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☆ The Fed’s rate cuts could have unintended consequences for the housing market
▼ + stars: | 2024-09-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The market had become all but impenetrable after mortgage rates went from historic lows in 2020 to their highest levels in a generation last year. “And I think if we even go down to 5.9%, that would be really psychologically impactful to the housing market. The current 6.2% mortgage rate average is, of course, preferable to last year’s peak of 7.8% — a difference that could translate to hundreds of dollars in monthly payments. As my colleague Samantha Delouya wrote this week, a drop in mortgage rates could be a double-edged sword. “A further drop in mortgage rates could bring a surge of demand that makes it tougher to actually buy a house.”

Persons: ” Daniel Alpert, Alpert, “, ” Daryl Fairweather, Samantha Delouya, ”, Greg McBride Organizations: New, New York CNN, Federal Reserve, Westwood Capital, Fed, Bankrate Locations: New York

☆ Elon Musk boosts fake Trump rally bomb threat and false claims about the election
▼ + stars: | 2024-09-18 | by ( Liam Reilly | ) edition.cnn.com time to read: +4 min

New York CNN —Elon Musk is using his social media platform to promote misinformation about the presidential candidates in the lead up to the November election, amplifying false claims Wednesday about a Trump rally bomb threat and immigrants eating pets in Ohio. Then on Wednesday, Musk reshared a bogus claim that a bomb had been discovered near the site of a planned Trump rally in Long Island. Musk’s own post has been earmarked with a crowd-sourced “community notes” fact-check that makes clear the claim was false. X did not respond to a CNN request for comment Wednesday on Musk’s posts. Musk is far from the only figure spreading false information on the platform, though he is easily one of its biggest voices.

Persons: New York CNN — Elon, Donald Trump, Musk, Biden, Kamala, ”, Kamala Harris, Musk’s, Trump, JD Vance, Nate Silver, Silver, Harris Organizations: New, New York CNN, Trump, ABC, Long Island . Police, CNN, Twitter Locations: New York, Ohio, Long Island, Springfield , Ohio, Springfield, Nevada , Wisconsin , Michigan, Pennsylvania

☆ National Cheeseburger Day: Here are the deals to relish
▼ + stars: | 2024-09-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Wednesday is National Cheeseburger Day, with some of the biggest chains offering some much-needed discounts amid consumer complaints about rising prices. It’s part of company’s string of deals to kickstart slumping sales, including recently extending its popular $5 value meal until December. Fast food has been a low-profit margin business with little customer loyalty. McDonald’s pricey burgers have become a flashpoint of criticism and a symbol of elevated fast food prices. So deals are particularly crucial to fast food companies at the moment to lure customers back.

Persons: they’re, Burger King, Jack, Jack ” cheeseburger, ”, Joe Erlinger Organizations: New, New York CNN, Wednesday, McDonald’s Locations: New York, White, McDonald’s USA

☆ Amazon workers are finally getting free Prime memberships
▼ + stars: | 2024-09-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon is raising pay for its more than 800,000 US warehouse and transportation workers and giving them Amazon Prime for free. Amazon will also offer the $139 yearly Prime benefit to employees for free. Amazon’s decision to raise wages is another sign of a tight jobs market for logistics workers, fueled by more Americans shopping online. The average hourly wage for transportation and warehouse workers rose to $30.79 in August, up 22% from August of 2020, according to the Labor Department. Rivals such as UPS, Walmart and Target have also bumped up wages for warehouse workers.

Organizations: New, New York CNN, Amazon, Labor Department, Rivals, UPS, Walmart, Target, Teamsters, Deloitte, Senate Health, Education, Labor, Pensions Locations: New York

☆ The Haitian Times covered the false claims targeting Springfield. Now it’s also facing attacks
▼ + stars: | 2024-09-18 | by ( Hadas Gold | ) edition.cnn.com time to read: +6 min

The Haitian Times, an online publication, has covered Haiti and the Haitian diaspora around the world since it was founded in 1999. Springfield, Ohio, was already on the Haitian Times’ radar well before the conspiracy theories began. The Haitian Times covered the comments aggressively — describing them as racist and false. The day after the debate, The Haitian Times published an article reporting that Haitian immigrant families in Ohio were “under attack” amid the intense swirl of false claims. Springfield’s city manager told the publication that it could not guarantee the safety of its staff, Haitian Times founder Garry Pierre-Pierre told CNN.

