Money

By Laura He, CNN Hong Kong (CNN) — PDD Holdings, the owner of Temu and Pinduoduo, is blowing past market expectations with a massive surge in profit and revenue as American and Chinese consumers swarm its bargain shopping apps for low-cost products. The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion

By Evan Perez, CNN (CNN) — The Justice Department and several states are expected to file a lawsuit as soon as Thursday against Live Nation Inc, citing alleged antitrust violations at least in part due to the market dominance of the company’s Ticketmaster unit, a person briefed on the planned legal action said. A successful

By Samantha Delouya, CNN (CNN) — DuPont de Nemours, the American multinational chemical company that traces its history back to 1802, announced plans to split into three publicly traded companies on Wednesday. The company plans to spin off its electronics and water businesses into their own yet-to-be-named companies in a transaction that is tax-free to

By Bryan Mena, CNN Washington (CNN) — Earlier this week, some officials at the Federal Reserve said they’re no longer worried about inflation reaccelerating, after data showed that progress stalled in the first quarter. Optimism spurred by the latest inflation data pushed all three major stock indexes to new record highs. But now Wall Street,

By Samantha Delouya and Clare Duffy, CNN (CNN) — Nvidia announced a 10-for-1 stock split on Wednesday, making buying shares in the red-hot semiconductor company more accessible for individual investors. Five years ago, an investor could have purchased Nvidia stock for less than $50 a share. But since then, the stock has exploded more than

By Brian Fung, CNN Washington (CNN) — The Federal Communications Commission is taking initial steps toward new rules that could require political ads on TV and radio to include disclaimers about the use of artificial intelligence. On Wednesday, FCC Chairwoman Jessica Rosenworcel called on other agency commissioners to support such regulations amid growing fears that

By Allison Morrow, CNN New York (CNN) — Prison officials began transferring former crypto mogul Sam Bankman-Fried to a new facility early Wednesday, removing him from the Brooklyn, New York, jail where he’s resided for the past nine months, a spokesperson for Bankman-Fried said. It wasn’t immediately clear where he was being transferred, but the

By Krystal Hur, CNN New York (CNN) — BuzzFeed’s stock is soaring after former Republican presidential candidate Vivek Ramasamy revealed that he’s taken an activist stake in the beleaguered media company in a bid to adjust the firm’s strategy. Shares of BuzzFeed gained about 20% on Wednesday after a securities filing revealed that Ramaswamy has

By Brian Fung, CNN (CNN) — TikTok is planning to lay off large swaths of its operations and marketing workforce, current employees briefed on the plans told CNN. The global layoffs are expected to hit teams that handle user support and communications, as well as content and marketing. TikTok’s current global user operations team will

By Bryan Mena, CNN Washington (CNN) — Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. The median price of a previously owned home in the US grew 5.7% in April from a year earlier to $407,600, according to data from the National Association of Realtors released Wednesday. That

By Ryan Bergeron, CNN (CNN) — Valera Kucherenko had already served a term in the Ukrainian army when Russia invaded in 2022. But he joined back up and, on a fateful October night in 2023, lost both hands in a grenade attack. It’s a story that’s all too common for Ukrainian soldiers. Since the start of

By David Goldman, CNN (CNN) — Graceland can stay in the hands of Elvis Presley’s family for the time being, after a Tennessee court chancellor ruled Wednesday that a mysterious company trying to sell it likely committed fraud. Chancellor JoeDae Jenkins said that a planned foreclosure sale of Graceland, Elvis Presley’s historic Memphis home, would

By Nathaniel Meyersohn, CNN New York (CNN) — Target has spent decades building a reputation for cheap chic home goods, clothing and other merchandise. But surging prices in recent years dented the luster of “Tar-zhay.” The company reported Wednesday that sales at stores open for at least one year dropped 3.7% during its latest quarter

By Matt Egan, CNN New York (CNN) — Congressional Democrats are investigating whether leading US oil companies have illegally colluded with one another and with OPEC to inflate prices at the pump, CNN has learned. Rep. Frank Pallone Jr., the ranking member of the House Committee on Energy and Commerce, sent a letter Tuesday night

By Laura He, CNN Hong Kong (CNN) — Apple is offering unprecedented price cuts in China as big brands and retailers launch promotions for the annual “618” shopping festival in the face of sluggish consumer demand. The hefty discounts by the iPhone maker come at a time when it is battling stiff competition from Chinese

By Anna Cooban, CNN London (CNN) — UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. The Financial Conduct Authority (FCA) imposed a fine of nearly £28 million ($36 million) on Citigroup

By Ramishah Maruf, CNN New York (CNN) — Peloton said it has paused the use of music recorded by Sean “Diddy” Combs on its workout class platform in response to a member of a private Facebook group for Peloton users. In the comment posted on Monday, the company said it also removed the Bad Boy Entertainment Artist Series,

By Danielle Wiener-Bronner, CNN New York (CNN) — Children have again been found working at a Mar-Jac Poultry slaughterhouse, according to the US Department of Labor. The latest discovery in Alabama comes less than a year after a teen worker was killed at a company facility in Mississippi. In a civil complaint filed May 7,

By Peter Valdes-Dapena, CNN (CNN) — Nissan is postponing a push to build new electric vehicles at its Canton, Mississippi, factory as sales of EVs are now growing more slowly than many industry experts had expected. EV sales in the US grew 2.6 % in the first quarter of 2024 compared to the same period