Business
The Phillips 66 Refinery
A Phillips 66 refinery in California (Rick Loomis/Getty Images)
Needs more refining

Elliott twists Phillips 66’s arm even more as it builds $2.5 billion stake

The activist investor and oil refiner struck a deal a year ago. Apparently it wasn’t enough.

Nate Becker

Phillips 66 might have thought it was out of the woods with Elliott Investment Management a year ago, when it bowed to pressure from the activist investor by agreeing to name one Elliott-approved director to its board and give Elliott input on naming a second. 

But the second director never got named, and Elliott reportedly isn’t happy about it. Combine that with the fact that Phillips 66’s stock has fallen more than 25% from its April 2024 peak, and you wind up with today’s news: Elliott is ramping up the pressure again.

The Wall Street Journal reports that Elliott has boosted its stake in the company to a whopping $2.5 billion and plans to push the oil refiner to shuffle its operations to boost its stock price. 

Shares of Phillips 66 rose 4.2% in recent trading.

In a press release this morning, Elliott said, “It has become evident that urgent changes are needed” at the company, including selling or spinning off the company’s midstream business, as well as selling interests in a firm called CPChem and some operations in Germany and Austria. 

It also said the company needs to review its operations and add independent directors who can “oversee a comprehensive review of the executive leadership team.” 

For its part, Elliott has had a decent run of successfully influencing changes at companies it targets, including Starbucks, Southwest Airlines, and Honeywell.

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J. Edward Moreno
2/10/26
Hims built a boundary-pushing health business. Now the legal risks are catching up.

Hims is close to trading as if it never began selling GLP-1s.

Hims & Hers Health CEO Andrew Dudum
business
Nate Becker

Hims to stop offering copy of Wegovy pill following FDA scrutiny

Hims & Hers said it has decided to stop offering its newly launched copycat version of Novo Nordisk’s Wegovy pill, after the telehealth company drew criticism from the Food and Drug Administration. 

“Since launching the compounded semaglutide pill on our platform, we’ve had constructive conversations with stakeholders across the industry. As a result, we have decided to stop offering access to this treatment,” Hims wrote on X.

Shares of Hims are down double digits in premarket trading on Monday, while Novo Nordisk ADRs are up more than 6% as of 5:20 a.m. ET.

On Friday afternoon, the FDA said it would take “decisive steps” to restrict GLP-1 compounding. Department of Health and Human Services General Counsel Mike Stuart said on social media Friday he had referred Hims to the Department of Justice “for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions.”

Hims launched the product last week, a seeming copy of a recently released and patented drug, which immediately drew fire from Novo Nordisk and regulators.

Hims & Hers Comms on X

Hims & Hers Comms on X: "Since launching the compounded semaglutide pill on our platform, we’ve had constructive conversations with stakeholders across the industry. As a result, we have decided to stop offering access to this treatment. We remain committed to the millions of Americans who depend on us" / X

Shares of Hims are down double digits in premarket trading on Monday, while Novo Nordisk ADRs are up more than 6% as of 5:20 a.m. ET.

On Friday afternoon, the FDA said it would take “decisive steps” to restrict GLP-1 compounding. Department of Health and Human Services General Counsel Mike Stuart said on social media Friday he had referred Hims to the Department of Justice “for investigation for potential violations by Hims of the Federal Food, Drug, and Cosmetic Act and applicable Title 18 provisions.”

Hims launched the product last week, a seeming copy of a recently released and patented drug, which immediately drew fire from Novo Nordisk and regulators.

Hims oral semaglutide

Hims, long flying under regulators’ radar, finally strikes a nerve with its Wegovy pill copy

It’s unclear if the pill Hims is selling works or if the FDA will allow it.

J. Edward Moreno2/6/26
$1.3M
Max Knoblauch

There’s still plenty of money to be made in brainrot. The top 1,000 Roblox creators earned an average of $1.3 million in 2025 — up 50% from the year prior — according to CEO Dave Baszucki on the company’s fourth-quarter earnings call.

Roblox paid out $1.5 billion to creators last year, meaning its top 1,000 creators took home about 87% of the total pool.

Like other creator economy giants, Roblox rewards its biggest creators for their contributions to user engagement. Creator-made titles like “Grow a Garden” and “Steal a Brainrot” substantially boosted playing time over the course of the year. In September, the company increased its developer exchange rate, or the ratio of in-game currency to cash payout, by 8.5%.

Texas Governor Abbott And Google Make Economic Development Announcement In Midlothian

Alphabet could buy some pretty huge businesses with the amount of money it plans to spend this year

AI outlays have gone full nut-nut. Even Google, one of the most capital-efficient businesses of all time in its heyday, is spending like there’s no tomorrow.

Tom Jones2/6/26

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