Persons: New York CNN — Macollvie Neel, “, ” Neel, Neel, Donald Trump, JD Vance, Vance, Trump, ”, swatting, “ It’s, Garry Pierre, Pierre, “ I’m, ” Pierre Organizations: New, New York CNN, Haitian Times, CNN, Nazi, Facebook Locations: New York, Ohio, Haiti, Haitian, United States, South Florida, Massachusetts, Springfield , Ohio, Springfield, Springfield’s

☆ Boeing is reducing executive pay and furloughing nonunion workers during the strike
▼ + stars: | 2024-09-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Boeing is temporarily furloughing executives and other nonunion workers to save cash during the strike by 33,000 members of the International Association of Machinists, CEO Kelly Ortberg told employees in an email Wednesday. The strike started early Friday morning. “We will not mince words - after a full day of mediation, we are frustrated,” the union said in a note to members. The company doesn’t seem to be taking mediation seriously.”A Boeing spokesman did not comment on details of the discussions. “We will continue to transparently communicate as this dynamic situation evolves and do all we can to limit this hardship.”

Persons: Kelly Ortberg, ”, Ortberg, “, ” Ortberg Organizations: New, New York CNN, Boeing, International Association of Machinists Locations: New York, South Carolina

☆ Sam’s Club will raise pay to catch up with Costco
▼ + stars: | 2024-09-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —Sam’s Club said Tuesday it will raise pay to incentivize workers to stay with the company — and not jump ship to Costco. Sam’s Club, the membership club arm of Walmart, will increase its minimum wage to $16 starting in November from $15 an hour. To keep and grow its membership, Sam’s Club must meet a higher bar for customer service than retailers open to everyone. “The thing that we’re trying to do here is create good jobs that turn into great careers,” Sam’s Club CEO Chris Nicholas told CNN. Warehouse clubs have also boomed since the pandemic in 2020, and Sam’s Club, Costco and BJ’s Wholesale Club have added millions of new members.

Persons: ”, Chris Nicholas, “, Daniel Schneider, Schneider, Sam’s, Sam’s Club’s, ” Nicholas Organizations: New, New York CNN — Sam’s, Costco, Sam’s, Walmart, Sam’s Club, ” Sam’s, CNN, “, Harvard University, BJ’s Wholesale Locations: New York, United States

☆ The Murdoch family battle could have huge implications for the future of Fox News
▼ + stars: | 2024-09-17 | by ( Brian Stelter | ) edition.cnn.com time to read: +5 min

But at Fox News, they gossip about the Murdochs, the family who controls Fox’s parent company. What will happen after patriarch Rupert Murdoch dies? Could Lachlan’s younger brother James Murdoch force Fox to take a progressive bent? Rupert Murdoch, 93, is seeking to amend the family trust that he established decades ago, giving his four oldest children equal votes over the future of his conservative media empire after he dies. Under the current terms, Lachlan, James, Elisabeth and Prudence Murdoch each have equal voting rights after their father dies.

Persons: Rupert Murdoch, Lachlan, James Murdoch, Fox, Murdoch, James Murdoch’s, ”, James, Fox’s, Biden, Kamala Harris, James ”, Donald Trump, Rupert, Elisabeth, Prudence Murdoch, Maureen Dowd, Rupert “, ” James, Prudence, Bill Barr Organizations: New, New York CNN, Fox News, Fox, Fox Corp, HBO, CNN, The New York Times, News Corp, Wall Street Journal, New York, Liberal, Trump Locations: New York, Nevada, Reno , Nevada, Reno

☆ Instagram will force millions of teens into protected accounts
▼ + stars: | 2024-09-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +6 min

Instagram will automatically apply the new “teen accounts” settings to all users under the age of 18. The revision will allow teen users to receive messages only from people they are already connected to. The shift limits the types of “sensitive” content teens can see on their Explore page and in Reels, such as posts promoting cosmetic procedures. Teen users will also receive time limit reminders nudging them to leave after spending 1 hour on the app each day. The company says it is implementing artificial intelligence technology that will aim to identify teen accounts that may have wrongly listed an adult birthdate.

