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Walmart stops advertising on X / Pfizer ends development of weight loss pill / Boeing eliminated from 'Doomsday' plane competition

Plus: Streaming stocks surge as Apple and Paramount hint at partnership

Inside Business

For December 02, 2023

These are today's top Business stories:

💵 Walmart has stopped advertising on X as the revenue crisis continues to get worse for Elon Musk's company.
💊 Pfizer will no longer produce its weight loss pill due to many reported side effects.
✈️ Boeing has been eliminated from the competition to build a "doomsday" plane for the U.S. government.

Arbër
p/Arber

Walmart has confirmed that it has stopped advertising on X because it has "found better platforms to reach its customers." The announcement comes as Elon Musk publically lashed out at Disney CEO Bob Iger.

More:

During the New York Times' DealBook event on Wednesday, Tesla CEO and X owner Elon Musk said that advertisers who have left X "can go f*** themselves" for trying to "blackmail" him through their advertising money, then called out Disney CEO Bob Iger by name.
Musk added that he is well aware that X may go bankrupt as a result of the boycott from major advertisers but said that he believes the public would join him in blaming the advertisers.
X could lose as much as $75M in advertising revenue due to a boycott from companies such as Airbnb, Coca-Cola, Disney, IBM, and Microsoft.
- This boycott began earlier this month when MediaMatters published a story that X would place ads for these companies next to antisemitic material.
- Musk said that MediaMatters manipulated the algorithm to get its desired result and vowed to sue the organization.
Musk's vulgar statement galvanized some of his supporters online, who made calls to boycott Disney+, which has nearly 150 million users.

The story: Pfizer has announced it will stop the development of its twice-daily weight loss pill due to side effects. The company still plans to release a once-daily pill in 2024.

More details: Pfizer's pill had been in a phase two trial. The pill was tested by 600 obese adults who did not have Type 2 diabetes in 26-week and 32-week periods. Patients who took the pill twice a day lost 6.9% to 11.7% of their body weight on average at 32 weeks and from 4.8% to 9.4% at 26 weeks. Meanwhile, patients undergoing a placebo therapy gained 1.4% of their body weight at 32 weeks and 0.17% at 26 weeks. But Pfizer claims that up to 73% of the patients experienced nausea, with up to 47% vomiting and up to 25% experiencing diarrhea. Pfizer stated that it aims to publish its data on a trial regarding a once-daily pill in H1 2024.

What the numbers say: The global obesity treatment therapy market is set to grow at 18% CAGR until 2030. This market, valued at $11B in 2022, will reach $18B in 2025 and skyrocket to $21B by 2030. Pfizer will look to grab its market share, as Ozempic maker Novo Nordisk has seen its market cap reach over $400B due to the popularity of its therapy.

Boeing has been eliminated from the competition to build a nuclear warplane for the U.S. government. Sierra Nevada Corp is now the only company publicly known to be left in the competition.

More:

The two sides could not reach a deal to build the successor of the E-4B Nightwatch because Boeing allegedly refused to sign a fixed-price agreement that would have made the company unable to go beyond a certain threshold in terms of costs.
- Boeing's defense unit has lost $1.3B on fixed-price development programs this year and $16.3B since 2014.
The plane would be used for a "Doomsday" and would have to be able to be operational during a nuclear attack.
The Air Force currently operates four E-4B aircraft manufactured by Boeing, with at least one on alert at all times.
Due to their age, many parts are now going obsolete, while the entire fleet is expected to be replaced by 2030. This fleet has planes used since the 1970s.

Streaming stocks have surged as Apple and Paramount hinted at a potential partnership. The duo could bundle their services in a plan cheaper than each cost separately.

More:

Paramount's stock price rose almost 10% on Friday, while Warner Bros. surged 8%.
- Paramount's stock price this year has fallen by 6%, while Warner Bros. has seen its share price surge by 19% on a yearly basis.
Earlier this year, Netflix and Max announced a new deal with Verizon to bundle their services at $10 a month, almost half what the services would cost separately.
These bundling offers could help companies reduce cancellations from consumers, according to industry experts. This is because viewers feel less likely to follow through with a cancellation if they feel that they will miss out on what is twice as much content as they previously had.

Southwest Airlines is close to reaching a new deal with its pilots union. The agreement will see a pay increase for 11,000 workers.

More:

In addition to pay, workers have also made demands regarding retirement benefits.
If a preliminary agreement is approved by the Southwest pilots union board in the coming weeks, it would then go to the pilots for a ratification vote.
Southwest reached an agreement with its flight attendants union earlier this fall that includes 36% pay increases for cabin crew members, while Delta Air Lines, United Airlines, and American Airlines have all implemented changes in pay and benefits with their workers.

Amazon has bought three rocket launches from SpaceX for its satellite internet project. The decision surprised industry experts since the two are competitors.

More:

Amazon owns a company named Project Kuiper, with the mission of providing internet connection for people around the world by launching satellites.
This business is a direct competitor of Starlink, SpaceX's subsidiary, which provides the same service.
Starlink provides coverage in 60 countries and has over 2 million subscribers as of September 2023.
The business generated $1.4B in 2022, generating a small profit at the beginning of 2023.

Quick Hits:

Competitors are killing your efficiency. Read how Greenhouse gained $85mil in revenue from reps who used Klue over non-Klue users.*
U.S. regulators are launching an investigation into 73,000 Chevrolet Volt plug-in hybrid cars over a number of reported technical failures.
Johnson & Johnson Medtech has acquired medical device manufacturer Laminar for $400M.
Ireland's Minister of Public Expenditure could bid to become the next head of the International Monetary Fund.

*This is sponsored content.

Arbër Musliu

Writer

Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime.

This newsletter was edited by Aaron Crutchfield

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