Bitcoin drops below $100,000 after reaching milestone for 1st time
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(NEW YORK) — The price of bitcoin dropped below $100,000 late Thursday, just a day after topping the milestone for the first time.
The world’s largest cryptocurrency continued to slide in early trading on Friday, before recovering some of the losses.
The turmoil for bitcoin did not appear to impact other major crypto coins. Ether, the second-largest cryptocurrency, climbed nearly 5% in early trading on Friday, exceeding $4,000 for the first time since March.
The turn of fortune for bitcoin interrupted a rally set off by the election of former President Donald Trump, who is viewed as friendly toward cryptocurrency.
Since Election Day, the price of bitcoin has climbed nearly 50%. That performance far outpaces the S&P 500, which has risen about 5% over the same period.
Bitcoin has proven highly volatile since its launch about 15 years ago.
As recently as 2021, bitcoin suffered a downturn that cut its value in half. The same thing happened a year earlier, when the initial outset of the pandemic triggered a panic among investors.
“As long as the narrative stays positive, there’s always room to grow,” Bryan Armour, the director of passive strategies research at financial firm Morningstar, told ABC News before bitcoin reached $100,000.
“It’s still a highly volatile asset,” Armour added.
A surge had propelled bitcoin past $100,000 late Wednesday, just hours after Trump nominated crypto booster Paul Atkins to chair the Securities and Exchange Commission.
Atkins, the CEO of consulting firm Patomak Partners, serves as co-chair of the Token Alliance, a cryptocurrency advocacy organization.
Once a crypto critic, Trump has vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump has also promised to establish the federal government’s first National Strategic Bitcoin Reserve.
In a post on Truth Social early Thursday, Trump took credit for the gains: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!.”
Trump has not spoken publicly about bitcoin since it fell below $100,000.
(NEW YORK) — A newly filed lawsuit has accused Subway of “unfair and deceptive trade practices” and selling its steak-and-cheese sandwiches based on “false and misleading advertisements,” that the lawsuit claims show customers getting at least three times more meat than is actually in the product.
The class-action complaint against Subway was filed on Monday in the United States District Court for the Eastern District of New York by plaintiff Anna Tollison, accusing Subway of using “photographs in its advertisements that make it appear that the Steak & Cheese sandwich contains at least 200% more meat than the actual sandwiches that customers receive,” according to the lawsuit.
“Subway’s advertisements for the Product are unfair and financially damaging to consumers as they are receiving a product that is materially lower in value than what is being represented,” the lawsuit says. “Subway actions are especially concerning now that inflation, food, and meat prices are very high and many consumers, especially lower income consumers, are struggling financially.”
The lawsuit also says that Subway’s promise of a portion that is larger is “causing consumers to come to, or order from, Subway restaurants and make purchases that they would not have otherwise made.”
The lawsuit says it stems from Tollison’s visit to a Subway in Jamaica, New York, on Aug. 23 when she picked up a steak-and-cheese sandwich after ordering it through Subway’s mobile app for $6.99 plus tax.
“After she picked up and began eating her sandwich, [Tollison] realized that there was barely any steak in the sandwich and that the photographs that she relied on were grossly misleading,” the lawsuit says.
The lawsuit is seeking unspecified damages for New Yorkers who bought the sandwiches in the last three years from Oct. 28, 2021 and alleges “egregious” violations of the state’s consumer protection laws.
This is not the first time Subway has dealt with lawsuits critical of their business. In 2021, Ireland’s Supreme Court issued a ruling declaring that for the purposes of tax law, the bread served in Subway’s hot sandwiches does not actually meet the legal definition of “bread” because of its sugar content and is rather a “confectionary or fancy baked good.”
In that case, Justice Donal O’Donnell in the Ireland Supreme Court said that the definition of “bread” was originally established to make a distinction between the starch in other baked goods, like cookies or cake or brownies, that are sugary and therefore not healthy enough to be considered essential foods.
“Subway’s bread is, of course, bread,” Subway said in a statement given to ABC News. “We have been baking fresh bread in our stores for more than three decades and our guests return each day for sandwiches made on bread that smells as good as it tastes.”
Subway also previously defended themselves against a lawsuit for more than four years claiming that their “footlong” sandwiches were too short. That case was dismissed in 2017.
(BERLIN) — Workers for the largest online retailer in the world are planning to go on strike during one of the busiest shopping weekends of the holiday season.
Amazon employees are preparing to protest in 20 countries, including in major cities in the United States, Germany, the United Kingdom, Japan and Brazil, starting on Black Friday over “labor abuses, environmental degradation and threats to democracy,” according to UNI Global Union and Progressive International, a Switzerland-based global labor union.
Dubbed the “Make Amazon Pay days of resistance,” the strike is scheduled to last from Black Friday through Cyber Monday, the union announced in a press release. Demonstrators are calling for increased wages and for employees to be permitted to unionize.