Persons: Instagram, ”, ramped, Arturo Bejar, Mark Zuckerberg, Zuckerberg, Meta, ’ Organizations: New, New York CNN, Tuesday, Meta, Teen, Advisory Locations: New York, United States, United Kingdom, Canada, Australia

☆ Elizabeth Warren calls for emergency-like Fed rate cut ASAP
▼ + stars: | 2024-09-17 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The American economy appears to be just hours away from a major milestone: The first interest rate cut from the Federal Reserve since Covid. Yet there remains an unusual amount of drama over the magnitude of that rate cut, with some in Washington calling for a supersized move. Massachusetts Democratic Sen. Elizabeth Warren wants the Fed to slash interest rates at a pace rarely seen outside of a full-blown crisis. “It is clearly the time for the Fed to cut rates. For instance, in early 2008 the Fed slashed interest rates by three-quarters of a point or more on three occasions.

Persons: Massachusetts Democratic Sen, Elizabeth Warren, Jerome Powell, Warren, “, ” Warren, Sheldon Whitehouse, John Hickenlooper, Powell, Bill Dudley, “ dawdling, Dudley, ” Dudley, panicking, David Kelly, ” Kelly, ” Organizations: New, New York CNN, Federal Reserve, Massachusetts Democratic, Sens, Wall, Fed, Federal Reserve Bank of New, CNN, Democrats, Asset Management Locations: New York, Washington, Massachusetts, Federal Reserve Bank of New York

☆ So we’re expecting a rate cut. When will we start to see a difference in the economy?
▼ + stars: | 2024-09-17 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

How rate cuts workCentral banks cut interest rates for two main reasons: financial conditions are expected to worsen drastically, or inflation has cooled so much that leaving interest rates at high levels will be overly restrictive and put a drag on the economy. The Fed lowers its target rate by buying more securities, namely Treasury notes and mortgage-backed securities. When they have more money to lend out, they don’t need to charge such high interest rates on mortgages and other types of loans they offer. Business' hiring decisions can be influenced by the Federal Reserve's interest rate decisions. When the Fed lowers or raises rates, it takes a while for the full effect of those moves to be felt across the economy.

Persons: you’ve, Jerome Powell, it’ll, Don’t, don’t, Banks, it’s, Thomas Drechsel, Lynne Sladky, ”, “ they’re, ” Said, Milton Friedman, ” Drechsel, “, they’re, Drechsel Organizations: New, New York CNN, Federal Reserve, University of Maryland, Business, Netflix, CNN, Fed Locations: New York

☆ We still don’t know how the Lebanon pager attack happened. Here’s what we do know about our own electronic devices
▼ + stars: | 2024-09-17 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —So far, the attacks that targeted Iran-backed Lebanese militant group Hezbollah members through their pagers have had devastating consequences. Justin Cappos, a cybersecurity professor at NYU, said that it’s possible to cause damage to a variety of batteries – most commonly lithium batteries, which have caused dangerous fires. If correct, this would suggest a very high penetration of Hezbollah’s supply chain for those devices,” Horowitz said over email. When it comes to battery safety, the National Fire Protection Association has a set of safety guidelines for lithium batteries, such as properly disposing of them. A Lebanese security source told CNN that Hezbollah had recently purchased the devices.

Persons: Israel, they’ve, Justin Cappos, ” Cappos, Baptiste Robert, Michael Horowitz, “ We’ve, ” Horowitz, CNN’s Christian Edwards, Adrienne Vogt, Aditi Sangal Organizations: New, New York CNN, CNN, Israel Defense Forces, NYU, Predicta, Le Beck, Fire Protection, Samsung, Galaxy, US Consumer Product Safety, Hezbollah Locations: New York, Iran, Lebanese, Israel

☆ UAW President Fain announces strike vote plans at Stellantis
▼ + stars: | 2024-09-17 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —United Auto Workers union President Shawn Fain said Tuesday the union plans to hold strike authorization votes against Stellantis because the automaker is failing to live up to guarantees it made in the 2023 labor deal it reached with the union at the conclusion of a six-week strike. During the livestreamed speech, Fain said that the union would be “holding strike authorization votes at one or more Stellantis locals. It is possible, since only some locals will be holding strike authorization votes, that only some plants will be struck. Asked Monday about an unfair labor practice charge by the UAW, Stellantis said it had yet to see the complaint and couldn’t comment directly on it. “We will communicate our plans to the UAW at the appropriate time.”But Fain blasted that statement from Stellantis.

