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By Rishi Iyengar, CNN Business Activision Blizzard CEO Bobby Kotick has asked the company’s board to slash his pay to the “lowest amount California law will allow” until the gaming company fixes its issues with gender discrimination and harassment, he said in a letter to employees on Thursday. If the board approves, Kotick will be
Continue ReadingCNN, CNNBUSINESS By Clare Duffy, CNN Business Ohio Attorney General Dave Yost on Monday announced that he is suing Meta, the social media giant formerly known as Facebook, based on revelations from whistleblower Frances Haugen and the trove of internal company documents she leaked. The securities lawsuit, filed on behalf of the Ohio Public Employees
Continue ReadingBy Matt Egan, CNN Business Citigroup told staff Thursday that US-based employees will be required to get fully vaccinated if they want to stay employed. In a post on LinkedIn, Citi’s head of human resources Sara Wechter partially cited the Biden administration’s vaccine order for federal contractors, noting the US government is a “large and
Continue ReadingBy Oliver Darcy, CNN Business Is Rupert Murdoch a 1/6 or election truther? The conservative media mogul hasn’t weighed in directly on the conspiracy that the 2020 election was stolen or the insurrection that took place at the US Capitol earlier this year, and his spokesperson didn’t respond to a request for comment Thursday morning
Continue ReadingBy Paul R. La Monica, CNN Business Fintech giants Square and PayPal are taking Main Street by storm. More consumers, especially younger ones, are using services like Square’s Cash App and PayPal’s Venmo for mobile payments. But banks and other traditional financial services firms are fighting back — and investors have taken notice. Goldman Sachs
Continue ReadingBy Matt McFarland, CNN Business Jennifer Homendy, chair of the National Transportation Safety Board (NTSB), said Tuesday that the recent backlash from Tesla’s fanbase towards a newly-appointed federal safety advisor is a deliberate attempt to shift away from safety questions about the automaker’s technology. Tesla’s fans and its CEO Elon Musk have spoken out against
Continue ReadingBy Samantha Murphy Kelly, CNN Business Facebook is changing its company name as it shifts its focus to the “metaverse” and confronts wide-ranging scrutiny of the real-world harms from its various platforms after a whistleblower leaked hundreds of internal documents. Founder Mark Zuckerberg said Thursday that Facebook will change its corporate name to Meta, effectively
Continue ReadingBy Allison Morrow, CNN Business It is a curse of the modern age that technology has rendered us incapable of experiencing beauty in real time — all of our ephemeral, sensual experiences must be pinned down in a digital ledger, easily searchable from our phones. It is not sufficient to be present in our joy;
Continue ReadingBy Matt Egan, CNN Business The framework on President Joe Biden’s $1.75 trillion economic and climate agenda calls for paying for the ambitious agenda in part by imposing a surcharge on corporate stock buybacks. The outline for the spending bill, announced by the White House on Thursday, promises that the Build Back Better framework is
Continue ReadingBy Alicia Wallace, CNN Business When members of the cannabis industry descended upon Las Vegas last week for the biggest trade show in the business, there was something stirring in the air. It wasn’t the aroma of a freshly lit joint, but rather a sense that everything seems to be coming up roses for the
Continue ReadingCNN By Alicia Wallace, CNN Business When members of the cannabis industry descended upon Las Vegas last week for the biggest trade show in the business, there was something stirring in the air. It wasn’t the aroma of a freshly lit joint, but rather a sense that everything seems to be coming up roses for
Continue ReadingBy Chris Isidore and Virginia Langmaid, CNN Business A large number of unvaccinated workers say they’ll quit their jobs if their employers follow upcoming federal rules to battle the Covid-19 pandemic. A survey by the Kaiser Family Foundation, a think tank concentrating on health issues, found 37% of unvaccinated workers say they will quit their
Continue ReadingCNN, CNNBUSINESS By Anneken Tappe, CNN Business This summer, the American economic recovery hit a roadblock. The US economy grew at an annualized rate of only 2% in the third quarter, the Bureau of Economic Analysis reported Thursday. The highly infectious Delta variant of the coronavirus, supply chain chaos, worker shortages, sluggish jobs numbers and
Continue ReadingBy Anneken Tappe, CNN Business This summer, the American economic recovery hit a roadblock. The US economy grew at an annualized rate of only 2% in the third quarter, the Bureau of Economic Analysis reported Thursday. The highly infectious Delta variant of the coronavirus, supply chain chaos, worker shortages, sluggish jobs numbers and higher prices
Continue ReadingCNN By Brian Stelter, CNN Business The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and conspiratorial falsehoods about the election he lost last year. One day later, the Journal’s editorial board justified the decision by
Continue ReadingCNN By Brian Stelter, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The Wall Street Journal’s Opinion section published a lengthy letter to the editor from Donald Trump on Wednesday that was full of the former US president’s debunked claims and
Continue ReadingBy Anna Cooban, CNN Business Volkswagen thinks the worst of the global chip shortage is in its rear-view mirror. CEO Herbert Diess told CNN Business on Thursday that the world’s second largest automaker has “seen the worst” of a chip shortage that badly dented its third quarter earnings. “We had really a challenging quarter,” Diess
Continue ReadingBy Nathaniel Meyersohn, CNN Business It’ll be a very merry Christmas for America’s biggest retailers. Retail sales in November and December are expected grow between 8.5% and 10.5% this year compared with the 2020 holiday season, to a record of up to $859 billion, the National Retail Federation, a trade group for retailers, said Wednesday.
Continue ReadingBy Julia Horowitz, CNN Business As world leaders prepare to gather in Glasgow for the COP26 climate summit, an activist investor is telling one of the biggest oil and gas companies it needs to change, fast. What’s happening: Hedge fund Third Point just revealed that it has built up a stake in Shell and will
Continue ReadingBy Jordan Valinsky, CNN Business A prominent venture capitalist is under fire for calling new dads “losers” if they take months of paternity leave. Palantir cofounder Joe Lonsdale responded to a tweet Wednesday about US Transportation Secretary Pete Buttigieg, who took off work to care for his twin newborns. “Any man in an important position
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