By Matt Egan, CNN Business In the span of just three years, Sam Bankman-Fried built FTX into a massive crypto exchange backed by marquee investors and valued at $32 billion. It took mere days for all of that to implode in a sprawling bankruptcy filing. Sheila Bair, a top regulator during the 2008 financial crisis,
Continue Reading By Danielle Wiener-Bronner, CNN Business Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small
Continue Reading By Danielle Wiener-Bronner, CNN Business Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small
Continue Reading By Michelle Toh, CNN Business Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. The Canadian billionaire has made headlines this week for offering to come to the aid of entrepreneurs who are facing a
Continue Reading By Michelle Toh, CNN Business Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. The Canadian billionaire has made headlines this week for offering to come to the aid of entrepreneurs who are facing a
Continue Reading By Diksha Madhok, CNN Business Shares of Taiwan Semiconductor Manufacturing Company surged on Tuesday after Warren Buffett’s Berkshire Hathaway disclosed that it had purchased a $4.1 billion stake in one of the world’s largest chipmakers. In a filing with the United States’ Securities and Exchange Commission on Monday, Berkshire Hathaway said it acquired about 60
Continue Reading By Stella Chan and Taylor Romine, CNN About 48,000 academic employees across the University of California system walked off the job Monday morning, demanding higher pay and improved working conditions, according to the union representing them. Striking workers include researchers, graduate student researchers and instructors, trainees, fellows, and others who provide academic support across the
Continue Reading By Ramishah Maruf, CNN Business Billionaire philanthropist MacKenzie Scott has donated almost $2 billion to more than 300 organizations in the last seven months, she said in a Medium post Monday. This followed an announcement from her ex-husband and Amazon founder Jeff Bezos that he will donate the majority of his wealth during his lifetime.
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business A third railroad union has rejected a tentative labor deal, a move that further raises the odds that America’s 110,000 freight railroad workers will go on strike early next month. The rank and file members of the International Brotherhood of Boilermakers voted against a tentative agreement reached
Continue Reading By Allison Morrow, CNN Business As the dust settles from one of the most shocking financial implosions in history, one of the key unknowns is how much customers who can’t access their money expect to get back from FTX, the crypto exchange that filed for bankruptcy last week. The answer, according to legal experts, may
Continue Reading By Chris Isidore, CNN Business FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the US. The company filed Tuesday in New York court under Chapter 15, which is a way for foreign companies to use US bankruptcy law to restructure debt — commonly done
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy on Wednesday said an “uncertain” economy pushed the e-commerce giant to move forward with rare and wide-ranging layoffs after having gone on a significant hiring spree for much of the pandemic. “We had the lens of a very uncertain economic environment, as well as our having
Continue Reading By Alicia Wallace, CNN Business It could soon be time for the Federal Reserve to ease up on its super-sized rate interest hikes, according to the central bank’s number-two policymaker, Vice Chair Lael Brainard. “I think it will probably be appropriate soon to maintain a slower pace of increases,” Brainard said Monday at an event
Continue Reading By Catherine Thorbecke, CNN Business Amazon is planning to lay off some 10,000 employees in corporate and technology jobs, the New York Times reported on Monday, citing anonymous sources with knowledge of the matter. The job cuts could start as early as this week, and will likely include staff working on Amazon devices (such as
Continue Reading By Jennifer Korn, CNN Business Google has agreed to a record $391.5 million settlement with 40 states for allegedly misleading consumers over its location tracking practices, a coalition of attorneys general announced Monday. The attorneys general described it as the largest multi-state privacy settlement in US history. The coalition, which included attorneys general from New
Continue Reading By Jennifer Korn, CNN Business Google has agreed to a record $391.5 million settlement with 40 states for allegedly misleading consumers over its location tracking practices, a coalition of attorneys general announced Monday. The attorneys general described it as the largest multi-state privacy settlement in US history. The coalition, which included attorneys general from New
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 Paul R. La Monica, CNN Business The great bull run for tech stocks may finally be over. It has been a brutal year for the leading companies of Silicon Valley. Apple’s stock is down about 16% in 2022 — and that makes it the “best” performer of the so-called FAANGs of Big Tech. Facebook
Continue Reading By Catherine Thorbecke, CNN Business While a number of major brands have announced advertising pauses on Twitter in the wake of Elon Musk’s acquisition, the platform has scored a new ad buy from one notable billion-dollar business: Musk’s SpaceX. Musk confirmed on Twitter Monday that his aerospace company, SpaceX, bought a package to advertise its
Continue Reading 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
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