By Chris Isidore, CNN Business Elon Musk sold $3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month. Musk’s Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO reached a deal to buy Twitter for $44 billion. Musk had sold blocks of Tesla
Continue Reading By Chris Isidore, CNN Business One of the reasons for the record $1.9 billion jackpot for the Powerball drawing Monday night is something you wouldn’t expect — the recent run of steep interest rate hikes from the Federal Reserve. That’s because the size of the advertised $1.9 billion top prize is the amount winners would
Continue Reading By Nathaniel Meyersohn, CNN Business Chances are, you’ve been there: You head to Trader Joe’s to buy caramel popcorn, churro bites and roasted gorgonzola crackers, or to Costco for its Kirkland Signature mini peanut butter cups and take-and-bake pizza. But when you get to the store, your favorite treats aren’t on the shelf. And, to
Continue Reading By Oliver Darcy, CNN Business NBC News on Friday pulled a report about the attack on Paul Pelosi that the network said did not meet its standards. “The piece should not have aired because it did not meet NBC News reporting standards,” an editor’s note said in place of the story online after it aired
Continue Reading By Jill Martin and Aya Elamroussi, CNN Nike is suspending its relationship with Brooklyn Nets point guard Kyrie Irving, the company said in an emailed statement to CNN Friday. “At Nike, we believe there is no place for hate speech and we condemn any form of antisemitism,” the statement says. “To that end, we’ve made
Continue Reading By Chris Isidore, CNN Business Labor Secretary Marty Walsh says he hopes negotiators between railroads and some rail unions can reach new labor deals and avert a possible strike. But he said without a deal he expects Congress will step in and impose contracts on the unhappy rank-and-file union members. The statement is a blow
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business The threat of a freight railroad strike has been pushed back to early December, as four major unions have agreed to coordinate the date on which they could potentially go on strike. The third-largest railroad union, the Brotherhood of Maintenance of Way Employe Division, had been prepared
Continue Reading By Jackie Wattles, CNN Business Rocket Lab, a start-up building small orbital rockets, kicked off another successful mission on Friday — but it failed in its efforts to recapture its rocket booster as it tumbled down toward Earth. The company deployed a helicopter with a hook attachment, but it wasn’t able to catch the booster.
Continue Reading By Melissa Alonso, CNN Okabashi, an Adidas manufacturing partner and family-owned footwear company in Buford, Georgia, has laid off 142 employees as a result of Adidas ending its partnership with Ye, formerly known as Kanye West. “As of right now there are not enough orders to keep all employees busy with work. Very regrettably, Okabashi
Continue Reading By Julia Horowitz, CNN Business Adidas could snap up the boss of crosstown rival Puma to succeed outgoing CEO Kasper Rorsted. The sportswear company said Friday that it’s in talks with Puma CEO Bjørn Gulden to step in as successor to Rorsted, who is due to depart some time in 2023. Gulden, meanwhile, is set
Continue Reading By Chris Isidore, CNN Business The white-hot US labor market is showing signs of cooling, with the Labor Department reporting Friday a slower pace of hiring and higher unemployment. While the closely watched October jobs report was strong by historical standards, it suggests a series of rate hikes by the Federal Reserve meant to cool
Continue Reading By Jeanne Sahadi, CNN Business It’s not unusual for two people with the same title to be paid somewhat different salaries. Pay, after all, is based on many factors, including a person’s experience and performance, the market rate for the position when they were hired and their negotiation skills. But it’s hard to fathom that
Continue Reading By Julia Horowitz, CNN Business Global investors have two big questions on their minds: When will the Federal Reserve become less aggressive in its campaign against inflation? And does Beijing plan to ease its strict “zero-Covid” policy any time soon? Markets were disappointed this week when the Fed indicated it could push interest rates even
Continue Reading By Nicole Goodkind, CNN Business What will the Federal Reserve do at its meeting in December? Analysts can speculate all they want, but Fed officials say they will be using hard economic data to make their next decision. That means key housing, labor, and inflation reports will likely have outsized effects on the market as
Continue Reading By Chris Isidore, CNN Business The white-hot US labor market is showing signs of cooling, with the Labor Department reporting Friday a slower pace of hiring and higher unemployment. While the closely watched October jobs report was strong by historical standards, it suggests a series of rate hikes by the Federal Reserve meant to cool
Continue Reading By Allison Morrow, CNN Business A little over a decade ago, the dominant narrative about the housing market was that Millennials simply weren’t buying. They were either too cheap, lazy, or itinerant to commit to something as weighty as a mortgage. Cut to 2020 and that narrative got flipped on its head. It wasn’t that
Continue Reading By Allison Morrow, CNN Business A little over a decade ago, the dominant narrative about the housing market was that Millennials simply weren’t buying. They were either too cheap, lazy, or itinerant to commit to something as weighty as a mortgage. Cut to 2020 and that narrative got flipped on its head. It wasn’t that
Continue Reading By Parija Kavilanz, CNN Business Families may not skimp on holiday gifts for their loved ones this year, but they’ll likely slim down their list of recipients, turn to credit cards and dip into savings to afford them, according to an industry forecast Thursday. So who will be on the list? The kids, the grandparents,
Continue Reading By Danielle Wiener-Bronner, CNN Business When Popeyes launched its crispy chicken sandwich in 2019, the menu item sold out in just two weeks. When it came back, it was a massive hit — the sandwich was so popular it helped lift sales for the chicken chain. Popeyes has sold nuggets and fish sandwiches modeled on
Continue Reading By Oliver Darcy, CNN Business Shepard Smith will exit CNBC later this year after the business-focused news network announced on Thursday that it will cancel his show as it undergoes a “strategic realignment” under new leadership. The end of “The News with Shepard Smith,” which will air its final episode later this month, comes a
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