Money

By Jackie Wattles, CNN Virgin Orbit — the rocket company founded by British billionaire Richard Branson — is laying off the vast majority of its workforce as company leadership struggles to secure additional funding. About 675 employees will be terminated by April 3, according to a public document filed Thursday, amounting to around 85% of

By Oliver Darcy, CNN News organizations have a message for Elon Musk: We are not going to pay you for checkmarks on Twitter. The New York Times, Los Angeles Times, the Washington Post, BuzzFeed, POLITICO, and Vox all scoffed at the notion on Thursday that they would pay Twitter for the feature, which has been

By Nathaniel Meyersohn, CNN Bed Bath & Beyond will sell up to $300 million of its stock to repay creditors and fund its business as it struggles to avoid bankruptcy. If it’s not able to raise sufficient money from the offering, the home furnishings giant said Thursday it expects to “likely file for bankruptcy.” Bed

By Oliver Darcy, CNN Business ABC News on Thursday stunned staffers, laying off several senior executives and restructuring its newsroom amid a broader workforce reduction being carried out by its parent company Disney, people familiar with the matter told CNN. “Throughout the company, teams are being impacted by the downsizing that was announced several weeks

By Anna Bahney, CNN Homebuyers saw another week of falling mortgage rates, with the average rate dropping last week for the third week in a row, according to data from Freddie Mac released Thursday. The 30-year fixed-rate mortgage averaged 6.32% in the week ending March 30, down from 6.42% the week before. A year ago,

By Matt Egan, CNN The banking crisis that caused US officials to launch emergency interventions is unlikely to have significant direct costs for the federal government, according to Moody’s Investors Service. The credit ratings firm said late Wednesday that at this stage, the biggest bank failures since 2008 are not expected to meaningfully hurt America’s

By Kara Scannell, CNN Sam Bankman-Fried, the founder of failed cryptocurrency trading platform FTX, pleaded not guilty to five new federal charges of fraud and conspiracy, including one count of conspiring to bribe Chinese government officials. An attorney for Bankman-Fried entered the plea on his behalf of his client, who was seated beside him in

By Oliver Darcy, CNN Wall Street Journal Editor-in-Chief Emma Tucker told staff in a memo Thursday that she was “very concerned” for the safety of Russia-based reporter Evan Gershkovich, who was arrested Wednesday by security forces in the city of Yekaterinburg. “I am very sorry to let you know you that one of our reporters

By Hanna Ziady, CNN President Vladimir Putin has conceded that Western sanctions designed to starve the Kremlin of funds for its invasion of Ukraine could deal a blow to Russia’s economy. “The illegitimate restrictions imposed on the Russian economy may indeed have a negative impact on it in the medium term,” Putin said in televised

By Nathaniel Meyersohn, CNN Suddenly, your beverage is taller. Beverage brands rely on packaging shape and design to draw in consumers. Now they’re counting on a new slew of skinny aluminum cans to subtly signal to consumers that their exotic new drinks are healthier than the beer and sodas in the short, round cans of