By Chris Isidore, CNN Business FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the US. The company filed Tuesday in New York court under Chapter 15, which is a way for foreign companies to use US bankruptcy law to restructure debt — commonly done
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy on Wednesday said an “uncertain” economy pushed the e-commerce giant to move forward with rare and wide-ranging layoffs after having gone on a significant hiring spree for much of the pandemic. “We had the lens of a very uncertain economic environment, as well as our having
Continue Reading By Alicia Wallace, CNN Business It could soon be time for the Federal Reserve to ease up on its super-sized rate interest hikes, according to the central bank’s number-two policymaker, Vice Chair Lael Brainard. “I think it will probably be appropriate soon to maintain a slower pace of increases,” Brainard said Monday at an event
Continue Reading By Catherine Thorbecke, CNN Business Amazon is planning to lay off some 10,000 employees in corporate and technology jobs, the New York Times reported on Monday, citing anonymous sources with knowledge of the matter. The job cuts could start as early as this week, and will likely include staff working on Amazon devices (such as
Continue Reading By Jennifer Korn, CNN Business Google has agreed to a record $391.5 million settlement with 40 states for allegedly misleading consumers over its location tracking practices, a coalition of attorneys general announced Monday. The attorneys general described it as the largest multi-state privacy settlement in US history. The coalition, which included attorneys general from New
Continue Reading By Jennifer Korn, CNN Business Google has agreed to a record $391.5 million settlement with 40 states for allegedly misleading consumers over its location tracking practices, a coalition of attorneys general announced Monday. The attorneys general described it as the largest multi-state privacy settlement in US history. The coalition, which included attorneys general from New
Continue Reading By Brian Fung, CNN Business Amazon founder Jeff Bezos recently warned consumers and businesses they should consider postponing large purchases in the coming months as the global economy contends with a downturn and faces a possible recession. The business leader offered his starkest advice yet on a faltering economy in an exclusive sit-down interview with
Continue Reading By Paul R. La Monica, CNN Business The great bull run for tech stocks may finally be over. It has been a brutal year for the leading companies of Silicon Valley. Apple’s stock is down about 16% in 2022 — and that makes it the “best” performer of the so-called FAANGs of Big Tech. Facebook
Continue Reading By Catherine Thorbecke, CNN Business While a number of major brands have announced advertising pauses on Twitter in the wake of Elon Musk’s acquisition, the platform has scored a new ad buy from one notable billion-dollar business: Musk’s SpaceX. Musk confirmed on Twitter Monday that his aerospace company, SpaceX, bought a package to advertise its
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 Matt McFarland, CNN Business Tesla headed to court today to defend the huge compensation package that helped make CEO Elon Musk the richest person on Earth. Delaware’s Court of Chancery in Wilmington will host the week-long trial to examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The trial
Continue Reading By Matt McFarland, CNN Business Tesla headed to court today to defend the huge compensation package that helped make CEO Elon Musk the richest person on Earth. Delaware’s Court of Chancery in Wilmington will host the week-long trial to examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The trial
Continue Reading By Brian Fung, CNN Amazon founder Jeff Bezos plans to give away the majority of his $124 billion net worth during his lifetime, telling CNN in an exclusive interview he will devote the bulk of his wealth to fighting climate change and supporting people who can unify humanity in the face of deep social and
Continue Reading By Brian Fung, CNN Business Amazon founder Jeff Bezos recently warned consumers and businesses they should consider postponing large purchases in the coming months as the global economy contends with a downturn and faces a possible recession. The business leader offered his starkest advice yet on a faltering economy in an exclusive sit-down interview with
Continue Reading By Brian Fung, CNN Amazon founder Jeff Bezos plans to give away the majority of his $124 billion net worth during his lifetime, telling CNN in an exclusive interview he will devote the bulk of his wealth to fighting climate change and supporting people who can unify humanity in the face of deep social and
Continue Reading By Nicole Goodkind, CNN Business The stunning downfall of FTX, one of the largest cryptocurrency exchanges, sent shockwaves through the crypto universe last week. Sam Bankman-Fried, the 30-year-old crypto titan and chief executive of FTX, watched billions of his fortune evaporate in a bankruptcy filing that shook the trillion-dollar industry to its core. The pain
Continue Reading By Juliana Liu, CNN Business When President Joe Biden took office in January 2021, there were expectations on both sides of the Pacific that he would back away from the trade war his predecessor started with China nearly three years earlier. Frustrated by China’s huge trade surplus and accusing it of stealing US intellectual property,
Continue Reading By Diksha Madhok, CNN Business Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on Monday. Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at
Continue Reading By Laura He, CNN Business Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Shares of China’s biggest property developer Country Garden soared as much as 52% in Hong Kong after Beijing on Friday
Continue Reading By Matt Egan Authorities in The Bahamas are investigating potential criminal misconduct surrounding the stunning implosion of crypto exchange FTX, authorities said on Sunday. In a statement, the Royal Bahamas Police Force confirmed the investigation into FTX, which is headquartered in The Bahamas. “In light of the collapse of FTX globally and the provisional liquidation
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