By Hannah Ritchie and Jill Disis, CNN Business Billionaire mining magnate Andrew Forrest is taking legal action against Facebook in Australia after he claims the company failed to remove scam advertisements that used his image. Facebook was “criminally reckless” because it did not take “sufficient steps to stop criminals from using its social media platform
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by Chris Isidore, CNN Business Ford reported an unexpected drop in its fourth quarter earnings, rather than the improved results expected by Wall Street, but the company promised it sees a better 2022 ahead. The company reported income excluding special items of $1.1 billion, down from $1.4 billion on that same basis a year ago.
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By Jennifer Korn MacKenzie Scott has donated $133.5 million to educational nonprofit Communities in School, an organization that helps students navigate issues inside and outside of the classroom. The billionaire philanthropist’s donation is the largest unsolicited gift in the program’s history. Communities in School works in 2,900 schools in America, supporting students at risk of
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By Clare Duffy, CNN Business Amazon is raising the price of its annual Prime subscriptions from $119 to $139 per year in the United States, the company announced along with its earnings report Thursday. The price of a monthly subscription will also increase from $12.99 to $14.99. The company said it is increasing the price
Continue Reading By Clare Duffy, CNN Business Amazon is raising the price of its annual Prime subscriptions from $119 to $139 per year in the United States, the company announced along with its earnings report Thursday. The price of a monthly subscription will also increase from $12.99 to $14.99. The company said it is increasing the price
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By Matt McFarland, CNN Business Kaylen Barker, a Black woman who worked at a Tesla manufacturing plant, filed a lawsuit this week in California claiming that the automaker tolerates “rampant acts of racism” in its factories. Barker’s lawsuit describes a series of escalating racist encounters in 2021 that the automaker allegedly ignored until a coworker
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By Matt Egan, CNN Business US oil prices jumped above $90 a barrel on Thursday for the first time in more than seven years. The latest rally comes just a day after OPEC and its allies declined to aggressively ramp up production to cool off red-hot energy prices. Crude jumped 2.2% to $90.15 a barrel
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By Anna Bahney, CNN Business Sky high real estate prices have made a growing number of homeowners “equity rich,” according to a report on home equity. That means they have at least 50% equity in their property, or put another way, that the amount they owe on the home is no more than half of
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Opinion by Carlo Pizzinelli and Ippei Shibata for CNN Business Perspectives Almost two years after the pandemic upended labor markets, job openings are plentiful in many advanced economies, yet workers have not fully returned. The broader trend of plentiful jobs and not enough workers can have major implications for growth, inequality and inflation. This gap,
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By Sara Ashley O’Brien, CNN Business Wag, a dog-walking startup that once received $300 million from a single investor only to stumble in executing its strategy, is set to go public in a deal valued not much higher than that one investment. Wag said Thursday that it has entered an agreement to go public through
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By Rachel Metz, CNN Business Meta, the parent company of Facebook, has a new feature aimed at cutting down on harassment and assault in virtual reality: It will give avatars in its Horizon Worlds social app and Horizon Venues events app an invisible “personal boundary” of four feet to stop others from getting too close.
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By Clare Duffy, CNN Business Meta Platforms, the company formerly known as Facebook, just had its worst trading day in its history as a public company. The company’s shares closed down more than 26% Thursday, shaving off nearly $240 billion from its market value, after a rough earnings report released after trading hours on Wednesday.
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By Matt Egan, CNN Business Nearly a dozen US Senators are calling for the Biden administration to curb overseas shipments of natural gas as Americans struggle with home heating sticker shock this winter. “As families across the country continue to face steep residential energy and heating costs, we urge you to take swift action to
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By Jennifer Korn, CNN Business Melinda French Gates may be shifting her approach to how she gives away her vast wealth following her high-profile divorce last year from Microsoft founder Bill Gates. French Gates is said to have decided not to give the bulk of her estimated $11.4 billion fortune to the Bill & Melinda
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By Frank Pallotta, CNN Business Spotify has had a rough couple of weeks. Its stock took a big hit Wednesday because of a slowing growth forecast, and the company has seen creators from the music and podcasting world desert the platform because of comments by comedian and podcast host Joe Rogan. While the departures are
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By Chris Isidore and Matt McFarland, CNN Business Federal safety regulators are mulling a probe after Tesla owners complained that their cars were stopping for no reason. The issue may stem from Tesla’s automatic braking feature hitting the brakes when there is no need to do so. A spokesperson for the National Highway Traffic Safety
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By Anneken Tappe, CNN Business Meta ruined things for the stock market on Thursday. Wall Street was deep in the red as the tech company formerly known as Facebook plummeted following its earnings report. The Nasdaq Composite finished the day down 3.7%. The S&P 500, the broadest measure of the US stock market, fell 2.4%.
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By Danielle Wiener-Bronner, CNN Business Stress eating is about to get more expensive: Hershey is raising prices this year. “Pricing will be an important lever for us this year and is expected to drive most of our growth,” Hershey CEO Michele Buck said in prepared remarks discussing the company’s financial results Thursday. In its 2022
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By Anna Bahney, CNN Business More people are flipping homes, but they are making less of a profit. Investors looking to get a piece of skyrocketing home prices by buying a home, fixing it up and then quickly putting it back on the market, aren’t getting quite the returns they used to. Finding a home
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By Reuters Nintendo Co Ltd sold 18.95 million Switch video game consoles in the nine months to the end of December, the Japanese company said on Thursday, taking total sales past 100 million and beating the lifetime sales of its Wii console. Although the figure undershot the 24.1 million Switch units sold in the same
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