Spotify Founder Steps Down (And Ford Predicts EV Demand Will Collapse)
President Trump announces a deal with Pfizer to cut drug prices in exchange for tariff relief, sending shares up nearly 7%. Nike beats Wall Street expectations but warns of weak holiday sales ahead. More companies, including Spotify, embrace the co-CEO model, splitting top leadership roles. Ford CEO Jim Farley predicts EV demand could drop by half once federal tax credits expire. Spotify founder Daniel Ek steps down as CEO, moving to executive chairman. Wolfspeed shares surge 30% after emerging from bankruptcy with a cleaner balance sheet. Samsung and SK Hynix sign on to OpenAI’s massive Stargate project, supplying memory chips for future AI data centers. And Exxon Mobil announces 2,000 job cuts as falling oil prices pressure the industry.
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