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☆ Elevator test towers: The skyscrapers where nobody lives
▼ + stars: | 2024-11-06 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +6 min

Elevator test towers can go higher still. Elevator test towers are “a bit like a test track for a Formula One team,” said Tomio Pihkala, chief technology officer at Finnish elevator manufacturer Kone, in a phone interview. Like all skyscrapers, elevator towers need to withstand strong winds that can cause swaying and affect test conditions. The resulting oscillation simulates wind and earthquakes, which are among the biggest challenges in elevator development, according to TK Elevator. One of TK Elevator's test towers in Atlanta, Georgia.

Persons: It’s, Sebastian Gollnow, ”, Tomio Pihkala, Xia Yu, ” Pihkala, “ It’s, “, Kone, TK, ” Beate Höhnle Organizations: CNN, Getty, New York, Trade Center, Atlanta —, Battery, Atlanta Braves, Hitachi, New York City —, Formula, Kone Locations: Black, Rottweil, New, Atlanta, Zhongshan, China, of, Guangzhou, New York City, LA, Taipei, Hyvinkää, Finland, Kunshan, Tytyri, Atlanta , Georgia, Swiss

☆ Stellantis U.S. auto sales extend freefall in third quarter
▼ + stars: | 2024-10-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Jeep vehicles are delivered to a dealership on June 20, 2024 in Chicago, Illinois. DETROIT — Stellantis ' U.S. new vehicle sales during the third quarter continued a yearslong freefall despite CEO Carlos Tavares' actions to fix what he has called "arrogant" mistakes by the company. Stellantis was expected to be the worst sales performer of major automakers during the third quarter, and auto industry forecaster Cox Automotive had projected a sales decline of roughly 21%. Cox and fellow forecaster Edmunds expect third-quarter sales industrywide will be down roughly 2% compared with a year earlier. Stellantis' disappointing sales are the latest problem this week for the carmaker, which cut its 2024 profit margin forecast and has been hit with a recall involving popular plug-in hybrid electric Jeep models due to fire risks.

Persons: Carlos Tavares, Stellantis, Cox, Edmunds Organizations: DETROIT, Cox Automotive Locations: Chicago , Illinois, U.S

☆ Analysis: China is celebrating National Day but with the economic downturn not everyone is in the party spirit
▼ + stars: | 2024-09-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

Tourists visit an ancient city gate in Beijing, China ahead of National Day. The stock market may be in the midst of one of its most remarkable turnarounds, but economists say reversing China’s economic downturn will require much more work. “Stimulating the stock market doesn’t really do much for the real economy in China. Very few people invest in the stock market compared to other major markets,” said Logan Wright, director of China markets research at Rhodium Group. Property woesThe outlook for the real estate industry, which makes up about a quarter of the Chinese economy and 70% of household wealth, remains dim.

Persons: Japan’s “, Xi Jinping, Xi, Xu Tianchen, Hong, David Tepper, ”, Logan Wright, Wright, There’s, ” Wright, “, hasn’t, Alfred Wu, Lee Organizations: Hong Kong CNN, Economist Intelligence Unit, Reuters, Shenzhen bourses, Securities Times, Tourists, Management, CNBC, Barclays, Communist Party, Lee Kuan Yew, of Public, National University of Singapore Locations: Hong Kong, China, People’s Republic, United States, Beijing, Shanghai, Shenzhen, Guangzhou, China’s, Xi’s

☆ 23andMe CEO Anne Wojcicki 'surprised and disappointed' by board resignations: Read the memo
▼ + stars: | 2024-09-17 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

All seven independent directors of 23andMe resigned from the company's board Tuesday, a move that CEO Anne Wojcicki said left her "surprised and disappointed," according to a memo to employees. Wojcicki, who co-founded 23andMe in 2006, said she remains committed to taking the company private. Wojcicki wrote in the employee memo, which was viewed by CNBC, that she still sees taking 23andMe private as its "best opportunity for long term success." The company will begin a search for new independent directors to join the board, she added. AnneWATCH: 23andMe CEO files to take company private

Persons: Anne Wojcicki, 23andMe, Wojcicki, Here's, Anne Organizations: 23andme Inc, Southwest, CNBC, 23andMe, Board Locations: Austin , Texas

☆ The Archegos disaster isn't over yet for banks as the feds reportedly revive criminal antitrust probe
▼ + stars: | 2024-09-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewFederal prosecutors are reexamining Wall Street banks that lost billions in the 2021 Archegos collapse, anonymous sources told Bloomberg. The revived probe follows just months after Archegos' founder Bill Hwang was convicted of fraud, racketeering, and market manipulation in July. AdvertisementHowever, this plot fell apart when the stocks fell in March 2021, sending Archegos's $150 billion in bets fell into freefall. After an agreement failed to materialize, banks such as Goldman Sachs and Morgan Stanley unleashed their shares onto the market. Sources told Bloomberg that the department has begun making inquiries, with special attention paid to the 2021 banks' emergency discussions.