The strike could lead to delays in holiday deliveries for customers, economy experts told ABC News.
Unions and allied groups around the world are planning to participate, according to UNI Global Union.
Thousands of workers in the German cities of Graben, Dortmund Werne, Bad Hersfeld, Leipzig, Koblenz and Rheinberg will also protest, in addition to hundreds in New Delhi, who are demonstrating to demand fair treatment following the mistreatment of workers during a heat wave in July, the union said.
The Association for the Taxation of Financial Transactions and Citizen’s Action will hold protests in multiple cities across France, and garment workers will also take to the streets in Bangladesh, the union said.
This year marks the fifth annual Make Amazon Pay demonstration, which aims to “hold Amazon accountable around the world” by targeting a busy holiday shopping weekend. In 2023, Amazon represented 18% of the worldwide Black Friday sales, with more than $170 billion in total holiday sales, according to an earnings report released earlier this year.
“Amazon’s relentless pursuit of profit comes at a cost to workers, the environment and democracy,” said Christy Hoffman, general secretary of UNI Global Union. “[Jeff] Bezos’ company has spent untold millions to stop workers from organizing, but the strikes and protests happening around the world show that workers’ desire for justice — for union representation — can’t be stopped. We stand united in demanding that Amazon treat its workers fairly, respect fundamental rights, and stop undermining the systems meant to protect us all.”
Amazon defended its treatment of workers in a statement to ABC News on Thursday.
“This group is being intentionally misleading and continues to promote a false narrative,” Amazon spokesperson Eileen Hards said. “The fact is at Amazon we provide great pay, great benefits, and great opportunities — all from day one. We’ve created more than 1.5 million jobs around the world, and counting, and we provide a modern, safe, and engaging workplace whether you work in an office or at one of our operations buildings.”
The company announced earlier this year a $2.2 billion investment to increase pay for fulfillment and transportation employees in the U.S. As a result, the average base wage for these employees is now more than $22 per hour and the average total compensation more than $29 per hour when the value of their elected benefits is factored in, according to the company.
Comprehensive benefits for these employees that begin on the first day of employment include health, vision and dental insurance; a 401(k) with 50% company match; up to 20 weeks paid leave, which includes 14 weeks of pregnancy-related disability leave and six weeks of parental leave; and Amazon’s Career Choice program, which prepays college tuition, according to Amazon.
An earlier statement to ABC News from Amazon stated: “While we’re always listening and looking at ways to improve, we remain proud of the competitive pay, comprehensive benefits and engaging, safe work experiences we provide our teams.”
Amazon workers have been outspoken in recent years about workers’ rights, especially as the 2020 COVID-19 pandemic increased the number of online orders. E-commerce sales in the U.S. increased by $244.2 billion — or 43% — in 2020, the first year of the pandemic, rising from $571.2 billion in 2019 to $815.4 billion in 2020, according to the Census Bureau’s Annual Retail Trade Survey.
In 2022, a worker-led independent group led the first-ever U.S. union at the company, unionizing a 6,000-employee Amazon warehouse in Staten Island, New York.
While subsequent attempts at facilities in Alabama and New York have failed, efforts have continued.
In June 2023, nearly 2,000 Amazon workers organized a walkout after a mandate to return to the office was issued. In Kentucky, Amazon employees who spoke to ABC News alleged that the company was leading a union-busting campaign to discourage employees from organizing.
Amazon told ABC News last year that the disciplinary action taken by the company at an Amazon facility in Kentucky came in response to infractions of company policy.
“Amazon squeezes everything that it can get, but it changes its behavior depending on its jurisdiction,” James Schneider, communications director for Progressive International, told ABC News this week. “Let’s say, in Sweden, it engages much better at how it operates with trade unions. But in the U.S., it engages in union busting.”
A 2022 report by the United Nations’ International Labour Organization found that post-pandemic inflation and the rising cost of living have been decreasing the value of minimum wage globally.
The rise of inflation has paved the way for collective action, experts say. (Starbucks was also part of the 2022 union resurgence.)
“Amazon is everywhere, but so are we. By uniting our movements across borders, we can not only force Amazon to change its ways but lay the foundations of a world that prioritizes human dignity, not Jeff Bezos’ bank balance,” said Varsha Gandikota-Nellutla, Progressive International’s co-general coordinator.
(NEW YORK) — Boeing will reduce the size of its total workforce by 10% over the coming months, CEO Kelly Ortberg said in a letter to employees on Friday.
That amounts to around 17,000 jobs, based on the company’s December 2023 total workforce numbers.
Ortberg said due to the workforce reductions, Boeing would not proceed with the next cycle of furloughs.
Ortberg also said the 777X program would be delayed until 2026, the 767 freighter program would end in 2027 and the company expects “substantial new losses” in Boeing Defense, Space & Security this quarter.
“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” said Ortberg. “Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.”
This is a developing story. Please check back for updates.
