Inflation hits McDonald's, FTX customers get paid back, Spirt Airlines struggles: Business news roundup
FTX customers are getting back all the money they lost in the crypto exchange’s collapse
Nearly all of FTX’s former customers will get back almost 100% of the money they lost at the time of the cryptocurrency exchange’s collapse — if not more.
McDonald’s and other food giants are struggling in the inflation economy
The inflation economy has come for Big Food.
Inflation has fallen far from its 2022 peaks but remains elevated, frustrating the Federal Reserve’s efforts and keeping interest rates high. Consumers are somewhat optimistic — but worried about that inflation. And the overall economy continues to grow steadily.
IHOP and Applebee’s owner says inflation has people switching from pricey menu items to the cheap stuff
Dining out can be a short getaway from the everyday hustle. But today, that simple joy is also a cost-cutting opportunity.
Dine Brands Global Inc., owner of Applebee’s and IHOP restaurant chains, is the latest to witness the pullback after it reported first quarter earnings that revealed diners are postponing dinner plans and ordering strategically when they’re out.
Spirit Airlines stock drops 9% because earnings had the worst news possible
Spirit Airlines needs good news to convince Wall Street that it can do well by itself in the wake of its abandoned merger with JetBlue Airways. Unfortunately, its latest earnings report only proves that it can do badly all by itself. The company reported its 10th consecutive quarterly loss, for $160 million, and it’s forecasting another loss next quarter.
Spirit Airlines CEO says the airline industry is a ‘rigged game’
Spirit Airlines CEO Ted Christie is definitely not bitter about how things went down with the JetBlue Airways merger that was halted by the Justice Department before eventually being abandoned.
The head of NASA says he trusts SpaceX because Elon Musk put someone else in charge
NASA plays nicely with privately owned SpaceX, but is that something to be concerned about? In an interview with NPR, NASA director Bill Nelson assuages any fears of an unsupervised Elon Musk running a space agency by reminding us that SpaceX is actually run by its president Gwynne Shotwell. Nelson trusts Shotwell to protect SpaceX from Elon Musk’s often irrational fever dreams, and thus to protect the billions of American tax dollars granted to SpaceX in government contracts from his wayward spending, too.
‘Fractional home ownership’ wants to fix real estate’s woes. Could it work?
There’s more than one way to own a house these days.
Sites including real estate startup Pacaso are opening up a new market for people looking to own just a fraction of a house — for a fraction of its total price. Instead of laying claim to an entire single-family home, Pacaso sells luxury single-family homes to groups of buyers, a practice known as fractional home ownership. Someone could, for example, own one-eighth of a multi-million dollar mansion in Florida’s coveted Marco Island for just $736,000.
Krispy Kreme’s Q1 beat driven by heart donuts
Heart-shaped specialty donuts helped the pastry shop beat Q1 sales and revenue estimates
Robinhood denies SEC claim of violating securities laws
Robinhood received a Wells notice, but chief legal officer Dan Gallagher said that they believe that “the assets listed on our platform are not securities”