Persons: —, Archegos, Bill Hwang, Hwang, Goldman Sachs, Morgan Stanley Organizations: Service, Bloomberg, US Department of Justice, Business, Credit Suisse, Nomura, UBS, DOJ Locations: freefall

☆ Starbucks' turnaround relies on an executive who is no stranger to orchestrating comebacks
▼ + stars: | 2024-08-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, it's out with the old and in with the new CEO at Starbucks. Starbucks announced CEO Laxman Narasimhan was stepping down after less than two years on the job . Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts. In the release announcing the news , Howard Schultz, Starbucks' chairman emeritus and three-time CEO, made no mention of Narasimhan in his statement. At Starbucks, Niccol won't need to navigate a brand crisis like he did with Chipotle in the wake of its E. coli outbreak.

Persons: —, he's Benjamin Button'd, Chelsea Jia Feng, Laxman Narasimhan, Brian Niccol, it's, Grace Dean, Howard Schultz, Narasimhan, Ryan Miller, Rebecca Zisser, Alex Bitter, It's, we've, Katie Notopoulos, Tyler Le, Joe Quinlan, Berkshire Hathaway, Goldman Sachs, Greg Tuorto, Josh Edelson, Justin Sullivan, Timo Lenzen, Mercedes, unmotivated, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Service, Starbucks, Business, Elliott Management, Orange County Museum of Art, Taco Bell, Merrill, Bank of America Private Bank, Getty, BI, Benz, Mercedes, Dolce, Gabbana, Walmart, Walgreens, Cisco Systems, UBS Locations: Chelsea, Narasimhan, Mexican, Berkshire, AFP, Dubai, Miami, New York, London

☆ Navy SEALs dropped in on a nuclear-powered submarine in the Pacific, drilling for a higher-end fight
▼ + stars: | 2024-08-11 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +7 min

AdvertisementWest Coast-based Naval Special Warfare (NSW) operators assemble a combatant rubber raiding craft near the Los Angeles-class fast-attack submarine USS Greeneville (SSN 772). West Coast-based Naval Special Warfare (NSW) operators conduct military dive operations and prepare to board the Los Angeles-class fast-attack submarine USS Greeneville (SSN 772). AdvertisementA West Coast-based Naval Special Warfare (NSW) operator climbs aboard the Los Angeles-class fast-attack submarine USS Greeneville (SSN 772). West Coast-based Naval Special Warfare (NSW) operators maneuver a combatant rubber raiding craft and board the Los Angeles-class fast-attack submarine USS Greeneville (SSN 772). In January, Navy Special Warfare Operator 2nd Class Nathan Gage Ingram showed how seriously SEALs take this when he jumped into the dark waters of the Arabian Sea after his teammate, Navy Special Warfare Operator 1st Class Christopher J.

Persons: —, Alex Perlman, Kenneth Douglas, Alex, Blake L, Chaney, We've, GWOT, that's, Alex Smedegard Frogmen, Nathan Gage Ingram, Christopher J, Chambers, frogmen Organizations: Service, Warfare, Navy, Craft, Business, West Coast, Los, Submarine Squadron, Special Warfare, Big Navy, Army Green Berets, Marine Raiders, Recon Marines Locations: China, Russia, Beijing, Moscow, Los Angeles, Greeneville, West Coast, NSW, Angeles, Virginia, Coast, Makin

☆ Gold nudges higher on mounting U.S. rate cut bets
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices edged higher on Tuesday after comments from Federal Reserve officials reinforced expectations of bigger U.S. interest rate cuts later this year. Spot gold was up 0.1% to $2,408.77 per ounce as of 0354 GMT. Fed San Francisco President Mary Daly said her mind was open to cutting interest rates as necessary and policy needed to be proactive. Meanwhile, Japanese stocks opened higher, underpinning a recovery across battered Asian share markets and even triggering circuit breakers in some.

