By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon
Continue Reading By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business The trade group representing the nation’s freight railroads is confident that a strike by more than 100,000 union members can be avoided, even after rank-and-file members rejected the tentative labor deals reached earlier this fall. So far three rail unions have rejected the proposed agreements and are
Continue Reading By Clare Duffy and Oliver Darcy, CNN Business Another employee exodus appears to be underway at Twitter as many workers rejected Elon Musk’s terms for staying with the company, choosing instead to depart, according to multiple current and former employees. As the deadline approached for Twitter employees to respond to Elon Musk’s ultimatum to commit
Continue Reading By Clare Duffy and Oliver Darcy, CNN Business Another employee exodus appears to be underway at Twitter as many workers rejected Elon Musk’s terms for staying with the company, choosing instead to depart, according to multiple current and former employees. As the deadline approached for Twitter employees to respond to Elon Musk’s ultimatum to commit
Continue Reading By Anna Bahney, CNN Business Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing. The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, according to Freddie Mac, the largest weekly drop since 1981. A year ago,
Continue Reading By Alicia Wallace, CNN Business Thanks to inflation, your “True Love” will have to spend a pretty (expensive) penny when showering you with turtle doves, golden rings, and a dozen drummers this holiday season. The cost for the dozen items outlined in the “Twelve Days of Christmas” song hit a record high this year of
Continue Reading By Paul R. La Monica, CNN Business Wall Street cares only about one thing right now…and it’s not earnings, the state of the job market, resilient consumer spending or the spectacular FTX/crypto meltdown. Investors are laser-focused on the Federal Reserve and what central bankers are saying about inflation and rates. Just look at what stocks
Continue Reading By Samantha Murphy Kelly, CNN Business If you haven’t ordered one of the higher-end iPhone 14 models by now, it may be harder than usual to get one before the holidays. The wait time for the 14 Pro and 14 Pro Max in the United States is now 34 days, up from seven days last
Continue Reading By Jordan Valinsky and Frank Pallotta, CNN Anyone looking to buy a ticket to Taylor Swift’s new tour may be out of luck. Ticketmaster said on Thursday that “due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand,” Friday’s public ticket sales for Swift’s Eras Tour has been
Continue Reading By Catherine Thorbecke, CNN Business After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. “It’s like we’re all in a nightclub and the lights just came on,” Chesky said in
Continue Reading By Catherine Thorbecke, CNN Business After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. “It’s like we’re all in a nightclub and the lights just came on,” Chesky said in
Continue Reading By Nathaniel Meyersohn, CNN Business Middle-income shoppers have tightened their spending on clothing and home furnishings. That’s squeezing Macy’s, Kohl’s, Target and other chains. Macy’s sales dropped 3.1% last quarter from a year ago, while Kohl’s tanked 6.9%. Kohl’s also withdrew its financial guidance, citing “significant macroeconomic headwinds” and the abrupt departure of the chain’s
Continue Reading By Alicia Wallace, CNN Business Thanks to inflation, your “True Love” will have to spend a pretty (expensive) penny when showering you with turtle doves, golden rings, and a dozen drummers this holiday season. The cost for the dozen items outlined in the “Twelve Days of Christmas” song hit a record high this year of
Continue Reading By Julia Horowitz, CNN Business The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Now, Britons must also stomach higher taxes and reductions to public services as the government tries to get its finances on more solid footing — underscoring
Continue Reading By Hanna Ziady, CNN Business The UK government is hiking a windfall tax on oil and gas companies and extending the levy to electricity generators, as it scrambles to balance its budget amid an economic downturn. It is also investing in nuclear power for the first time in decades. UK finance minister Jeremy Hunt announced
Continue Reading By Paul R. La Monica, CNN Business The Chinese consumer is still under a lot of pressure. E-commerce giant Alibaba reported third quarter sales Thursday that rose just 3% from a year ago, slightly missing analysts’ forecasts. Alibaba has been hit hard this year due to a slowdown in China’s economy. The pandemic has weighed
Continue Reading By Matt Egan, CNN Business Democratic Sens. Elizabeth Warren and Dick Durbin are demanding FTX founder Sam Bankman-Fried hand over a trove of documents that will shed light on the extraordinary and swift downfall of his crypto exchange. In a letter obtained first by CNN, the lawmakers call for a “complete and transparent accounting” of
Continue Reading By Allison Morrow, CNN Business A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a
Continue Reading By Natalia V. Osipova and Catherine Thorbecke, CNN Business As US wildfires have grown larger and deadlier in recent years, one company is using drones and fire-starting “dragon eggs” to help prevent extreme blazes and save firefighters’ lives. Drone Amplified, a Nebraska-based startup, is using unmanned aerial technology to improve one of the oldest and
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