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The Federal Aviation Administration said it will oversee an investigation into a crash landing of a SpaceX prototype rocket on Tuesday. The announcement comes after the FAA forced SpaceX to delay the launch as it investigated a previous explosion of a similar rocket prototype. The destroyed vehicle, SpaceX’s Starship SN9, was an early prototype for

Jeff Bezos is stepping down as CEO of Amazon, but investors aren’t too worried about the company’s next steps. What’s happening: Bezos said Tuesday that he’ll move to the role of executive chair later this year. He’ll be replaced by Andy Jassy, who’s worked for Amazon since 1997 and serves as the head of the

Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He will be replaced by Andy Jassy. Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookseller into a

A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. “We are lost,” a Fox News insider remarked to me recently, and there are lots of data points to back up the assertion. Nielsen numbers for the month of January were released on Tuesday, and

No matter what happens next to shares of GameStop and AMC or the price of silver, average Joes and Janes are now an undeniable force to be reckoned with on Wall Street. The short squeeze last week that propelled GameStop and other momentum investments popular with the Reddit crowd now appears to be on hold.

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Today in business news:What we talk about when we talk about the big squeeze. Plus: the world’s most charming robots, and the end of an era for Amazon. Let’s get into

Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers. A court in the country’s capital, New Delhi, ruled on Tuesday that an agreement by Reliance Industries to purchase local rival Future Retail for $3.3 billion should be put on hold after Amazon

Amazon’s founder Jeff Bezos is stepping down later this year as CEO. He sent the following email announcing the transition to Amazon employees on Tuesday: Fellow Amazonians: I’m excited to announce that this Q3 I’ll transition to Executive Chair of the Amazon Board and Andy Jassy will become CEO. In the Exec Chair role, I

Google is providing a deeper look into the financials of its cloud business, and it doesn’t look great. Google Cloud posted an operating loss of $1.2 billion in the final quarter of 2020, 4% worse than a year earlier, the tech giant reported Tuesday. The unit lost $5.6 billion for the full year, an increase

Starship SN9, SpaceX’s early prototype for a rocket the company hopes will carry the first humans to Mars, launched a high-altitude test flight Tuesday that saw the vehicle travel a few miles up in the air, hover for a moment, and then conduct a belly flop-like maneuver on descent before making an explosive landing back

Wall Street surged for a second day in a row as GameStop mania appears to be calming down. Reddit’s favorite stock fell 60% Tuesday, adding to Monday’s sizable losses. Hedge funds on Wall Street are catching a break from the short squeeze that ensued after retail investors rapidly pushed up the share price of GameStop,

Google will stop making video games, less than two years after launching its highly publicized Stadia gaming platform. The company is shutting down Stadia Games and Entertainment (SG&E), its internal game development service, Phil Harrison, Stadia’s vice president and GM, announced in a blog post Monday. “Creating best-in-class games from the ground up takes many

Pfizer expects to earn approximately $15 billion in revenue from its Covid-19 vaccine this year, the company said Tuesday. Its fourth-quarter earnings report was the first since Pfizer’s Covid-19 vaccine received emergency-use authorization from the US Food and Drug Administration in December — the first vaccine to receive such approval. Since then, the vaccine, developed

Tesla is recalling 135,000 Tesla Model S sedans and Model X SUVs because their large center touchscreens can fail. Tesla had previously objected to a push to issue a recall from regulators, as it claimed that the problem wasn’t a safety issue. The recall applies to some 2012 through 2018 Model S and 2016 through