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Strategy CEO: Bitcoin would need to crash to 8,000 and stay years before balance-sheet risk
23 days ago•Source: The Block
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2.575 min•1 year ago
GSK Shares Plunge 9% as Delaware Court Allows 70,000 Zantac Lawsuits
GSK shares plummeted over 9% after a Delaware judge allowed more than 70,000 lawsuits alleging that the discontinued heartburn drug Zantac caused cancer to proceed. The ruling, which GSK plans to appeal, has significantly impacted the company's market value, wiping out nearly 7 billion pounds. Analysts predict the potential liability could exceed initial market assumptions of $2 billion to $3 billion. The decision follows a recent jury verdict in Chicago that favored GSK, rejecting claims that Zantac caused colon cancer.
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"Warren Buffett Reflects on Berkshire's Performance and Charlie Munger's Legacy"
Warren Buffett reassures investors about Berkshire Hathaway's long-term prospects while mourning the passing of Charlie Munger, emphasizing the company's resilience and caution in the face of market excess. Buffett downplays expectations for "eye-popping" performance due to Berkshire's immense size and limited opportunities for significant growth. The annual letter also highlights the record financial results for 2023 and the readiness of Greg Abel as Buffett's successor. Munger's significant influence on Berkshire's success is acknowledged, and the letter underscores the company's ability to withstand economic challenges and stick to its core businesses.
Walmart sued for firing employee with Crohn's disease.
The U.S. Equal Employment Opportunity Commission (EEOC) has sued Walmart for illegally firing a North Carolina deli worker with Crohn's disease. The EEOC accused Walmart of violating the Americans with Disabilities Act by dismissing Adrian Tucker in April 2017 because her nine "unauthorized" absences in the prior six months, including a hospitalization and a visit to the emergency room, violated its "attendance and punctuality policy." The lawsuit seeks back pay and punitive damages for Tucker, and an end to similar future discrimination. Walmart said it was reviewing the complaint.
Rivian moves staff to Illinois plant for faster EV production.
Rivian is relocating parts of its manufacturing engineering team to Illinois to accelerate production of its R1T electric pickup trucks and R1S SUVs. The reorganization would mean those working on manufacturing engineering would be asked to relocate to central Illinois or its headquarters in Irvine, California. Rivian has been losing money on every vehicle it builds and narrowly missed its annual production target of 25,000 units last year.
Amgen announces second round of layoffs, cutting 450 jobs.
Amgen is set to cut 450 jobs, less than 2% of its workforce, in its second round of layoffs this year due to intensifying pressure on drug prices and high inflation. The healthcare industry is feeling the impact of rapidly increasing interest rates. The company had about 25,200 staff members in more than 50 countries as of Dec. 31, 2022.