Business

Bloomberg News reports: Twitter owner Elon Musk said the company still has a negative cash flow because of its heavy debt load and a roughly 50% drop in advertising revenue. The social media site will “need to reach positive cash flow before we have the luxury of anything else,” Musk said in a tweet. Advertiser spending dropped 89% to $7.6 …

The Verge reports: The free TV company Telly has started shipping its ad-supported TVs to its first wave of customers. Telly first opened its waitlist in May and plans on shipping 500,000 free TVs to customers by the end of 2023 — and “millions more” in 2024. Unlike most TVs, beneath Telly’s 55-inch 4K display is a smaller screen separated …

Politico reports: More than a dozen Republican attorneys general sent a letter to major corporations Thursday warning them to refrain from using racial preferences in hiring and promotion decisions. Pointing to the Supreme Court’s decision undercutting the use of affirmative action in college admissions, the group said that companies would expose themselves to “serious legal consequences” for discriminating against different …

Reuters reports: Walt Disney Co will ask a Florida judge on Friday to dismiss a lawsuit by a state oversight board as part of the entertainment giant’s effort to pursue its case against Governor Ron DeSantis, the latest in a year-long feud between the two. Disney wants Judge Margaret Schreiber in Orlando to dismiss a lawsuit filed in May by …

CNBC reports: Disney CEO Bob Iger opened the door to selling the company’s linear TV assets as the business struggles during the media industry’s transition to streaming and digital offerings. Iger appeared on CNBC on Thursday, the morning after the company announced it would extend his contract by two years through 2026. Disney is going to be “expansive” in its …

Reuters reports: Twitter Inc on Wednesday was hit with a lawsuit accusing it of refusing to pay at least $500 million in promised severance to thousands of employees who were laid off after Elon Musk acquired the company. Courtney McMillian, who oversaw Twitter’s employee benefits programs as its “head of total rewards” before she was laid off in January, filed …

TechCrunch reports: Recently hired Twitter CEO Linda Yaccarino is pushing back at reports that Twitter traffic is tanking as a result of the July 5th launch of a new competitor, Instagram Threads. But the company does seem to be concerned about the potential threat posed by Meta’s rival, now topping 100 million users. On Monday, users reported that Twitter seems …

The Associated Press reports: Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent. Bank of America will pay $90 million in penalties to its organization and $60 million in penalties to the OCC, the Consumer Financial Protection Bureau said Tuesday. The Office of …

The Minneapolis Star-Tribune reports: MyPillow is auctioning off hundreds of pieces of equipment and subleasing manufacturing space after several shopping networks and major retailers took the company’s products off shelves. The Chaska-based manufacturer recently listed more than 850 “surplus equipment” items on the online auction site K-Bid. Sewing machines, industrial fabric spreaders, forklifts and even desks and chairs are up …

CNBC reports: User traffic on Twitter has slowed since the launch of Meta’s text-based platform Threads, which has already surpassed 100 million sign-ups since its debut last week. “Threads reached 100 million sign ups over the weekend. That’s mostly organic demand and we haven’t even turned on many promotions yet. Can’t believe it’s only been 5 days!” Meta CEO Mark …

The Insider reports: An American Airlines flight heading to Philadephia was canceled Sunday after its door fell off while preparing to depart from Dublin Airport. Images shared on Twitter appear to show the Boeing 787 with a hole where the door should be — and the door on the tarmac below. In a statement shared with Insider, an American Airlines …

NBC News reports: An influencer-backed energy drink that has earned viral popularity among children is facing scrutiny from lawmakers and health experts over its potentially dangerous levels of caffeine. On Sunday, Sen. Charles Schumer called on the Food and Drug Administration to investigate PRIME, a beverage brand founded by the YouTube stars Logan Paul and KSI that has become something …

The Daily Mail reports: Elon Musk has stepped up his war of words with Meta boss Mark Zuckerberg – calling him a ‘cuck’ after threatening to sue over his new Threads app. Replying to screenshots of Zuckerberg, 39, laughing at burger chain Wendy’s telling him to go into space to ‘really make Musk mad’ the Tesla CEO simply replied: ‘Zuck …

USA Today reports: Days after the Supreme Court’s ruling that businesses can deny same-sex wedding services if it clashes with their religious views, new data says most American voters disagree with that position. Last week, the nation’s high court sided with a Colorado business owner who argued a state non-discrimination law could not compel her to make same-sex websites. The …

Digital World reports: Just to give you a better understanding of the mega success it has attained in a two-day span, even the world’s leading apps couldn’t make the breakthrough records and success it has attained. Remember, ChatGPT got 100 million users in two months while TikTok got 100 million downloads in 9 months. Meanwhile, Meta’s own Instagram attained 100 …

Reuters reports: Elon Musk has sued the elite law firm Wachtell, Lipton, Rosen & Katz to recover most of a $90 million fee it received from Twitter for defeating his bid to walk away from his $44 billion buyout of the social media company. The complaint by Musk’s X Corp, which owns Twitter, was filed on Wednesday in the California …

Bloomberg News reports: Meta Platforms Inc.’s new social media app Threads has garnered 70 million users in just two days after its launch, a sign of enthusiasm that Chief Executive Officer Mark Zuckerberg said was “way beyond our expectations.” Threads launched on Wednesday as an alternative to Elon Musk’s Twitter, which had 237.8 million users as of July 2022, but …

The financial news site Benzinga reports: Tesla, Inc. achieved record-breaking second-quarter deliveries in China on the back of price cuts and promotional efforts implemented earlier this year. But the Elon Musk-led EV maker’s cutthroat methods have seemed to irk Xi Jinping‘s government in one way. In response to this price war initiated by major electric vehicle manufacturers, including Tesla, a …

Semafor reports: Twitter is threatening legal action against Meta over its new text-based “Twitter killer” platform, accusing the social media giant of poaching former employees to create a “copycat” application. A lawyer for Twitter, Alex Spiro, sent a letter to Meta CEO Mark Zuckerberg accusing the company of engaging in “systematic, willful, and unlawful misappropriation of Twitter’s trade secrets and …

CBC News reports: More than 30 million people have signed up to Threads, Meta’s rival to Twitter, within the first few hours of its launch, Meta CEO Mark Zuckerberg said late Thursday morning. The number is likely to grow quickly as more Instagram users and social media fans open accounts on Threads. The app is the biggest challenger yet to …