By Paul R. La Monica, CNN Business The meltdown of FTX has sent the price of bitcoin and other cryptocurrencies tumbling more than 60% this year…and the carnage has spread to publicly traded companies with exposure to digital assets. Shares of Coinbase, Square-owner Block, top bitcoin miners Hive and Riot, crypto bank Silvergate and software
Continue Reading By Matt Egan, CNN Prices at the pump continue to plunge, dropping the US average for gasoline below where it was when Russia invaded Ukraine. A gallon of regular gas now fetches $3.47 nationally, according to AAA. That is below the $3.54 average on February 24, the day Russia invaded Ukraine. That is down about
Continue Reading By Nicole Goodkind, CNN Business Federal Reserve Chair Jerome Powell made investors very happy on Wednesday. US stocks popped after the central banker gave a speech strongly indicating that the Fed would ease the historically-high pace of interest rate rises at its next policy meeting in December. But investors who are expecting a full pivot
Continue Reading By Alicia Wallace, CNN Business Ahead of Friday’s closely watched jobs report, economists polled by Refinitiv say they are expecting job growth to have slowed in November, with just 200,000 positions added. But while the recent wave of layoffs hitting the tech sector has dominated news cycles and triggered concerns that a larger reckoning may
Continue Reading By Diksha Madhok, CNN Business Binance is expanding into new markets even as the crypto industry grapples with turmoil unleashed by the spectacular collapse of crypto exchange FTX. The world’s biggest cryptocurrency exchange has acquired Sakura Exchange BitCoin (SEBC), a crypto exchange registered in Japan, Binance said on its website Wednesday. The deal would allow
Continue Reading By Diksha Madhok, CNN Business The extensive Indian diaspora will help the South Asian country reach a special milestone this year. Asia’s third largest economy is on track to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report published Wednesday. This will be the first time a country
Continue Reading By Jackie Wattles, CNN Elon Musk — the SpaceX founder, Tesla CEO, and, most recently, Twitter owner — hosted a flashy event on Wednesday night for yet another one of his companies: Neuralink, the startup proposing implants that connect your brain to a computer. The event showcased a video that Musk said showed a monkey
Continue Reading By Clare Duffy, CNN Business Enterprise tech giant Salesforce said Wednesday that its co-CEO and Vice Chair Bret Taylor will step down from his roles. Salesforce co-founder Marc Benioff, who had been co-CEO alongside Taylor, will continue running the company and serving as board chair, the company said in a news release. Taylor had worked
Continue Reading By Allison Morrow, CNN Business Sam Bankman-Fried, the 30-year-old founder of the bankrupt crypto exchange FTX, said he “didn’t ever try to commit fraud on anyone,” while admitting he made mistakes as chief executive. “There are things I would do anything to do over again,” Bankman-Fried said in a virtual appearance at the New York
Continue Reading By Chris Isidore, CNN Business A crippling freight railroad strike that threatened to upend the US economy now looks unlikely, as Congress votes on bills that would impose a contract on freight railroads and the unions that represent their workers. The House approved two pieces of legislation Wednesday, one to impose the tentative agreements that
Continue Reading By Brian Fung, CNN A top European Union official warned Twitter owner Elon Musk on Wednesday that the social media platform must take significant steps to comply with EU content moderation laws, and that European officials will be monitoring closely for compliance. Twitter has “huge work ahead” to meet its obligations under the Digital Services
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy on Wednesday said an “uncertain” economy pushed the e-commerce giant to move forward with rare and wide-ranging layoffs after having gone on a significant hiring spree for much of the pandemic. “We had the lens of a very uncertain economic environment, as well as our having
Continue Reading By Peter Valdes-Dapena, CNN Business Lordstown Motors, a startup company building electric pickups in a former General Motors factory, is ready to deliver its first production-model pickup trucks, the company said. The announcement comes about 18 months after the company had warned, in a regulatory filing, that it could go out of business and, shortly
Continue Reading By Alicia Wallace and Lucy Bayly, CNN Business The Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum. “The time for moderating the pace of rate increases may come as soon as the December meeting,” he said
Continue Reading By Oliver Darcy, CNN Business CNN on Wednesday informed employees that layoffs had commenced, a move that is expected to impact hundreds of staffers at the global news network and mark the deepest cuts to the organization in years. Chris Licht, who took over as chief executive of the network in May, described the cuts
Continue Reading By Catherine Thorbecke, CNN Business DoorDash on Wednesday said it will lay off about 1,250 corporate employees after growing its team too quickly during the pandemic, making it the latest tech company to cut staff in recent weeks. The cuts represent about 6% of DoorDash’s staff, according to a company spokesperson. DoorDash CEO Tony Xu
Continue Reading By Alicia Wallace, CNN Business The number of job openings in the United States dropped in October, but the labor market still remains historically tight despite the Federal Reserve’s efforts to cool demand and bring down inflation. There were 10.3 million available jobs last month, down from nearly 10.7 million in September, according to the
Continue Reading By Frank Pallotta, CNN Business Bob Iger has a lot on his to do list in his second round as Disney’s CEO. The 71 year-old newly unretired executive has to make the company’s costly streaming business profitable, jump start its floundering stock price and restore the magic in Disney’s culture after Bob Chapek’s tumultuous tenure.
Continue Reading By Jordan Valinsky, CNN Business If your holiday wish list includes a Chick-fil-A sauce-themed blanket or a chicken nugget pillow, look no further. The chicken chain has launched its first-ever online store, and it’s filled with quirky merchandise that pays homage to cult-favorite items. Highlights include an “I Heart Waffle Fries” hoodie, a “Chicken for
Continue Reading By Brian Fung, CNN Business Twitter owner Elon Musk’s dictatorial management style risks driving the company headlong into unforced business blunders, content moderation disasters and the degradation of core platform features that help keep vulnerable users safe, according to a former top Twitter official who led the company’s content moderation before abruptly resigning this month.
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