Money

By Ramishah Maruf, CNN New York (CNN) — The US Securities and Exchange Commission sued Elon Musk on Tuesday for allegedly failing to properly disclose his ownership of X, then known as Twitter, as required by federal law, which allowed him to buy shares of the platform at “artificially low prices.” Before he closed his

By Tami Luhby, CNN (CNN) — Pharmacy benefit managers, which serve as the middlemen between drug makers, insurers and pharmacies, reaped $7.3 billion in revenue from marking up the prices of dozens of specialty generic drugs between 2017 and 2022, the Federal Trade Commission said in an interim report issued Tuesday. The practice came at

By Matt Egan and Paul P. Murphy, CNN (CNN) — The Colonial Pipeline has temporarily shut its main gasoline line – America’s largest fuel pipeline – because of leak in Georgia, the pipeline’s operator and local officials said. Line 1 of the 5,500-mile Colonial Pipeline had a “gasoline release,” according to Stephen Dooley, Paulding County

By Ramishah Maruf and Clare Duffy, CNN New York (CNN) — Meta is aiming to cut about 5% of what it calls its “lowest performers” with plans to backfill those roles later this year, the company confirmed on Tuesday. Those jobs cuts could affect about 3,600 workers, based on Meta’s latest quarterly report citing a

By Jordan Valinsky, CNN New York (CNN) — Brown-Forman, the parent company of Jack Daniel’s whiskey and Woodford Reserve bourbon, is laying off approximately 12% of its 5,400 employees amid a downturn in spirits sales. The Louisville-based company has hiked prices in recent years to offset inflation and shield itself from the rising costs of

By Chris Isidore, CNN New York (CNN) — Boeing had a decent orderbook in December to cap a very bad year. But its deliveries for the month show it continues to struggle to rebound from the crippling strike earlier in the fall. The company said it had 142 gross orders in the month, mostly for

By Jordan Valinsky, CNN New York (CNN) — Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts. The Consumer Financial Protection Bureau (CFPB) accuses Capital One of freezing the interest rates

Al Goodman, CNN Madrid (CNN) — Spain’s prime minister is pushing for far-reaching action to ease the nation’s housing crunch, including a tax of up to 100% on property purchases by non-European Union buyers. “There are too many Airbnbs. What’s lacking is housing,” Pedro Sanchez said Monday as he put forward a raft of new

By Brian Stelter, CNN New York (CNN) — Rashida Jones is stepping down as president of MSNBC and one of her top lieutenants, Rebecca Kutler, is taking over as interim network president. The change atop the progressive news network comes as its corporate parent, Comcast, prepares to spin off MSNBC and other cable channels into

By Brian Stelter, CNN New York (CNN) — There’s a new “Trump bump” materializing for some news outlets, though it’s showing up differently than it did the first time Donald Trump was elected president. That’s the assertion from The Guardian, the British newspaper with an ambitious American arm. According to internal data shared with CNN,

By Alicia Wallace, CNN (CNN) — There appears to be some welcome news on the US inflation front. Price hikes on the wholesale level were much tamer than anticipated in December, according to the latest Producer Price Index released Tuesday, indicating that inflation might not be reaccelerating as much as feared. However, Tuesday’s positive PPI

By Jordan Valinsky and Nathaniel Meyersohn, CNN New York (CNN) — Starbucks doesn’t want to be America’s public bathroom anymore. Starbucks is scrapping a policy that had let anyone hang out at its cafes or use the restrooms without making a purchase. The new rules are part of a larger effort to improve Starbucks’ cafe

KCAL, KCBS, CNN By Donie O’Sullivan, CNN Los Angeles (CNN) — Just hours after Meta chief Mark Zuckerberg announced last Tuesday that the social media giant would eliminate its US-based fact-checkers, the iconic hills above Los Angeles began to smolder. As fire crews scrambled in vain to contain the resulting firestorm, the fact-checking partners, still

By Chris Isidore, CNN New York (CNN) — Martin Johnson and his fiancé, Celeigh Chapman, had spent several years restoring and renovating their home in Altadena by hand. It took only hours to lose the home and everything in it last week. “We didn’t have a kitchen for a year and a half. We had

CNN By Chris Isidore, CNN New York (CNN) — Martin Johnson and his fiancé, Celeigh Chapman, had spent several years restoring and renovating their home in Altadena by hand. It took only hours to lose the home and everything in it last week. “We didn’t have a kitchen for a year and a half. We

By Eric Cheung, Joyce Jiang and Hassan Tayir, CNN Hong Kong (CNN) — As Supreme Court justices ponder the future of TikTok in the United States, a growing number of American social media users have responded by moving to an unlikely alternative: Xiaohongshu, a hugely popular social media app in China. The app, which means

By Vanessa Yurkevich, CNN New York (CNN) — American food markets are running short on eggs, and the situation may not improve for months. The highly contagious avian influenza has wreaked havoc on the egg market. In November and December alone, 17.2 million egg-laying hens died as a result of the virus. That’s nearly half

By Auzinea Bacon, CNN (CNN) — Apple’s board of directors has recommended shareholders vote against a conservative think tank’s proposal to consider scrapping the tech giant’s diversity, equity and inclusion (DEI) initiatives. “At Apple, we believe that how we conduct ourselves is as critical to Apple’s success as making the best products in the world.

By Tami Luhby, CNN (CNN) — Opposition is quickly forming against the Biden administration’s rule to ban medical debt from appearing on consumers’ credit reports, threatening the viability of what could be a popular regulation. Two industry groups filed lawsuits last week seeking to block the rule, which was finalized by the Consumer Financial Protection

By David Goldman, CNN (CNN) — Southern California Edison, the electrical utility for Los Angeles, has been sued for its alleged role in starting one of the raging Los Angeles fires that have collectively killed at least 24 people and displaced tens of thousands. Jeremy Gursey, whose house in the Altadena neighborhood was destroyed in