By Chris Isidore, CNN A popular misconception has emerged about Elon Musk and Tesla: The megabillionaire’s love affair with Twitter is the main reason Tesla shares have lost so much value this year. But Tesla’s steep stock selloff this week proved that the problems at Musk’s car company go well beyond Twitter. Even as Musk
Continue Reading By David Goldman, CNN Elon Musk’s wealth destruction has become historic. The CEO of Tesla, SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, good enough for second place on the list of the world’s richest behind LVMH Chairman Bernard Arnault. But at its peak in November 2021, Musk’s net worth
Continue Reading By Ramishah Maruf, CNN Samsung recalled more than 660,000 washing machines, warning customers that the machine could short-circuit and overheat, posing a fire hazard. The company received 51 reports of “smoking, melting, overheating or fire involving the washers.” Ten of these reports resulted in property damage, and three customers reported injuries from smoke inhalation. Several
Continue Reading By Peter Valdes-Dapena, CNN Business Bugatti will sell its very last purely gas-powered supercar at a Paris auction on February 1, 2023. The one-of-a-kind model is expected to sell for millions of dollars. It’s a car that, Bugatti says, was never originally expected to be sold at all. The Bugatti Chiron Profilée was being developed,
Continue Reading By Clare Duffy, CNN Facebook parent company Meta has agreed to pay $725 million to settle a longstanding class action lawsuit accusing it of allowing Cambridge Analytica and other third parties to access private user information and misleading users about its privacy practices. The proposed settlement would end the legal battle that began four years
Continue Reading By Anna Bahney, CNN Business New home sales were up in November from the month before, even as prices remained elevated and buyers faced some of the highest mortgage rates of the year. Sales of newly constructed homes rose 5.8% in November from October, but were down 15.3% from a year ago, according to a
Continue Reading By Alicia Wallace, CNN The trend is clear: Inflation is cooling off in America. The Federal Reserve’s preferred measurement of inflation showed price increases continued to moderate in November, providing yet another welcome indication that the period of painfully high prices has peaked. The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November
Continue Reading By Chris Isidore, CNN If you’re hoping that your last-minute Christmas gift will arrive on time, you may be out of luck. Amazon, the US Postal Service, UPS and FedEx are all warning that the winter storm hitting large swaths of the United States is disrupting operations in the final delivery days before Christmas. “FedEx
Continue Reading By Hanna Ziady, CNN Brits hoping for a new-year salary bump to offset soaring food and energy costs may be disappointed. The average British worker’s pay in 2023 is expected to fall back to 2006 levels once inflation is taken into account, according to PwC. Real wages, which factor in inflation, are expected to fall
Continue Reading By CNN staff Bone conduction headphones, TV streaming devices and Bluetooth speakers are among the tech gadgets topping holiday wish lists this year. Other notable products — ahem, the new 14 Pro and 14 Pro Max — are near impossible to find. But as the year comes to an end, the staff at CNN is
Continue Reading By Samantha Murphy Kelly, CNN Business Over the years, Apple has added touchscreens to almost every computing device imaginable, from phones and tablets to smartwatches, but it has refrained from bringing the feature to its Mac product line — even as a long list of rivals did so with their laptops and desktops. In 2010,
Continue Reading By Danielle Wiener-Bronner, CNN Comically oversized snack foods. A cocktail infused with processed cheese. And a fine dining establishment for feline lovers. In 2022, there were plenty of restaurants, food manufacturers and at least one artist collective that tried to break through with their shenanigans. These food stunts were often outrageous and sometimes regrettable. But
Continue Reading By Inke Kappeler, Xiaofei Xu and Anna Cooban, CNN Pig herds in Germany have shrunk to a record low as producers battle soaring input costs, adding to the list of German industries hobbled by the energy crisis. Pig stocks and the number of pig farm farms fell “because of the persistently difficult economic situation,” the
Continue Reading By Clare Duffy, CNN Additional Twitter employees were terminated Thursday as part of ongoing, rolling layoffs under new owner Elon Musk, including from the public policy and media and entertainment teams, according to tweets from affected employees. As part of Thursday’s layoffs, the members of Twitter’s public policy team who had remained following last month’s
Continue Reading By Clare Duffy, CNN TikTok parent company ByteDance has fired four employees who improperly accessed the personal data of two journalists on the platform, TikTok spokesperson Brooke Oberwetter confirmed to CNN Thursday. TikTok user data from the two journalists, who worked for the Financial Times and BuzzFeed, was accessed while ByteDance employees were investigating potential
Continue Reading By Alicia Wallace, CNN Last year, bonuses were bountiful. This year, economic uncertainty is bringing a chill to the holiday-season perk, according to survey data released Thursday by Challenger, Gray & Christmas. More than 81% of the 252 employers surveyed by the outplacement firm said they planned to freeze the value of holiday bonuses at
Continue Reading By Kara Scannell, CNN Sam Bankman-Fried, the disgraced founder of crypto exchange FTX, appeared in a US courtroom in New York Thursday to face eight counts of fraud and conspiracy. A judge released him on a $250 million bond in his first appearance on American soil since his arrest last week in the Bahamas. The
Continue Reading By Matt Egan, CNN The “once-in-a-generation” winter storm sweeping across the nation will force Americans to crank up the heat at a time when it’s become increasingly expensive to do that. Even before this historic winter storm emerged, experts warned home heating costs would jump this winter to the highest level in more than a
Continue Reading By Samantha Murphy Kelly, CNN Business A small but growing number of universities are now blocking access to TikTok on school-owned devices or WiFi networks, in the latest sign of a widening crackdown on the popular short-form video app. The University of Oklahoma and Auburn University in Alabama have each said they will restrict student
Continue Reading By Vanessa Yurkevich, CNN Immigration has long been a political football in the United States. But If you’re wondering why America’s labor shortage persists nearly three years into the Covid pandemic, it’s in part because America doesn’t have enough immigrants. Immigrants are vital to the US economy and fill thousands of US jobs — jobs
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