By Brian Fung, CNN Twitter owner Elon Musk confirmed Tuesday evening he will step down as the company’s CEO, but only when he identifies a successor, directly addressing for the first time a Twitter poll he created this week in which millions of users voted for his ouster. In a tweet, Musk said he would
Continue Reading By Jon Passantino, CNN Police in Southern California are looking to speak with Elon Musk and his security team over an alleged assault last week that Musk claimed involved a “crazy stalker” and led to the suspension of a private jet-tracking account on Twitter as well as several prominent journalists. Musk has pointed to the
Continue Reading By Jon Passantino, CNN Police in Southern California are looking to speak with Elon Musk and his security team over an alleged assault last week that Musk claimed involved a “crazy stalker” and led to the suspension of a private jet-tracking account on Twitter as well as several prominent journalists. Musk has pointed to the
Continue Reading By Nathaniel Meyersohn, CNN Nike’s stock jumped around 11% after the company beat analyst forecasts during its latest quarter. The company’s sales jumped 17% from the same quarter a year prior. Its profit increased 10%, the company said Tuesday. “Consumer demand for Nike’s portfolio of brands continues to drive strong business momentum,” Nike finance chief
Continue Reading By Clare Duffy, CNN A law firm representing dozens of former UK Twitter employees is accusing the company of “unlawful, unfair and completely unacceptable treatment” of workers following recent mass layoffs, which the firm referred to as a “sham redundancy process.” In a letter sent to the company on Monday, law firm Winckworth Sherwood alleged
Continue Reading By Clare Duffy, CNN When Elon Musk polled Twitter users about whether to reinstate former President Donald Trump’s account, he quickly followed through on the majority’s wish to do so. “Vox Populi, Vox Dei,” he pronounced via tweet, Latin for “the voice of the people is the voice of God.” Likewise, when Twitter users voted
Continue Reading By Brian Fung, CNN Mark Zuckerberg considered disclosing in 2017 that Facebook was investigating “organizations like Cambridge Analytica” alongside Russian foreign intelligence actors as part of an election security assessment before ultimately removing the reference at his advisers’ suggestion, according to a 2019 deposition conducted by the Securities and Exchange Commission and reviewed by CNN.
Continue Reading By Paul R. La Monica, CNN Disney, like most media companies, had a rough year. But one Wall Street analyst has an idea for how Disney could get back on track. Wells Fargo’s Steven Cahall thinks Disney should spin off cable sports giant ESPN and traditional TV network ABC… two slow-growth (and some would argue,
Continue Reading By Jeanne Sahadi, CNN Business There will soon be new retirement rules in place that will make it easier for Americans to accumulate retirement savings — and make it less costly to withdraw them — now that lawmakers have passed an omnibus spending package, which President Joe Biden is expected to sign next week. Collectively
Continue Reading By Matt Egan, CNN One of Wall Street’s top executives is worried about a repeat of 2008. At least, partially. Mike Wilson, Morgan’s Stanley’s chief US equity strategist, says he isn’t concerned about a “systemic” financial crisis like the one that brought the economy to its knees 14 years ago. But Wilson is warning clients
Continue Reading By Jack Guy, CNN Business A group of British lawmakers are calling for action to be taken against columnist Jeremy Clarkson after he wrote a “violent misogynist” opinion piece about Meghan, the Duchess of Sussex in the Sun newspaper, which was later retracted. “We welcome The Sun’s retraction of the article, we now demand action
Continue Reading By Brian Fung, CNN The European Union has struck a deal with Amazon that will resolve multiple antitrust investigations into the company and impose binding restrictions on the e-commerce giant’s business, in another major step by EU officials to rein in Big Tech. The agreement includes several multi-year concessions offered by Amazon, including a commitment
Continue Reading By Brian Fung, CNN Twitter rival Mastodon has grown eight times its size in a matter of weeks, going from approximately 300,000 users in October to 2.5 million in November, according to a blog post by the platform’s founder, Eugen Rochko. The eye-popping growth figure comes as a wave of Twitter users have announced their
Continue Reading By Matt Egan, CNN Federal regulators fined Wells Fargo a record $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest
Continue Reading By Ella Nilsen and Peter Valdes-Dapena, CNN The Biden administration on Tuesday finalized tougher pollution standards for heavy-duty vehicles like large trucks, delivery vans and buses starting with model year 2027. The Environmental Protection Agency’s new rule is the first update to the standards since 2001. It will cut down on the smog and soot
Continue Reading By Anna Bahney, CNN Business Home building pulled back in November, as buyers faced spiking mortgage rates topping 7% that make homes increasingly unaffordable. Rates fell slightly through the month, but are still double what they were a year ago, continuing to put pressure on new home purchases. November housing starts, a measure of new
Continue Reading By Jordan Valinsky, CNN Business 3M, the conglomerate behind Post-It notes and Scotch tape, will stop making controversial per- and polyfluoroalkyl substances (PFAS) by the end of 2025. The chemicals, commonly known as “forever chemicals,” are found in hundreds of household items and used to make coatings and products that can repel water, grease, heat
Continue Reading By Catherine Thorbecke, CNN If you’ve ever wondered why TikTok suggested a certain video in your feed, you may start to get a little more clarity. TikTok on Tuesday said it is beginning to roll out a new feature to add more context about how the platform’s algorithms recommend videos in your “For You” feed.
Continue Reading By Sean Lyngaas, CNN A network of three hospitals in Brooklyn, New York, has had to work off paper charts for weeks following a cyberattack on its computer systems in late November, the hospital group’s chief executive told CNN Monday. The hack affected “clinical applications,” including “those used for imaging and other critical services,” but
Continue Reading By Nicole Goodkind, CNN It’s been a rollercoaster year for stocks. The S&P 500 is down more than 20% year-to-date and 2022 is likely to end up as the sixth-most volatile year since the Great Depression. But not all traders are on the same ride — the large, institutional investors on Wall Street have shuffled
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