Persons: Mary Daly, Soni Kumari Organizations: Co, Federal Reserve, San, ANZ, Traders Locations: Bangkok, Thailand, U.S, San Francisco, China

☆ Squeeze on carry trades leave currency markets on edge
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The yen was 1% lower on Tuesday at 145.78 per dollar in early trading, after rising for five straight sessions and touching a seven-month high of 141.675 on Monday. "Sell-offs that manifest themselves through wild swings in the currency markets are sharp and swift, but usually very short lived," said Jamie Cox, managing partner at Harris Financial Group. "Markets are clearly nervous about the divergent paths central banks are taking, leading to lots of volatility." The dollar index , which measures the U.S. unit versus six rivals, was flat at 102.87 in early trading after touching a seven-month low of 102.15 on Monday.

Persons: Jamie Cox, James Athey, undervaluation Organizations: U.S, Federal Reserve, Federal, Harris Financial, Traders, Bank of Japan, Marlborough Investment Management Locations: Yichang, Hubei province, recessionary, Japan, Switzerland, Tokyo

☆ Crypto selloff wipes out $270 billion in value as bitcoin, ether plunge
▼ + stars: | 2024-08-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

The cryptocurrency market plummeted in value on Sunday, as investors continued selling out of risky assets. Led by a drop of 11% in bitcoin in the past 24 hours and a 21% plunge in ether, the overall value of cryptocurrencies sank by about $270 billion, according to CoinGecko data. The selloff in the crypto market coincided with a broader slide in equities in Asia-Pacific markets. The latest crypto wipeout will be felt by a broader base of investors after the SEC this year approved new spot exchange-traded funds for bitcoin and ether. WATCH: Bitcoin swings amid broad market selloff

Persons: Bitcoin, It's, Binance's, Morgan Stanley Organizations: Nikkei, Bank of Japan, Nasdaq, Nvidia, U.S . Federal, solana, SEC, CNBC, Wall Locations: bitcoin, Asia, Pacific, U.S, freefall, China, Taiwan, India, Australia

☆ Tech stocks wrap up steepest three-week slump in two years, led by plunge in Amazon and Intel
▼ + stars: | 2024-08-02 | by ( Ari Levy | ) www.cnbc.com time to read: +6 min

Amazon and Apple both reported earnings on Thursday, with Amazon missing on revenue and issuing a disappointing forecast and Apple showing top-line growth of just 5%. The one mega-cap tech company that's yet to release results is Nvidia, which has been the biggest winner in the AI boom. The stock is down 17% over the Nasdaq's three-week slump, though it's still up more than 110% for the year. Intel reported a big earnings miss and announced a mass restructuring that includes eliminating 15% of its staff. CEO Pat Gelsinger told CNBC on Friday that it's the "most substantial restructuring of Intel since the memory microprocessor transition four decades ago."

Persons: Stephanie Keith, Josh Koren, Koren, CNBC's, Brian Olsavsky, Meta, Mark Zuckerberg, Zuckerberg, it's, Pat Gelsinger, INTC, Bernstein Organizations: Nasdaq, Bloomberg, Getty, Labor Department, Musketeer Capital Partners, Apple, Amazon, Microsoft, Mizuho, Meta, Wall, Nvidia, Intel, CNBC, KeyBanc, Markets Locations: New York, freefall, U.S

☆ Ford, GM, Stellantis face a daunting second half of 2024
▼ + stars: | 2024-07-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

Stock Chart Icon Stock chart icon Ford, GM and Stellantis shares"Investors who think autos can outperform on + earnings beats and buybacks should think again. GMFor GM, investors balked at pullbacks in growth businesses, waning upside during the second half of the year, and fear that the automaker's earnings power has peaked, according to Wall Street analysts. Selling more EVs is one reason that GM, which has raised its annual financial guidance twice this year, expects the second half to underperform the first. The new Ford F-150 truck goes through the assembly line at the Ford Dearborn Plant on April 11, 2024 in Dearborn, Michigan. StellantisTransatlantic automaker Stellantis arguably faces the most challenging second half of the year, particularly regarding its U.S. operations.

