By Chris Isidore, CNN Business Upstart electric vehicle maker Lucid Motors disclosed Monday it has received a subpoena from the SEC, sending its shares plunging 10% in early trading. The company said the probe “appears to concern” the SPAC deal that took it public earlier this year, along with “certain projections and statements.” Lucid raised
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By Julia Horowitz, CNN Business Over the past week, as markets were churning on fears that the Omicron variant could derail the global economic recovery, bitcoin prices stayed surprisingly stable. Then came the weekend. What’s happening: The cryptocurrency at one point plunged more than 20% on Saturday. It’s now trading at roughly $48,600, down from
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By Danielle Wiener-Bronner, CNN Business DoorDash is jumping on the speedy delivery trend. Starting Monday, the company is offering 10- to 15-minute delivery in New York City from a new Dashmart, which stocks groceries, household goods and packaged restaurant products. Customers within the delivery zone will see the new option under a “convenience” tab in
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By Jordan Valinsky, CNN Business Kentucky Fried Chicken is testing a new dipping sauce in three US cities. Beginning Monday, customers in Washington, Atlanta and Dallas can add “Sweet Hot Capital City” mambo sauce to their orders for a limited time. The chain describes the flavor as “sweet, spicy and tangy,” and one that “perfectly
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By Ramishah Maruf, CNN Business Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays. “If you’re on this call, you are part of the unlucky
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By Laura He, CNN Business Shares of Evergrande plummeted to a new record low on Monday as the Chinese developer once again teetered on the brink of default. Evergrande’s stock closed down 20% at 1.81 Hong Kong dollars ($0.23), the lowest since it listed in Hong Kong in 2009. It has lost 87% of its
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By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Chris Cuomo’s termination by CNN is the latest example of upheaval in television news. The 7pm Eastern hour on Fox News has been home to rotating hosts for nearly an
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Chris Cuomo’s termination by CNN is the latest example of upheaval in television news. The 7pm Eastern hour on Fox News has been home to rotating hosts for nearly an
Continue Reading By Walé Azeez, CNN Business Britain’s economy needs much more investment. Business says it’s unlikely to get it any time soon. The Confederation of British Industry said in its latest forecast that a “short-lived recovery” in capital spending would end in 2023 because of tax hikes on companies. Investment in the United Kingdom has lagged
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Reuters Canada’s tight labor market is forcing many companies to offer regular Covid-19 testing over vaccine mandates, while others are reversing previously announced inoculation requirements even as Omicron variant cases rise. Canadian Prime Minister Justin Trudeau’s government adopted one of the strictest vaccine policies in the world for civil servants and has already put more
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By Jeevan Ravindran, CNN Spotify is not joking around amid a dispute over royalties for comedy content. The streaming giant has removed the work of hundreds of comedians from its platform — including Tiffany Haddish, Kevin Hart and the late Robin Williams — according to rights agency Spoken Giants. Spoken Giants, which represents some of
Continue Reading By Ramishah Maruf, CNN Business Better.com CEO Vishal Garg announced the mortgage company is laying off about 9% of its workforce on a Zoom webinar Wednesday abruptly informing the more than 900 employees on the call they were being terminated just before the holidays. “If you’re on this call, you are part of the unlucky
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By Ramishah Maruf, CNN Business The media may not be paying enough attention to the influence of Christian broadcasters when it comes to Covid-19, CNN chief media correspondent Brian Stelter said on “Reliable Sources” Sunday. Marcus Lamb, who made an anti-vax stance his crusade, died Thursday after being hospitalized for Covid-19. Lamb, a popular Christian
Continue Reading By Ramishah Maruf, CNN Business The media may not be paying enough attention to the influence of Christian broadcasters when it comes to Covid-19, CNN chief media correspondent Brian Stelter said on “Reliable Sources” Sunday. Marcus Lamb, who made an anti-vax stance his crusade, died Thursday after being hospitalized for Covid-19. Lamb, a popular Christian
Continue Reading By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. Chris Cuomo’s termination by CNN is the latest example of upheaval in television news. The 7pm Eastern hour on Fox News has been home to rotating hosts for nearly an
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By Chris Isidore, CNN Business Tesla CEO Elon Musk sold a massive stake in his company over the past several weeks. And yet he owns 564,000 more shares than he did at the start of the selling spree. An analysis of his filings shows Musk is not backing away from his holdings in Tesla, despite
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By Paul R. La Monica, CNN Business Smaller American companies are getting crushed in the stock market’s recent wild swings. That could be an ominous sign for the economy. The Russell 2000 index, home to companies like Crocs, BJ’s Wholesale and others with an average market valuation of about $3 billion, is now trading more
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By Brian Stelter, CNN Business CNN said Saturday that anchor Chris Cuomo has been “terminated” by the network, “effective immediately.” The announcement came after an outside law firm was retained to review information about exactly how Cuomo aided his brother, former New York Gov. Andrew Cuomo, when the then-governor was accused of sexual harassment. CNN
Continue Reading By Brian Stelter, CNN Business CNN said Saturday that anchor Chris Cuomo has been “terminated” by the network, “effective immediately.” The announcement came after an outside law firm was retained to review information about exactly how Cuomo aided his brother, former New York Gov. Andrew Cuomo, when the then-governor was accused of sexual harassment. CNN
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By Ramishah Maruf, CNN Business A former Netflix software engineer and his best friend were sentenced Friday for securities fraud, the US Attorney’s Office in the Western District of Washington announced. Their roles in an insider trading ring illegally generated more than $3 million, US attorney Nick Brown said. Sung Mo Jun, 49, was sentenced
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