Top Stories Wednesday, June 7: ChatGPT's Parent Has No IPO Plans, CNN CEO Chris Licht Out, Kim Kardashian's Bid To Dismiss EthereumMax Lawsuit Rejected - Alibaba Gr Hldgs (NYSE:BABA), Boeing (NYSE:BA)

Benzinga

Cable Giant CNN Chairman, CEO Chris Licht Moves Out

Chris Licht, the news giant CNN's controversial and embattled chairman and CEO, is stepping aside after a very short, turbulent time as CNN's top executive.
Licht was appointed CEO a little over a year ago when Warner Bros. Discovery Inc WBD took control of the network.
He drew criticism in recent weeks for some of CNN's programming decisions, including a recent town hall with former president and current Republican front-runner Donald Trump, whose format was widely criticized.

Meta Platforms Inc META is testing a new feature on Instagram after rapidly adopting generative AI technology and incorporating it into various features across its platforms, including ads.
Instagram is testing an AI chat option for its platform, enabling users to chat with an AI chatbot to ask questions and get advice in their direct messages.
The chatbot would also have 30 personalities users could pick from to meet their needs best.

Elon Musk's recent announcement regarding a new Twitter feature aimed at empowering content creators has sparked excitement and curiosity, as the details surrounding its implementation leave room for further explanation and exploration.
Musk announced a new feature geared towards empowering content creators on the platform, saying that the microblogging site will now provide subscribers' email addresses to content creators.
According to Musk, this initiative will enable content creators to seamlessly interact with their subscribers even if they choose to leave Twitter.

Pfizer Inc PFE, BioNTech SE BNTX, and Moderna Inc MRNA were named in lawsuits by Promosome accusing their COVID-19 vaccines of infringing a patent related to messenger RNA (mRNA) technology.
The small biotechnology firm claims that its scientists, including Nobel laureate Gerald Edelman, who died in 2014, Vincent Mauro, and two colleagues from The Scripps Research Institute, developed a method used in the COVID-19 vaccines.
Promosome, the exclusive licensee of the ’179 patent, disclosed and taught its method of increasing protein expression to Moderna, but Moderna declined to license it.

The European Commission has approved GSK plc's GSK Arexvy (respiratory syncytial virus vaccine, adjuvanted) for active immunization for the prevention of lower respiratory tract disease (LRTD) caused by respiratory syncytial virus (RSV) in adults 60 years of age and older.
This is the first time an RSV vaccine for older adults has been granted European Marketing Authorisation. The first launches are planned for the 2023/2024 RSV season, which typically starts in the autumn.

Reuters

Microsoft Corp MSFT-backed OpenAI, the company behind ChatGPT, has no plans to go public soon, CEO Sam Altman said at a conference in Abu Dhabi.
"When we develop superintelligence, we are likely to make some decisions that most investors would look at very strangely."
"I don't want to be sued by ... public market, Wall Street, etc., so no, not that interested," he said in response to a question on whether he will take OpenAI public.

Salesforce Inc CRM CEO Marc Benioff rearranged the top management shortly after it reported its slowest quarterly revenue growth since 2010.
The company appointed Miguel Milano as the chief revenue officer and Ariel Kelman as the chief marketing officer.
After nearly a decade at Salesforce, Milano will make a return from his recent position at the software company Celonis.

Citigroup Inc C plans to expand its business in China as it is fully confident in its economic and financial growth.
The bank will reportedly "play to its strength" to boost its business in China amid Beijing's push to attract more foreign capital.
The report notes that Fraser met with the head of China's new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement.

Starbucks Corp SBUX looks to attract value-conscious Indians, including children, with smaller, cheaper beverages as it taps small towns under its latest overhaul.
The American multinational coffee chain took almost 11 years to launch 343 stores in the tea-loving nation, contrasting with private equity-backed chains Third Wave and Blue Tokai, which opened about 150 in the last three years.

Vodafone Group PLC VOD and CK Hutchison Holdings Ltd CKHUF are said to be in the final stages of agreeing to combine their U.K. businesses.
The announcement is expected to come this Friday or by early next week.
The terms of the deal remain the same as announced last October.
The deal would involve combining Vodafone UK and Three UK, with Vodafone holding 51% and CK Hutchison owning 49% of the new unit.

Bloomberg

Reality TV star Kim Kardashian has failed to convince a judge to dismiss a lawsuit in which she is accused of misleading investors by falsely promoting EthereumMax (EMAX), a cryptocurrency.
Court documents show that US District Judge Michael Fitzgerald in Los Angeles ruled on Tuesday that Kardashian had falsely hyped the digital tokens through social media posts in which she claimed EMAX would be accepted as payment for table reservations at certain nightclubs.
The judge rejected arguments by Kardashian's lawyers that he should dismiss the false advertising claims, saying that investors had adequately alleged the posts were "literally false."

SCMP

Chinese stocks, including Alibaba Group Holdings Ltd BABA, JD.com Inc JD, and PDD Holdings Inc PDD, are trading lower Wednesday following weaker export numbers for May in China.
Exports fell 7.5% last month from a year earlier to $283.5 billion, dropping for the first time in three months, with export volumes falling below their levels at the start of the year.
The offshore yuan weakened against the U.S. dollar following the release of May's trade data.

Wall Street Journal

Boeing Co BA reportedly delays deliveries of its 787 Dreamliners after discovering a new defect.
Last month Boeing reported boosting its widebody 787 Dreamliner production target from three to four planes per month, with an ultimate aim to increase the production to five a month by the end of 2023.
The defect is related to a fitting on the plane's horizontal stabilizer, a wing-shaped surface at the tail of the aircraft.