By Rishi Iyengar, CNN Business Activision Blizzard’s longtime CEO Bobby Kotick is facing mounting pressure from employees to step down amid the company’s ongoing sexual harassment scandal. More than 800 Activision Blizzard workers so far have signed a petition calling for Kotick’s resignation. The petition, released on Thursday by a group of employees, says they
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By Danielle Wiener-Bronner, CNN Business Wall Street is hungry for fancy salads. Sweetgreen’s stock nearly doubled in price mid-day Thursday, hours after the upscale salad chain made its Wall Street debut. The company set its price at $28 per share Wednesday, ahead of its initial public offering Thursday. The stock price jumped to about $54
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By Paul R. La Monica, CNN Business A group of cryptocurrency investors took the notion “We the people” from the US Constitution to the next level. They pooled money to try to buy a rare copy of the document — and they claimed to have raised $40 million to do so. But despite the huge
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By Matt McFarland, CNN Business When a dozen small children crossed in front of our Tesla with “full self-driving,” I had good reason to be nervous. I’d spent my morning so far in the backseat of the Model 3 using “full self-driving,” the system that Tesla says will change the world by enabling safe and
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One of the perks of owning a Tesla is using your smartphone as a key to open and drive your car. It does away with carrying a separate key fob in your pocket. But what if your smartphone app glitches? You could be stuck not being able to use your car, which seems to be
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By Matt Egan, CNN Business Nearly a dozen Congressional Democrats are urging President Joe Biden to combat high gas prices by not only releasing barrels from the US Strategic Petroleum Reserve but by banning US oil exports, according to a letter viewed by CNN. The letter sent Monday to Biden adds to the pressure the
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By Matt Egan, CNN Business Democratic Senator Elizabeth Warren wants federal regulators to investigate whether any laws were broken by the shell company that is facilitating former President Donald Trump’s return to Wall Street. In a letter to the Securities and Exchange Commission, Warren cited a report by The New York Times that found Trump
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By Matt Egan, CNN Business Not even coffee is immune to the powerful forces of extreme weather and inflation. Coffee futures climbed on Thursday to the highest level since January 2012. It’s just the latest spike for a commodity that has seen its value surge more than 80% so far this year. Unfortunately, this means
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By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
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By Jackie Wattles, CNN Business The director of the United Nations’ World Food Programme laid out a plan to spend $6.6 billion to combat world hunger — a direct response to a back-and-forth with Tesla CEO Elon Musk, who claimed he would sell Tesla stock to fund a plan if the WFP could describe “exactly
Continue Reading By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
Continue Reading By Jordan Valinsky, CNN Business CVS Health is closing 900 stores over the next three years, amounting to nearly 10% of its footprint, in response to the changing of “consumer buying patterns.” The drug store chain said Thursday that the closures will result in a retail presence that ensures it has the “right kinds of
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By Jackie Wattles, CNN Business The director of the United Nations’ World Food Programme laid out a plan to spend $6.6 billion to combat world hunger — a direct response to a back-and-forth with Tesla CEO Elon Musk, who claimed he would sell Tesla stock to fund a plan if the WFP could describe “exactly
Continue Reading By Jackie Wattles, CNN Business The director of the United Nations’ World Food Programme laid out a plan to spend $6.6 billion to combat world hunger — a direct response to a back-and-forth with Tesla CEO Elon Musk, who claimed he would sell Tesla stock to fund a plan if the WFP could describe “exactly
Continue Reading By Jackie Wattles, CNN Business The director of the United Nations’ World Food Programme laid out a plan to spend $6.6 billion to combat world hunger — a direct response to a back-and-forth with Tesla CEO Elon Musk, who claimed he would sell Tesla stock to fund a plan if the WFP could describe “exactly
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By Jill Disis, CNN Business Paytm is starting to stage a recovery from its disastrous stock market debut last week, but the digital payments firm faces an uphill battle winning over investors worried about its ability to turn a profit in the face of growing competition. Shares of the Indian company — trading under the
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By Parija Kavilanz, CNN Business Victoria’s Secret says that nearly 50% of its holiday merchandise is stuck in transit as Black Friday quickly approaches and gift shopping speeds up. The company said it ordered 200 million units of merchandise for the fourth quarter holiday sales period, but 90 million of those items are delayed because
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By Nathaniel Meyersohn, CNN Business By now, everyone knows about supply chain chaos and rising inflation that are disrupting the holiday shopping season. The Grinch is loose this Christmas. But there’s good news for shoppers looking to avoid empty shelves and high prices: Products can be found— and for cheap. You just have to know
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By Sara Ashley O’Brien, CNN Business Journalist Roger Parloff, who wrote the first major cover story on Theranos’ Elizabeth Holmes and later issued a retraction, was called to testify in her criminal trial Thursday. The government has alleged Holmes used the media, and Parloff’s Fortune Magazine story titled “This CEO is Out for Blood” in
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By Paul R. La Monica, CNN Business Alibaba reported sales and earnings for the third quarter that missed forecasts and warned that results for the year will be below estimates as well. The stock sank on the news. Shares of Alibaba were down 10% in early trading Thursday. The Chinese e-commerce giant reported sales growth
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