FTC Wants to Break Facebook

The Federal Trade Commission (FTC) accused Meta (formerly Facebook) of hiding information during its Instagram and WhatsApp acquisitions.

The FTC now seeks to unwind these deals, although Meta argues there's no consumer harm and wants the case dismissed.

Meta acquired Instagram in 2012 and WhatsApp in 2014.The FTC cleared these deals but now claims Facebook withheld key documents.

Meanwhile, Italian antitrust authorities fined Meta €35 million for failing to inform Instagram users that their data would be used commercially.

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Texas Stock Exchange is Here

TXSE Group, supported by BlackRock and Citadel Securities, plans to launch the Texas Stock Exchange in Dallas.

The new exchange aims to challenge the dominance of New York's NYSE and Nasdaq by attracting global companies. TXSE has raised $120 million and will file for SEC registration this year.

James Lee, CEO of TXSE, believes the new exchange will create competition around quote activity, liquidity, and transparency.

TXSE is set to launch in early 2025.

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MDMA Therapy for PTSD Hits Roadblocks

An FDA panel voted against MDMA-assisted therapy due to concerns over its effectiveness and potential risks.

The decision casts doubt on the future of psychedelic treatments for PTSD in the US. The FDA often follows its panel’s advice, indicating likely rejection.
A clinical trial showed MDMA could reduce PTSD symptoms, but experts raised concerns about cardiovascular risks and study design flaws. FDA's final decision is expected by August.

Shares for psychedelic medicine companies dropped after the vote. This decision impacts companies like MindMed, Atai Life Sciences, Cybin, Compass Pathways, and others.

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Air Taxis Get FAA Approval

Archer Aviation received Part 135 Certification from the US Federal Aviation Administration (FAA). This allows them to start commercial operations with their electric air taxis.

Archer's flagship aircraft "Midnight" still needs Type Certification for design and safety standards. They plan to use conventional aircraft initially to refine operations.

Stellantis, Boeing, and United Airlines are backing Archer. They’ve also signed deals in Korea and the UAE, and are building a manufacturing facility in Georgia.

With the FAA approval, Archer is closer to launching one of the world’s first electric air taxi services.

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