Former Meta chief operating officer Sheryl Sandberg plans to leave Meta's board of directors, Axios has learned. She will become an informal adviser to the company in May.
Why it matters: Sandberg joined the firm when it was a small startup named Facebook and helped it become one of the most powerful companies in the world.
Coinbase and the U.S. Securities and Exchange Commission met in court today to argue over throwing out the securities regulator's case against the nation's largest cryptocurrency exchange.
Why it matter: The question at the heart of the case — should the lion's share of crypto assets be considered securities in the United States — is very nearly existential for the crypto industry.
Secretary of State Tony Blinken couldn't fly back to the U.S. from Davos as planned Wednesday because of a mechanical issue with his airplane, a State Department spokesperson said.
The big picture: The planeBlinken was flying on is a modified Boeing C-40, a U.S. Air Force aircraft assigned to Joint Base Andrews, Rose Riley, a spokesperson for the Air Force said.
Months after being named the new CEO of CNN Worldwide, Mark Thompson on Wednesday unveiled his strategy for bringing the decades-old cable new network for the digital era.
Why it matters: While CNN's linear TV business is still massively profitable, the network's TV revenues face terminal decline as cord-cutting increases.
With rentals in cities and towns across the U.S., Airbnb has had a front-row seat to the nation's housing affordability crisis. Now, the company says it wantsto help solve it.
Driving the news: Airbnb announced Wednesday the formation of a new housing council of experts, chaired by Stephanie Rawlings-Blake, former mayor of Baltimore and former president of the U.S. Conference of Mayors.
Next Life Sciences has raised $2.5 million to develop a male contraceptive product called Plan A, which could become a nonsurgical alternative to vasectomies.
Why it matters: This could help balance family-planning responsibilities that fall disproportionately on women.
Alex MacCallum, the digital news product veteran known for transforming the New York Times' subscription business and helping to launch CNN+, is re-joining CNN as executive vice president of digital products and services.
Venture capital firm General Catalyst on Wednesday announced plans to buy Akron, Ohio, health system Summa Health, which it will convert into a for-profit.
Why it matters: This is an unprecedented deal for venture capital, which typically invests in startup companies. If successful, it could position General Catalyst as the industry's most formidable developer and seller of health care technology.
The Biden administration on Wednesday proposed reining in big banks' overdraft fees, in a move that could lower them to as little as $3.
Why it matters: If enacted, the introduced rule from the Consumer Finance Protection Bureau (CFPB) could eliminate billions of dollars of annual revenue that banks rake in from fees charged to consumers who overdraft their accounts.
America's biggest banks each took a 10-figure hit to their earnings last quarter to cover the cost of bailing out uninsured depositors atSilicon Valley Bank and Signature Bank.
Why it matters: Most of the banks took the FDIC's special assessment in stride — their earnings are strong enough to be able to afford it. Citigroup is the exception.
Cereal is (largely) out, but hot honey sandwiches, cinnamon roll pancakes and wonuts — a waffle/doughnut hybrid — are in as more chefs try to lure us out for breakfast.
Why it matters: Fine dining restaurants, fast-food outlets and supermarkets are doubling down on breakfast and brunch in 2024, convinced they can squeeze more revenue out of society's most-skipped meal.
