Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Trevor Milton, the founder of Nikola, has been sentenced to four years in prison for defrauding investors in the electric and hydrogen-powered truck company. In addition to the prison term, he faces a $1 million fine and possible property forfeiture. This sentence is less than the 11 years sought by prosecutors but far exceeds the probation suggested by Milton's defence. Milton, convicted of two counts of wire fraud and one count of securities fraud in October 2022, has shown little remorse and has been criticized for not accepting responsibility. Despite the significant prison term, he remains free on bail pending appeal.

2. Apple has announced it will stop selling specific Apple Watch models in the U.S., specifically the Apple Watch Series 9 and Apple Watch Ultra 2, both online and in stores after December 24. This action is a preemptive response to a patent dispute with medical device company Masimo related to these smartwatches' blood oxygen monitoring feature. The US International Trade Commission ruled in October that Apple infringed on Masimo's pulse oximeter patent, and the matter now awaits President Biden's final decision. This dispute challenges Apple's marketing of its smartwatches as life-saving devices and could impact the product's reputation.

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4. Headlines

   1. Google will pay $700M in antitrust case settlement.

   2. Biden commits $21B to upgrade US ports.

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