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FDA OKs Moderna and J&J booster, Trump launches new social media platform, Evergrande asset sale collapses

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Yahoo Finance's Julie Hyman breaks down Thursday’s business headlines.

Video Transcript

- The Food and Drug Administration has authorized second doses of both Moderna and Johnson & Johnson's COVID 19 vaccine, we should say boosters of those vaccines. All three vaccines are now authorized in the US for some groups to get boosters. The agency said Americans can choose a different shot than their first two for the booster. It's also assessing whether to lower the age range for booster shots, which are currently recommended for those 65 and older.

A deal to help Chinese real estate developer Evergrande cut its debt has fallen through, sending its shares sharply lower overnight in Hong Kong trading. The company was in talks earlier this month to sell 50% of its services unit to Hobson Development Holdings. That's a deal that would have been worth about $2 and 1/2 billion according to filings, even though that would have only put a small dent in Evergrande's $300 billion in liabilities, the unwind of which is a concern for China's overall property sector.

And former President Donald Trump announced he'll be rolling out his own social media platform. And it's going public through a SPAC. Truth Social is what it's called. And it will be the first project under Trump media and technology group, which will be going public by merging with Digital World Acquisition Corp. That transaction would value the media group at $875 million, including debt.