Looking back at some of the best (and worst) business moves of 2022

While it’s going to take a lot to beat the dumpster fire that was 2020, there aren’t that many people jostling their way through the crowd to lionize 2022.

True, we didn’t have the shocking testimony of a Facebook whistleblower like last year or the discrimination and harassment accusations at Activision, but we did have Elon Musk, who spent the year baffling everyone with a panoply of actions, the collapse of crypto, and a seemingly endless string of layoffs at major tech firms.

Of course, it wasn’t all bad. In 2022, we also saw some businesses leading the way in addressing a humanitarian crisis, climate change, and more.

For better—and for worse—here’s a look back at the year that was.

The good

Patagonia makes Earth its only shareholder

Saying your company is pro-environment is one thing. But Patagonia founder Yvon Chouinard backed that up like no other executive in September, when he and his family transferred all ownership of the company to a pair of entities created to give a legal structure to the company’s nature-loving values. At the heart of the move: Every dollar of profit that’s not reinvested in the company (an estimated $100 million per year) will be used to fund grassroots environmental organizations, invest in businesses and support political candidates that all work to protect nature and biodiversity, and fight the climate crisis.

“If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have,” Chouinard wrote. “As the business leader I never wanted to be, I am doing my part. . . . We’re making Earth our only shareholder.”

Airbnb houses Ukraine refugees

To date, Russia’s invasion of Ukraine has resulted in 7.8 million refugees from that country across Europe, according to the United Nations Refugee Agency. That’s a lot of people desperate for somewhere to protect them from the elements. Airbnb quickly stepped in, providing free, temporary housing to more than 100,000 refugees, including more than 1,100 in the U.S. The company is working with its hosts, who are donating their rooms or houses (or, in some cases, donations) to help house the people.

Disney brings back Bob Iger

The return of Iger to the role he walked away from three years ago was arguably the most stunning business moment of the year and set Hollywood (and Wall Street) abuzz. His predecessor Bob Chapek had managed to alienate everyone from high-level company insiders to park guests to talent. Disney—and the entertainment industry, in general—is at a crossroads these days, and Iger brings a sense of confidence back to the company. It’s only for a two-year stint, but that gives Iger time to right some of the perceived wrongs at Disney and set up a successor who is more in tune with the company and its customers.

Movie theaters team up for National Cinema Day

After COVID, people were hesitant to return to the movie theater. But this ingenious promotion involving the major film studios and movie theater chains like AMC and Regal Cinemas, lured them back. It let people see a movie (even in Imax) for just $3 (a price unseen since 1982) . Although the industry continues to struggle, the stunt helped overcome any remaining stigma—and (with a little help from Top Gun: Maverick) has put theater chains back in the middle of the pop culture conversation a lot more effectively than those creepy ads with Nicole Kidman ever could.

Mark Cuban launches a low-cost online pharmacy

Mark Cuban’s latest business venture is one that could do some widespread good. In January, the entrepreneur launched Cost Plus Drugs, an online pharmacy that offers discounted prices on over 100 common medications, including commonly prescribed ones for high cholesterol and blood pressure. The online pharmacy launched under stealth in 2018, but began widespread operations this year. The idea was sparked after “pharma bro” Martin Shkreli infamously raised the price of a life-saving drug by 5,000%, becoming a lightning rod for consumer ire about drug prices.

The bad

Elon Musk buys, then trashes Twitter

It has been hard for Twitter users to keep up with all the changes Musk has made in his short time as owner of the social media company he paid $44 billion for. His paid verification plan resulted in a flood of fake accounts. Conspiracy theories and hate speech have exploded, in some cases pushed by Musk himself. He has reportedly stopped paying rent on the headquarters building. The vast majority of the workers are gone. Permabans have largely been undone, only to be replaced by a chaotic banning system, seemingly overseen by Musk himself. And the Trust and Safety Council, which addressed hate speech, harassment, child exploitation, suicide, self-harm and other problems on the platform has been disbanded.

Sam Bankman-Fried blows up FTX

The collapse of what was once considered one of the most stable crypto exchanges has been dubbed “one of the biggest frauds in American history,” by federal prosecutors. Founder Sam Bankman-Fried is under arrest and facing both civil and criminal charges. The SEC alleges he there was no “meaningful distinction” between FTX customer funds and those in Alameda Research, the crypto hedge fund he also founded and he used the funds in those “as his personal piggy bank to buy luxury condominiums, support political campaigns, and make private investments.” Bitcoin and other digital tokens were already in the midst of a crypto winter, with prices plunging and confidence withering. The fall of FTX may extend that freeze into a permafrost.

Corporate America stays silent on abortion

When George Floyd was murdered, companies were quick to react, pledging to change hiring practices and do more to support under-represented workers. But as it became obvious the Supreme court would overturn Roe v. Wade and several states passed strict laws on women’s rights, many businesses stayed silent.

Abortion, of course, is a much more controversial topic than violence, with clear sides. So, PR advisors urged big companies, like Starbucks, Coca-Cola and others, to keep quiet and ignore media inquiries, to avoid angering part of their customer base. But in doing so, they failed to recognize that reproductive health is a workplace issue, since health insurance is tied to employment. Ultimately, many large companies did pledge to offer coverage for travel costs for employees seeking abortions out of state. But it took much, much too long.

Meta risks it all on the metaverse

Mark Zuckerberg loves the metaverse. The rest of the world? Not so much. But despite a tepid response, and more than a little mocking by the Internet, Meta’s CEO has poured more than $15 billion into the company’s metaverse project, roughly $45 for every person in the United States. Analysts and allies alike have pleaded with him to pull back, as the company’s value has plunged by more than $600 billion in a little over a year and lost its place among the largest 20 companies in the world. He hasn’t—and he’s showing no signs that he plans to.

“I think that those who are patient and invest with us will end up being rewarded,” he said in a recent earnings call.

Disney bungles its response to the Don’t Say Gay bill

Part of the reason Bob Iger got his old job back was the way Chapek fumbled the political football that was Florida’s “Don’t Say Gay” legislation. First, he said nothing, causing unprecedented outrage among Disney staffers, leading up to a threatened walkout. When he did speak out in opposition of the bill, he did so in a manner that evoked furious anger from Fla. Governor Ron DeSantis, who orchestrated the revocation of a designation that allowed Disney to establish its own government for the Magic Kingdom, Epcot and other Disney theme parks in Orlando, letting it control its own emergency services, infrastructure, and construction permitting. It was a corporate stumble that will likely be a classroom lesson in poor leadership in years to come.