CNBC After Hours
CNBC After Hours

Zuckerberg defends Facebook from Trump's social media crackdown and everything else you missed in business news: CNBC After Hours

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Mark Zuckerberg defends Facebook from Trump's social media crackdown, and...

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines, and what to watch as the coronavirus pandemic continues to keep most of America on lockdown. On today's show, Mark Zuckerberg tells CNBC why Facebook is not an "arbiter of truth," and why political speech should be protected. Plus, CNBC's Robert Frank reveals what he learned from surveying the money habits of America's millionaires.

Here's what you missed: 

Trump targets social media companies with executive order after Twitter fact-checks his tweets

President Donald Trump on Thursday signed an executive order cracking down on "censorship" by social media sites, a move widely seen by critics as retaliation against Twitter's decision to slap fact-checking labels on the president's tweets.

The executive order targets companies granted liability protections through Section 230 of the Communications Decency Act. Without congressional action, however, there are limits to what Trump can do with the executive order. The president said Thursday that he would indeed pursue legislation in addition to the order.

Millionaires bet that stocks will take at least another year to recover

Millionaire investors are betting that stocks will take at least a year to regain their previous highs, according to the CNBC Millionaire Survey.

Despite the continued surge in the stock market since its March lows, millionaire investors remain skeptical of the market's V-shaped recovery. A majority of millionaires surveyed said the S&P 500 will end the year down, according to the semi-annual survey, which polls 750 investors with $1 million or more in investible assets. More than a third said the market will end the year down 10% or more.

American Airlines plans 30% reduction of management, administrative staff

American Airlines is planning to cut 30% of its management and support staff, a reduction of about 5,000 jobs, because of the toll coronavirus is taking on the business, the company told employees Wednesday.

The airline also started offering buyouts to these employees and said it plans to offer new voluntary leave and buyouts for frontline staff, such as flight attendants, next month, according to a company memo that was viewed by CNBC.