By Brian Fung, CNN A federal appeals court will allow Texas’s new social media law to take effect after striking down a preliminary injunction by a lower court, according to a judicial order in the case. The Texas law, known as HB 20, allows private parties to sue tech platforms over allegations of censorship. The
Continue Reading By Brian Fung, CNN A federal appeals court will allow Texas’s new social media law to take effect after striking down a preliminary injunction by a lower court, according to a judicial order in the case. The Texas law, known as HB 20, allows private parties to sue tech platforms over allegations of censorship. The
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By Julia Horowitz, CNN Business Investors in stocks, bonds and commodities are all on edge right now. But in the market for cryptocurrencies, unease has morphed into full-on panic, catching the attention of regulators in Washington tasked with maintaining financial stability. What’s happening: As of last Friday, the price of bitcoin had plunged almost 50%
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By Paul R. La Monica, CNN Business It’s been a brutal year for Robinhood. The twin plunges of stocks and bitcoin have crushed the online brokerage’s sales. The company also reported a loss and drop in users. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs. But there
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By Rachel Metz, CNN Business If you’re a newcomer to virtual reality, you’ll notice something odd about your appearance: Depending on the app, you may look down to see you’re represented by an avatar that’s just a floating torso or nothing but a pair of hands. While wireless headsets and handheld controllers laden with sensors
Continue Reading By Rachel Metz, CNN Business If you’re a newcomer to virtual reality, you’ll notice something odd about your appearance: Depending on the app, you may look down to see you’re represented by an avatar that’s just a floating torso or nothing but a pair of hands. While wireless headsets and handheld controllers laden with sensors
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By Jordan Valinsky, CNN Business The Cosmopolitan of Las Vegas surprised its more than 5,000 employees on Wednesday with a one-time $5,000 bonus. The resort said it gave an “unprecedented” $27 million to its workers during a festive event that was capped off with a “climatic drumroll” and confetti when Cosmopolitan CEO Bill McBeath made
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By Michelle Toh, CNN Business SoftBank’s mega tech funds lost more than $27 billion in the last fiscal year, by far their worst performance on record. The world’s biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen ($27.5 billion) in the year ended March. That was a
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By Michelle Toh, CNN Business Saudi Aramco has overtaken Apple as the world’s most valuable company, underscoring the recent surge in oil prices that have boosted the energy giant this year. Aramco is now worth about $2.43 trillion, compared with Apple’s $2.37 trillion, according to data from Refinitiv. Market capitalizations fluctuate frequently: earlier this year,
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By Chris Isidore, CNN Business Electric truck maker Rivian delivered some much needed assurance to Wall Street Wednesday, even as it reported a larger than expected first quarter loss. The company said that it had 7,000 new orders for its R1 electric pickup in the last two months, bringing total net orders up to 90,000
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By Rishi Iyengar and Rachel Metz, CNN Business Google on Wednesday unveiled an expanded lineup of hardware products in the latest sign it remains committed to moving beyond its core advertising business and competing with the likes of Apple. At its first in-person developer conference in three years, Google announced three new smartphones and its
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By Anneken Tappe, CNN Business Reproductive rights activists are worried about women losing abortion access in parts of the United States. Economists are worried, too, because restricting reproductive freedom comes at an economic cost to the nation. The US Supreme Court may be poised to overturn the landmark 1973 Roe v. Wade ruling as soon
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By Frank Pallotta, CNN Business Disney’s streaming numbers were under the microscope on Wednesday after Netflix’s stock tanked last month following its first subscriber loss in a decade. Luckily for the House of Mouse and its investors, Disney+ grew. The streaming service now has 137.7 million subscribers — a gain of roughly 8 million in
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By Peter Valdes-Dapena, CNN Business The Scout, a one-time competitor to Ford Broncos and Jeeps that was last sold more than four decades ago, is being resurrected by Volkswagen as a line of all-electric trucks and SUVs. Scout will become its own separate brand offering off-road-oriented electric trucks and SUVs in North America. A Scout
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By Nathaniel Meyersohn, CNN Business The pitchforks have been out for Kohl’s over the past year. Activist investors have criticized the department store’s strategy, blasted its CEO and tried to replace its board of directors. Kohl’s has beaten them back — for now. Kohl’s said Wednesday that it re-elected all 13 of its board of
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By Atika Shubert and Abeer Salman, CNN Mourners flocked to Jerusalem’s streets on Friday to attend the burial of veteran Al Jazeera journalist Shireen Abu Akleh, who was shot dead on Wednesday while reporting on a military raid in the West Bank city of Jenin, and were met with violence by Israeli police as they
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By Danielle Wiener-Bronner, CNN Business Inflation may be slowing just a bit, but food prices are on fire. Food prices were 9.4% higher in April 2022 than in April 2021 — the largest annual increase in 41 years, the Bureau of Labor Statistics said Wednesday. Grocery prices jumped 10.8% for the year. (The prices do
Continue Reading By Jackie Wattles, CNN Business SpinLaunch, an ambitious startup that hopes to spin, rather than launch, satellites into orbit, released dizzying footage of a test flight that the company conducted out of New Mexico. The test flight last month, which marked the company’s eighth since October 2021, was the first to include an on-board camera.
Continue Reading By Nadeen Ebrahim and Abbas Al Lawati, CNN Veteran Palestinian-American journalist Shireen Abu Akleh was a household name in the Arab world. For two and a half decades, she chronicled the suffering of Palestinians under Israeli occupation for tens of millions of Arab viewers. Abu Akleh, 51, was shot dead in the West Bank on
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By Paul R. La Monica, CNN Business Elon Musk’s bold plan to buy Twitter depends partly on how his investment in Tesla is doing. Uh-oh. Shares of Tesla have plummeted about 20% since Musk first disclosed plans to buy all of Twitter and take it private. That’s a key reason why Twitter’s stock is now
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