Persons: Shawn Fain, Fain, ”, Stellantis, “, Carlos Tavares Organizations: New, New York CNN — United Auto Workers, Stellantis, ”, General Motors, Ford, Jeep, Dodge, Chrysler, UAW Locations: New York, North America, Stellantis

☆ Elon Musk is on track to become the world’s first trillionaire very soon
▼ + stars: | 2024-09-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Elon Musk’s sprawling empire — spanning everything from electric vehicles and social media to space rockets and miniature brain implants — may soon make him the world’s first trillionaire. Now, Musk could become the world’s first trillionaire, a milestone that Informa Connect Academy says he’s on track to hit by 2027. The EV maker founded by Musk has become the world’s most valuable auto company, with a price tag of about $710billion. Musk owns another 303 million stock options linked to his epic and controversial compensation package, which was struck down by a judge but then revived and approved by shareholders. As Bloomberg notes, Musk owns about 42% of SpaceX, a private company valued in June at a whopping $210 billion.

Persons: New York CNN —, Informa, Jensen Huang, Huang, Gautam Adani, Musk, Tesla, ” Dan Ives, “ Musk, ” Ives, Donald Trump, Joe Biden, Biden, Kamala 🤔, ” Organizations: New, New York CNN, New York CNN — Elon, Informa Connect, Nvidia, Bloomberg, Cola, Bank of America, Boeing, Wedbush Securities, CNN Locations: New York, China, usk, wns

☆ Lunchly: Logan Paul and MrBeast launch a Lunchables competitor
▼ + stars: | 2024-09-17 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Some of YouTube’s biggest stars are taking on Lunchables with a competitor of their own. MrBeast, Logan Paul and KSI are teaming up on a “groundbreaking new better-for-you lunch option” called Lunchly, which combines all of their products into one meal that’s aimed at their young fan base. “Our end game has always been to not only provide high quality products, but also healthier alternatives,” Lunchly cofounder Logan Paul said in a press release. Lunchly’s launch comes when Lunchable, owned by Kraft Heinz, announced a major initiative last year to be a part of school lunch programs. Of course, KSI, Paul and MrBeast know how to launch brands, thanks in part to their fervent fan base.

Persons: Logan Paul, Paul, Lunchly, Lunchables ”, ” Lunchly, Kat, Kraft Heinz, MrBeast, hasn’t, ” Jeffrey Klineman, BevNet, “ Paul Organizations: New, New York CNN, Kraft, Consumer, Gatorade, BodyArmor, CNN Locations: New York, Lunchables

☆ Amazon tells workers they must come to the office 5 days a week
▼ + stars: | 2024-09-16 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Amazon is demanding that its corporate employees return to the office five days a week, a significant change from its current pandemic-era hybrid policy that requires them to be in the office just three days a week. Jassy has previously advocated that employees work in the office, writing that a physical presence improves company culture. Last year, some corporate workers staged a walkout at its Seattle headquarters, citing multiple grievances, including the push to get workers back in the office at least three days a week. The walkout in May 2023 also occurred months after the company confirmed it was laying off some 27,000 workers over multiple rounds of cuts. Although companies in certain sectors, particularly on Wall Street, have emphasized a full return, companies have largely let up on demanding that employees work five days a week in the office.

Persons: Andy Jassy, Jassy, “, ” Jassy Organizations: New, New York CNN, Conference Board Locations: New York, Seattle

☆ Intel shares jump on chip deal with Amazon
▼ + stars: | 2024-09-16 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Intel’s struggling chip-making business got a boost Monday from a high-profile client: Amazon. Intel Foundry and Amazon Web Services will coinvest in a custom chip design for the latter and “announced a multi-year, multi-billion-dollar framework,” according to a release. “Specifically, Intel Foundry will produce an AI fabric chip for AWS on Intel 18A,” Intel CEO Pat Gelsinger said in the statement Monday. The new deal, along with a $3 billion grant from the US government to boost domestic chip making and make chips for the US military, “demonstrates the continued progress we are making to build a world-class foundry business,” Intel said in the statement. Intel has changed its business model to try to become a global chip manufacturer to rival Taiwan’s TSMC.

