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 Christine Romans, CNN Business The best advice for investors has always been: Buyer beware. It’s especially important in the unregulated Wild West of cryptocurrencies. The collapse of FTX, billed as an entry-level way to buy, sell and hold digital currencies, is a flashing warning sign for everyday investors caught up in the get-rich-quick aura
Continue Reading By Catherine Thorbecke, CNN Business Amazon on Tuesday launched a virtual clinic to treat common health conditions, including allergies, acne and hair loss, in the latest move by the e-commerce giant to expand its reach into the health care industry. The service, called Amazon Clinic, is a “message-based virtual care” option that is intended to
Continue Reading By Nathaniel Meyersohn, CNN Business There’s a retail price war on hot dog and soda combos. Sam’s Club has lowered the price of its hot dog and drink deal at its food courts to $1.38 from $1.50. Its chief rival, Costco, offers the same combo for $1.50. “New lower price. Same great hot dog &
Continue Reading By Oliver Darcy, CNN Protocol, the upstart technology news website launched by former Politico owner and publisher Robert Allbritton in early 2020, will shutter later this week and lay off dozens of staffers, people familiar with the matter told CNN on Tuesday. Staffers were told at an all-hands meeting Tuesday that the news organization will
Continue Reading By Jordan Valinsky, CNN Business There’s some bad blood brewing between Taylor Swift fans and Ticketmaster. Pre-sales for a handful of dates on the singer’s new tour began Tuesday. But infuriated fans report the ticketing website appeared to crash or freeze during purchase. Customers turned to Twitter to complain about Ticketmaster not loading or allowing
Continue Reading By Frank Pallotta, CNN Business Jeff Bezos may be adding NFL owner to his resume. The Amazon founder, along with Jay-Z, is in talks on a potential joint bid on the Washington Commanders, CNN reported earlier this month. However, it is not clear if the two have yet spoken with Dan Snyder and his wife,
Continue Reading By Matt Egan Bankrupt crypto exchange FTX could have more than 1 million creditors and has been in contact with “dozens” of regulators around the world, according to court documents, underlining the far-reaching impact from the stunning collapse of one of the industry’s biggest players. The new bankruptcy court filings also offer new details into
Continue Reading By Paul R. La Monica, CNN Business Good news for home improvement retail giant Home Depot: Sales were up nearly 6% from a year ago, topping Wall Street’s forecasts. Earnings were better than expected, too. Now for the bad news: Home Depot reported fewer customer transactions again. The DIY leader said in its third quarter
Continue Reading By Paul R. La Monica, CNN Business Stocks ended the day higher Tuesday after the US government reported that wholesale prices rose at a far less dramatic rate than expected. That news come just a few days after another report showed that the pace of consumer price increases was also slowing. The Dow rallied nearly
Continue Reading By Alicia Wallace, CNN Business A key measure of inflation, wholesale prices, rose by 8% in October from a year before, according to the latest report from the Bureau of Labor Statistics. While still historically high, it was the smallest increase since July of last year and significantly better than forecasts. It’s the second inflation
Continue Reading By Samantha Murphy Kelly, CNN Business When Apple announced at its closely-watched September product launch event that it would soon introduce an Emergency SOS feature powered by a network of satellites orbiting above Earth, Brooklyn probably wasn’t the secluded location most had in mind for using it. But on a rainy afternoon last week, I
Continue Reading By Samantha Murphy Kelly, CNN Business When Apple announced at its closely-watched September product launch event that it would soon introduce an Emergency SOS feature powered by a network of satellites orbiting above Earth, Brooklyn probably wasn’t the secluded location most had in mind for using it. But on a rainy afternoon last week, I
Continue Reading By Kristina Sgueglia, CNN Walmart agreed to the framework of a $3.1 billion settlement, which resolves allegations from multiple states’ attorneys general that the company failed to regulate opioid prescriptions contributing to the nationwide opioid crisis. The settlement, according to the office of New York Attorney General Letitia James, who co-led a coalition of attorneys
Continue Reading By Nathaniel Meyersohn, CNN Business Wealthier customers pinched by inflation are switching to Walmart for groceries, boosting sales at America’s largest retailer. Walmart on Tuesday reported annual US sales growth of 8.2% last quarter at stores open for at least a year. The results beat Wall Street analysts’ expectations, pushing Walmart’s stock up around 6%
Continue Reading By Nicole Goodkind, CNN Business The crypto industry is still reeling from last week’s shocking death spiral of digital currency exchange FTX. The company’s bankruptcy filing has left financial backers in the lurch — including the usual suspects in Silicon Valley, from Masayoshi Son’s SoftBank to VC firm Sequoia. A few names on the list
Continue Reading By Matt Egan, CNN Business In the span of just three years, Sam Bankman-Fried built FTX into a massive crypto exchange backed by marquee investors and valued at $32 billion. It took mere days for all of that to implode in a sprawling bankruptcy filing. Sheila Bair, a top regulator during the 2008 financial crisis,
Continue Reading By Danielle Wiener-Bronner, CNN Business Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small
Continue Reading By Danielle Wiener-Bronner, CNN Business Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small
Continue Reading By Michelle Toh, CNN Business Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. The Canadian billionaire has made headlines this week for offering to come to the aid of entrepreneurs who are facing a
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