New York CNN — The U.S. Virgin Islands government filed a lawsuit Tuesday against JPMorgan Chase, alleging that the Wall Street bank benefited financially from Jeffrey Epstein’s sex trafficking operation and failed in its duty to report suspicious financial activity. “Over more than a decade, JPMorgan (JPM) clearly knew it was not complying with federal […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — This hasn’t been a good year for the equities market. The S&P 500 is […]
A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. New York CNN — Investors around the world have been trying to adjust their portfolios to contend with […]
London CNN — Bernard Arnault, the chairman of French luxury goods giant LVMH (LVMHF), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place. Now worth $171 billion, Arnault’s wealth eclipsed the Tesla CEO’s $164 billion fortune on Tuesday, according to the Bloomberg Billionaires […]
New York CNN — As federal prosecutors seek to imprison former crypto darling Sam Bankman-Fried, Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry. The Massachusetts Democrat is teaming up with Republican Sen. Roger Marshall of Kansas to introduce new legislation on Wednesday that would […]
New York CNN — John J. Ray III, who made his name overseeing the liquidation of Enron in the early 2000s, is the man in charge of sifting through the rubble of FTX, the once-mighty cryptocurrency exchange — founded in 2019 and run into the ground by 2022 by Sam Bankman-Fried. On Tuesday, Ray testified […]
New York CNN Business — Here’s more bad news for Tesla CEO Elon Musk — as if he needs any. Investors who took short positions in Tesla stock have made an $11.5 billion profit so far this year, according to Wall Street analytics firm S3 Partners, as Tesla shares lost about half their value. That’s […]
CNN Business — Ramesh “Sunny” Balwani, the former chief operating officer of failed blood testing startup Theranos, is set to be sentenced on Wednesday for fraud, marking an end to the stunning downfall of a high-flying Silicon Valley company that resulted in the rare convictions of two tech executives. The sentencing comes weeks after Elizabeth […]
Washington CNN Business — New Twitter owner Elon Musk declared last month that “hate speech impressions” had dramatically fallen on the platform since he took over. It was a remarkable claim, given that Musk has executed mass layoffs and chased away hundreds of employees, draining the company of much-needed resources to enforce content moderation policies, […]
CNN Business — Tesla made the first deliveries of its Semi truck to customers Thursday evening, five years after the heavy-duty hauler was first unveiled. The event included two truck cabs decked out in the livery of Pepsi and Frito-Lay, PepsiCo’s snack foods subsidiary. The Tesla Semi was first shown as a prototype in 2017. […]
