Money

By Matt Egan, CNN Business In the span of just three years, Sam Bankman-Fried built FTX into a massive crypto exchange backed by marquee investors and valued at $32 billion. It took mere days for all of that to implode in a sprawling bankruptcy filing. Sheila Bair, a top regulator during the 2008 financial crisis,

By Danielle Wiener-Bronner, CNN Business Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small

By Michelle Toh, CNN Business Binance founder and CEO Changpeng Zhao is once again in the global spotlight, this time as the self-appointed white knight of crypto as the industry is embroiled in crisis. The Canadian billionaire has made headlines this week for offering to come to the aid of entrepreneurs who are facing a

By Diksha Madhok, CNN Business Shares of Taiwan Semiconductor Manufacturing Company surged on Tuesday after Warren Buffett’s Berkshire Hathaway disclosed that it had purchased a $4.1 billion stake in one of the world’s largest chipmakers. In a filing with the United States’ Securities and Exchange Commission on Monday, Berkshire Hathaway said it acquired about 60

By Stella Chan and Taylor Romine, CNN About 48,000 academic employees across the University of California system walked off the job Monday morning, demanding higher pay and improved working conditions, according to the union representing them. Striking workers include researchers, graduate student researchers and instructors, trainees, fellows, and others who provide academic support across the

By Chris Isidore and Vanessa Yurkevich, CNN Business A third railroad union has rejected a tentative labor deal, a move that further raises the odds that America’s 110,000 freight railroad workers will go on strike early next month. The rank and file members of the International Brotherhood of Boilermakers voted against a tentative agreement reached

By Paul R. La Monica, CNN Business The great bull run for tech stocks may finally be over. It has been a brutal year for the leading companies of Silicon Valley. Apple’s stock is down about 16% in 2022 — and that makes it the “best” performer of the so-called FAANGs of Big Tech. Facebook

By Juliana Liu, CNN Business When President Joe Biden took office in January 2021, there were expectations on both sides of the Pacific that he would back away from the trade war his predecessor started with China nearly three years earlier. Frustrated by China’s huge trade surplus and accusing it of stealing US intellectual property,

By Diksha Madhok, CNN Business Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on Monday. Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world’s biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at

By Laura He, CNN Business Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Shares of China’s biggest property developer Country Garden soared as much as 52% in Hong Kong after Beijing on Friday

By Matt Egan Authorities in The Bahamas are investigating potential criminal misconduct surrounding the stunning implosion of crypto exchange FTX, authorities said on Sunday. In a statement, the Royal Bahamas Police Force confirmed the investigation into FTX, which is headquartered in The Bahamas. “In light of the collapse of FTX globally and the provisional liquidation

By Frank Pallotta, CNN Business “Black Panther: Wakanda Forever” had the major challenge of following “Black Panther,” one of the biggest blockbusters ever, and had to do so without star Chadwick Boseman, who passed away in 2020. Despite all of the challenges, “Wakanda Forever” notched a sizable box office opening this weekend. The Marvel movie

by Reuters Disney is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday. Chief Executive Bob Chapek sent the memo to Disney’s leaders, saying the company is instituting a targeted

By Ramishah Maruf, CNN Playbill, a news outlet and guide for the Broadway theater community and theatergoers, said Friday it left Twitter after Elon Musk took over the platform. In a statement, Playbill said the social media platform has “greatly expanded its tolerance for hate, negativity, and misinformation.” The account, which had more than 400,000

By Jacob Lev, CNN The NBA’s Miami Heat and Miami-Dade County have terminated their relationship with bankrupt cryptocurrency exchange FTX and will search for a new naming rights partner for their arena in downtown Miami. The announcement came after the FTX group earlier on Friday filed for bankruptcy in the United States and its CEO

By Matt Egan The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. “It’s devastating for the industry. A lot of consumer confidence is shaken. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a

By Allison Morrow, CNN Business Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. The ad shows David’s character throughout history, naysaying humanity’s greatest inventions, including

By Allison Morrow, CNN Business Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. By Friday, his fortune was completely wiped out. Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. But as his crypto exchange,

By Matt Egan and Allison Morrow, CNN Business FTX Group said Friday it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry. FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will

By Michelle Toh, CNN Business China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba and JD.com, will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 billion) in

By Rhea Mogul and Swati Gupta, CNN India’s top court on Friday ordered the release of six people convicted of killing the country’s former Prime Minister Rajiv Gandhi, 31 years after their imprisonment. The Supreme Court released Nalini Sriharan, the only woman convicted in the case, and five men, according to Anand Landge, the lawyer

By Kathleen Magramo, CNN Business China has reduced the amount of time travelers entering the country must spend in quarantine and removed a major restriction on international flights, in a sign of a limited easing of its stringent zero-Covid policy. The new measures were announced Friday following a meeting by the ruling Communist Party’s top

By Parija Kavilanz, CNN Business Gap announced Thursday that it has officially launched its store on Amazon. While shoppers were able to buy Gap merchandise on Amazon previously through third-party sellers, the new partnership with Amazon Fashion marks the first time that Gap itself is selling its products on the online marketplace. The items, available

By Chris Isidore and David Close, CNN Fred Hickman, a pioneering sports broadcaster and anchor who helped to launch two major cable networks and influenced and informed a generation of sports journalists and fans, has died. Hickman, who turned 66 on October 16, died peacefully in hospital after battling liver cancer according to his widow

By Anna Cooban, CNN Business UK police arrested and detained three journalists covering a climate protest earlier this week, raising concerns that the country’s press freedoms are under threat. Police officers in Hertfordshire, a county in southern England, arrested LBC radio reporter Charlotte Lynch on Tuesday on a bridge over a public highway near London

By Paul R. La Monica and Nicole Goodkind, CNN Stocks soared in their best day since 2020 on Thursday after new economic data showed that price increases eased in October. Investors cheered the development because it indicates the Federal Reserve’s interest rate hikes may finally be cooling inflation. The Dow rose 1,203 points, or 3.7%.

By Nicole Goodkind, CNN Business The third-quarter corporate earnings season is wrapping up: We now have reports from about 450 of the S&P 500, or 90% of the index’s total membership. Results were mostly solid, with companies from Goldman Sachs to GM reporting strong profits. But it’s all about what’s next — and companies’ projections

By Oliver Darcy, CNN Business The White House believes that the press has “egg on their faces, yet again.” That’s according to a White House official who spoke candidly with CNN on Wednesday about the media’s “red wave” narrative that wasn’t. Heading into Tuesday, the dominant narrative in the press — especially right-wing media —

By Allison Morrow, CNN Business So, you won the lottery. Congrats! What do you do now? Once you’re done screaming and dancing in a shower of Champagne, take a moment to gather yourself and start thinking about the more pragmatic aspects of your new life as a multimillionaire (or billionaire) What will you do with

By Nathaniel Meyersohn, CNN Business Adidas ended its sneaker partnership with Ye, formerly known as Kanye West, last month after the musician’s anti-Semitic tirade. But Adidas will continue to sell the lucrative sneaker and apparel line, stripped of the Yeezy name and branding. The company said it’s the sole owner of all Yeezy line design