By Michelle Toh, CNN Business Gautam Adani was already Asia’s richest man. Now he’s also the world’s third richest person, overtaking LVMH chairman Bernard Arnault and becoming the first Asian person to take that spot, according to Bloomberg and its Billionaires Index. Adani, who runs one of India’s top conglomerates, is now believed to be
Continue Reading By Clare Duffy, CNN Business The Securities and Exchange Commission earlier this summer probed Twitter regarding its measurements of monetizable daily active users (mDAU) and false and spam accounts, according to documents filed to the SEC’s website that were first reported last week. News of the correspondence comes as Twitter faces heightened attention over its
Continue Reading By Brian Fung, CNN Business The country’s largest wireless carriers not only know where you are every time you make a phone call or use your data connection, but they routinely hold onto that location information for months and in some cases years, providing it to law enforcement whether you like it or not, according
Continue Reading By Zoe Sottile, CNN Madam. C.J. Walker, the first self-made female millionaire in the U.S., is the next female role model to be honored in Barbie’s line of Inspiring Women dolls. Walker, the daughter of former slaves, was born as Sarah Breedlove. She achieved enormous success by founding Walker Manufacturing Co., a line of haircare
Continue Reading By Peter Valdes-Dapena, CNN Business If you’ve seen the new DeLorean Alpha5 electric car, you might be disappointed that it doesn’t look much at all like the famous DeLorean DMC-12 from the “Back to the Future” movies. Really, other than the gullwing doors, there’s not much that clearly ties the cars together. But the Alpha5,
Continue Reading By Jeanne Sahadi, CNN Business Things were starting to look up for investors. After stocks got clobbered in the first half of the year, they started to stage a comeback, with all major indexes rising for much of June, July and August. But then Federal Reserve Chairman Jerome Powell spoke at the annual Jackson Hole
Continue Reading By Brian Fung, CNN Business The Federal Trade Commission is suing a data broker that the agency claims has sold sensitive location data that can identify specific abortion-seekers, religious worshipers or others who may be at risk of discrimination, intimidation or even violence. Monday’s suit targets Kochava, a marketing data company that lists major brands
Continue Reading By Clare Duffy, CNN Business Elon Musk’s legal team has subpoenaed former Twitter head of security and whistleblower Peiter “Mudge” Zatko to appear for a deposition in its legal fight against Twitter over their acquisition deal on September 9. The subpoena, which was sent Thursday and filed publicly on Monday, comes days after Zatko publicly
Continue Reading By Ramishah Maruf, CNN Soaring inflation has made almost everything more expensive. And it has significantly increased the cost of one major budget buster — raising kids. It now costs $310,605 for a married middle-income couple with two children to raise their youngest child from birth through high school, according to a recent estimate from
Continue Reading By Matt McFarland, CNN Business Honda has struck a deal with Korean battery giant LG Energy Solution to build a $4.4 billion US factory to supply its electric vehicles. The partners haven’t announced where in the United States they’ll build the factory. They said in a joint news release Monday that they plan to begin
Continue Reading By Julia Horowitz, CNN Business Power prices in Europe continue to smash records, intensifying the region’s energy crisis and fanning fears about access to electricity and heating as the weather begins to cool. German power prices for next year, which are considered Europe’s benchmark, briefly jumped above €1,000 ($999.80) per megawatt hour on Monday before
Continue Reading By Jordan Valinsky, CNN Business Not even Starbucks’ Pumpkin Spice Latte is immune to inflation. The fall favorite, which returns Tuesday, is getting more expensive with a grande-sized hot PSL costing customers between $5.45 to $5.95 depending on location — a roughly 4% increase compared to 2021. That’s in line with broader price hikes at
Continue Reading Opinion by Kara Alaimo for CNN Business Perspectives The latest bombshell about Twitter’s alleged lack of security and potential vulnerabilities is yet another sign that social media networks shouldn’t be trusted to regulate themselves. Last month, Twitter’s former head of security, Peiter “Mudge” Zatko, told Congress and federal agencies that the company’s security practices pose
Continue Reading Opinion by Kara Alaimo for CNN Business Perspectives The latest bombshell about Twitter’s alleged lack of security and potential vulnerabilities is yet another sign that social media networks shouldn’t be trusted to regulate themselves. Last month, Twitter’s former head of security, Peiter “Mudge” Zatko, told Congress and federal agencies that the company’s security practices pose
Continue Reading By Paul R. La Monica, CNN Business Welcome to the lazy, crazy days of summer on Wall Street. Stocks fell again Monday in a choppy session. So it looks like investors weren’t completely ready to buy the proverbial dip in the absence of any major news. The Dow finished Monday down nearly 185 points, or
Continue Reading By Paul R. La Monica, CNN Business New month. Same old market volatility. Stocks rallied at the end of first day of September, which is historically the worst month for stocks. The Dow and S&P 500 snapped four-day slides but the Nasdaq is now on a five-day losing streak that started with the market’s swoon
Continue Reading Martha C. White for CNN Business The private sector added 132,000 jobs in August, an indication that the white-hot pace of hiring could be slowing after months of strong job growth. The August number reported by payroll processing giant ADP is far below economists’ expectations of 225,000 positions added. “We could be at an inflection
Continue Reading By Laura He, CNN Business The Chinese yuan sank to the lowest level in two years after hawkish comments by Federal Reserve chairman Jerome Powell spurred a recent rally for the greenback. The yuan — also known as the renminbi — lost about 0.5% against the dollar on Monday in offshore trading outside mainland China.
Continue Reading By Zoe Sottile, CNN Movie attendance hasn’t bounced back after the pandemic, leaving Hollywood struggling to lure audiences back into theaters. So this Saturday, theaters around the country are offering tickets for just $3, part of the new National Cinema Day. Major chains like AMC and Regal are among those participating. “This day is for
Continue Reading By Chris Isidore, CNN Business Few companies flourished more amid the pandemic’s economic upheaval than Peloton. With people unable (or unwilling) to go to the gym, consumers rushed to buy its exercise equipment and, more importantly, sign up for its online classes. Peloton posted its first quarterly profits in calendar year 2020 as revenue jumped
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