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Here’s what you need to know
The FDA declared the Ozempic shortage over. The news is a big threat to off-brand weight-loss drug sellers.
Nvidia CEO isn’t worried about DeepSeek. Ahead of earnings, Nvidia CEO Jensen Huang said the Chinese AI startup will lead to even more demand for computing power.
Target is hit with another DEI lawsuit. This time the state of Florida is suing the retailer for downplaying to shareholders risks associated with a boycott sparked by the company’s Pride collection in 2023.
Coinbase scored a big legal win. The SEC dismissed a lawsuit accusing the crypto exchange of selling unregistered securities.
The DOJ launched a new probe into UnitedHealth. The civil fraud investigation is looking into the company’s Medicare Advantage billing practices.
Elon Musk’s DOGE targets FDA and NHTSA. Federal agencies regulating Musk company’s Tesla, Neuralink, SpaceX, and X have all been impacted by DOGE.
The Dow sinks 750 points
U.S. stocks took a hit on Friday after a string of bleak economic reports rattled investors. Consumer confidence dropped to its lowest level since November 2023, while long-term inflation expectations hit their highest mark since 1995. The services purchasing managers’ index slipped into contraction, and January home sales fell more than expected.
As the day ended, the Dow Jones Industrial Index plunged by 748 points, or 1.6%. Adding to the negative sentiment: UnitedHealth fell almost 7% on news of a Justice Department investigation.
How much did other major indices fall on Friday? Quartz’s Vinamrata Chaturvedi breaks it down.
Meta execs set for big bonuses
Meta execs could be getting big bonuses as employee headcount is being slashed.
The company has revamped its executive bonus plan, significantly boosting target payouts. According to an SEC filing, the target bonus percentage for executive officers jumped from 75% to 200% of their base salary. The change, which takes effect this year, notably excludes CEO Mark Zuckerberg.
Meanwhile, the tech giant has begun layoffs after informing managers in January of plans to cut 5% of its workforce, with a focus on low-performing employees.
Why did Meta boost its executive bonus plan? Quartz’s Britney Nguyen has the details.
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