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By Ramishah Maruf, CNN Business A former Netflix software engineer and his best friend were sentenced Friday for securities fraud, the US Attorney’s Office in the Western District of Washington announced. Their roles in an insider trading ring illegally generated more than $3 million, US attorney Nick Brown said. Sung Mo Jun, 49, was sentenced
Continue ReadingReuters Goldman Sachs on Saturday cut its outlook for U.S. economic growth to 3.8% for 2022, citing risks and uncertainty around the emergence of the Omicron variant of the coronavirus. Goldman economist Joseph Briggs said in a note that the Omicron variant could slow economic reopening, but the firm expects “only a modest drag” on
Continue ReadingBy Ramishah Maruf, CNN Business and Reuters Bitcoin prices plummeted overnight to a low of about $43,000. As of 10:30 am EST Saturday, the cryptocurrency had dropped more than 13% in the previous 24 hours, from $56,294 to $48,309 — a loss of almost $8,000. That’s a stark contrast from its all-time high of just
Continue ReadingBy Parija Kavilanz, CNN Business For many couples who recently cemented their commitment to each other with an engagement, the choice of ring featured not natural but man-made gemstones — including the center diamond. While a diamond continues to be the most popular type of engagement stone, nearly one in four engagement rings in 2021
Continue ReadingBy Sara Ashley O’Brien, CNN Business For months, jurors at Elizabeth Holmes’ criminal trial have heard one witness after another speak about the confident and charismatic former CEO of Theranos. Witnesses testified about how she convinced investors to pour hundreds of millions of dollars into her failed blood-testing startup, attracted a star-studded roster of board
Continue ReadingBy Paul R. La Monica, CNN Business When PayPal split off from eBay a few years ago, eBay was considered to be the less exciting company. But that’s certainly not the case on Wall Street this year. Shares of eBay have surged more than 30% this year, while PayPal has stumbled more than 20%. The
Continue ReadingBy Nathaniel Meyersohn, CNN Business Few companies have gained more of an advantage during the pandemic than America’s warehouse club giants. During the early days of Covid, shoppers flooded into Costco, BJ’s and Sam’s Club — which were deemed “essential” businesses and stayed open through lockdowns — to load up on groceries and household staples
Continue ReadingBy Brian Fung, CNN Business Twitter acknowledged on Friday that a new policy it unveiled this week to protect users from harassment is being abused by malicious actors — days after journalists, left-wing activists and self-described “sedition hunters” reported their accounts had been locked for sharing publicly available images of anti-maskers, anti-vaccine protesters and suspected
Continue ReadingBy Matt Egan, CNN Business President Joe Biden has already launched the biggest intervention into energy markets in a decade. Big Oil is nervous he’s not nearly done yet. For weeks, Democrats have been calling for Biden to go even further than releasing strategic oil reserves by banning US oil companies from shipping oil overseas.
Continue ReadingCNN, CNNBUSINESS By Ramishah Maruf, CNN Business Some people think cilantro is delicious. To others it tastes like soap. And now Chipotle is bringing both sides together. Chipotle launched a $8 Cilantro Soap bar, made of organic oils and coriander essential oil — and it’s already sold out a day after launch. The strange and
Continue ReadingCNN, CNN BUSINESS 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
Continue ReadingBy Peter Valdes-Dapena, CNN Business As Elon Musk wrapped up his presentation of the Tesla Cybertruck back in November 2019, he had one more thing he still wanted to show off. “Oh, yeah. We also made an ATV,” he said, as if he had nearly forgotten about it. A rider came out in an electric
Continue ReadingBy Ramishah Maruf, CNN Business Some people think cilantro is delicious. To others it tastes like soap. And now Chipotle is bringing both sides together. Chipotle launched a $8 Cilantro Soap bar, made of organic oils and coriander essential oil — and it’s already sold out a day after launch. The strange and silly stocking
Continue ReadingBy Allison Morrow, CNN Business Mark Cuban, owner of the Dallas Mavericks, is having a Johnny Rose moment. The billionaire just bought the entire town of Mustang, Texas — a blip on the map off I-45, with a population of 21 people, according to the latest census data. The reason, Cuban told the Dallas Morning
Continue ReadingCNN, CNNBUSINESS By Julia Horowitz, CNN Business The era of big Chinese companies heading to the United States to raise money may have just come to an end. What’s happening: China’s Didi announced Friday that it will “immediately” start the process of delisting from the New York Stock Exchange and pivot to Hong Kong. Coming
Continue ReadingBy Peter Valdes-Dapena, CNN Business Startup automakers, like Lucid and Rivian, often make the point that, as Tesla has shown, electric car shoppers are open to trying new brands. What’s true for startups, though, is also true for big automakers like Ford, General Motors and Volkswagen. For those long-established car companies, new electric vehicles are
Continue ReadingOpinion by Gad Levanon for CNN Business Perspectives Three important trends are likely to dominate the US labor market in 2022: the ongoing economic recovery from the pandemic, the severe labor shortage, and the increasing adjustment to remote work. But there is one wildcard that could upend everything: A new Covid-19 surge, driven by Omicron
Continue ReadingBy Paul R. La Monica, CNN Business What an end to a tumultuous week on Wall Street. Friday kicked off with disappointing news as just 210,000 jobs were added last month, much lower than expected. Stocks initially opened higher before dipping into the red. Investors were clearly hoping for better jobs numbers. After all, the
Continue ReadingBy Anna Bahney, CNN Business There is still emergency rental assistance available for those struggling to cover their rent because of the pandemic. But some of that aid will soon be shifted to places that have run out of funds and still have people in need of help. The US Department of Treasury will begin
Continue ReadingCNN, CNNBUSINESS 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
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