CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee
NEW YORK (AP) — The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 13% last year, easily surpassing the gains for workers at a time when inflation was putting considerable pressure on Americans’ budgets. The median pay package for CEOs rose to $16.3 million, according to data analyzed for The Associated Press by Equilar. At half the companies in this year’s pay survey, it would take the worker at the middle of the company’s pay scale almost 200 years to make what their CEO did. Hock Tan, CEO of Broadcom, topped the survey with a pay package valued at roughly $162 million.
More women made the list of top paid CEOs in 2023, but their numbers are still small compared to men
More women are reaching the top ranks of the corporate suite of S&P 500 companies, but their numbers are still miniscule compared to their male counterparts. The AP’s and Equilar’s compensation study included pay data for 341 CEOs at S&P 500 companies who have served at least two fiscal years at their companies, which filed proxy statements between Jan. 1 and April 30. Of these, 25 were women. That’s the most women making the list since Equilar and AP started doing the study in 2011. But the numbers haven’t budged that much. The second highest tally was 21 in 2017.
A grant program for Black women business owners is discriminatory, appeals court rules
NEW YORK (AP) — A U.S. federal court of appeals panel suspended a venture capital firm’s grant program for Black women business owners on Monday, ruling that a conservative group is likely to prevail in its lawsuit claiming that the program is the discriminatory. The ruling against the Fearless Fund is another victory for conservative groups waging a sprawling legal battle against corporate diversity programs that have targeted dozens of companies.
Meme stocks are roaring again. Yes, again
NEW YORK (AP) — GameStop and other meme stocks are roaring once again, surging to dizzying heights suddenly and sharply. Some things are different this time around versus the initial supernova for meme stocks that shocked Wall Street in 2021. The biggest change is it that it all feels a bit familiar now. Experts say that experience, plus some changes in the market, should allow Wall Street to more easily digest the sharp movements. But some things remain firmly the same. Chief among them is the risk of losing everything that accompanies the potential to make fast money playing such volatile stocks.
GameStop leaps as Roaring Kitty may hold large position
Shares of GameStop are soaring on Monday following speculation that the man at the center of the pandemic meme stock craze owns a large number of shares of the video game retailer that may be worth millions. Keith Gill, better known as “Roaring Kitty” on social media platforms YouTube and X, also goes by the name Deep F- — — — — — Value on Reddit. Late Sunday the Reddit account shared a screenshot in the r/SuperStonk forum that showed Gill may hold 5 million shares of GameStop that were worth $115.7 million as of Friday.
Technical issues briefly halt trading for some NYSE stocks in the latest glitch to hit Wall Street
NEW YORK (AP) — A technical issue caused the temporary halt for dozens of stocks listed on the New York Stock Exchange Monday, including at least one whose price briefly fell nearly 100%. A New York Stock Exchange spokesperson said a technical issue related to some pricing data triggered trading halts on up to 40 ticker symbols listed on NYSE Group exchanges. The issue was resolved shortly before noon, Eastern time, and the New York Stock Exchange said it is reviewing potentially impacted trades.
Stock market today: Wall Street slumps after latest signal of an economic slowdown, as oil tumbles
NEW YORK (AP) — U.S. stock indexes are slipping following the latest signal showing the U.S. economy is slowing. The S&P 500 was down 0.2% Monday, coming off its sixth winning month in the last seven. The Dow Jones Industrial Average was down 236 points, or 0.6%, and the Nasdaq composite rose 0.1%. Stocks of oil-and-gas producers helped lead the market lower after the price of crude tumbled. Treasury yields were also sliding in the bond market after a report showed U.S. manufacturing shrank in May for the 18th time in 19 months, according to the Institute for Supply Management.
Musk’s X is allowing users to post consensual adult content, formalizing a prior Twitter policy
The social media platform X says it will now formally allow people to show consensual adult content, as long as it is clearly labeled as such. The move makes official a policy already in place when the platform was known as Twitter, before billionaire Elon Musk purchased it in 2022. In a recent update on its website, the San Francisco-based company says users should be able to create, distribute, and consume material related to sexual themes as long as it is consensually produced and distributed. It adds that sexual expression, whether visual or written, can be a legitimate form of artistic expression.
Poppi faces lawsuit from consumer who questions its gut health claims
Popular soda brand Poppi is facing a class-action lawsuit filed by a consumer who says its products don’t improve gut health as much as their marketing suggests. In a lawsuit filed last week in U.S. District Court in San Francisco, Kristin Cobbs said she purchased Poppi drinks on multiple occasions because of their labels, which stated they were prebiotic sodas and featured the slogan, “Be Gut Happy. Be Gut Healthy.” But Cobbs later found that Poppi drinks contain only around 2 grams of prebiotic agave inulin fiber, which she said is insufficient to provide any real benefit. The Associated Press left an email message with Poppi seeking comment.
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