By Julia Horowitz, CNN Business Conventional economic logic hinges on a core assumption: Bigger economies are better, and finding ways to maintain or boost growth is paramount to improving society. But what if growth is at best doing little to fix the world’s problems, and at worst fostering the destruction of the planet and jeopardizing
Continue Reading by Reuters Disney is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday. Chief Executive Bob Chapek sent the memo to Disney’s leaders, saying the company is instituting a targeted
Continue Reading Reuters At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large portion of that total has since
Continue Reading By Ramishah Maruf, CNN Playbill, a news outlet and guide for the Broadway theater community and theatergoers, said Friday it left Twitter after Elon Musk took over the platform. In a statement, Playbill said the social media platform has “greatly expanded its tolerance for hate, negativity, and misinformation.” The account, which had more than 400,000
Continue Reading By Ramishah Maruf, CNN Playbill, a news outlet and guide for the Broadway theater community and theatergoers, said Friday it left Twitter after Elon Musk took over the platform. In a statement, Playbill said the social media platform has “greatly expanded its tolerance for hate, negativity, and misinformation.” The account, which had more than 400,000
Continue Reading By Anna Bahney, CNN Business There is no sugarcoating it: This is a terrible time to buy a home. Mortgage rates for a 30-year fixed rate loan are now hovering above 7%, more than 4 percentage points higher than a year ago. That has slashed a typical buyer’s purchasing power by 14%, according to Black
Continue Reading By Nathaniel Meyersohn, CNN Business A gym membership in the United States typically costs around $50 a month. Boutique gyms and high-intensity classes run double and triple that. Planet Fitness, however, has offered $10 monthly memberships for 30 years. The no-frills gym chain hasn’t raised the price, making it one of the few things that
Continue Reading By Jacob Lev, CNN The NBA’s Miami Heat and Miami-Dade County have terminated their relationship with bankrupt cryptocurrency exchange FTX and will search for a new naming rights partner for their arena in downtown Miami. The announcement came after the FTX group earlier on Friday filed for bankruptcy in the United States and its CEO
Continue Reading By Peter Valdes-Dapena, CNN Business One of Tesla’s biggest competitive advantages in North America has been its network of chargers that, for the most part, can charge only Tesla vehicles. Tesla chargers outnumber so-called CCS chargers, the sort used by Ford, General Motors, Audi, Rivian and others, by a factor of two to one, according
Continue Reading By Matt Egan The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. “It’s devastating for the industry. A lot of consumer confidence is shaken. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a
Continue Reading By Brian Fung, CNN Just two weeks into Elon Musk’s ownership of Twitter, the company may have already violated its consent agreement with the Federal Trade Commission, legal experts said. If proven, a violation could ultimately lead to significant personal liability for Musk, escalating the risks he faces as he stumbles through a morass of
Continue Reading By Allison Morrow, CNN Business Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. The ad shows David’s character throughout history, naysaying humanity’s greatest inventions, including
Continue Reading By Allison Morrow, CNN Business Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. By Friday, his fortune was completely wiped out. Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange,
Continue Reading By Allison Morrow, CNN Business The fallout from the spectacular implosion of crypto giant FTX has triggered a cascade of wide-reaching effects: It’s ensnared a number of celebrities who endorsed the now-bankrupt platform, and financial contagion is spreading across the vast crypto and digital-asset ecosystem. On Wednesday, the lending arm of crypto brokerage Genesis suspended
Continue Reading By Brian Fung, CNN Two weeks after Elon Musk completed his acquisition of Twitter, the future of the company has never looked less certain. In the past week alone, one of the world’s most influential social networks has laid off half its workforce; alienated powerful advertisers; blown up key aspects of its product, then repeatedly
Continue Reading By Alicia Wallace, CNN Business Consumers were feeling slightly worse about the US economy in November, amid punishing rate hikes and decades-high inflation, according to a closely followed University of Michigan survey released Friday. The preliminary index reading from the monthly Surveys of Consumers showed sentiment fell to 54.7, from 59.9 in October. Economists were
Continue Reading By Nadeen Ebrahim, CNN As Western states try to wean themselves off their addiction to hydrocarbons, Gulf oil nations have been pushing back hard, warning that a hasty transition away from fossil fuels will be counterproductive. But as they tell the world that it cannot live without the natural resource that has brought them enormous
Continue Reading By Matt Egan and Allison Morrow, CNN Business FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will
Continue Reading By Matt Egan and Allison Morrow, CNN Business FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will
Continue Reading By Nicole Goodkind, CNN Business Stocks surged on Thursday in their best day since 2020 after a key inflation indicator came in softer than expected. Investors broke out their party hats as they interpreted the report to mean that peak inflation may finally be behind us. That means the Federal Reserve could be less aggressive
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