By Jeanne Sahadi, CNN Business It’s not unusual for two people with the same title to be paid somewhat different salaries. Pay, after all, is based on many factors, including a person’s experience and performance, the market rate for the position when they were hired and their negotiation skills. But it’s hard to fathom that
Continue Reading By Matt McFarland, CNN Business Tesla headed to court today to defend the huge compensation package that helped make CEO Elon Musk the richest person on Earth. Delaware’s Court of Chancery in Wilmington will host the week-long trial to examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The trial
Continue Reading By Matt McFarland, CNN Business Tesla headed to court today to defend the huge compensation package that helped make CEO Elon Musk the richest person on Earth. Delaware’s Court of Chancery in Wilmington will host the week-long trial to examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The trial
Continue Reading By Brian Fung, CNN Amazon founder Jeff Bezos plans to give away the majority of his $124 billion net worth during his lifetime, telling CNN in an exclusive interview he will devote the bulk of his wealth to fighting climate change and supporting people who can unify humanity in the face of deep social and
Continue Reading By Brian Fung, CNN Business Amazon founder Jeff Bezos recently warned consumers and businesses they should consider postponing large purchases in the coming months as the global economy contends with a downturn and faces a possible recession. The business leader offered his starkest advice yet on a faltering economy in an exclusive sit-down interview with
Continue Reading By Brian Fung, CNN Amazon founder Jeff Bezos plans to give away the majority of his $124 billion net worth during his lifetime, telling CNN in an exclusive interview he will devote the bulk of his wealth to fighting climate change and supporting people who can unify humanity in the face of deep social and
Continue Reading By Nicole Goodkind, CNN Business The stunning downfall of FTX, one of the largest cryptocurrency exchanges, sent shockwaves through the crypto universe last week. Sam Bankman-Fried, the 30-year-old crypto titan and chief executive of FTX, watched billions of his fortune evaporate in a bankruptcy filing that shook the trillion-dollar industry to its core. The pain
Continue Reading By Juliana Liu, CNN Business When President Joe Biden took office in January 2021, there were expectations on both sides of the Pacific that he would back away from the trade war his predecessor started with China nearly three years earlier. Frustrated by China’s huge trade surplus and accusing it of stealing US intellectual property,
Continue Reading By Diksha Madhok, CNN Business Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on Monday. Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at
Continue Reading By Laura He, CNN Business Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Shares of China’s biggest property developer Country Garden soared as much as 52% in Hong Kong after Beijing on Friday
Continue Reading By Matt Egan Authorities in The Bahamas are investigating potential criminal misconduct surrounding the stunning implosion of crypto exchange FTX, authorities said on Sunday. In a statement, the Royal Bahamas Police Force confirmed the investigation into FTX, which is headquartered in The Bahamas. “In light of the collapse of FTX globally and the provisional liquidation
Continue Reading By Samantha Murphy Kelly, CNN Business A little over a year ago, social media companies were put on notice for how they protect, or fail to protect, their youngest users. In a series of congressional hearings, executives from Facebook, TikTok, Snapchat and Instagram faced tough questions from lawmakers over how their platforms can lead younger
Continue Reading By Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” had the major challenge of following “Black Panther,” one of the biggest blockbusters ever, and had to do so without star Chadwick Boseman, who passed away in 2020. Despite all of the challenges, “Wakanda Forever” notched a sizable box office opening this weekend. The Marvel movie
Continue Reading By Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” had the major challenge of following “Black Panther,” one of the biggest blockbusters ever, and had to do so without star Chadwick Boseman, who passed away in 2020. Despite all of the challenges, “Wakanda Forever” notched a sizable box office opening this weekend. The Marvel movie
Continue Reading By Jeanne Sahadi, CNN Business The “crypto winter” that hit earlier this year walloped digital asset prices and served as a healthy reminder that cryptocurrencies are highly risky, volatile investments. But now, in the wake of crypto exchange FTX’s implosion, crypto investors were reminded of another risk they face: Crypto accounts lack guaranteed protections when
Continue Reading By Matt McFarland, CNN Business Tesla and CEO Elon Musk will spend this week in court to defend the massive compensation package that helped make him the world’s richest man. The week-long trial in Delaware Court of Chancery will examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The automaker
Continue Reading By Paul R. La Monica, CNN Business It has been a tough year for American consumers. Inflation everywhere. Rapidly rising interest rates. A housing market that is starting to cool off. That begs a question with the holidays right around the corner: Are shoppers finally tapped out? We’ll get a better sense of that this
Continue Reading 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