Major U.S. airlines are capping fare prices in the wake of Southwest’s cancellations. United Airlines, Delta Airlines, and American Airlines are capping the price of their flights in some cities following increased demand after Southwest canceled thousands of flights this week. More: - Delta placed a price cap on flights through Jan. 2 in all markets where Southwest operates.
- United said it was capping fares in select cities to help as many customers as possible.
- American Airlines tweeted saying they were doing their part to help get people where they need to be.
- Frontier and Spirit also modified their fare prices to help cover increased demand.
- Southwest has canceled about 11,000 flights since Thursday.
- The airline said it is working with affected travelers to process refunds and assist with detours.
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Hundreds of crypto customers are seeking to sell their assets stuck in collapsed firms to avoid dealing with bankruptcy uncertainties. Customers with funds in FTX, Celsius Network, and Voyager Digital are selling their assets stuck on these platforms for pennies on the dollar, incurring huge losses on their investments. More: - Cherokee Acquisition, a bankruptcy claims broker and buyer, said customers and creditors holding about $1B in FTX claims and $100M in Celsius claims have expressed interest in selling them.
- Xclaim, a bankruptcy claims trading platform, said nearly 500 FTX, Celsius, and Voyager customers have posted claims valued at about $126M for sale on its platform.
- FTX customers have listed about $91.7M in claims.
- According to Xclaim, about two-thirds of FTX claims came from creditors based in China, Hong Kong, and Taiwan.
- Firms buying these claims include hedge funds and distresses-debt investors like Contrarian Capital Management, Invictus Global Management, and digital-asset investment firm NovaWulf Digital Management.
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China’s videogame regulator, the National Press and Publication Administration (NPPA), has resumed approvals for foreign videogames. The NPPA said it approved 44 imported titles earlier this month, including the multiplayer game “Pokémon Unite,” which was co-developed by Japan’s Pokémon Co. and China’s Tencent Holdings. More: - The NAPPA halted approvals in June 2021 and resumed the licensing process in April.
- The regulator also approved Riot Games’ first-person shooter game “Valorant.”
- The NAPPA has also granted licenses to 84 domestic games, including Tencent’s third-person shooter “Synced: Off-Planet.”
- The NAPPA has approved more than 500 videogames this year.
- China is the world’s largest mobile-game market.
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ExxonMobil is suing the EU to get the bloc to cancel its new windfall tax levied on oil companies. Exxon claims the EU exceeded its legal authority by imposing the tax. The European Commission estimates it would generate €25B ($26.6B) income from the tax to help with rising energy costs. More: - Exxon filed the lawsuit through its German and Dutch subsidiaries at the European General Court in Luxembourg City.
- Exxon is challenging the EU’s legal authority to impose the new tax and the Commission’s use of emergency powers to secure member states’ approval for the levy.
- An Exxon spokesperson said the measure though aimed at lowering energy costs, was counterproductive and would undermine investor confidence and discourage investment.
- The European General Court will decide whether to rule on Exxon’s lawsuit.
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Twitter rival Mastodon has rejected multiple investment offers from VCs to protect its non-profit status. Mastodon was founded in 2016 as an open-source microblogging site by German software developer Eugen Rochko. More: - The platform has seen a surge in users in recent months following Elon Musk’s takeover of Twitter.
- Rochko said he had received offers from more than five U.S.-based investors looking to invest hundreds of thousands of dollars into the platform.
- Rochko noted that Mastodon’s non-profit status was untouchable, and the platform’s independence and moderation style across its servers made it attractive to many users.
- Between October and November, Mastodon users jumped from 300,000 to over 2.5 million.
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The FDA approved TG Therapeutics' multiple sclerosis treatment drug, Briumvi. Briumvi is a monoclonal antibody for treating patients with relapsing forms of multiple sclerosis. On news of the approval, TG Therapeutics shares jumped more than 40% during afternoon trading on Wednesday. More: - The approval of TG Therapeutics' drug brings the number of treatment options for multiple sclerosis in the U.S. to three.
- TG Therapeutics plans to release the medication in Q1, 2023; the company did not disclose any pricing information.
- Jefferies analyst Chris Howerton expects TG Therapeutics to price the drug around $30,000 per patient annually.
- Rival multiple sclerosis treatment drug Ocrevus, which Roche developed, has a list price of $68,000 per year.
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- "Avatar: The Way of Water" has made over $1B in global ticket sales in its first couple weeks of release. The sequel has made $317M in domestic sales and $712M in international sales.
- Crypto exchange Kraken is shutting down its operations in Japan in January. Last month the firm laid off 30% of its workforce, or about 1,100 people.
- The U.S. will require airline travelers from China to show a negative COVID-19 test. The requirement will go into effect on Jan. 5. The negative test requirement also applies to travelers coming from Hong Kong and Macau.
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Upcoming Events - January 05 - AMA with Gun.io - Building and managing software development teams w/ Deividi Silva (Watch On Demand)
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 |  | Vanessa Omeokachie is a writer for Inside.com; she writes the daily Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, traveling, and exploring. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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