🚀 States Sue TikTok

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. A bipartisan group of state attorneys general, including from D.C., New York, and California, has filed lawsuits against TikTok, accusing the platform of harming children through its addictive design and operating an unlicensed virtual currency system. D.C. Attorney General Brian Schwalb labeled TikTok "digital nicotine," claiming it intentionally targets teens, leading to mental health issues. The lawsuits coincide with ongoing legal challenges regarding a federal law that could ban TikTok unless its Chinese parent company, ByteDance, sells to a non-Chinese buyer.

2. Hindenburg Research revealed a short position in Roblox, accusing the company of inflating key metrics, including daily active users (DAUs) by counting bots and alternate accounts. Roblox's stock dropped 9.2% after the claims. Hindenburg also alleged the company overstated engagement hours by over 100%. Roblox rejected these claims, calling them misleading and emphasizing its financial transparency. The accusations come as Roblox benefits from strong in-game spending and had reported 79.5 million DAUs for the second quarter of 2023.

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4. Headlines

   1. Hurricane Milton is estimated to cause $175B in damages.

   2. PepsiCo has reduced it’s revenue projections claiming that snacking in North America has reduced.

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