By Brian Fung and Clare Duffy, CNN Business Elon Musk is formally citing allegations leveled by Twitter whistleblower, Peiter “Mudge” Zatko, as justification for terminating a $44 billion acquisition deal for the social media company. On Monday, Musk’s legal team sent a letter to Twitter highlighting Zatko’s claims, which were first reported by CNN and
Continue Reading By Nicole Goodkind, CNN Business After a period of angst, Americans appear to be feeling a bit better about the economy. What’s happening: The Conference Board’s consumer confidence index for August, scheduled for release later today, is expected to increase by 1.8 points to 97.5, according to Goldman Sachs analysts. That comes after three consecutive
Continue Reading By Alicia Wallace, CNN Business In a blunt speech last Friday, Federal Reserve Chairman Jerome Powell warned that the central bank’s battle against inflation won’t come without some casualties. The Fed is firmly resolved to bring down inflation and to “keep at it until the job is done,” Powell said. But that plan — which
Continue Reading By Diksha Madhok, CNN Business Indian billionaire Mukesh Ambani has laid out plans to hand his sprawling business empire to his children, while insisting he has no intention of retiring any time soon. Ambani, 65, set out his succession plan on Monday, telling shareholders in his Reliance Industries conglomerate that his three children are “first
Continue Reading By Laura He, CNN Business Chinese markets fell on Wednesday as global investors continue to deal with the aftermath of Federal Reserve chair Jerome Powell’s hawkish speech at Jackson Hole last week, and the alarming spread of Covid in China. Investor mood was also hit by new official data from China that showed factory activity
Continue Reading By Nectar Gan and CNN’s Beijing bureau China’s southern city of Shenzhen on Monday shut down the world’s largest electronics market and suspended public transport nearby as authorities enforced neighborhood-wide lockdowns in response to a small number of Covid cases. Huaqiangbei, a busy shopping area home to thousands of stalls selling computer components, mobile phone
Continue Reading 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
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