Podcast Summary
Apple Settles Lawsuit Over Gift Card Scams: Apple reportedly settled a lawsuit over allegations of allowing scammers to exploit gift cards, keeping 30% of stolen funds as commission. TikTok aims to boost US, Latin American sales to $17.5B in 2024, expanding e-commerce feature TikTok Shop.
Apple has reportedly settled a lawsuit over allegations that the company knowingly allowed scammers to exploit its gift cards and keep a portion of the stolen funds for itself. The lawsuit, which covered anyone in the US who bought Apple gift cards and shared codes with scammers between 2015 and 2020, claimed that Apple deposited about 70% of the stolen funds into the scammers' accounts and kept about 30% as commission. The issue involved scammers who convinced victims to buy App Store and iTunes gift cards to pay for various expenses and then shared the codes with them. Apple denied the allegations and had previously tried to dismiss the lawsuit, but a judge denied that request in June 2022. Meanwhile, TikTok is aiming to significantly increase its merchandise volume in the US and Latin America, with a goal of reaching up to $17.5 billion in sales in 2024. The majority of TikTok's revenues currently come from Southeast Asia, but the company is looking to expand its sales in other regions. TikTok Shop, one of the platform's fastest-growing features, is a key part of this strategy. In a recent deal, TikTok bought a 75% stake in GoTo Group's Tokopedia e-commerce division in Indonesia for $1.5 billion. These developments highlight the importance of companies taking steps to prevent fraud and protect their customers, as well as the growing potential of e-commerce platforms like TikTok to challenge traditional retail giants like Amazon.
CVS removes Humira from formularies, supports biosimilars instead: CVS Health is removing AbbVie's Humira from its major national commercial formularies and will cover biosimilars instead. CVS has launched its own biosimilar unit, Cordovis, and AbbVie has agreed to supply a committed volume of Humira co-branded with Cordovis.
CVS Health is removing AbbVie's Humira from its major national commercial formularies as of April 1st and will cover biosimilars instead. CVS has launched its own biosimilar unit, Cordovis, and AbbVie has agreed to supply a committed volume of Humira co-branded with Cordovis. In other news, Standard Bio Tools and Somologic shareholders are voting on their merger, which has faced opposition. The Nasdaq led the major indices lower on Wednesday, with the 10-year treasury yield dipping to 3.9%. This morning, Dow, S&P 500, and Nasdaq futures are up, along with crude oil and Bitcoin. Pre-market, fuboTV is up following a new distribution agreement with Nexstar Media. Economic reports including the ADP jobs report and initial jobless claims are on today's calendar.
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