TikTok has scored its largest fine to date

This is the published version of Forbes daily newsletteryou can sign up to get Forbes Daily in your inbox here.

Good morning,

It’s not just Taylor Swift’s blockbuster tour that’s breaking records. Some box office predictions for the opening weekend of Taylor Swift: Tour for the Agesthe film adaptation of the concert, has grossed $100 million, according to A.J Delivery time a report.

This would make it Highest-grossing musical film of all time At the local box office. The film won’t hit theaters until October 13, but it has already sold $65 million in advance tickets, putting it in the top four. Other top-grossing concert films include: Justin Bieber Never say no And Hannah Montana and Miley Cyrus: Best of both worlds party.

Breaking news

California sued Exxon Mobil, Shell, Chevron, ConocoPhillips and BP, accusing the companies of Lying about the climate impacts of their business practices And demanding serious financial damages. “California taxpayers should not foot the bill for billions of dollars in damage — wildfires wiping out entire communities, toxic smoke clogging our air, deadly heat waves, and record droughts drying up our wells,” California Gov. Gavin Newsom said in a statement. statement.

Business + Finance

Shares suffered their worst day since August after big technology losses after Adobe beat expectations in its quarterly earnings but forecast current-quarter sales in line with analysts’ expectations. The stock is showing a decline despite beating expectations “All AI bets are capped high.” Oanda analyst Edward Moya explained.

Grocery delivery startup Instacart dramatically raised the scope of its IPO on Friday, giving the company the implication… Its value ranges between $9.3 billion and $9.9 billion. The higher estimate came hours after the largest IPO in nearly two years, British chip designer ARM, delivered an exciting first trading session.

Former Wells Fargo CEO Cary Tolstedt was sentenced to three years in prison for fraud Covering up a large-scale fake accounts scandal at the bank, and avoid imprisonment for up to 16 months because she does not pose a danger to society. Wells Fargo has paid nearly $5 billion to settle multiple claims over its fake accounts scandal, according to Bloomberg.

Technology + innovation

Generative AI is fueling financial fraud, which may eventually happen Rendering state-of-the-art fraud prevention measures obsolete, such as voice authentication and even “live verifications” designed to match the image in real time to the recorded image. In 2022, consumers reported losing $8.8 billion to fraud, up more than 40% from 2021, the US Federal Trade Commission reports.

TikTok’s main regulatory body in the European Union fined the social media company $370 million over its handling of children’s data. The largest fine the company has faced to date. The Irish Data Protection Commission found that TikTok violated several parts of Europe’s landmark privacy law, the General Data Protection Regulation, in 2020, including articles related to the processing of young users’ data and so-called “dark patterns” or design decisions. That trick or manipulate users into taking certain actions in the app.

Money + politics

President Joe Biden spoke in solidarity with the striking United Auto Workers union in remarks from the White House on Friday, Flirt with your main work circle Which he sometimes criticized. “The bottom line is that auto workers helped create the middle class in America,” he said. “They deserve a contract that keeps them and the middle class.”

MORE: UAW President Sean Fine took issue with some of President Biden’s statements, particularly that “negotiations broke down.” Fine insisted that leadership at the companies and the UAW “are working hard at the negotiating table.” While largely enjoying the unambiguous support of unions, Biden has been treated with suspicion by the UAW Because of his outspoken support for electric cars, which the union fears will lead to fewer jobs.

Sports + entertainment

Drew Barrymore has backed away from plans to bring back her talk show amid a writers’ union strike that has lasted for several months Criticisms and sit-ins outside the studio. Barrymore said last Friday that she took responsibility for resuming production because “there are other people’s jobs at stake,” which echoed other talk show hosts who are still rerunning their shows during the strike, such as Real Time with Bill Maher.

Daily cover story

Musk’s electronic truck is about to arrive. But will anyone buy the “funny” car?

Top line Elon Musk’s powerful electric version of his pickup truck, the Cybertruck, is expected to go on sale in the coming weeks.

Tesla didn’t say how many people paid $100 to reserve one, though fans guess more than 1.5 million people have done so since its unveiling in November 2019. It’s not certain how well it will sell, but one thing is: Environmentalists hate that.

The fickle billionaire’s push into pickup trucks has less to do with environmental charity and more to do with the bottom line: work-oriented vehicles are the way to go. The largest and most profitable segment of the American automobile market. Americans bought about two million pickup trucks last year, selling for an average of $59,000.

The large amount of energy, aluminum and extracted materials needed to build the Cybertruck seems to go against Musk’s long-standing principles of climate conservation. While extracted battery materials eliminate exhaust emissions, their extraction does so Environmental damage and human costs.

Advocates have objected for decades to the auto industry’s shift from smaller cars to larger, more profitable pickups and SUVs, which have less stringent government fuel economy requirements.

Nick Molden, CEO and founder of Emissions Analytics, an independent automotive research firm based in the UK, said the Cybertruck could potentially cut its carbon emissions by about 50% over its lifetime, assuming the buyer replaces a similar-sized petrol truck. The owner uses it less frequently than a gasoline truck, “and that would undermine the climate benefit because the manufacturing emissions of making a Cybertruck would be extinguished over so few miles,” he said.

Tesla’s fan base may be enthusiastic, but overall consumer interest in the Cybertruck suggests it faces headwinds. They have received the lowest level of interest among consumers interested in purchasing electric pickup trucks, according to a Cox Automotive survey conducted in August. The Ford F-150 Lightning topped the poll, followed by the Dodge Ram EV, Chevrolet’s Silverado electric vehicle, and the Rivian pickup truck.

why does it matter “The Cybertruck is the first addition to Tesla’s lineup since the debut of the best-selling Model Y crossover in early 2020,” he says. Forbes Senior Editor Alan Unsman. “How well it will sell remains a mystery, especially since the company has not yet released basic details, including even its price.”

more $3 billion Monster Truck project to electrify commercial vehicles

Facts and comments

Planet Fitness, one of the largest gym chains in the US, has seen its stock price fall after the board He suddenly ousted the company’s CEO, Chris Rondeau:

15%: Planet Fitness’s stock price fell in early trading Friday, its lowest level since August 2020

18.4 million: Number of Planet Fitness members worldwide, in 2,472 locations

Nearly 30: The number of years Rondo has worked at Planet Fitness, working his way up from the front desk at the gym’s first location

Strategy and success

At any point in the hiring process, it’s hard to hear this scary phrase: “You’re overqualified.” Here are five common reasons you might hear this from a potential employer, including not being able to meet your salary requirements, thinking you’re too short-term focused or unable to adapt, or they simply don’t know how to turn you down.

a test

S&P Global Ratings downgraded the shoe store chain’s credit rating on Friday. News follows Which retailer shares fell After it announced a decline in sales and profits and lowered its expectations for this year?

a. Shoe carnival

B. New balance

C. Foot Locker

Dr.. Nike

Check your answer.

Via the newsroom

• Get a weekly summary of the most important headlines and exclusive news in the field of cybersecurity, online privacy and surveillance with our newsletter. Eavesdropping. Click here to register.

Thanks for reading! Follow us on Twitter Get accurate updates on the latest business and financial news throughout the day.