Thursday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.

Wall Street Journal: Abbott whistleblower complaint came earlier than known

Abbott received a former employee’s warnings on problems with its baby formula plant earlier than previously known.

A “Wall Street Journal” exclusive report says in February 2021, a former employee said some equipment was failing at the plant and baby formula was released that wasn’t approved for consumption.

Abbott said it wasn’t able to confirm those allegations.

Twitter giving Elon Musk 500M+ tweets each day

Twitter has agreed to hand over to Elon Musk a “firehose” of data comprising more than 500 million tweets posted each day.

“The Washington Post” says this is a response to Musk’s threat to pull the plug on the deal because he doesn’t trust the information he’s gotten so far from Twitter on spam and bot accounts.

Target slashing prices

Target is slashing prices on pandemic supplies, furniture and more.

The retailer told investors it would begin marking down some overstocked items because it ordered too much inventory.

Also, Urban Outfitters will increase promotions for the remainder of the year and into the winter holiday shopping season.

Used car prices taken turn for worse

Used car prices have taken a U-turn for the worse.

After four straight months of declines, wholesale used car marketplace Manheim reports that prices paid for used vehicles increased by 0.7% in May.

Wholesale costs typically predict the direction retail prices will take in about six to eight weeks.

Spotify wants a billion listeners by 2030

Spotify is targeting one billion listeners by 2030 as it tries to be profitable.

Spotify says it believes just audio is limiting and is looking to expand into other businesses like audiobooks, although it did say that podcasts could be a $20 billion opportunity.