Persons: New York CNN —, “, Pat Gelsinger, Gelsinger, Taiwan’s TSMC, It’s Organizations: New, New York CNN, Intel, Intel Foundry, Amazon Web, Qualcomm, Texas Instruments, Nvidia, AWS Locations: New York, Arizona , Oregon, New Mexico, Ohio, Germany, Poland

☆ Trump’s social media stock reacts to latest security scare
▼ + stars: | 2024-09-16 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of Donald Trump’s social media company are experiencing another bout of turbulence following the latest assassination attempt against the former president and face of Truth Social. Experts have compared Trump Media to a meme stock because it tends to trade on sentiment and hype, not fundamentals. And even though it brings in little revenue, the conservative social media company continues to be valued in the billions of dollars. Trump Media finished the day up by 12%, its best performance in three weeks. Investors who bought Trump Media when it went public this March remain deeply in the red.

Persons: Donald Trump’s, ” Trump, Trump, Trump’s Organizations: New, New York CNN, Trump Media & Technology, Trump, Trump Media, Nasdaq Locations: New York

☆ The strike could cost Boeing more than $1 billion. But that could be the least of its problems
▼ + stars: | 2024-09-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

How long the strike lasts will determine how serious the problems are for Boeing. Boeing has a long way back to profitability, no matter how long the strike lasts. So as bad as the strike might be for Boeing, it has plenty of other problems to deal with. So even with financial problems that might kill another company, Boeing isn’t going anywhere. The strike could last a whileNegotiations between Boeing, the union and federal mediators are expected to resume early this week.

Persons: Brian West, Boeing’s, Fitch, Moody’s, Poor’s, Richard Aboulafia, ” Aboulafia, ” Jim Bloomer, Max, “, you’ve, ” Organizations: New, New York CNN, Boeing, Federal Aviation Administration, Airbus, CNN Locations: New York, Washington, Renton , Washington

☆ Average base pay raises at larger corporations projected to be just under 4% next year
▼ + stars: | 2024-09-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —Mostly large US corporations are projecting an average increase in their base pay budgets of 3.9% for next year, according to a new survey of 300 compensation leaders across 11 major industries from The Conference Board. That is lower than the 4.4% average increase they paid out in 2023, which marked a 20-year high for base pay raises. But it is a tick up from the 3.8% bump that companies were paying out this year, according to The Conference Board. Base pay budget increases are typically viewed as a proxy for the average raises employees may receive. Actual base pay increases next year may be different if economic and business conditions change.

Persons: Dana Peterson Organizations: New, New York CNN, The Conference Board, Conference Board, Base, ” Conference Board Locations: New York

☆ The Fed keeps brushing off concerns about another Trump presidency. Its closed-door meetings show otherwise
▼ + stars: | 2024-09-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —Federal Reserve officials won’t say how former President Donald Trump winning a second term could impact the economy. But transcripts of closed-door Fed meetings from Trump’s first term give some clues about top economists’ true feelings about Trump’s economic agenda. “We don’t want to be involved … in politics in any way,” Powell said after July’s monetary policy meeting. The transcripts of past meetings that are publicly available, the most recent being from the December 2018 monetary policy meeting, suggest that some Fed officials had legitimate concerns about Trump’s trade policy and its impact on the economy. ‘Ill-conceived US government policies’At later meetings, as the Trump administration began to set the stage for a potential trade war with China, Fed officials started to sound more concerned.

