Category: Business News

• A company seeking to merge with Truth Social cited Trump’s reputation as an “important factor” to its financial success in an SEC filing.
• As Trump contends with ongoing legal battles, Digital World said its financial footing “could be adversely affected.”
• Truth Social is accused of stiffing a vendor out of more than $1 million in contractually obligated payments.

The future of the former president’s 10-month-old social media platform, Truth Social, is on uncertain ground as the app faces huge financial losses and is accused of shorting its vendors amid Donald Trump’s continued legal controversies.

A planned merger between the Trump Media & Technology Group (TMTG), the business that created the Truth Social platform, and the special purpose acquisition company (SPAC) Digital World Acquisition Corp, has been postponed indefinitely as the Securities and Exchange Commission investigates the platform’s business dealings.

SPACs like Digital World are companies

MOSCOW — People in Moscow who were disappointed when Starbucks closed its coffee shops after Russia sent troops into Ukraine may now feel a caffeine jolt of hope: A nearly identical operation is opening in the capital.

The name’s almost the same: Stars Coffee. The logo could be the separated-at-birth twin of the Starbucks mermaid, with flowing hair, a small enigmatic smile and a star atop her head — though instead of a Starbucks crown she wears a Russian headdress called a kokoshnik.

The menu, judging by the company app introduced a day before the store’s formal opening Friday, would look familiar to any Starbucks customer.

Starbucks said Thursday it had no comment on the new stores.

Seattle-based Starbucks was one of the most visible of

New York
CNN Business
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This summer is all about sequels. We’ve had Top Gun, Jurassic World, Thor… and now we’re all buying tickets for GameStop Part 2: Bed Bath & Beyond.

Here’s the deal: Bed Bath & Beyond’s business has been circling the drain for a while, but the stock got a boost this spring when a prominent young investor took at 10% stake, aiming to push for changes that would modernize the company.

That investor was Ryan Cohen, the co-founder of Chewy.com. If the name rings a bell it’s probably because Cohen’s appointment in January 2021 to the board of GameStop helped spark a 1,600% rally in GME, turning the screws on short sellers and ushering in a new era for internet-based retail investors. Cohen is now the chairman of GameStop, and something of a Millennial Warren Buffett for non-professional traders on Reddit and other

Shares in Bed Bath & Beyond, a company that was plunged into the volatile world of meme-stock trading this year, fell approximately 41% Friday, days after its share price had more than doubled.

The immediate catalyst for the Friday sell-off appeared to be the same as the one that caused the brief run-up earlier in the week and well before it: activist investor Ryan Cohen.

Cohen, the co-founder of online pet retailer Chewy, has been at the vanguard of the meme-stock movement, having helped lead a recovery in the price of video game retailer GameStop after disclosing his purchase of a stake in that company in 2020 on the belief that it was undervalued.

In March, Cohen revealed his purchase of a 9.8% stake in Bed Bath & Beyond. Online retail investors took the announcement as a hint that the home goods retailer was Cohen’s next turnaround candidate. Cohen went

The Supreme Court may have recently struck down overreach by the Environmental Protection Agency, but at the Securities and Exchange Commission, chairman Gary Gensler remains undeterred in expanding the agency’s power beyond its constitutional boundaries.

For proof, you need no better example than his all-out assault on the cryptocurrency space.

It doesn’t take a constitutional law expert to understand that the SEC has limited jurisdiction over the crypto industry; barring congressional action, front line regulation of digital assets belongs with the Commodity Futures Trading Commission – the main regulator of investments that are not deemed traditional securities.

Yet Gensler, President Biden’s pick to run an agency intended to focus on stock scammers ripping off the unsuspecting, has dived headfirst into crypto like Eliot Ness going after Al Capone. If

There are plenty of shiny, new hotels in Montauk, the beach town at the tip of Long Island’s East End, which has gone from rustic village to chic destination in the past two decades. There’s Marram, a sleek-looking lodge with Frette linens and meditation classes, and Montauk Beach House, which offers a new vegan restaurant and a half-acre beach club, to name a few.

Then there’s Daunt’s Albatross, a no-frills, 1950s motel, in the middle of it all. Leo Daunt, the motel’s 29-year-old general manager, is determined to make sure it stays relevant and independent in this land of big-money development deals. After all, the legacy of his family’s business is at stake.

As jet-setters and influencers continue to flock

Elvis Presley may have left the building 45 years ago, but auction houses still feel the temperature rising.

In June of this year, Baz Luhrmann’s music biopic “Elvis” won its box-office dance-off with “Top Gun: Maverick,” ultimately grossing $31.1 million during the opening weekend. The film, starring Austin Butler as the “King of Rock ‘n’ Roll,” opened above expectations and resurrected one of the most iconic figures in American music.

Stephen M. Shutts, founder of Rockology Auctions in Nashville, Tennessee, told Fox Business the demand for all things Presley has skyrocketed following the film’s release – but the interest among veteran collectors has always been there.

“Historically, it’s gone up every year,” he explained. “I know when I talk among other collectors and historians like myself, we think, ‘Will it

It’s part of a major cost-cutting strategy as the beleaguered fitness company continues to make changes under its new CEO Barry McCarthy.

Peloton is laying off nearly 800 employees, McCarthy said in a staff memo that was first reported by Bloomberg. It’s part of an effort to “become more efficient, cost effective, and agile,” Peloton said in a statement to CNN Business.

Other changes include “significantly reduc[ing]” 86 retail stores in North America, as well as outsourcing delivery — which is currently done by Peloton employees — and customer service

• JPMorgan CEO Jamie Dimon spoke to wealthy clients on a call Tuesday, Yahoo Finance reported.

• The call touched on various topics, including climate change and the odds of a recession.

• He said US natural gas production does not conflict with the reduction of greenhouse gas emissions.

JPMorgan CEO Jamie Dimon said this week that US natural gas production does not conflict with long-term emission reduction targets, Yahoo Finance first reported.

“We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on their coal plants. It is dirtier,” Dimon said on a client call Tuesday, per the Saturday report.

“Why can’t we get it through our thick

A class-action lawsuit has been filed against Equifax following a report that millions of credit scores were affected by a technical glitch in the credit bureau’s reporting system.

The suit, filed in US District Court in North Georgia by the Florida-based law firm Morgan and Morgan, seeks a trial by jury for damages suffered by anyone whose score changed from at least March 6 to April 6, the period when the glitch is believed to have occurred.

The Wall Street Journal reported Tuesday that, as Equifax was transitioning to a new technology system, it was unintentionally provided inaccurate credit scores on millions of US consumers seeking various types of credit. In a statement on its websiteEquifax acknowledged that as many as 300,000 people experienced a score shift of 25 points or more, enough to swing a borrower’s credit rating from good to fair, or fair to poor.

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