By Ramishah Maruf, CNN After announcing he wants out of his deal to buy Twitter, Elon Musk spent the weekend in Idaho at the Sun Valley Conference. He spoke on stage, essentially off the record, but a source in the room told CNN’s chief media correspondent Brian Stelter that Musk tripled down on his decision
Continue Reading By Frank Pallotta, CNN Business Former WWE chief executive Vince McMahon paid more than $12 million to four women to cover up “allegations of sexual misconduct and infidelity,” according to a Wall Street Journal report. The women, all of whom were involved with WWE, signed agreements with McMahon that “prohibit them from discussing potential legal
Continue Reading By Frank Pallotta, CNN Business The God of Thunder still has some pop. “Thor: Love and Thunder,” the latest film in the Marvel Cinematic Universe, made an estimated $143 million domestically for its opening this weekend, according to Disney. That number is on par with industry expectations, which had the film making around $150 million
Continue Reading By Nicole Goodkind, CNN Business Earnings season is upon us once again! It’s just like the holiday season except instead of presents and sweets we get financial results and conference calls. Big bank earnings will mark the unofficial beginning of the second quarter earnings period when they report next week, starting with JPMorgan Chase on
Continue Reading By Catherine Thorbecke, CNN Business In the two decades since it was first included in products available to the general public, Bluetooth has become so widespread that an entire generation of consumers may not be able to remember a time without it. ABI Research estimates that 5 billion Bluetooth-enabled devices will ship to consumers this
Continue Reading by Vanessa Yurkevich, CNN Another record breaking number of imports passed through the US’s major container ports this spring — showing no sign of a slowdown in consumer demand, the National Retail Federation, or NRF, said Friday. “Cargo volume is expected to remain high as we head into the peak shipping season, and it is
Continue Reading By Clare Duffy, CNN Business The Securities and Exchange Commission has continued to examine Elon Musk’s investment in and $44 billion deal to buy Twitter. A letter sent by the SEC to Musk on June 2 includes questions about the billionaire’s use of Twitter to discuss the deal, including his tweets about the deal being
Continue Reading by Alexandra Peers, CNN Business Sixty years ago today, the pop artist Andy Warhol unveiled a wall of 32 Campbell Soup can paintings at a Los Angeles gallery, one for each flavor of soup then in production. Not long after, the company sent over a lawyer. Thus began a decades-long hate-love relationship between the artist
Continue Reading By Nathaniel Meyersohn, CNN Business “Unexpected item in the bagging area.” “Please place item in the bag.” “Please wait for assistance.” If you’ve encountered these irritating alerts at the self-checkout machine, you’re not alone. According to a survey last year of 1,000 shoppers, 67% said they’d experienced a failure at the self-checkout lane. Errors at
Continue Reading By Clare Duffy, Brian Fung and Rachel Metz, CNN Elon Musk moved Friday afternoon to terminate his $44 billion deal to buy Twitter — the latest twist in a whirlwind process in which the billionaire Tesla CEO became the company’s biggest shareholder, turned down a board seat, agreed to buy the social media platform and
Continue Reading By Sara Ashley O’Brien, CNN Business In January, Elizabeth Holmes became the rare Silicon Valley founder convicted of fraud stemming from her time as CEO of her failed blood-testing startup, Theranos. On Thursday, her ex-boyfriend and former second-in-command, Ramesh “Sunny” Balwani, was also found guilty of fraud by a separate jury. Their back-to-back trials spanned
Continue Reading By Matt McFarland, CNN Business Argo AI, the self-driving company backed by Ford and Volkswagen, is shutting down its Washington, DC operation as part of a broader round of layoffs impacting about 150 people across the company. Ford had planned to launch a robotaxi service in DC last year with Argo AI’s technology, but the
Continue Reading By Peter Valdes-Dapena, CNN Business The percentage of Americans who say they would “definitely buy” an electric vehicle has more than tripled over the past two years, according to a new survey. That’s a little less impressive than it seems at first glance: It went from just 4% of Americans in 2020 to 14% in
Continue Reading By Clare Duffy, CNN Business Twitter is laying off a portion of its recruiting team after previously saying it would pause most hiring. The move comes as Twitter continues to await a pending acquisition by Elon Musk, a process that has been marked by confusion and contention between the social media company and the billionaire
Continue Reading By Frank Pallotta, CNN Business Former WWE chief executive Vince McMahon paid more than $12 million to four women to cover up “allegations of sexual misconduct and infidelity,” according to a Wall Street Journal report. The women, all of whom were involved with WWE, signed agreements with McMahon that “prohibit them from discussing potential legal
Continue Reading By Frank Pallotta, CNN Business Two years ago, movie theaters were suffering through the pandemic and many in Hollywood wondered if going to the movies would become a thing of the past. Now, halfway through 2022, the reports of the death of theaters appear to be greatly exaggerated. Audiences have returned to the cineplex for
Continue Reading By Frank Pallotta, CNN Business The God of Thunder still has some pop. “Thor: Love and Thunder,” the latest film in the Marvel Cinematic Universe, made an estimated $143 million domestically for its opening this weekend, according to Disney. That number is on par with industry expectations, which had the film making around $150 million
Continue Reading By Michelle Toh, CNN Business Germany’s biggest landlord will turn down the heat for hundreds of thousands of residents in the coming months as Russia throttles supplies of natural gas. Vonovia, which bills itself as the biggest provider of housing in Germany with 1 million tenants, said Thursday it was trying “to save as much
Continue Reading By Alicia Wallace, CNN Business The US economy added 372,000 jobs in June, an unexpected boost in hiring and a signal that the labor market remains robust despite recession fears, according to the monthly jobs report from the Bureau of Labor Statistics released Friday. The unemployment rate held steady at 3.6%, still close to the 52-year low last reached
Continue Reading By Christine Romans, CNN Business It’s “almost impossible” for the Fed to tamp down inflation without tipping the US economy into a recession, says Former IMF Chief Economist Ken Rogoff. “[The Fed] would have to be very lucky,” Rogoff told CNN’s Christine Romans on Early Start. “They have to decide: Do they have to have
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