Persons: Ram, Joe Raedle, Morgan Stanley, Adam Jonas, Jonas, Stellantis, GM's, Mary Barra, Ford, Ford doesn't, Joseph Spak, Bill Pugliano, John Lawler, Lawler, Carlos Tavares, Remo Casilli Organizations: Dodge Chrysler, Getty, DETROIT, Ford, Detroit automakers, GM, Wall Street, Analysts, Street, UBS, Ford Dearborn Plant, Ford Pro, Transatlantic, Stellantis Locations: Miami , Florida, U.S, China, Dearborn , Michigan, Atessa, Italy

☆ Mike Johnson calls on Joe Biden to resign after the president announces he won’t seek reelection
▼ + stars: | 2024-07-21 | by ( Clare Foran | ) edition.cnn.com time to read: +3 min

CNN —House Speaker Mike Johnson called on President Joe Biden to resign “immediately” in the wake of Biden’s announcement that he will not seek reelection. “If Joe Biden is not fit to run for President, he is not fit to serve as President. As speaker of the House, Johnson is second in the line of presidential succession behind Harris. “President Biden inherited an economy in freefall, a skyrocketing violent crime rate, and alliances in tatters from his predecessor. “If Joe Biden does not have the cognitive ability to seek reelection, he does not have the cognitive ability to serve the remainder of his term,” she said.

Persons: Mike Johnson, Joe Biden, “, ” Johnson, Biden, Kamala Harris, ’, Johnson, Harris, Andrew Bates, Bates, Mitch McConnell, McConnell, GOP Sen, Lisa Murkowski, Biden’s, ”, Nancy Mace, Chip Roy, Betsy Klein, Micheal Williams, Owen Dahlkamp Organizations: CNN —, Republican, NATO, CNN, Social, GOP, Democratic Party of Locations: Louisiana, freefall, tatters, Alaska, South Carolina

☆ A tale of two presidents as Trump claims his triumph and Biden’s hopes begin to fade
▼ + stars: | 2024-07-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +8 min

“Just a few short days ago, my journey with you nearly ended, we know that,” Trump said. Or we fall apart.”But the new Trump lasted just a few minutes before the old version returned. “Our planet is teetering on the edge of World War III and this will be a war like no other,” said Trump. Another top Democrat close to the White House described Biden as having become “exceptionally insulated and isolated” since the CNN debate in Atlanta on June 27. “I have worked with President Biden when it has made Montana stronger, and I’ve never been afraid to stand up to him when he is wrong.

Persons: “, Donald Trump basked, Joe Biden, Trump, Biden, White supremacists, ” Trump, it’s, ”, wistfully, I’m, ” Trump’s, overpromised, Trump’s, Hulk Hogan, unaccountable, Donald Trump, ” Hogan, MAGA, Vance, —, he’d, –, president’s, Montana Sen, Jon Tester, I’ve, ” Biden, he’s Organizations: Milwaukee CNN, Republican Party, Republican National Convention, Milwaukee Bucks, Trump, Trumper, White, Democratic, CNN, Trump – Locations: Delaware, Charlottesville , Virginia, America, Pennsylvania, Cleveland, Rehoboth Beach , Delaware, Atlanta, Montana

☆ Election chaos and Friday’s tech outage are taking the market on a wild ride
▼ + stars: | 2024-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Stocks are soaring this year, but that could soon change as election chaos takes the market on a rollercoaster ride. But this has been a destabilizing week for US stocks and the market trajectory could be shifting. The Dow was down more than 430 points, or 1%, in the morning trading session on Friday as the tech outage continued to rattle investors. Former President Donald Trump, meanwhile, said in an interview with Bloomberg that Taiwan should pay for its own defense. The bright sideInvestors have been largely resilient this year and some financial bigwigs say the election won’t change that.

Persons: Donald Trump, Joe Biden, Dow, —, “, ”, Jim Reid, Biden, they’re, Scott Wren, Wells, Jerome Powell, Liz Young Thomas, Russell, Young Thomas, ” Trump, CrowdStrike, JPMorgan Chase, Jeremy Barnum, isn’t Organizations: New, New York CNN, Investors, Big Tech, Nasdaq, Deutsche Bank, Democratic, ”, Treasury, Fed, Tech, Bloomberg, Taiwan Semiconductor Manufacturing, Nvidia, Microsoft, Meta, JPMorgan Locations: New York, Iran, Israel, Wells Fargo, “, China, Taiwan

☆ Key lines from CNN’s presidential debate
▼ + stars: | 2024-06-28 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +17 min

CNN —In CNN’s presidential debate, President Joe Biden was halting and, at times, trailed off and confused words, feeding a nagging narrative about his fitness for the presidency. Trump said Biden couldn’t drive a golf ball 50 yards, and Biden challenged Trump to a golf match but only if Trump carries his own clubs. We’ve got to take a look at what I was left when I became president, what Mr. Trump left me. -TrumpBiden said Trump deserves blame for watching the riot at the Capitol unfold for hours without doing anything to intervene. They’ve had meetings and they voted who’s the worst president in American history.

