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CNN, HLN 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
Continue ReadingBy Matt Egan, CNN Business Blackstone CEO Stephen Schwarzman warned Tuesday that high energy prices will likely set off social unrest around the world. “We’re going to end up with a real shortage of energy. And when you have a shortage, it’s going to cost more. And it’s probably going to cost a lot more,”
Continue ReadingBy Amy Woodyatt, CNN Business The chief executive and founder of shapewear company Spanx has surprised employees with two first-class plane tickets and $10,000 each to celebrate the company’s $1.2 billion deal with Blackstone. Spanx founder Sara Blakely surprised employees with the news, she revealed in a post on her verified Instagram account Friday. In
Continue ReadingBy Walé Azeez, CNN Business Up to 2 million UK workers will be getting bigger paychecks starting in April following a hike to the minimum wage. The minimum hourly wage for people over the age of 23 will increase by 6.6% to £9.50 ($13), the government said ahead of its budget announcement on Wednesday. The
Continue ReadingBy Kathryn Vasel, CNN Business The job search process usually involves a lot of waiting around. Did they get my application? Did that interview go well? How long will it take them to get back to me? Even if a company is moving fast to fill a role it can still take some time to
Continue ReadingCNN, CNNBUSINESS By Samantha Murphy Kelly, CNN Business Executives from TikTok, Snap and YouTube were grilled by Senators on Tuesday about the steps their platforms are taking to protect their young users, weeks after a Facebook executive faced tough questions on the same issue. Democrats and Republicans in the Senate Commerce subcommittee on consumer protection
Continue ReadingBy Paul R. La Monica, CNN Business Hasbro brushed off global supply chain concerns and reported solid sales and earnings for the third quarter, thanks in large part to strong demand for its Dungeons & Dragons and Magic: The Gathering role playing games. The toy giant said Tuesday that third quarter revenue was up 11%
Continue ReadingBy Alexis Benveniste, CNN Business No one would mistake Kellogg’s Pop-Tarts for a bowl of fruit — they are an indulgent treat, loaded with sugar and processed ingredients. But a new lawsuit claims Pop-Tarts are masquerading as a health food. A class action lawsuit, filed by Illinois resident Anita Harris in August, alleges the brand’s
Continue ReadingBy 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
Continue ReadingBy 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
Continue ReadingBy 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
Continue ReadingBy 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
Continue ReadingBy 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
Continue ReadingCNN, CNNBUSINESS 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
Continue ReadingBy 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
Continue ReadingBy 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 ReadingBy 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
Continue ReadingCNN, CNNBUSINESS 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
Continue ReadingBy 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 ReadingBy 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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