Business News

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.

CEO pay is rising, widening the gap between top executives and workers. What to know, by the numbers

NEW YORK (AP) — The typical compensation for CEOs of S&P 500 companies keeps climber higher — and outpacing the wages of average workers today. In its annual analysis of CEO pay for The Associated Press, executive data firm Equilar reviewed the salaries, bonuses, perks, stock awards and other pay components of 341 top executives. The survey found that median CEO pay jumped nearly 13% last year, more than three times the 4.1% that wages and benefits netted by private-sector workers rose through 2023. Beyond the widening gap, the survey also spotlights persisting gender inequity — with women still making up a minuscule amount of those with chief executive titles compared to their male counterparts.

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. The case was brought by the American American Alliance for Equal Rights, a group led by Edward Blum, the activist behind the Supreme Court case that ended affirmative action in college admissions.

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.

Nvidia’s stock is expensive. A look at why, and how that should change, by the numbers

Nvidia’s stock price has more than doubled this year after more than tripling in 2023 and it’s now the third most valuable company in the S&P 500. The stock is rising again Monday after it announced new technology and plans to advance artificial intelligence, or AI, applications. The chipmaker has seen soaring demand for its semiconductors and revenue more than tripled in the most recent quarter. Nvidia is also about to undergo a stock split that will give each of its investors nine additional shares for every one that they already own. The move is aimed at making the stock more affordable. .