Chris Isidore
Chris Isidore
Chris Isidore is a senior writer for CNN Business, where he covers the auto industry, airlines, labor and all other manner of breaking financial news. Over the last 30 years, he has covered most major US bankruptcies, including GM, Chrysler, Lehman Brothers, most US airlines and Sears, as well as the city of Detroit.Source
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Elon Musk might not have to wait long for huge payday

Elon Musk might not have to wait long for huge payday

Elon Musk's big payday may be closer than you think. As part of a pay package approved by shareholders in 2018, the Tesla CEO stands to get options to buy 1.7 million shares of Tesla shares once the company has achieved a $100 billion market value over a period of six months, as well as hitting certain financial performance targets it has already achieved. Tesla didn't cross the $100 billion market cap threshold until a few weeks ago, on Jan. 22, but Musk could qualify for this first batch of options later this spring. That's because the Tesla (TSLA) stock continues to soar past that $100...

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Chris Isidore
February 13, 2020
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Amazon is buying Whole Foods for $13.7 billion

Amazon is buying Whole Foods for $13.7 billion

We're no longer maintaining this page.For the latest business news and markets data,Why Amazon is buying Whole FoodsThe online retail giant announced Friday that is buying organic grocery chain for $13.7 billion in cash. The deal values Whole Foods at $42 a share, 27% higher than where the stock was trading Thursday.said Whole Foods stores will continue operating under that name as a separate unit of the company. Whole Foods CEO John Mackey will stay on to lead Whole Foods, which will keep its headquarters in Austin, Texas. The deal shows Amazon's interest in moving into the business of...

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Paul R. La Monica
June 16, 2017
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Simone Biles drops Nike and signs with Athleta

Simone Biles drops Nike and signs with Athleta

New York (CNN Business)Simone Biles, the most decorated gymnast ever and one of the world's greatest athletes, is leaving endorsement powerhouse Nike for a deal with Athleta, the athletic clothing unit of Gap Inc.Biles is a significant signing for Athleta's marketing efforts. She's the first woman to capture five all-around gymnastic world championship titles, and the winner of five Olympic medals, four of them gold. She's one of the most prominent US athletes, male or female, expected to ."We are excited to welcome Simone to the Athleta family and work together to further our mission of...

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Chris Isidore
Sep 24
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Bernie Madoff, infamous Ponzi schemer, has died

Bernie Madoff, infamous Ponzi schemer, has died

New York (CNN Business)Bernard Madoff, whose name became synonymous with financial fraud, died while serving a 150-year sentence in Federal Prison. He was 82 years old.His death Wednesday at the Federal Medical Center in the prison in Butner, North Carolina, was confirmed by the US Bureau of Prisons. A cause of death was not released.In February 2020, he petitioned the courts for an early release from prison, stating that he had and a life expectancy of less than 18 months. But the US Attorney's office for the southern district of New York said Madoff's crime was "unprecedented in scope and...

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Chris Isidore
Apr 14
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Goodbye empty middle seats. Delta is selling the whole plane starting May 1

Goodbye empty middle seats. Delta is selling the whole plane starting May 1

New York (CNN Business)The empty middle seat on airplanes, one of the few advantages of pandemic, is about to disappear. , the last remaining US airline to keep middle seats unbooked, has lifted that prohibition as of May 1, the company announced Wednesday. It is another sign of a and greater willingness of people to resume pre-pandemic activities."As vaccinations become more widespread, consumer demand and behaviors show us that confidence in travel is on the rise and customers are ready to reclaim their lives," said Delta's statement Wednesday.Airlines have insisted that even with the...

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Chris Isidore
Mar 31
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US-UK trade truce means cheaper whisky for Americans

US-UK trade truce means cheaper whisky for Americans

New York (CNN Business)The United States has agreed to suspend tariffs on UK products including Scotch whisky and cashmere as both sides work to resolve a long-running dispute over subsidies.The will be suspended for four months, the United Kingdom and the United States said in a joint statement, as the two sides try to work out an agreement on the underlying dispute over commercial jets. The United Kingdom unilaterally suspended its own tariffs related to the spat on January 1."This will benefit a wide range of industries on both sides of the Atlantic, and allow for focused settlement...

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Chris Isidore
September 17, 2019
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Elon Musk admits Tesla has quality problems

Elon Musk admits Tesla has quality problems

New York (CNN Business)Critics have slammed Tesla for Model 3 quality issues for years. And now CEO Elon Musk is admitting even his harshest critic was right.In early 2018 engineering consultant Sandy Munro, who tears apart and reverse-engineers cars to assess quality, issued a brutal appraisal of the Model 3 citing "flaws that we would see on a Kia in the '90s." He noted inconsistencies such as uneven gaps between exterior panels and paint job issues, telling , "I can't imagine how they released this."Surprisingly Musk, who has often , agrees."I thought your criticism was accurate," Musk...

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Chris Isidore
Jan 8
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Despite huge losses, US airlines are rolling in cash

Despite huge losses, US airlines are rolling in cash

New York (CNN Business)The US airline industry just closed the books on the , losing a combined $32 billion excluding special items. Yet it still ended 2020 awash in an ocean of cash.The nation's four largest airlines -- , , and -- among them had $31.5 billion in cash on their balance sheets at the end of 2020. That's up from $13 billion a year earlier, before the pandemic hit. "Liquidity" has become a favorite buzzword of airline executives discussing their financial condition. Including the cash and yet untapped credit lines, the airlines have access to nearly $65 billion."The liquidity...

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Chris Isidore
Nov 26
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Tesla's dirty little secret: Its net profit doesn't come from selling cars

Tesla's dirty little secret: Its net profit doesn't come from selling cars

New York (CNN Business)Tesla posted its first full year of in 2020 -- but not because of sales to its .Eleven states require automakers sell a certain percentage of zero-emissions vehicles by 2025. If they can't, the automakers have to buy from another automaker that meets those requirements -- such as Tesla, which exclusively sells electric cars.It's a lucrative business for Tesla -- bringing in $3.3 billion over the course of the last five years, nearly half of that in 2020 alone. The $1.6 billion in regulatory credits it received last year far outweighed Tesla's -- meaning Tesla would...

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Chris Isidore
Jan 8
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Foxconn's giant factory in Wisconsin sounded too good to be true. Turns out it was

Foxconn's giant factory in Wisconsin sounded too good to be true. Turns out it was

New York (CNN Business)When first announced in 2017, Foxconn's plan to build a massive electronics factory in Wisconsin was hailed by then- as a sign of the rebirth of American manufacturing.But nearly four years later, the complex that promised to create a Silicon Valley in the industrial Midwest is essentially a white elephant, a collection of mostly empty buildings without any high-tech products to build. And this week it became official: The pledged investment of up to $10 billion to create as many as 13,000 jobs is not coming.The Wisconsin Economic Development Corp. and the Taiwanese...

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Chris Isidore
Apr 22
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