Business, Financial & Legal News - Page 13

All the latest Business, Financial & Legal news as it relates to tech, gaming, and science - Page 13.

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Apple threatens to disable FaceTime and iMessage over regulator demands

Jak Connor | Jul 21, 2023 1:45 AM CDT

Apple is leading the charge against United Kingdom lawmakers that are pushing for laws to be passed that will force companies running end-to-end encryption apps to implement a backdoor.

Apple threatens to disable FaceTime and iMessage over regulator demands

The response from Apple comes after UK lawmakers unveiled the Online Safety Bill, which is new legislation that would force companies such as Apple, WhatsApp, Signal, and other services like them to add a government backdoor that would enable authorities to scan the messaging apps. Why do authorities want this? According to reports, UK lawmakers want companies to install this scanning technology to detect child-abuse material.

Apple has opposed the backdoor clause in the legislation, saying that the very nature of a backdoor undermines the principle of end-to-end encryption. Adding, that these changes would simply weaken the product for all users, and that even if the changes were made, they wouldn't be done in secret, as the legislation demands. Most surprisingly, Apple threatened to "walk" from the UK, bringing key products such as FaceTime and iMessage with it.

Continue reading: Apple threatens to disable FaceTime and iMessage over regulator demands (full post)

Twitter valuation sinks into the abyss after Elon Musk's takeover

Jak Connor | Jul 18, 2023 1:46 AM CDT

An investment management firm has dropped its valuation of the world's second-largest social media platform after Elon Musk took to its helm.

Twitter valuation sinks into the abyss after Elon Musk's takeover

A new report from The Wall Street Journal has detailed a new marked-down valuation by Art Invest, an investment management firm based in Florida, that reduced its valuation of Twitter by 47%.

In an interview with Cathie Woods, Ark Invest CEO, the valuation has dropped from the figure that Musk purchased the company, $44 billion, to approximately $23 billion, and according to Woods, the investment firm takes its valuation "very seriously".

Continue reading: Twitter valuation sinks into the abyss after Elon Musk's takeover (full post)

Elon Musk reveals Twitter lost 50% of advertising revenue after he took over

Jak Connor | Jul 17, 2023 12:03 PM CDT

Elon Musk revealed over the weekend that Twitter isn't in a position to perform "luxury" moves as the company is still suffering from a tragic loss in advertising revenue.

Elon Musk reveals Twitter lost 50% of advertising revenue after he took over

Tesla and SpaceX CEO Elon Musk followed through with the acquisition to purchase Twitter in October 2022, and shortly after the Tesla CEO brought in a sink into Twitter HQ in San Francisco to "let that sink in", the platform began losing multiple advertisers, which was the large majority of Twitter's total revenue. This loss in advertising expenditure on Twitter can be attributed to Musk's intention to widen the content guidelines on the platform, pushing for what Musk described as a more freedom-of-speech-centered approach.

These changes, which Musk carried out, ran waves of uncertainty through advertisers as these companies feared their ads would appear alongside inappropriate content. The mass departure of advertisers from the platform resulted in Musk issuing company-wide cost-reduction strategies, which resulted in laying off thousands of employees. Now, many months later, Musk has replied to a Bloomberg finance reporter suggesting that Twitter make some major changes to how it's structured behind the scenes.

Continue reading: Elon Musk reveals Twitter lost 50% of advertising revenue after he took over (full post)

Twitter claps back at Threads by dishing out $5 million to thousands of users

Jak Connor | Jul 14, 2023 4:49 AM CDT

Creators are receiving thousands of dollars from Twitter as the platform moves to clap back at the recent launch of Threads.

Twitter claps back at Threads by dishing out $5 million to thousands of users

Twitter has announced and has already begun paying creators a portion of the advertising revenue generated in the replies to users' posts. The money is nothing to shake your head at, as thousands of creators are taking to the platform to thank Twitter and share a screenshot of what the platform has paid them.

For example, Brian Krassenstein, a Twitter user with more than 750,000 followers, shared a screenshot that states he's receiving $24,305. The funds will be deposited into the user's Stripe-connected account within the next 72 hours.

Continue reading: Twitter claps back at Threads by dishing out $5 million to thousands of users (full post)

Social media heavyweights: Zuckerberg shows off his ripped body ahead of Elon Musk cage fight

Jak Connor | Jul 12, 2023 3:37 AM CDT

The battle between the social media billionaires, Twitter owner Elon Musk and Meta CEO Mark Zuckerberg is heating up ahead of the purported cage match.

Social media heavyweights: Zuckerberg shows off his ripped body ahead of Elon Musk cage fight

For those that don't know, Elon Musk challenged Mark Zuckerberg to a cage match prior to the launch of Meta's new social media app Threads. Zuckerberg accepted the challenge, and Musk suggested that it should be an MMA fight held in Las Vegas. UFC owner Dana White confirmed that both parties are "dead serious" about this fight happening, and that it's currently in its early planning stages.

Then Meta launched Threads, the purported "Twitter killer", which has since gained more than 100 million users within the first five days of it being available. Online discussion between Musk and Zuckerberg began heating up, with Musk describing the new app as just Instagram without any of the "thirst pics".

