Business

Bombas founder David Heath is stepping down from his role as CEO as the socks and apparel company looks to expand beyond its direct-to-consumer roots. Bombas President Jason LaRose, a former Under Armour and Equinox executive, will…

Netflix said Wednesday its cheaper, ad-supported tier now has 94 million monthly active users — an increase of more than 20 million since its last public tally in November. The company and its peers have been increasingly leaning…

Reddit co-founder Alexis Ohanian has purchased a minority stake in Chelsea FC Women, giving him an ownership stake in two of the most-valuable teams in women’s sports. The founder of venture capital firm Seven Seven Six…

Uber is giving commuters new ways to travel and cut costs on frequent rides. The ride-hailing company on Wednesday announced a route share feature on its platform, prepaid ride passes and special deals week for Uber…

American Eagle on Tuesday said it is writing off $75 million in spring and summer merchandise and withdrawing its full-year guidance as it contends with slow sales, steep discounting and an uncertain economy. The apparel retailer…

Microsoft on Tuesday said that it’s laying off 3% of employees across all levels, teams and geographies. “We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a…

UnitedHealth Group announced a new chief executive Tuesday, a sudden and surprising change following the fatal shooting in December of its UnitedHealthcare subsidiary’s leader. Andrew Witty stepped down from leading UnitedHealth for unspecified “personal reasons,” the company said.…

CAMDEN, N.J. — The father and son duo behind a stock fraud scheme involving the infamous $100 million New Jersey deli were sentenced to several months in prison Tuesday. Peter Coker Jr. was sentenced to…

McDonald’s announced a plan to hire 375,000 employees across the U.S. this summer. The plan, announced on Monday, is one of the fast-food chain’s largest hiring pushes in years, according to a news release. It…

Financial technology company Chime on Tuesday filed paperwork to go public on the Nasdaq. The company intends to file under the ticker symbol “CHYM.” “Chime is a technology company, not a bank,” the company said…