Food giant Kellogg said it will split into three separate companies by 2023 in an effort to support its fast-growing snack business. Although the fallout of COVID-19 posed problems for food companies, Kellogg enjoyed a boost in sales during the height of the pandemic. However its cereal brands have recently lost market share. CEO Steve Cahillane told investors the split will allow for more focused strategies, but analysts noted the move could result in decreased negotiation clout with retailers.

A study from Harvard medical researchers found that Medicare could save billions if it purchased drugs from investor Mark Cuban’s online pharmacy. Research has shown the costs for some name-brand drugs for Medicare nearly doubled since 2009, emphasizing the utility of the online pharmacy touted as a reliable source for safe and affordable medicine. The study’s authors said the total savings for Medicare would likely be higher than the research results, highlighting an urgent need for healthcare policy reform.

A bipartisan group of U.S. senators released the text of a gun control bill after weeks of negotiation following the mass shootings in Buffalo, New York and Uvalde, Texas. The bill calls for a number of “red flag” laws and increased background checks for gun buyers, representing the most significant piece of gun control legislation in decades if passed. Senate majority Leader Chuck Schumer said he expects the bill to pass, although the National Rifle Association said it will oppose the bill.

Microsoft announced that it is shutting down some of its AI facial analysis tools after showing signs of bias and inaccuracies. Microsoft said some AI programs, such as one that assists sales representatives in running sentiment analysis, will remain active. Experts have criticized AI-powered emotional recognition tools as “unscientific” due to a lack of consensus on how to define emotions and identify the relationship between facial expressions and feelings. Microsoft said its shutdown of some services is meant to align with its call for “responsible AI,” which industry experts have argued is necessary to support consumer trust in companies using the technology.

Average U.S. home prices reached a record high of $407,600 in May amid slowing sales of homes, particularly of previously owned properties. Mortgage rates have climbed as the Federal Reserve has raised interest rates, pricing out buyers and causing some analysts to expect further drops in home sales. Notably, sales of low-priced homes have seen the sharpest drop, suggesting price pressures are hurting low and middle-income buyers the most with prices expected to climb still.

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