Continue reading: Social media heavyweights: Zuckerberg shows off his ripped body ahead of Elon Musk cage fight (full post)

Foxconn exits $19 billion micro chip manufacturing deal in India

Jak Connor | Jul 11, 2023 4:46 AM CDT

Reports indicate that Foxconn has exited a multi-billion project that was expected to ramp up microchip manufacturing in India.

Foxconn exits $19 billion micro chip manufacturing deal in India

CNN reports that Foxconn has pulled out of a $19.4 billion project that plans on constructing one of India's first microchip manufacturing plants, which is part of the country's widespread effort to make India one of the world's leading country's chip manufacturing.

A spokesperson for Foxconn, one of the world's leading electronics manufacturers, spoke to CNN and said that the decision to terminate the partnership between Foxconn and Vedanta, an Indian metals and energy conglomerate, was a "mutual agreement" and enables "explore more diverse development opportunities." Notably, the project is now being completely controlled by Vedanta, and according to Foxconn, the construction of fabrication plans in a "new geography is a challenge".

Continue reading: Foxconn exits $19 billion micro chip manufacturing deal in India (full post)

Twitter lawyers claim Meta built Threads with illegal trade secrets and former Twitter staff

Jak Connor | Jul 7, 2023 6:20 AM CDT

Elon Musk's lawyer Alex Spiro has sent a letter to Meta's CEO Mark Zuckerberg, threatening to sue Meta over its recently launched text-based app Threads.

Twitter lawyers claim Meta built Threads with illegal trade secrets and former Twitter staff

The letter was obtained by Semafor and revealed that Twitter has "serious concerns" that Meta has engaged in "systematic, willful, and unlawful misappropriation of Twitter's trade secrets and other intellectual property" and that the company built Threads with the help of former Twitter staff.

The letter claims that Meta has hired dozens of former Twitter employees, which would have been easy considering Musk fired more than half of Twitter's staff (approximately 3,800 employees), and that these former Twitter staff had access to Twitter's trade secrets, confidential information, and still have ongoing obligations with Twitter. Twitter claims that Meta assigned these former Twitter staff to the development of Threads, which significantly fast-tracked the app's release.

Continue reading: Twitter lawyers claim Meta built Threads with illegal trade secrets and former Twitter staff (full post)

Leaked letter to Mark Zuckerberg reveals Twitter is threatening to sue Meta over Threads

Jak Connor | Jul 7, 2023 5:55 AM CDT

Meta has launched its Twitter competitor called Threads, a text-based app that has full integration with Instagram.

Leaked letter to Mark Zuckerberg reveals Twitter is threatening to sue Meta over Threads

Meta launched its new app on Wednesday on both iOS and Android, and since then, it has gained more than 30 million users and the title of "Twitter-killer". While the app has been criticized for its data tracking, which is no different than Instagram's data tracking, users seem to be enjoying the full Instagram integration that allows for seamless migration of followers from a user's Instagram account to their Threads account.

While many people are excited about the launch, Twitter certainly isn't, as a letter addressed to Meta CEO Mark Zuckerberg, obtained by Semafor, states Twitter believes Meta has misappropriated trade secrets along with other intellectual property. Notably, the letter claims that over the last year, Meta has been hiring former Twitter employees who had access to confidential company information, "owe ongoing obligations to Twitter", and "improperly retained Twitter documents and electronic devices."

Continue reading: Leaked letter to Mark Zuckerberg reveals Twitter is threatening to sue Meta over Threads (full post)

Apple reins back sales target for the Vision Pro after being hit production issues

Jak Connor | Jul 4, 2023 9:53 AM CDT

A new report from Financial Times has revealed that Apple is suffering from production issues for its Vision Pro headset, which has caused the company to rein in its sales target for 2024.

Apple reins back sales target for the Vision Pro after being hit production issues

The new report from FT states that Apple is experiencing Vision Pro production issues that can be traced back to the headset's complex design, which has led to many technical issues popping up with Apple's suppliers. Notably, Apple already reduced its sales target shortly after the company unveiled the Vision Pro, reducing its initial projection of 1 million units to 150,000 units within the first 12 months of the product launch.

Reports indicate that Apple has pushed back the launch of the Vision Pro to "early 2024" to give developers some time to create software/apps that can run on the company's new operating system VisionOS, which powers the Vision Pro headset.

Continue reading: Apple reins back sales target for the Vision Pro after being hit production issues (full post)

Meta to release its answer to Twitter in just two days, introducing 'Threads, an Instagram app'

Jak Connor | Jul 4, 2023 2:50 AM CDT

Meta is currently preparing to launch its Twitter competitor, a brand new app that will be very similar to Twitter, but have full integration with Instagram.

Meta to release its answer to Twitter in just two days, introducing 'Threads, an Instagram app'

The rumors seem to have been true, as parent company Meta is preparing to launch "Threads, an Instagram app". The company's answer to Twitter has appeared on the App Store and the Google Play Store, showcasing a brand new listing that reveals an app icon, description, images, release date, and a pre-download button (App Store listing).

Previous rumors indicated that Meta was preparing to release a new app that would be very similar to Twitter, but come with automatic integration with Instagram, as users will be able to instantly migrate their followers to the new platform. These rumors proved to be true as the screenshots provided in the App Store listing reveals a sign-in option with an Instagram handle and "follow the same accounts you follow on Instagram".

Continue reading: Meta to release its answer to Twitter in just two days, introducing 'Threads, an Instagram app' (full post)