FTX founder Sam Bankman-Fried acknowledges in court that customers were hurt but denies fraud

SAN FRANCISCO – One year ago, billionaire Elon Musk walked into Twitter's San Francisco headquarters with a white bathroom sink and a grin, fired its CEO and other top executives and began transforming the social media platform into what is now known as X. X looks and feels something like Twitter, but the more time you spend on it the clearer it becomes that it's merely an approximation. Musk has dismantled many core features of Twitter, but what X will become, and whether Musk can achieve his ambition of turning it into an "everything app" that everyone uses, remains unclear.NEW YORK – FTX founder Sam Bankman-Fried began testifying at his fraud trial, saying the innovative business he had hoped would move the cryptocurrency ecosystem forward ended up hurting customers instead.

The onetime cryptocurrency golden boy lost his businesses and his reputation as a pioneering entrepreneur when a rush of customers withdrew their money last year, exposing that billions of dollars were missing.

His much-anticipated testimony Friday became the centerpiece of a defense that insists Bankman-Fried had no criminal intent as he took actions that prosecutors say were directly to blame for the collapse last November of Bankman-Fried's businesses.

Twitter takeover: 1 year later, X struggles with misinformation, advertising and usage declineSAN FRANCISCO – One year ago, billionaire Elon Musk walked into Twitter's San Francisco headquarters with a white bathroom sink and a grin, fired its CEO and other top executives and began transforming the social media platform into what is now known as X. X looks and feels something like Twitter, but the more time you spend on it the clearer it becomes that it's merely an approximation. Musk has dismantled many core features of Twitter, but what X will become, and whether Musk can achieve his ambition of turning it into an "everything app" that everyone uses, remains unclear.

Expenses worry many Americans

About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period.

That's according to a new poll from The Associated Press-NORC Center for Public Affairs Research.

As household expenses outpace earnings, many are expressing concern about their financial futures. What's more, for most Americans, household debt is rising or not going away.

About half say they currently have credit card debt, 4 in 10 are dealing with auto loans, and about one in four have medical debt. Just 15% say their household savings have increased over the last year.

Another first for JPMorgan CEO

JPMorgan Chairman and CEO Jamie Dimon and his family are planning to sell 1 million shares of the bank starting next year, according to a regulatory filing.

This is Dimon's first such stock sale since he began his tenure with JPMorgan, the filing with the Securities and Exchange Commission said.

Dimon and his family currently hold about 8.6 million shares of the bank.

GM suspends robotaxi service

General Motors' Cruise says its suspending its driverless operations nationwide as the robotaxi service works to rebuild public trust.

The announcement arrives just days after California regulators revoked Cruise's license – after determining that its driverless cars, which recently began transporting passengers throughout San Francisco, posed dangers to public safety.

U.S. regulators have also been investigating Cruise's operations, after receiving incident reports that suggested risks to pedestrian and passenger safety. The choice to suspend its driverless services isn't related to any new on-road incidents, Cruise says.