Persons: Joe Biden, Donald Trump, overinflated, Trump, Biden, ” Trump, “, …, Trump’s, Jake Tapper, Dana Bash, We’ve, Biden Trump, Trump Trump, We’d, I’ve, –, ”, Roe, Wade, You’ve, It’s, Trump Biden, ” Biden, Beau, John Kelly, Vladimir Putin’s, Putin, Volodymyr, Zelensky, There’s, Gaza Biden, Israel, “ I’ve, Tapper, we’re, We’re, Hunter, Joe, you’re, Biden Biden, E, Jean Carroll, Daniels, ” –, reimbursements, Hitler Biden, Hitler’s, flabbergast Biden, They’ve, That’s Organizations: CNN, Trump Biden, Trump, Medicare, Social Security, Republicans, Trump Trump, Biden, Democrats, White House, Ukraine Trump, Ukraine, Hamas, Bash Locations: Atlanta, freefall, Iraq, France, Ukraine, Soviet Union, Israel, Gaza, Palestinian, United States, New York, Charlottesville , Virginia, “

☆ Opinion: Dear Joe, it’s time to go
▼ + stars: | 2024-06-28 | by ( Opinion Jay Parini | ) edition.cnn.com time to read: +6 min

CNN —Dear Joe,I write to you urgently, as your old neighbor from Scranton. You, Joe, pushed through the Safer Communities Act, which included the most significant gun control measures in nearly thirty years. But you’re an old man now, like me. You’re a man of huge integrity, Joe, and you must — you MUST — stand down. Be the great man you are, Joe, the one we’ve seen in action and admired for many decades.

Persons: Jay Parini, “ Borges, ”, Jorge Luis Borges, CNN —, Joe, I’ve, Oliver Parini, Mike Pence, you’ve, Donald Trump, Donald, Trump, Vladimir Putin, Benjamin Netanyahu, Chuck Schumer, Hakeem Jeffries, Nancy Pelosi, Ruth Bader Ginsburg’s, Barack Obama, Don’t, Joe Bader Biden, You’ve, Gretchen Whitmer, Gavin Newsom, Pritzker, Jay Organizations: Middlebury College, CNN, Capitol, White, NATO, Supreme, Michigan Gov, Illinois Gov, Trump, Twitter, Facebook Locations: Scotland, Argentine, Scranton, freefall, Ukraine, Atlanta, You’re, China, Trump, California, Illinois, United States of America

Former President Donald Trump, left, and President Joe Biden take part in the CNN presidential debate on Thursday, June 27. Austin Steele/CNN Trump and Biden were debating each other for the first time since 2020. Austin Steele/CNN Biden's campaign won a coin toss before the debate to choose which side he would stand on. Austin Steele/CNN Biden addresses Trump directly during the debate. Austin Steele/CNN Biden answers an early question.

Persons: Joe Biden, Donald Trump ., Biden, Trump, “, ” Trump, he’d, it’s, ” Biden, Biden’s, Hunter, Stormy Daniels, Trump’s, Jake Tapper, Dana Bash, Roe, ”, Tristen Rouse, Joe, – Biden flailed, Austin Steele, We’d, Herbert Hoover, David, “ I’ve, Beau, Daniels, Trump “, Wade, “ It’s, Israel, –, Donald Trump, Will Lanzoni, Jill Biden, Adam Rose, CNN US Sen, Marco Rubio, CNN Trump, CNN Biden, CNN Tapper, Robert F, Kennedy Jr, Kennedy, CNN MJ Lee, Mandel Ngan, Megan Varner, Reuters Kennedy, Burk Stringfellow, Vladimir Putin, Putin, we’ve, I’m, Hillary Clinton –, South Carolina Republican Sen, Tim Scott, – Biden, freefall ”, Tapper – Organizations: CNN, Biden, Trump, Democratic, ABC, ”, Atlantic, Capitol, Capitol Hill, US Supreme Court, CNN US, House, CNN Biden's, CNN Biden, Atlanta, White House, Getty, Reuters, NATO, Ukraine, Western Europe, South Carolina Republican, Blacks, Trump – Locations: Atlanta, Washington ,, America, Iraq, United States, Israel, Gaza, Palestinian, Georgia, CNN's, AFP, Afghanistan, Russian, Ukraine, Iran, Wisconsin , Michigan, Pennsylvania, North Carolina, South, freefall, Covid

☆ CNBC Daily Open: Far-right makes gains in EU elections
▼ + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package. Despite a recent 2% drop in Aramco's stock and pressures on global oil prices, the offering attracted strong international demand.

Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Prince Mohammed bin, Aramco's, Morgan Stanley, there's Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Saudi, Nvidia Locations: Europe, freefall, Saudi Arabia, Aramco, Saudi

☆ CNBC Daily Open: Far right gains in EU elections
▼ + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Far-right advanceFrench President Emmanuel Macron said he will dissolve parliament and call for a new legislative vote after his Renaissance party suffered a major defeat at the EU elections. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package.

Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Korea's Kospi, Macron Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Nikkei, Markets, Nvidia, Apple Locations: Europe, freefall, Japan, Asia, Australia, Hong Kong, China

☆ I quit my career to live off my savings but lost everything in a financial crisis. I'm struggling to get back on my feet.
▼ + stars: | 2024-06-10 | by ( J.D. Harlock | ) www.businessinsider.com time to read: +4 min

Read previewThe year 2020 was supposed to be when I could finally take it easy and focus on myself. I decided to leave my career in accounting behind and finally take a crack at my lifelong dream of being a writer. But Lebanon's banking system collapsed — the World Bank called it a Ponzi scheme — and the country entered a financial crisis. Call it youthful naivety, but I didn't have a reentry plan in case I needed to return to work. The Lebanese financial crisis continued long after the COVID-19 pandemic.

Persons: —, didn't, I'm, it's, I've Organizations: Service, Business, Bank, Lebanese Locations: Lebanon, freefall, American

☆ I'm Gen Z and spent 7 hours a week on TikTok. I deleted the app and now have more time to do actually fun things.
▼ + stars: | 2024-04-27 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +6 min

I created my TikTok account at the pandemic's start while stuck at home with nothing to do. This story is available exclusively to Business Insider subscribers. What was true for me, at least, was that TikTok took hours away from my day. A better work-life balanceOther Gen Z TikTok addicts who spoke to the Journal shared similar concerns. TikTok did not respond to a request for comment from Business Insider.

Persons: —, TikTok, it's, It's, Alistair Barr, there's, Zuckerberg, Z, Keilah Bruce, Gautam Mengi, Will, I've Organizations: Service, Business, Street Journal, Elon, Twitter, Wall Street

☆ Now's the time for Elon Musk to reveal his Tesla rescue plan — if he has one
▼ + stars: | 2024-04-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +1 min

We're about to find out if Elon Musk has a plan to save Tesla. The EV maker is expected to report a 40% profit drop on Tuesday after a bruising year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIf Elon Musk has a secret rescue plan for Tesla hidden away, now would be a great time to show it to the world. Musk's own fortune has suffered a $61 billion drop too, though he's still the world's fourth-richest person.

Persons: Elon Musk, Tesla, —, he's Organizations: Service, Tesla

☆ The freefall in China's home prices continued in March as Beijing struggles to stem real estate crisis
▼ + stars: | 2024-04-16 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +1 min

Chinese authorities reported a 9.5% drop in real estate development investment in the first quarter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHome prices slumped in March, extending the housing market's decline and leaving authorities in Beijing scrambling for solutions to the country's real estate crisis. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, National Bureau, Statistics, Business Locations: Beijing, China

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because they no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday. WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. In January 2022, Trump Media instead turned to a smaller accounting firm to conduct the audit, BF Borgers, which has less than stellar record with regulators. The company's shares initially skyrocketed when it went public in March, only for prices to plunge just a week later. That isn't great for Trump, whose net worth is tied to his holdings in Trump Media.

Persons: —, Donald Trump's, WithumSmith, Brown, Trump Media & Technology Group's financials, Trump, Borgers, BF Borgers, Forbes, Jean Carroll, Stormy Daniels Organizations: Service, Financial Times, Trump Media & Technology, Business, Trump Media, Public Company, BF Borgers, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media's, Prosecutors, WithumSmith, Trump Media & Technology Group, Business Insider Locations: freefall, Manhattan

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