By Julia Horowitz, CNN Business The exclusive group of American companies worth more than $1 trillion just added another member. What’s happening: Shares of Tesla rallied more than 12% Monday to nearly $1,025 after Hertz announced that it had locked in a record order of 100,000 of the company’s electric cars for its fleet. It’s
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By Rob McLean and Jill Disis, CNN Business The shell company that plans to merge with former US President Donald Trump’s new media firm is losing some steam after last week’s trading bonanza. Shares of Digital World Acquisition Corp. plunged nearly 30% Tuesday after falling 11% on Monday. Digital World Acquisition Corp. skyrocketed by as
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By Jordan Valinsky, CNN Business Elon Musk is rapidly approaching a net worth of $300 billion, as Tesla’s market cap soars past $1 trillion. That’s enough to surpass one of his biggest rivals: ExxonMobil. As of Monday’s close, Musk’s net worth was $289 billion, according to the Bloomberg Billionaires Index, which surpasses the $272 billion
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By Tara Subramaniam, CNN Business Facebook is no stranger to the limelight. While the company has repeatedly come under fire over the past few years for its role in disseminating misinformation, especially related to the 2016 election, the last two months have been especially turbulent as a whistleblower and top officials have been called to
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By Anneken Tappe and Diksha Madhok, CNN Business China’s real estate crisis isn’t showing any sign of letting up. Embattled conglomerate Evergrande rattled global markets in September by warning it could default on its huge debts. Since then, more developers have made similar public confessions, unnerving investors and raising fears of contagion across the vast
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By Rishi Iyengar, CNN Business For years, Facebook CEO Mark Zuckerberg touted his mission to connect the entire world — and his company has come closer than perhaps any other to fulfilling that lofty goal, with more than 3 billion monthly users across its various platforms. But that staggering global expansion has come at a
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By Matt Egan, CNN Business Jonathan Greenblatt, the CEO of the Anti-Defamation League, blasted Facebook on Monday following the publication of a series of articles revealing the company’s struggles to stop hate speech, human trafficking and coordinated groups that sowed discord ahead of the January 6 insurrection. “The kind of monopolistic indifference the company has
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By Clare Duffy, CNN Business CEO Mark Zuckerberg kicked off Facebook’s quarterly earnings call by addressing the latest wave of coverage based on a trove of leaked internal documents on Monday. “Good faith criticism helps us get better, but my view is that we are seeing a coordinated effort to selectively use leaked documents to
Continue Reading By Rishi Iyengar, CNN Business For years, Facebook CEO Mark Zuckerberg touted his mission to connect the entire world — and his company has come closer than perhaps any other to fulfilling that lofty goal, with more than 3 billion monthly users across its various platforms. But that staggering global expansion has come at a
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By Chris Isidore, CNN Business Tesla just became the sixth company in US history to be worth $1 trillion. Shares popped more than 12% Monday to close at about $1,025, boosted by two spots of good news: Hertz announced a record order of 100,000 Teslas for its fleet, and influential Morgan Stanley auto analyst Adam
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By Paul R. La Monica, CNN Business Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both closed at record highs Monday — while Tesla shares soared to a new all-time peak above $1,000 and sent the company’s market share past the $1 trillion level. The Dow ended the day up
Continue Reading By Matt Egan, CNN Business Jonathan Greenblatt, the CEO of the Anti-Defamation League, blasted Facebook on Monday following the publication of a series of articles revealing the company’s struggles to stop hate speech, human trafficking and coordinated groups that sowed discord ahead of the January 6 insurrection. “The kind of monopolistic indifference the company has
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By Jackie Wattles, CNN Business Blue Origin, the rocket and space tourism company founded by Jeff Bezos, is proposing a massive new commercial space station called “Orbital Reef” that could be used to host science experiments, vacation getaways, and potentially even in-space manufacturing. The company plans to work alongside startup Sierra Space to bring the
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By Jordan Valinsky, CNN Business The FBI is revealing new details about a $31.8 million counterfeit coupon scheme that landed a Virginia Beach couple in prison for nearly 20 years, combined. In a press release last week, the agency said that investigators found fake coupons in “every crevice” of the house belonging to Lori Ann
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By Matt Egan, CNN Business Extreme port congestion has become a major nuisance that just won’t go away this year. Unfortunately, it could be one of the biggest problems of 2022, too. Backlogs and elevated shipping costs are likely to persist “at least” through the middle of next year, Goldman Sachs warned clients in a
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By Matt Egan, CNN Business The Biden administration’s Covid-19 vaccine mandate for federal contractors will further disrupt already stressed-out supply chains, Raytheon Technologies warned Tuesday. Raytheon, a conglomerate that makes jet engines, missiles and drones, joins a growing list of business groups expressing concern about the December 8 deadline for employees of federal contractors to
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By Matt Egan, CNN Business The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years. US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014. The rebound has intensified in recent weeks
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By Chris Isidore, CNN Business Hertz is betting big on electric vehicles. It’s buying 100,000 Teslas, the largest-ever order by a single buyer. The purchase also represents the biggest move into EVs by a rental car company, by far. “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and
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By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
Continue Reading By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
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