By Chris Isidore, CNN Business Tesla just became the sixth company in US history to be worth $1 trillion. Shares popped more than 12% Monday to close at about $1,025, boosted by two spots of good news: Hertz announced a record order of 100,000 Teslas for its fleet, and influential Morgan Stanley auto analyst Adam
Continue Reading
By Paul R. La Monica, CNN Business Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both closed at record highs Monday — while Tesla shares soared to a new all-time peak above $1,000 and sent the company’s market share past the $1 trillion level. The Dow ended the day up
Continue Reading By Matt Egan, CNN Business Jonathan Greenblatt, the CEO of the Anti-Defamation League, blasted Facebook on Monday following the publication of a series of articles revealing the company’s struggles to stop hate speech, human trafficking and coordinated groups that sowed discord ahead of the January 6 insurrection. “The kind of monopolistic indifference the company has
Continue Reading
By Jackie Wattles, CNN Business Blue Origin, the rocket and space tourism company founded by Jeff Bezos, is proposing a massive new commercial space station called “Orbital Reef” that could be used to host science experiments, vacation getaways, and potentially even in-space manufacturing. The company plans to work alongside startup Sierra Space to bring the
Continue Reading
By Jordan Valinsky, CNN Business The FBI is revealing new details about a $31.8 million counterfeit coupon scheme that landed a Virginia Beach couple in prison for nearly 20 years, combined. In a press release last week, the agency said that investigators found fake coupons in “every crevice” of the house belonging to Lori Ann
Continue Reading
By Matt Egan, CNN Business Extreme port congestion has become a major nuisance that just won’t go away this year. Unfortunately, it could be one of the biggest problems of 2022, too. Backlogs and elevated shipping costs are likely to persist “at least” through the middle of next year, Goldman Sachs warned clients in a
Continue Reading
By Matt Egan, CNN Business The Biden administration’s Covid-19 vaccine mandate for federal contractors will further disrupt already stressed-out supply chains, Raytheon Technologies warned Tuesday. Raytheon, a conglomerate that makes jet engines, missiles and drones, joins a growing list of business groups expressing concern about the December 8 deadline for employees of federal contractors to
Continue Reading
By Matt Egan, CNN Business The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years. US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014. The rebound has intensified in recent weeks
Continue Reading
By Chris Isidore, CNN Business Hertz is betting big on electric vehicles. It’s buying 100,000 Teslas, the largest-ever order by a single buyer. The purchase also represents the biggest move into EVs by a rental car company, by far. “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and
Continue Reading
By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
Continue Reading By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
Continue Reading
By Julia Horowitz, CNN Business As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get
Continue Reading
By Julia Horowitz, CNN Business As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get
Continue Reading
By Clare Duffy, CNN Business Facebook has confronted whistleblowers, PR firestorms and Congressional inquiries in recent years. But now it faces a combination of all three at once in what could be the most intense and wide-ranging crisis in the company’s 17-year history. On Friday, a consortium of 17 US news organizations began publishing a
Continue Reading
By Sean Lyngaas, CNN Business Nobelium, the Russian hacking group responsible for breaching SolarWinds, is still at it. The Russian hackers behind that successful 2020 breach of US federal agencies compromised as many as 14 technology firms since May as part of another apparent espionage campaign, Microsoft said Monday. The hackers have been hitting a
Continue Reading By Clare Duffy, CNN Business Facebook has confronted whistleblowers, PR firestorms and Congressional inquiries in recent years. But now it faces a combination of all three at once in what could be the most intense and wide-ranging crisis in the company’s 17-year history. On Friday, a consortium of 17 US news organizations began publishing a
Continue Reading
By Clare Duffy, CNN Business Facebook has for years struggled to crack down on content related to what it calls domestic servitude: “a form of trafficking of people for the purpose of working inside private homes through the use of force, fraud, coercion or deception,” according to internal Facebook documents reviewed by CNN. The company
Continue Reading
By Eliza Mackintosh, CNN Facebook employees repeatedly sounded the alarm on the company’s failure to curb the spread of posts inciting violence in “at risk” countries like Ethiopia, where a civil war has raged for the past year, internal documents seen by CNN show. The social media giant ranks Ethiopia in its highest priority tier
Continue Reading
By Diksha Madhok, CNN Business PayPal is not looking to buy Pinterest, the digital payments company said Sunday, following reports that it was exploring yet another big-ticket acquisition. In a succinct statement made “in response to market rumors,” PayPal said it’s “not pursuing an acquisition of Pinterest at this time.” Shares in PayPal gained 6.7%
Continue Reading
By Laura He, CNN Business Evergrande is starting to pay off its overdue debts and restart stalled real estate projects. Now the embattled Chinese developer is reportedly signaling that it wants to move away from housing and focus on cars. Chairman Xu Jiayin, also known as Hui Ka Yan in Cantonese, said Friday that the
Continue Reading