By Clare Duffy, CNN Business The Securities and Exchange Commission has continued to examine Elon Musk’s investment in and $44 billion deal to buy Twitter. A letter sent by the SEC to Musk on June 2 includes questions about the billionaire’s use of Twitter to discuss the deal, including his tweets about the deal being
Continue Reading by Alexandra Peers, CNN Business Sixty years ago today, the pop artist Andy Warhol unveiled a wall of 32 Campbell Soup can paintings at a Los Angeles gallery, one for each flavor of soup then in production. Not long after, the company sent over a lawyer. Thus began a decades-long hate-love relationship between the artist
Continue Reading By Nathaniel Meyersohn, CNN Business “Unexpected item in the bagging area.” “Please place item in the bag.” “Please wait for assistance.” If you’ve encountered these irritating alerts at the self-checkout machine, you’re not alone. According to a survey last year of 1,000 shoppers, 67% said they’d experienced a failure at the self-checkout lane. Errors at
Continue Reading By Clare Duffy, Brian Fung and Rachel Metz, CNN Elon Musk moved Friday afternoon to terminate his $44 billion deal to buy Twitter — the latest twist in a whirlwind process in which the billionaire Tesla CEO became the company’s biggest shareholder, turned down a board seat, agreed to buy the social media platform and
Continue Reading By Sara Ashley O’Brien, CNN Business In January, Elizabeth Holmes became the rare Silicon Valley founder convicted of fraud stemming from her time as CEO of her failed blood-testing startup, Theranos. On Thursday, her ex-boyfriend and former second-in-command, Ramesh “Sunny” Balwani, was also found guilty of fraud by a separate jury. Their back-to-back trials spanned
Continue Reading By Matt McFarland, CNN Business Argo AI, the self-driving company backed by Ford and Volkswagen, is shutting down its Washington, DC operation as part of a broader round of layoffs impacting about 150 people across the company. Ford had planned to launch a robotaxi service in DC last year with Argo AI’s technology, but the
Continue Reading By Peter Valdes-Dapena, CNN Business The percentage of Americans who say they would “definitely buy” an electric vehicle has more than tripled over the past two years, according to a new survey. That’s a little less impressive than it seems at first glance: It went from just 4% of Americans in 2020 to 14% in
Continue Reading By Clare Duffy, CNN Business Twitter is laying off a portion of its recruiting team after previously saying it would pause most hiring. The move comes as Twitter continues to await a pending acquisition by Elon Musk, a process that has been marked by confusion and contention between the social media company and the billionaire
Continue Reading By Frank Pallotta, CNN Business Former WWE chief executive Vince McMahon paid more than $12 million to four women to cover up “allegations of sexual misconduct and infidelity,” according to a Wall Street Journal report. The women, all of whom were involved with WWE, signed agreements with McMahon that “prohibit them from discussing potential legal
Continue Reading By Frank Pallotta, CNN Business Two years ago, movie theaters were suffering through the pandemic and many in Hollywood wondered if going to the movies would become a thing of the past. Now, halfway through 2022, the reports of the death of theaters appear to be greatly exaggerated. Audiences have returned to the cineplex for
Continue Reading By Frank Pallotta, CNN Business The God of Thunder still has some pop. “Thor: Love and Thunder,” the latest film in the Marvel Cinematic Universe, made an estimated $143 million domestically for its opening this weekend, according to Disney. That number is on par with industry expectations, which had the film making around $150 million
Continue Reading By Michelle Toh, CNN Business Germany’s biggest landlord will turn down the heat for hundreds of thousands of residents in the coming months as Russia throttles supplies of natural gas. Vonovia, which bills itself as the biggest provider of housing in Germany with 1 million tenants, said Thursday it was trying “to save as much
Continue Reading By Alicia Wallace, CNN Business The US economy added 372,000 jobs in June, an unexpected boost in hiring and a signal that the labor market remains robust despite recession fears, according to the monthly jobs report from the Bureau of Labor Statistics released Friday. The unemployment rate held steady at 3.6%, still close to the 52-year low last reached
Continue Reading By Christine Romans, CNN Business It’s “almost impossible” for the Fed to tamp down inflation without tipping the US economy into a recession, says Former IMF Chief Economist Ken Rogoff. “[The Fed] would have to be very lucky,” Rogoff told CNN’s Christine Romans on Early Start. “They have to decide: Do they have to have
Continue Reading By Jennifer Korn In the wake of the Supreme Court decision to overturn Roe v. Wade, women living in states that criminalize abortion are grappling with the possibility that their phones could now hold incriminating information about their travel, search history and menstrual cycles. With that in mind, some popular services are rethinking the data
Continue Reading By Brian Fung, CNN Tech companies and data brokers that misuse or misrepresent how they handle Americans’ personal data, including reproductive health information, may find themselves on the hook with the Federal Trade Commission, the agency warned this week. On Monday, the FTC renewed its vow to investigate or sue companies that use Americans’ digital
Continue Reading By Chris Isidore, CNN Business GameStop has fired its chief financial officer and is preparing to make cuts to its staff. Shares of the company’s volatile stock fell 5% in premarket trading Friday. The stock rose 15% Thursday after the company planned a four-for-one stock split, GameStop did not give a reason for firing CFO
Continue Reading By Nathaniel Meyersohn, CNN Business The highest rate of inflation in decades has forced businesses to raise prices on food and other products once considered sacrosanct. Among the list of inflation casualties: $1 prices at Dollar Tree, the $1 slice of pizza in New York City, Little Caesars’ $5 Hot-N-Ready pizza, McDonald’s dollar drink deals
Continue Reading By Nicole Goodkind, CNN Business If you follow markets news, you’ve probably seen a few hundred headlines this year akin to: “Stocks slide as red-hot inflation weighs on investors.” At first glance, it’s a perfectly reasonable thesis. Inflation rates are still at 40-year highs and the Fed is serious about raising rates to fight them. Neither is particularly
Continue Reading By Alicia Wallace, CNN Business The US economy added 372,000 jobs in June, an unexpected boost in hiring and a signal that the labor market remains robust despite recession fears, according to the monthly jobs report from the Bureau of Labor Statistics released Friday. The unemployment rate held steady at 3.6%, still close to the 52-year low last reached
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