Money

By Nicole Goodkind, CNN Business Robinhood CEO Vlad Tenev announced Tuesday afternoon that the online trading platform will lay off 9% of its workforce as shares of the company’s stock hit a new low. In a blogpost, Tenev wrote that Robinhood’s financial position was strong, with over $6 billion in cash on its balance sheet.

By Sugam Pokharel and Mark Thompson, CNN Business Russia has cut off natural gas supplies to Poland and Bulgaria, dramatically escalating its response to Western sanctions imposed on Moscow over the war in Ukraine. Russian state energy giant Gazprom said in a statement Wednesday that it had fully halted supplies to Polish gas company PGNiG

By Matt Egan, CNN Business The Senate voted on Tuesday to confirm Lael Brainard as the Federal Reserve’s vice chair, approving a key Biden nominee empowered to help lead the central bank’s fight against high inflation. Brainard, currently a governor at the Fed, received some bipartisan support, with multiple Republicans supporting her nomination to a

By Chris Isidore, CNN Business The first all-electric Ford F-150 Lightning rolled off the assembly line in Detroit on Tuesday, with a great deal riding on its launch for both the company and electric vehicles overall. Interest and demand in the vehicles have been very strong, with Ford taking 200,000 preorders for the electric version

By Jeanne Sahadi, CNN Business Fidelity Investments announced Tuesday that it will offer bitcoin as an investment option in its 401(k) plans by the middle of this year. It’s a big move given that Fidelity is the largest 401(k) plan provider in the United States, acting as custodian for 23,000 plans, which have 20.4 million

By Nicole Goodkind, CNN Business US markets plunged on Tuesday. The Dow fell 810 points, or 2.4%, as an April sell-off spurred by fears of an economic slowdown continued following Monday’s short-lived recovery. The losses were led by mega cap tech stocks as investors await key corporate earnings reports this week. First quarter results from

By Oliver Darcy, CNN Business The New York Post and Michelle Gotthelf, the former editor in chief of the tabloid’s digital operation, announced in a joint statement Tuesday that they had settled the explosive lawsuit Gotthelf had filed earlier this year. Gotthelf had alleged in her lawsuit that she was wrongfully fired after she reported

By Matt Egan, CNN Business Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one. Now, it’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation. “We will get a major recession,” Deutsche Bank economists

By Brian Stelter, CNN Business As Netflix licks its wounds and investors worry about big streaming bets, David Zaslav is positioning Warner Bros. Discovery as a “far more balanced” company. “We have the ability to ring any number of cash registers,” Zaslav, the longtime Discovery CEO who took control of WarnerMedia earlier this month, told

By Anna Bahney, CNN Business US home prices continued to surge higher in February. Prices rose 19.8% year-over-year in February, an even higher rate than the 19.2% growth seen in January, according to the S&P CoreLogic Case-Shiller US National Home Price Index. Phoenix, Tampa and Miami reported the highest year-over-year gains among the 20 US