Persons: Donald Trump, Trump, Jerome Powell, Powell, ” Powell, Sen, Jack Reed, …, it’s, Loretta Mester, ” Mester, ”, James Bullard, Bob Dylan, ” Bullard, Bullard, Mitch Daniels, ‘, ’, “, ” William Dudley, ” Dudley Organizations: New, New York CNN — Federal, Democrat, Trump, CNN, Cleveland Fed, Fed, Federal, Market, Louis Federal Reserve, Chicago Cubs, Mitch Daniels School of Business, Washington, Lee University Locations: New York, Rhode Island, ”, China, United States, Dudley

☆ What this Boeing strike is really all about
▼ + stars: | 2024-09-14 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —At the heart of the Boeing strike that began Friday is a story about what happens when penny-pinching executives lose the plot and it falls to workers to get everyone back on track. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy. Years of pent-up resentment over Boeing’s mismanagement, combined with pandemic-era inflation and a resurgent labor movement, made this strike inevitable. Ahead of the strike, Ortberg urged workers not to strike while acknowledging their anger over nearly two decades of past contracts that downsized their retirement and health care benefits. Almost exactly one year ago, the United Auto Workers union won historic guarantees from the Big Three automakers after a seven-week strike.

Persons: —, ”, Richard Aboulafia, James McNerney, Aboulafia, Kelly Ortberg, missteps, Ortberg, Jon Holden, “, — who’ve, Dave Calhoun’s, Holden, haven’t, ” Holden, Sharon Block Organizations: New, New York CNN, Boeing, SpaceX, International Association of Machinists, United Auto Workers, Big, UAW, hardball, Harvard Law School’s Center for Labor Locations: New York, January’s, Renton , Washington, Seattle, Virginia, South Carolina, Washington, United States

☆ Home Depot to pay $2 million settlement for overcharging customers and false advertising
▼ + stars: | 2024-09-14 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Home Depot will pay nearly $2 million to settle a civil enforcement claim from California district attorneys that the home improvement company was engaging in false advertising and unfair competition. Such violations are called “scanner violations,” the Los Angeles County District Attorney’s office said in a press release Thursday. “False advertising and unfair competition are serious offenses that undermine consumer trust and distort the marketplace,” Los Angeles County District Attorney George Gascón said in a statement. The Los Angeles DA’s office said the company was cooperative in the investigation. The civil penalties are a drop in the bucket for the nation’s fifth-largest retailer.

Persons: George Gascón, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, San Diego Superior Court, Home Depot, Angeles County Locations: New York, California, San, Los Angeles County, Los Angeles

☆ Sam Altman’s lesser-known crypto project wants to scan the world’s eyeballs
▼ + stars: | 2024-09-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +9 min

And when that happens, he’s got another project, Worldcoin, in the works to help fix it. To do that, it’s using its proprietary, basketball-ball sized “orbs” that scan people’s eyeballs and create a unique, immutable code based on the pattern of their irises. So I sat down (virtually) with Worldcoin’s co-founder and CEO, 30-year-old Alex Blania, to discuss the project’s origins and future. CNN: A lot of Worldcoin’s focus is future-focused — targeting problems that are hard for us to imagine today. Blania: I think there’s two pieces to that.

Persons: CNN Business ’, Sam Altman, it’ll, he’s, ChatGPT, Altman, ”, AGI, it’s, VCs, Andreesen Horowitz, Alex Blania, Joseph Nair, It’s, you’ve, Worldcoin, We’ve, there’s, There’s, You’ve Organizations: CNN Business, New York CNN, Netflix, Worldcoin’s, CNN, Bloomberg, Getty, SpaceX, Apple Locations: New York, Singapore, Asia, Japan, Spain, Hong Kong, Malaysia, United States

☆ Sam Bankman-Fried files appeal nearly a year after FTX fraud conviction
▼ + stars: | 2024-09-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Lawyers for Sam Bankman-Fried, the convicted former CEO of crypto exchange FTX, filed an appeal Friday, claiming he was denied a fair trial last fall and seeking new proceedings under a different judge. Bankman-Fried, 32, was sentenced to 25 years in prison after a jury convicted him on multiple federal counts of fraud and conspiracy in November. Two years after FTX collapsed in the midst of a cash crunch, Bankman-Fried is arguing that he didn’t get a fair shake in his trial. The court, they say, prohibited Bankman-Fried from introducing evidence of solvency for FTX and its sister firm, Alameda. Ellison pleaded guilty in cooperation with the government and became a star witness against Bankman-Fried during his trial.

Persons: Sam Bankman, FTX, Fried, Lewis Kaplan, ”, Caroline Ellison, Ellison Organizations: New, New York CNN, ”, Bankman Locations: New York, Bankman, Alameda

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