Under scrutiny, probes and regulations targeting e-cigarettes spreadPosted: Updated:
Here's a look at your top business and tech headlines from Cheddar on News 12:
New York followed Michigan this week in signing an emergency order to ban flavored vape products from the market. Congress warned market-leader Juul that it risks a subpoena as an investigation into its marketing practices continues. The investigations are also hitting Altria, an investor in Juul. The tobacco giant is seeing its shares down nearly 20 percent this year. Meanwhile, the worldwide crackdown on continues with broadcasters yanking ads, and places like China and India restricting or outright banning e-cigarettes.
The We Comany shelved its IPO after criticism of its corporate governance and business model -- an embarrassing setback for the high-flying startup. It had been expected to produce one of the largest public offerings in years. CEO Adam Neumann says the IPO's collapse has left him "humbled," but says the company has a major incentive to go public in the next two months -- a $6 billion line of credit is contingent on the IPO.
And Facebook CEO Mark Zuckerberg made his first public trip to Capitol Hill since last year. He didn't hold any public events, instead spending the two days shuttling between meetings -- including a one-one-one with President Donald Trump in the oval office. He also had dinner with senators to discuss securing the 2020 election. And Zuckerberg met face to face with skeptics, including Sen. Josh Hawley (R-Missouri), who asked the CEO to sell off WhatsApp and Instagram. Zuckerberg declined.