report.
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Qfin Holdings, Inc. 2025 Q4 – Results – Earnings Call Presentation (NASDAQ:QFIN) 2026-03-17
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Steak ‘n Shake COO Daniel Edwards joins ‘Fox & Friends’ to discuss the company making the switch from frying in vegetable oil to beef tallow.
Steak ‘n Shake is shaking up its “Patriot Milkshake” with a new, chocolate twist.
The milkshake will now be served with a dark chocolate Statue of Liberty, the company announced on Monday.
“Patriot Milkshake now comes with [a] Statue of Liberty. Yes fans, it’s dark chocolate,” the company wrote in a post on X.
The milkshake, which debuted in December, is still priced at $2.50 and will be for the rest of the year, according to the post. The chain previously announced the shake would be available through January.
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Steak ‘n Shake is Located in the Midwest and Southern U.S. (iStock / iStock)
The company announcement included a photo of the milkshake, which features its classic red, white and blue sprinkles, an American flag on a toothpick and a dark chocolate Lady Liberty atop whipped cream.
The franchise first announced the milkshake in December as an early nod to America’s 250th anniversary, which will be celebrated in July, according to the company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BH | BIGLARI HOLDINGS INC. | 304.94 | +5.17 | +1.72% |
“Steak n Shake is getting a head start on America’s 250th anniversary of its founding,” the company said in an X post in 2025.
The announcement garnered positive feedback on social media, with one X users writing, “This is what [w]inning looks like.”
STEAK ’N SHAKE TOUTS $2.50 ‘PATRIOT MILKSHAKE’ TO HONOR AMERICA’S SEMIQUINCENTENNIAL
Steak ‘n Shake announced an update to their “Patriot Milkshake” on Monday. The shake will now be served with a dark chocolate Statue of Liberty. (Steak ‘n Shake via X / Unknown)
Alex Bruesewitz, a political consultant and Trump advisor, also reposted the announcement, heralding the addition.
“[Steak ‘n Shake] continues to prove that they are the best fast food chain in America,” Bruesewitz wrote in the post.
FOX Business previously reported that this promotion came as other fast food chains were taking different approaches to dealing with pricing and mounting cost pressures.
FAST FOOD CHAIN SAYS THEY’VE ‘RFK’D’ THEIR FRIES, OPTING FOR HEALTHIER COOKING ALTERNATIVE
Health and Human Services Secretary RFK Jr. visits a Steak ‘n Shake location last year. (Steak ‘n Shake via X / Unknown)
Some chains, such as Jack in the Box, decided to close locations as part of a “broader turnaround plan.”
Other chains, such as Cava, advised against discounting with their CEO, Brett Schulman, telling FOX Business that “you can’t discount your way to prosperity.”
The company recently made headlines for launching their 100% beef tallow tots, becoming the only restaurant to serve the side dish.
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This comes after Health and Human Services Secretary Robert F. Kennedy Jr. continues to hammer the food industry to provide healthier options for consumers as part of the “Make America Healthy Again” (MAHA) movement.
Steak ‘n Shake did not immediately respond to FOX Business’ request for comment.
The prominent property developer is set to refurbish the heritage-listed asset and improve its hospitality offering.
The company formally kicked off preparations for the IPO on Tuesday by appointing as many as 17 bankers to handle the issue. Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. are among nine global banks selected for advisory roles, the people said, asking not to be identified as the information is private.
Domestic advisers include Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd. and SBI Capital Markets Ltd., the people added.
Plans for the IPO have gathered steam after the government approved a change in listing requirements that allowed large issuers to dilute as little as 2.5% of their equity. The IPO could be India’s largest-ever IPO and the first by a major unit of billionaire Mukesh Ambani’s flagship company, Reliance, in almost two decades.
The proposed offering is expected to comprise largely secondary share sale by existing investors and could take place later this year. Details including the size, structure and timing of the transaction are still being finalized and are subject to change, the people added.
Representatives for the company and banks didn’t immediately respond to requests for comment outside of business hours.
The incoming boss of BHP says he is committed to Australia but has warned local investment was at risk as other nations cut red tape in pursuit of mining money.
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