By Catherine Thorbecke, CNN Business Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the
Continue Reading By Jennifer Korn, CNN Business Airbnb on Monday said it plans to make the total cost of rental properties, including all fees, clearer to customers as they search for places to stay, addressing what is arguably one of the biggest pet peeves about the platform. The company said it will introduce an option next month
Continue Reading By Matt Egan, CNN Business While investors, business leaders and some economic models continue to warn a recession is imminent, Wall Street’s most powerful investment bank remains cautiously optimistic. Goldman Sachs told clients on Monday it still sees a 35% chance of a US recession in the next 12 months. While that is double the
Continue Reading By Hanna Ziady, CNN Business Three years ago, a hurricane devastated the Bahamas, claiming dozens of lives. Today, the country is building what it claims to be the world’s first carbon-negative housing community to reduce the likelihood of future climate disasters and to ease the shortage of homes caused by the storm. Rick Fox, a
Continue Reading By Nicole Goodkind, CNN Business Friday’s jobs report came in strong: the US economy added 261,000 new jobs in October, blowing away analyst expectations of 200,000, even as unemployment ticked up to 3.7%. But don’t let the jobs boom lull you into a false sense of employment security. Job cuts and pauses on hiring are
Continue Reading By Hanna Ziady, CNN Business Ryanair carried a record number of passengers over the summer and says its budget friendly airfares will attract even more customers as Europe falls into a recession. The low-cost carrier posted its highest ever half-year profit on Monday, earning €1.37 billion ($1.36 billion) for the six months through September. That
Continue Reading By Brian Fung, CNN Business For years, Twitter has been a leader in countering misinformation and protecting elections. It was often ahead of its peers in creating and enforcing new policies, and it was the first major platform to ban former President Donald Trump after the Capitol insurrection, pushing others to follow suit. But concerns
Continue Reading By Diksha Madhok, CNN Business Apple has said that shipments of its latest lineup of iPhones will be “temporarily impacted” by Covid restrictions in China. In a statement on Sunday, the company said that its assembly facility located in the central Chinese city of Zhengzhou is “currently operating at significantly reduced capacity,” due to Covid
Continue Reading Diksha Madhok, CNN Business Apple has said that shipments of its latest lineup of iPhones will be “temporarily impacted” by Covid restrictions in China. In a statement on Sunday, the company said that its assembly facility located in the central Chinese city of Zhengzhou is “currently operating at significantly reduced capacity,” due to Covid curbs.
Continue Reading By Jennifer Korn and Donie O’Sullivan, CNN Business Twitter is delaying the rollout of account verifications for its paid Twitter Blue subscription plan until after the midterm elections, a source with knowledge of the decision confirmed to CNN. The decision to push back the new feature comes one day after the platform launched an updated
Continue Reading By Chris Isidore, CNN Business Workers at a Home Depot in Philadelphia overwhelmingly voted against becoming the first store in the chain to be represented by a union. The National Labor Relations Board, which oversees union elections, reported that only 51 employees voted to join Home Depot Workers United, and 165 voted against it. The
Continue Reading By Jennifer Korn MoviePass’s former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company’s movie-a-day subscription model, according to a Department of Justice release on Friday. J. Mitchell Lowe, previous CEO of the movie ticket subscription service,
Continue Reading By Jennifer Korn MoviePass’s former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company’s movie-a-day subscription model, according to a Department of Justice release on Friday. J. Mitchell Lowe, previous CEO of the movie ticket subscription service,
Continue Reading By Frank Pallotta, CNN Business It’s been a crazy few weeks for Twitter, and “SNL” made the most of the chaos. Elon Musk completed his $44 billion deal to buy the company last week, which led to massive layoffs and questions about whether the world’s richest man would restore some banned accounts. “Saturday Night Live”
Continue Reading By Frank Pallotta, CNN Business It’s been a crazy few weeks for Twitter, and “SNL” made the most of the chaos. Elon Musk completed his $44 billion deal to buy the company last week, which led to massive layoffs and questions about whether the world’s richest man would restore some banned accounts. “Saturday Night Live”
Continue Reading By Paul R. La Monica, CNN Business Last week was a volatile one on Wall Street, with stocks falling after Federal Reserve chair Jerome Powell dashed the market’s dreams of a pivot and suggested that more big rate hikes are likely coming. But Wall Street is still turning its hopes to Washington. Investors are betting
Continue Reading By Rachel Metz, CNN Business In the week since Elon Musk took over Twitter, the number of people signing up for a small social network called Mastodon has surged. You may not have heard of Mastodon, which has been around since 2016, but now it’s growing rapidly. Some are fleeing Twitter for it or at
Continue Reading by Brian Fung, CNN Twitter on Saturday launched an updated version of its iOS app that promises to allow users to pay a monthly subscription to receive a blue checkmark on their profiles, a feature that Elon Musk, the company’s new owner, has proposed as a way to fight spam on the platform. The app’s
Continue Reading By Chris Isidore, CNN Business Elon Musk sold $3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month. Musk’s Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO reached a deal to buy Twitter for $44 billion. Musk had sold blocks of Tesla
Continue Reading By Chris Isidore, CNN Business One of the reasons for the record $1.9 billion jackpot for the Powerball drawing Monday night is something you wouldn’t expect — the recent run of steep interest rate hikes from the Federal Reserve. That’s because the size of the advertised $1.9 billion top prize is the amount winners would
Continue Reading