Nike is going on sale, and its stock is plunging

New York CNN Business  —  Add Nike to the list of brands and stores discounting excess merchandise to clear it off shelves. Nike (NKE) said Thursday its inventory levels soared 65% in North America, its largest market, and 44% overall last quarter from a year ago. After navigating limited supply in 2021 Nike is now … Read more

Elon Musk’s texts show how his relationship with Twitter went sideways

CNN  —  Days before publicly announcing his investment in Twitter, Elon Musk texted with Jack Dorsey. The former Twitter CEO suggested he no longer believed in the company he founded, according to new court filings in the legal battle between Musk and Twitter. Musk had begun quietly building up a large stake in Twitter (TWTR) … Read more

Stocks week ahead: Intel is the Dow’s biggest loser

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. New York CNN Business  —  Semiconductors are in everything. Our phones, our laptops, our televisions. Even our cars. But concerns about a global recession and continued worries about supply shortages stemming from lingering … Read more

Marc Benioff would buy Twitter if he could

New York CNN Business  —  Marc Benioff is obsessed with Twitter. So much that he wishes he could own it. Benioff, Salesforce (CRM) chairman and co-CEO, told CNN’s Poppy Harlow in an interview that if it were up to just him, he would “absolutely” buy Twitter. To be clear, he’s not actually going to do … Read more

Twitter founder Jack Dorsey to be deposed in Twitter v. Musk case

New York CNN Business  —  Twitter co-founder and former CEO Jack Dorsey will be questioned on Tuesday morning by lawyers for the company and Elon Musk as part of the court fight over their $44 billion acquisition deal, according to a notice of a deposition filed Monday. Dorsey — who stepped down as CEO of … Read more