By Tami Luhby, CNN Business The coronavirus pandemic has worsened the massive financial gap between rich and poor around the world, a new report has found. Global billionaires last year enjoyed the steepest increase in their share of wealth since the World Inequality Lab began keeping records in 1995, according to the research group’s analysis
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By Moira Ritter Days after Better.com’s CEO unceremoniously fired 900 people over Zoom, several executives are handing in their resignation letters. Three of the companies top communications executives — Tanya Gillogley, head of public relations, Melanie Hahn, head of marketing, and Patrick Lenihan, VP of communications — all resigned, according to multiple media reports. According
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By Jeanne Sahadi, CNN Business How you let employees go matters for your company’s reputation. Consider Better.com’s CEO, who just fired roughly 900 employees in a very brief Zoom call and quickly faced backlash. No one will ever react positively to hearing they are terminated — whether it’s due to balance sheet problems or their
Continue Reading By Oliver Darcy, CNN Business Fred Hiatt, The Washington Post’s longtime editorial page editor, died on Monday morning. He was 66 years old. The Post’s newsroom was informed of Hiatt’s death on Monday afternoon by publisher Fred Ryan. The Post said in its obituary that Hiatt had cardiac arrest on November 24 while visiting his
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By Jennifer Korn, CNN Business Hackers stole at least $150 million from crypto exchange Bitmart, the platform said Monday. In a statement addressed to users, Bitmart said an initial security check has been completed and impacted assets identified. The assets were stolen from two “hot wallets,” one hosted on the Ethereum blockchain and the other
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By Paul R. La Monica, CNN Business Stop us if you’ve heard this before: Market strategists are predicting that 2022 will finally be the year when investors choose value stocks -— like banking, oil, consumer, industrial and healthcare companies — over Big Techs, such as Apple, Amazon and Facebook owner Meta. It’s been a common
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By Vanessa Yurkevich, CNN Business Ford Motor Co. is pushing its return-to-office date to March over concerns over new Covid-19 concerns, the company said Monday. Assembly line workers returned to work in May 2020, but many office continued to work remotely due to the pandemic. Office workers were getting ready to head back to the
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By Danielle Wiener-Bronner, CNN Business Three years after ditching Qdoba Mexican Eats, Jack in the Box is scooping up Del Taco in a $575 million deal. The deal, which is expected to close early next year, doubles down on Jack in the Box’s success with tacos. Jack in the Box serves an eclectic array of
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By Nathaniel Meyersohn, CNN Business Kohl’s should spin off its online business or find a buyer to take the whole company private, an activist investor said Monday. “The public market is not appreciating Kohl’s in its current form,” Engine Capital, an activist fund, said in a letter to Kohl’s board of directors. “There is no
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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 Aaron Cooper, Matt Egan and Chris Isidore, CNN Business All private sector employers in New York City will now be required to implement a Covid-19 vaccine mandate by December 27, the city’s mayor Bill de Blasio announced Monday. This new move, which de Blasio announced Monday on MSNBC, means everyone who works in the
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By Anneken Tappe It’s a strong start to the week on Wall Street, where the Dow finished up more than 600 points amid a rebound from last week’s losses. The Dow finished up 1.9%, or some 647 points, while the broader S&P 500 climbed nearly 1.2%. The Nasdaq Composite, which faced the steepest selloff Friday,
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By Kerry Flynn, CNN Business At Nasdaq Monday, BuzzFeed CEO Jonah Peretti — flanked by Instagram celebrity “Dude with Sign” and people holding oversized yellow “OMG” and “win” signs — rang the opening bell for BuzzFeed’s debut as a public company. Simultaneously at BuzzFeed’s headquarters in New York, an acrobatic cat performed. It was both
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By Matt Egan, CNN Business The shell company that is facilitating former President Donald Trump’s return to Wall Street disclosed Monday that federal regulators are investigating the deal. In October, Trump announced a new media venture that would “stand up to the tyranny of Big Tech.” That new entity, chaired by the former president, agreed
Continue Reading By Matt Egan, CNN Business The shell company that is facilitating former President Donald Trump’s return to Wall Street disclosed Monday that federal regulators are investigating the deal. In October, Trump announced a new media venture that would “stand up to the tyranny of Big Tech.” That new entity, chaired by the former president, agreed
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Reuters Tesla is under regulatory investigation after a whistleblower alleged the company failed to properly disclose fire risks associated with solar panel defects. The investigation raises regulatory pressure on the world’s most valuable automaker, which already faces a federal safety probe into accidents involving its driver assistant systems. Concerns about fires from Tesla solar systems
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By Michelle Toh, CNN Business Hong Kong has warned the Wall Street Journal that it may have broken electoral law by “scaremongering” in a recent editorial about the upcoming vote for the city’s legislative council. On Monday, the US newspaper printed a letter from Hong Kong’s Secretary for Constitutional and Mainland Affairs, Erick Tsang, under
Continue Reading By Aaron Cooper, Matt Egan and Chris Isidore, CNN Business All private sector employers in New York City will now be required to implement a Covid-19 vaccine mandate by December 27, the city’s mayor Bill de Blasio announced Monday. This new move, which de Blasio announced Monday on MSNBC, means everyone who works in the
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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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