By Nicole Goodkind, CNN Business Billionaire activist investor Bill Ackman will close his special purpose acquisition company and return $4 billion to investors after failing to find an adequate target company to take public. In a letter to shareholders Monday, Ackman said he would return the funds and wind down his SPAC, Pershing Square Tontine
Continue Reading By Frank Pallotta, CNN Business Dave Chappelle‘s Netflix comedy special, “The Closer,” received huge backlash last year for the comedian’s jokes about the trans community that some found deeply offensive. The fallout created a firestorm both inside and outside of Netflix. Fast forward to Tuesday, when “The Closer” was nominated for two Emmys. “The Closer”
Continue Reading by Peter Valdes-Dapena, CNN Business It might surprise you to learn that the best-selling plug-in hybrid vehicle in America is, of all things, a Jeep Wrangler, the burly, boxy SUV engineered for hard off-road driving. There are other, seemingly more likely contenders, like the like the Toyota Rav4 Prime, a family-friendly crossover, or the Toyota
Continue Reading By Jackie Wattles, CNN Business An explosion on the launch pad during a test of a massive SpaceX rocket prototype was “actually not good” and the company is assessing the damage, company CEO Elon Musk said on Twitter. The rocket, an early version of the vehicle SpaceX is calling Starship, could be seen lighting its
Continue Reading By Matt McFarland, CNN Business Jason Simon placed an order for a Tesla Model 3 this April, eager to own an electric vehicle. He heard from Tesla in June that his car was ready, but he backed out of the purchase, losing the $250 order fee he paid. Simon told CNN Business his feelings changed
Continue Reading By Nicole Goodkind, CNN Business For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity — meaning the two currencies are worth the same. The euro hit $1 on Tuesday, down about 12% since the start of the year. Fears of recession on the continent
Continue Reading By Nicole Goodkind, CNN Business Most investors don’t lose an $11 billion bet and walk away unscathed, but a Chinese metal tycoon known as “Big Shot” has done exactly that. Xiang Guangda made a massive bet over the past few years that the price of nickel would fall, but in March of this year, futures
Continue Reading By Chris Isidore, CNN Business Ethiopian Airlines took delivery of a 737 Max from Boeing in June, the aircraft maker disclosed Tuesday. It’s the first time Ethiopian has taken a 737 Max since the March 2019 crash that killed all 157 people on board, and led to a 20-month grounding of the jet. The other
Continue Reading By Chris Isidore, CNN Business A bad quarter for Delta Air Lines passengers turned into a bad quarter for Delta investors, as the costs of service disruptions, coupled with high fuel prices and rising pay for employees, caused the company to fall well short of earnings forecasts. Delta posted adjusted earnings of $735 million in
Continue Reading By Brian Fung, CNN Tech companies and data brokers that misuse or misrepresent how they handle Americans’ personal data, including reproductive health information, may find themselves on the hook with the Federal Trade Commission, the agency warned this week. On Monday, the FTC renewed its vow to investigate or sue companies that use Americans’ digital
Continue Reading By Frank Pallotta, CNN Business Matthew Berry, ESPN’s longtime fantasy sports guru, is leaving the network, Berry and ESPN announced Monday. “Here is a sentence I never thought I’d write. I can confirm that after 15 amazing years, I am leaving ESPN,” Berry tweeted Monday. He added that when he came to the company in
Continue Reading By Julia Horowitz, CNN Business The US dollar is rising at a blistering clip, reaching its strongest level against other major currencies in almost two decades. That’s helpful for American tourists traveling abroad this summer. But on Wall Street, it’s growing cause for concern. “A very strong US dollar provides yet another headwind for earnings,”
Continue Reading By Livvy Doherty, CNN Business Heathrow Airport is asking airlines to stop selling any more tickets for travel this summer, as it announces a cap on passengers allowed to fly from the airport. The London airport will limit passengers to 100,000 a day until September 11, as it struggles to cope with high demand and
Continue Reading By Jordan Valinsky, CNN Business Peloton will stop making its own bikes and treadmills, a drastic change for the struggling company aimed at cutting costs and ensuring its ability to remain afloat. Calling the change a “natural progression” in a statement Tuesday, Peloton said Taiwanese manufacturer Rexon Industrial Corp. will become the primary manufacturer of
Continue Reading By Laura He, CNN Business Chinese authorities will start refunding bank customers whose accounts have been frozen for months, following some of the biggest protests the country has seen since the start of the pandemic. Customers from four rural banks in the central province of Henan, and one in neighboring Anhui province, will be repaid
Continue Reading By Nicole Goodkind, CNN Business For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity — meaning the two currencies are worth the same. The euro hit $1 on Tuesday, down about 12% since the start of the year. Fears of recession on the continent
Continue Reading By Michelle Toh, CNN Business Disney is bringing BTS to its streaming services, adding the world’s biggest band to its roster of digital stars. In an announcement shared first with CNN Business, the entertainment giant said Monday that it would add new original shows featuring members of the South Korean pop group to Disney+. That
Continue Reading By Clare Duffy, CNN Business Elon Musk wants to cancel his deal to buy Twitter, but the social media company is having none of it. On Friday, Musk moved to terminate the $44-billion acquisition agreement, alleging that Twitter breached the deal by failing to hand over data he says he needs to evaluate the number
Continue Reading By Brian Fung, CNN Business Hundreds of thousands of leaked Uber documents obtained by The Guardian and shared with a consortium of news outlets show how during its most aggressive period of growth, the ride-hailing company reportedly employed secret technology to thwart police investigations, sought favors from high-ranking government officials and even perceived a silver
Continue Reading By Brian Fung, CNN Business Hundreds of thousands of leaked Uber documents obtained by The Guardian and shared with a consortium of news outlets show how during its most aggressive period of growth, the ride-hailing company reportedly employed secret technology to thwart police investigations, sought favors from high-ranking government officials and even perceived a silver
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