Money

By Matt McFarland, CNN Business Tesla CEO Elon Musk testified this morning in a shareholder lawsuit examining the massive compensation package that helped make him the world’s richest person. Tesla is being sued by plaintiff Richard J. Tornetta, who says that the company was wrong in awarding Musk his compensation package in 2018, which shareholders

By Peter Valdes-Dapena, CNN Business Toyota unveiled an all-new version of its famous Prius hybrid car Wednesday just ahead of the Los Angeles Auto Show. It’s lower, longer and sleeker looking, with just less than a 10% improvement in the model’s vaunted fuel efficiency. Bigger gains come in terms of power and performance. The hybrid

By Allison Morrow, CNN Business The fallout from the spectacular implosion of crypto giant FTX has triggered a cascade of wide-reaching effects: It’s ensnared a number of celebrities who endorsed the now-bankrupt platform, and financial contagion is spreading across the vast crypto and digital-asset ecosystem. On Wednesday, the lending arm of crypto brokerage Genesis suspended

By Alicia Wallace, CNN Business American shoppers spent more in October, showing continued resilience amid persistently high inflation and an early start to the holiday shopping season. US retail sales rose 1.3% in October, the Census Bureau reported Wednesday. That’s the biggest monthly gain since February and better than the 1% economists had expected. Consumer

By Nicole Goodkind, CNN Business Ferragamo belt-buckles are being tightened across Wall Street as bankers prepare for a gloomy bonus season. Year-end payouts, typically an outsized part of total financial industry compensation, are expected to plunge as merger and acquisitions dry up, inflation persists and recession threats grow. What’s happening: Bankers who help consolidate companies

By Jordan Valinsky, CNN Business Target’s profit plunged 52% in the third quarter and the retailer warned of a sluggish holiday. Target blamed inflation and a deteriorating economic outlook for its miserable quarter — and also lowered its outlook for the rest of the year. That sent shares down more than 12% in premarket trading.

By Chris Isidore, CNN Business The Labor Department has filed a federal lawsuit charging a leading US food sanitation company with using dozens of children in hazardous jobs on overnight shifts at various food processing plants. The company, Packer Sanitation Services, is described by the Labor Department as one of America’s leading providers of food

By Matt McFarland, CNN Business Elon Musk said that he needed to receive what amounted to the largest compensation package in history so that he could fuel his goals around “inter-planetary travel,” Tesla board chair Robyn Denholm testified Tuesday. Denholm’s testimony came as part of the week-long trial in the Delaware’s Court of Chancery in

By Alicia Wallace, CNN Business There has long been a threshold that few issuers of store-branded credit cards have been willing to surpass: the 30% annual percentage rate. However, amid a rapid succession of blockbuster rate hikes by the Federal Reserve, those lines in the sand are quickly being crossed. At least a half-dozen major

By Parija Kavilanz, CNN Business Fact: No one likes warm beer. With the holiday party season already in full swing, Coors Light has invented a new way for beer drinkers to temperature check their glass of beer to avoid an unpleasant surprise. Option one: just touch the glass of beer with your finger. But where’s

By Danielle Wiener-Bronner, CNN Business Chain restaurants have been reporting growing sales in the third quarter. But more sales don’t mean more customers. In fact, industry watchers are noticing that foot traffic to restaurants has been falling in recent months. That’s because as inflation eats into consumers’ budgets, many have been cutting back on their