Reuters Elon Musk is aiming to increase Twitter’s annual revenue to $26.4 billion by 2028, up from $5 billion last year, the New York Times reported on Friday, citing a pitch deck presented by the world’s richest man to investors. Advertising will fall to 45% of total revenue under Musk, down from about 90% in
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By Alicia Wallace, CNN Business Photographs by William DeShazer for CNN When the pandemic hit the US in March 2020, concert halls fell silent, stages faded to black and livelihoods hung in the balance. The US performing arts industry immediately lost more than half of its jobs; and unlike other hard-hit businesses such as restaurants,
Continue Reading By Alicia Wallace, CNN Business Photographs by William DeShazer for CNN When the pandemic hit the US in March 2020, concert halls fell silent, stages faded to black and livelihoods hung in the balance. The US performing arts industry immediately lost more than half of its jobs; and unlike other hard-hit businesses such as restaurants,
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By Zoe Sottile, CNN Hot Wheels is expanding representation for kids who use wheelchairs — with the company’s first-ever remote-controlled wheelchair toy. The toy was created in collaboration with five-time Wheelchair Motocross World Champion and Paralympic athlete Aaron “Wheelz” Fotheringham. Fotheringham, who was born with spina bifida and has been a full-time wheelchair user since
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By Frank Pallotta, CNN Business Netflix is still reeling from its stock plunge last month after losing subscribers for the first time in more than a decade. To turn the narrative back in its favor, analysts have suggested adding ads and clamping down on password sharing. But one way Netflix can help itself is by
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Story by Faith Karimi, CNN Video by Lacey Russell, CNN Photographs by Lynsey Weatherspoon/Redux for CNN The gray mansion with white trim stands out amid the brick homes in this affluent, quiet suburb of Atlanta. A Tesla and a Mercedes sit in the driveway. Towering pines wave gently in the backyard. Bare windows offer glimpses
Continue Reading Story by Faith Karimi, CNN Video by Lacey Russell, CNN Photographs by Lynsey Weatherspoon/Redux for CNN The gray mansion with white trim stands out amid the brick homes in this affluent, quiet suburb of Atlanta. A Tesla and a Mercedes sit in the driveway. Towering pines wave gently in the backyard. Bare windows offer glimpses
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By Rishi Iyengar Since Elon Musk announced he was buying Twitter last month, the billionaire has sent out tweet after tweet outlining his plans for the platform, touching on everything from new features to security updates to monetization. But Musk’s overarching reason for committing billions of dollars to buy Twitter is to ensure the platform
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By Nathaniel Meyersohn, CNN Business Turns out Trader Joe was a real guy, and his shrewd instincts led him to create a counter-culture grocery empire. Joe Coulombe, a struggling convenience store owner in Los Angeles, decided in 1967 to open a grocery chain to appeal to the small but growing number of well-educated, well-traveled consumers
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By Oliver Darcy, CNN Business Politico’s explosive scoop about a draft opinion revealing that the Supreme Court had voted to overturn Roe v. Wade has become the most-trafficked story in the outlet’s 15-year history, a spokesperson for the outlet told CNN on Friday. The article, written by Josh Gerstein and Alexander Ward, had originally published
Continue Reading By Oliver Darcy, CNN Business Politico’s explosive scoop about a draft opinion revealing that the Supreme Court had voted to overturn Roe v. Wade has become the most-trafficked story in the outlet’s 15-year history, a spokesperson for the outlet told CNN on Friday. The article, written by Josh Gerstein and Alexander Ward, had originally published
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By Oliver Darcy, CNN Business The Department of Defense fought to prevent Mark Esper, the former secretary of defense, from revealing in his forthcoming book that former President Donald Trump had proposed launching missiles into Mexico to destroy drug labs. The passage in the book, “A Sacred Oath,” which is out Tuesday, was a “major”
Continue Reading By Oliver Darcy, CNN Business The Department of Defense fought to prevent Mark Esper, the former secretary of defense, from revealing in his forthcoming book that former President Donald Trump had proposed launching missiles into Mexico to destroy drug labs. The passage in the book, “A Sacred Oath,” which is out Tuesday, was a “major”
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By Jennifer Korn and Clare Duffy, CNN Business A wave of new legislation taking aim at abortion rights across the country is raising concerns about the potential use of personal data to punish people who seek information about or access to abortion services online. In some of the most restrictive states, digital rights experts warn
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By Brian Fung, CNN A federal judge in San Francisco has dismissed former President Donald Trump’s lawsuit against Twitter that sought to reinstate his banned account on the platform, according to a court filing. The decision is a victory for Twitter, which had asked Judge James Donato, of the US District Court for the Northern
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By Brian Fung, CNN For years, video gamers have blamed shortages of PC graphics cards on cryptocurrency enthusiasts, who have snapped up growing numbers of the devices to generate digital coins. The pandemic, along with the Trump administration’s tariffs on Chinese imports, have only made the situation worse, leading to skyrocketing retail and aftermarket prices.
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By Alicia Wallace, CNN Business Americans are racking up debt at record rates. Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday. Revolving credit, which includes credit cards, surged by 21.4%. Despite robust wage growth — over the past 12
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By Danielle Wiener-Bronner, CNN Business Starbucks isn’t pleased that the White House left management out of a meeting with union representatives. On Thursday, union organizers representing workers at Starbucks, REI and Amazon, among others, met with Vice President Kamala Harris and Labor Secretary Marty Walsh at the White House. President Joe Biden also stopped by
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By Nathaniel Meyersohn, CNN Business Tripped-up supply chains and a coronavirus surge in China are causing headaches for top athletic brands. Under Armour tumbled 25% Friday after the company posted a $60 million loss during its most recent quarter due to supply chain delays and recent Covid-19 lockdowns in China. Chinese authorities imposed a lockdown
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By Danielle Wiener-Bronner, CNN Business Kraft Heinz is using the metaverse to help get Lunchables, Velveeta and ketchup onto shelves faster. Last month, the company announced a deal with Microsoft to help secure its supply chain by, among other things, using automation to speed up operations and replicate the company’s facilities online. Kraft created “digital
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