By Jeanne Sahadi, CNN Business One of the best ways to build wealth in the United States is to own your own business. But just 2% of businesses with employees are Black-owned, according to a report from the Alliance for Entrepreneurial Equity. And that has played a big part in widening the racial wealth gap
Continue Reading By Clare Duffy, CNN Business Elon Musk on Monday sent a letter to Twitter proposing to follow through with his deal to buy the company at the originally agreed upon price of $54.20 per share, according to a securities filing on Tuesday. In the letter, Musk said he would proceed with the acquisition on the
Continue Reading By Allison Morrow, CNN Business Ray Dalio, the billionaire founder of the world’s largest hedge fund, is stepping down from his role at the firm after 47 years. “I transitioned my control of Bridgewater to the next generation and I feel great about the people and ‘machine’ now in control,” Dalio wrote in a LinkedIn
Continue Reading By Scottie Andrew, CNN Jack Thomas’ byline appeared in the Boston Globe for an impressive 60 years. He was a copy boy to start, working for the sports desk as a teenager after a childhood spent delivering papers. From a police writer to a national correspondent to the paper’s ombudsman, Thomas wore more hats in
Continue Reading By Allison Morrow, CNN Business Ray Dalio, the billionaire founder of the world’s largest hedge fund, is stepping down from his role at the firm after 47 years. “I transitioned my control of Bridgewater to the next generation and I feel great about the people and ‘machine’ now in control,” Dalio wrote in a LinkedIn
Continue Reading By Brian Fung, CNN The European Union is one step closer to forcing Apple and other electronics vendors to use a single charging standard for devices such as phones and tablets. On Tuesday, the European Parliament gave final approval to new rules that are expected to apply to small and medium-sized electronics beginning at the
Continue Reading By Alicia Wallace, CNN Business The tight US labor market started to show signs of loosening in August. The number of job openings dropped to just under 10.1 million, down from 11.2 million in July, according to data released Tuesday by the Bureau of Labor Statistics. That’s the lowest total since June 2021. The latest
Continue Reading By Katharina Krebs and Anna Chernova, CNN Marina Ovsyannikova, a Russian journalist who staged a daring protest live on state-run television, has been declared a fugitive after going on the run, Russian media reported. Ovsyannikova was placed under house arrest in August. She had been charged with disseminating false information about the Russian military after
Continue Reading By Clare Duffy, CNN Business When Parag Agrawal took over as Twitter’s CEO last November following co-founder Jack Dorsey’s surprise resignation from the role, he was little known outside the company. Ten months later, Agrawal has featured prominently in a whistleblower disclosure, been rebuked by name in a Congressional hearing and fielded criticism from the
Continue Reading By Paul R. La Monica, CNN Business Is the worst really over on Wall Street? It’s too soon to say. But stocks rose sharply again Tuesday following Monday’s big rally. The Dow surged 825 points, or 2.8%. The Dow has soared more than 1,500 points in the past two days. It is now back above
Continue Reading By Jordan Valinsky, CNN Business For the “Why didn’t I think of that?” file: A startup that sells water in beer cans — that’s literally it — is approaching a $1 billion valuation. Liquid Death raised a fresh funding round Monday, bringing its valuation to $700 million. Since its launch in 2019, the brand has
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve’s aggressive tightening policy has led the US dollar to appreciate to multi-decade highs, squashing currencies around the world. Now, a United Nations agency is warning that its actions, along with those of other central banks, risk pushing the global economy into recession. What’s happening: In a new
Continue Reading By Nicole Goodkind, CNN Business The Federal Reserve’s aggressive tightening policy has led the US dollar to appreciate to multi-decade highs, squashing currencies around the world. Now, a United Nations agency is warning that its actions, along with those of other central banks, risk pushing the global economy into recession. What’s happening: In a new
Continue Reading By Catherine Thorbecke, CNN Business Elon Musk drew backlash on Monday from Ukrainian officials, including President Volodymyr Zelensky, for his unsolicited advice on how to bring about “peace” amid Russia’s ongoing invasion of the country. In a Twitter poll, Musk suggested a path to “Ukraine-Russia Peace” that included re-doing elections “under UN supervision” in the
Continue Reading By Parija Kavilanz, CNN Business What staffing shortage? One Miami Chick-fil-A owner/operator has been deluged with applications after switching his staff to a three-day, 14-hour workweek. Justin Lindsey was looking for a novel way to reward workers who were “literally working 70 hours a week, week in and week out,” he recently told QSR magazine.
Continue Reading By Anna Cooban, CNN Business It wasn’t hard for Samantha Losey, managing director of Unity, a public relations firm in London, to convince her team to work fewer hours for the same paycheck. But it was an uphill battle to persuade her own board to join the world’s biggest pilot of the four-day work week.
Continue Reading By Paul R. La Monica, CNN Business Major CEOs aren’t buying the notion that the US economy could have a soft landing following a series of historically large interest rate hikes by the Federal Reserve to fight inflation. According to a survey of 400 leaders of large US companies by consulting firm KPMG, a whopping
Continue Reading By Parija Kavilanz, CNN Business South Korean internet giant Naver is acquiring leading online resale platform Poshmark for $1.2 billion, the companies announced Monday. Under the terms of the deal, Naver is paying $17.90 a share in an all-cash deal. Poshmark shares rose 14% in after-hours trading on the news. Naver, which operates a search
Continue Reading By Matt Egan, CNN Business US Rep. Ro Khanna is calling for the White House to retaliate against Saudi Arabia if OPEC and its allies slash oil production in a bid to boost prices. “This is beyond the pale,” the California Democrat told CNN in a phone interview on Monday. “They are actively fleecing the
Continue Reading By Catherine Thorbecke, CNN Business Elon Musk drew backlash on Monday from Ukrainian officials, including President Volodymyr Zelensky, for his unsolicited advice on how to bring about “peace” amid Russia’s ongoing invasion of the country. In a Twitter poll, Musk suggested a path to “Ukraine-Russia Peace” that included re-doing elections “under UN supervision” in the
Continue Reading