California is leading an effort along with 11 other states to block the $111 billion Paramount-Warner Bros. merger.

California Attorney General Rob Bonta claims the megadeal, which the Trump administration greenlit in June, could harm movie theaters and consumers. It would also mean that a single company has control over nearly one-third of all theatrical movies and basic cable television content, the lawsuit argues.

In a statement to Forbes, Paramount claimed the suit “distorts settled antitrust law,” and pledged to “vigorously defend” the deal.

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Larry Ellison has plunged in the rankings of the world’s richest from No. 2 at the beginning of June to No. 8 this week, a drop driven by a pullback in Oracle shares as analysts express concern about the company’s massive AI spending.

SpaceX stock fell to near its IPO price, pulling Elon Musk’s net worth down below $900 billion, though Wall Street remains largely bullish on the rocket maker.

Americans lost more than $8.6 billion to online investment fraud last year, and the SEC is now creating a working group focused on investment scams. Still, the devil is in the details, says Scott Silver, managing partner of Silver Law Group, as the agency didn’t announce any new enforcement powers, identify new resources for the effort or explain how it will measure the group’s success.

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