By Paul R. La Monica, CNN Business The whirlwind ride for bitcoin continues. The price of the world’s most valuable cryptocurrency soared above $50,000 Tuesday morning — the highest level in nearly four weeks. Although there was no specific catalyst driving bitcoin’s recent surge, digital asset investment firm CoinShares notes investors have been plowing money
Continue Reading By Paul R. La Monica, CNN Business Bitcoin is back, and it has a prominent new supporter. The price of the world’s most valuable cryptocurrency spiked nearly 10% Wednesday morning to around $55,000, following news that the investment firm founded by billionaire George Soros owns bitcoin. Soros, who is famous for making big money on
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By Matt Egan, CNN Business Oil prices on Tuesday climbed to their highest level in nearly seven years after OPEC and its allies declined to significantly ramp up production. US crude jumped another 1.4% to settle at $78.93 a barrel. For much of the day, it was trading above $79 a barrel, a level unseen
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By Jordan Valinsky, CNN Business Grey Poupon is doubling down on its hoity-toity image with a new white wine. It’s introducing La Moutarde Vin, a limited-edition “celebration” of the white wine used in the mustard recipe. The wine, which is intended for “making lunch feel like a feast” according to a press release from Kraft
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By Samantha Murphy Kelly, CNN Business Microsoft is rolling out its first major Windows update in six years. But not everyone will be able to get it right away. Starting Tuesday, Windows 11 will be available as a free download to existing Windows users depending on the hardware and age of their PC device. Microsoft
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By Julia Horowitz, CNN Business Facebook is having a terrible few days. But there are reasons investors may not abandon the company for long. What’s happening: Big Tech shares tumbled Monday as concerns about inflation pushed investors to pare back their exposure to the sector. But Facebook — which suffered an hours-long outage across all
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By Matt Egan, CNN Business Senator Elizabeth Warren on Monday urged the Securities and Exchange Commission to launch an insider trading investigation into transactions by high-level officials at the Federal Reserve. The Massachusetts Democrat called for the agency to conduct a “sweeping review of all securities trades” by Fed officials to determine if they violated
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By Samantha Murphy Kelly and Clare Duffy, CNN Business The Facebook whistleblower who released tens of thousands of pages of internal research and documents indicating the company was aware of various problems caused by its apps, including Instagram’s potential “toxic” effect on teen girls, called on Congress to take action against the social media platform
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By Laura He, CNN Business A Chinese developer of luxury apartments missed $315 million in payments to lenders on Monday, sparking fears that financial strains in the country’s outsized property sector are spreading beyond the troubled Evergrande conglomerate. Fantasia Holdings, a Shenzhen-based developer, missed repaying $206 million worth of bonds that matured Monday, the company
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By Laura He and Charles Riley, CNN Business Stocks in the United States and Europe steadied on Tuesday after Asian markets were rattled overnight by fears of a potential US default, trouble in China’s massive property market and rising oil prices. US stock futures advanced and European markets opened with small gains. Nasdaq futures were
Continue Reading By Rishi Iyengar, CNN Business The former Facebook employee whose leaks triggered some of the most intense scrutiny in the company’s history revealed her identity Sunday night. Frances Haugen, a former Facebook product manager with stints at several other big tech companies, went public with an appearance on “60 Minutes.” Haugen is set to testify
Continue Reading By Rishi Iyengar, CNN Business The former Facebook employee whose leaks triggered some of the most intense scrutiny in the company’s history revealed her identity Sunday night. Frances Haugen, a former Facebook product manager with stints at several other big tech companies, went public with an appearance on “60 Minutes.” Haugen is set to testify
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By Donie O’Sullivan, Clare Duffy and Sarah Jorgensen, CNN Business “I have to be thin,” “Eternally starved,” “I want to be perfect.” These are the names of accounts Instagram’s algorithms promoted to an account registered as belonging to a 13-year-old girl who expressed interest in weight loss and dieting. Proof that Instagram is not only
Continue Reading By Samantha Murphy Kelly and Seth Fiegerman, CNN Business Frances Haugen, the Facebook whistleblower who released tens of thousands of pages of internal research and documents, said the social media company could “destroy” her for speaking out, but she believed that “as long as Facebook is operating in the dark, it is accountable to no
Continue Reading By Samantha Murphy Kelly and Seth Fiegerman, CNN Business Frances Haugen, the Facebook whistleblower who released tens of thousands of pages of internal research and documents, said the social media company could “destroy” her for speaking out, but she believed that “as long as Facebook is operating in the dark, it is accountable to no
Continue Reading By Donie O’Sullivan, Clare Duffy and Sarah Jorgensen, CNN Business “I have to be thin,” “Eternally starved,” “I want to be perfect.” These are the names of accounts Instagram’s algorithms promoted to an account registered as belonging to a 13-year-old girl who expressed interest in weight loss and dieting. Proof that Instagram is not only
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By Rishi Iyengar, CNN Business Facebook is continuing to battle US regulators that are calling for the company to be broken up, this time asking a court to dismiss an amended antitrust complaint against it filed by the Federal Trade Commission. In a filing Monday to the US District Court for the District of Columbia,
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By Jeanne Sahadi, CNN Business To say the pandemic has been transformative for business is an understatement. So perhaps it’s not surprising that three of the top 10 women named to Fortune’s 2021 Most Powerful Women list, released Monday, run companies in the health sector or that half of them became CEOs during the Covid
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By Clare Duffy and Sean Lyngaas, CNN Business Around six hours after Facebook, WhatsApp and Instagram went down, service started coming back online, though coverage was still spotty. Facebook, Instagram and WhatsApp all suffered outages midday Monday, according to public statements from the three Facebook services. Outage tracking site Down Detector logged tens of thousands of reports
Continue Reading By Rishi Iyengar, CNN Business Facebook is continuing to battle US regulators that are calling for the company to be broken up, this time asking a court to dismiss an amended antitrust complaint against it filed by the Federal Trade Commission. In a filing Monday to the US District Court for the District of Columbia,
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