Money

By Michelle Toh and Laura He, CNN Hong Kong (CNN) — Alibaba founder Jack Ma has called for “change” as the stellar performance of a competitor causes a stir at his e-commerce company. On Wednesday, the billionaire responded to a recent rally in the stock of PDD (PDD), the group behind Chinese online shopping giant

By Hanna Ziady, CNN London (CNN) — Billionaires minted in the latest year accumulated more wealth through inheritance than entrepreneurship for the first time since UBS started tracking the fortunes of the world’s richest almost a decade ago. And billionaire heirs are more likely than their parents to focus on the major opportunities and challenges

By Laura He, CNN Hong Kong (CNN) — Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. Xi made the trip on Tuesday and Wednesday and he visited the Shanghai Futures Exchange, a tech exhibition

By David Goldman, CNN New York (CNN) — Twelve days after OpenAI fired Sam Altman as CEO, the company formally announced that it has hired him back. The company also said it has a new board, consisting of Chairman Bret Taylor, a former co-CEO of Salesforce; former Treasury Secretary Larry Summers; and Quora CEO Adam D’Angelo, who

CNN By Nicole Goodkind, CNN New York (CNN) — Elon Musk, in his first interview with mainstream media since his antisemitic post on X earlier this month, apologized Wednesday for what he called his “dumbest” ever social media post. But he lashed out at advertisers leaving his platform because of rising antisemitism on X. “I

By Chris Isidore, CNN New York (CNN) — The United Auto Workers union says it has started an effort to organize workers at 13 non-union automakers with US factories. The union says it is seeing widespread grassroots support from employees at the plants after reaching labor deals with General Motors, Ford and Stellantis that granted

By Liam Reilly and Jon Passantino, CNN (CNN) — Disney chief executive Bob Iger said Wednesday that his number one priority for the entertainment giant is turning around the creative engine at Marvel Studios, the production house once known for cranking out billion-dollar blockbusters that has recently seen several box office misses. “Quality needs attention to deliver quality, it doesn’t

By Nicole Goodkind, CNN New York (CNN) — Elon Musk, in his first interview with mainstream media since his antisemitic post on X earlier this month, apologized Wednesday for what he called his “dumbest” ever social media post. But he lashed out at advertisers leaving his platform because of rising antisemitism on X. “I don’t

By Brian Fung, CNN (CNN) — Google has agreed to pay Canadian publishers for their news content, backing down from a high-stakes threat to block all news content produced in the country on its platforms after the tech giant and the Canadian government announced a deal Wednesday to avert the looming crisis. The agreement resolves

By Ramishah Maruf, CNN New York (CNN) — It was a simple plan. Business tends to slow down at Red Lobster locations during the third and fourth quarters, so its parent company, Thai Union, launched a new promotion. For $20, customers could eat as much shrimp as they wanted. The promotion has been a tradition

By Samantha Murphy Kelly, CNN (CNN) — Nicole Randol — a Missouri-based mother of two boys, ages 6 and 10 — recently posted a message on a popular Facebook parenting group about Robux, the virtual gaming currency for the platform Roblox: Target was having a 40%-off sale for Robux. In the moments that followed, nearly

By Allison Morrow and Chris Isidore, CNN New York (CNN) — General Motors, fresh off bruising wage negotiations with its labor union and eager to goose its stock price, announced billions of dollars’ worth of cash returns to shareholders. On Wednesday, GM said it would issue a $10 billion share buyback and 33% dividend increase

By Peter Valdes-Dapena, CNN (CNN) — General Motors announced Wednesday that it’s cutting spending at its self-driving car unit, Cruise. “We expect the pace of Cruise expansion to be more deliberate when operations resume and spending will be substantially lower in 2024 than it was in 2023,” GM chief executive Mary Barra said during an

By Sean Lyngaas, CNN Washington, DC (CNN) — A September hack of popular identity management firm Okta was far more extensive than previously known and saw the hackers steal data on all users in Okta’s customer support system, the company revealed Wednesday. The admission is a stark contrast from Okta’s statement earlier this month that

By Jordan Valinsky, CNN New York (CNN) — Rite Aid is closing another roughly 30 locations across the US in addition to the 100 the bankrupt chain announced last month as part of its restructuring efforts. The latest round of closures was revealed in a bankruptcy court filing with 31 stores closing in a dozen

By Oliver Darcy and Jon Passantino, CNN (CNN) — Jezebel, the punchy feminist blog that was shuttered earlier this month, will be resurrected after the publication was sold to a new owner.Jezebel, the punchy feminist blog that was shuttered earlier this month, will be resurrected after the publication was sold to a new owner. The digital

By Nicole Goodkind, CNN New York (CNN) — JPMorgan Chase CEO Jamie Dimon issued a stark warning to Wall Street on Wednesday: Inflation could rise further and recession is not off the table. “A lot of things out there are dangerous and inflationary. Be prepared,” he said at the 2023 New York Times DealBook Summit

By Alicia Wallace, CNN Minneapolis (CNN) — Your True Love’s lavish — and stunningly bird-laden — holiday gift-giving ritual is more expensive than ever before. But at least this time around, inflation’s not as piping hot. The cost of the dozen gifts outlined in the “Twelve Days of Christmas” song rang in at an all-time

By Bryan Mena, CNN Washington, DC (CNN) — US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year. Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2%

By Oliver Darcy, CNN (CNN) — Bob Iger, neatly dressed in a gray suit and pressed white shirt, sans tie, strutted onstage Tuesday afternoon at the New Amsterdam Theatre in New York City, greeting an anxious crowd of Disney employees assembled for his highly anticipated appearance. The chief executive, now a year into his second