Elon Musk tops the Forbes list of 400 richest Americans

Elon Musk is now America’s richest person, according to Forbes. Musk, the 51-year-old Tesla TSLA, +3.19% executive who also wants to conquer the field of space exploration, was ranked No. 1 on the Forbes annual list of the 400 richest Americans. The publication said Musk was worth $251 billion, putting him way ahead of Amazon … Read more

Stocks Are Sinking and Rates Are Rising. It’s Painful, But We’re Heading for Normal.

Stocks and bonds are tumbling. Housing has weakened. And I haven’t heard a word about nonfungible cartoon monkey tokens in maybe three months. Strategists are now turning to truly bizarre assets—two I spoke with this past week recommended purchasing long-term Treasurys. One also said to favor shares of companies that generate cash, and he wasn’t … Read more

These 20 stocks in the S&P skidded as much as 21.5% during another brutal week for the market

Another difficult week for US stocks ended with shares of oil producers sliding and Ford Motor Co. tumbling further on concerns over supply shortages. The S&P 500 SPX, -1.72% fell 1.7% on Friday for a one-week decline of 4.6%, as investors continued to fret about the Federal Reserve’s interest-rate increases to temper inflation. Among components … Read more

Meta Quietly Reduces Staff in Cost-Cutting Push

Meta Platforms Inc. META -2.72% is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans. The Menlo Park, Calif., company has begun quietly nudging out a significant number of … Read more

Almost 100 Facebook janitors laid off as Silicon Valley service-worker cuts continue

Nearly 100 Facebook janitors were laid off from the tech giant’s California offices Friday, two months after being told their jobs would be safe. The number of job cuts was actually supposed to be closer to 120, but about 30 janitors are being placed elsewhere, according to workers who spoke with MarketWatch as well as … Read more

The S&P 500 sank 5% in a very bad week for stocks. These 20 lost as much as 24%.

US stocks sputtered Friday to close out the week in the red. The day’s declines of less than 1% for the broad indexes paled against Tuesday’s, when they sank 4% to 5%. For the week, the Dow Jones Industrial Average DJIA, -0.45% was down 1,329 points (or 4.1%), closing Friday at 30,822. The benchmark S&P … Read more

Facebook stock falls to yet another ignominious level

Facebook was a member of the exclusive $1 trillion club a year ago, but it has fallen a long way since then. Now named Meta Platforms Inc. META, -2.18%, the company saw its market value fall below $400 billion Friday for the first time since Jan. 7, 2019, according to Dow Jones Market Data. Meta’s … Read more

The Meta meltdown: This chart shows Facebook’s fall from grace among the most valuable US companies

Dogged by competitive and macroeconomic threats, Meta Platforms Inc. is sinking down the ranks of the largest US companies. After a 9.4% daily slide in its stock, Meta META, -9.37% ranked 10th by market value as of Tuesday’s close, falling below Visa Inc. W, -3.37% for the first time since the beginning of August. Meta, … Read more

These five stocks in the S&P 500 lost almost half a trillion dollars in value in one day amid widespread wipeout

A decline in gasoline prices couldn’t mask the problem that spooked investors on Sept. 13: Core consumer prices resumed their rapid increase during August. Fear of the Federal Reserve’s ongoing tightening of monetary policy to fight inflation sent the Dow Jones Industrial Average DJIA, -3.94% down 1,276 points (or 3.9%) to 31,104, with all 30 … Read more

Biden finalized his plan to rein in Big Tech. Big Tech wasn’t invited.

President Joe Biden’s administration issued a checklist of actions needed to rein in Big Tech on Thursday, after a roundtable “listening session” on issues within the technology industry. But administration officials were not “listening” to the companies that are the targets of many of the desired actions — Google parent Alphabet Inc. GOOGLE, +2.09% GOOG, … Read more