Business

Wyden Vows “Careful Review” Of Twitter’s Investors

Politico reports: Democratic Sen. Ron Wyden said Elon Musk’s $44 billion purchase of Twitter needs a “careful review” by Congress, with a particular focus on the Saudi government’s large investment in the deal. “I’m on the Intelligence Committee. I’m chair of the Finance Committee. I’m not taking anything off the table right now,” Wyden (D-Ore.) said in an interview on …

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Walmart To Pay $3.1 Billion To Settle Opioids Lawsuits

CNN Business reports: Walmart agreed to the framework of a $3.1 billion settlement, which resolves allegations from multiple states’ attorneys general that the company failed to regulate opioid prescriptions contributing to the nationwide opioid crisis. The settlement, according to the office of New York Attorney General Letitia James, who co-led a coalition of attorneys general in the negotiation, will also …

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REPORT: Bankrupt Crypto Outfit Hacked For $400M

CoinDesk reports: The beleaguered crypto exchange FTX suffered a $400 million hack over the weekend, and at least one blockchain expert says the clues are point to a high-level insider who committed an amateur misstep that might have inadvertently revealed their identity. The attacker appears to have “had access to all the cold wallet storages which he exploited,” Dyma Budorin, …

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Musk: “I Have Too Much Work On My Plate” [VIDEO]

Reuters reports: Billionaire Elon Musk said on Monday he was working “at the absolute most amount…from morning til night, seven days a week” when asked about his recent acquisition of Twitter and his leadership of automaker Tesla. “I have too much work on my plate that is for sure,” Musk said by videolink to a business conference on the sidelines …

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Musk’s SpaceX Makes Large Ad Buy On Musk’s Twitter

CNBC reports: Elon Musk’s aerospace business SpaceX has ordered one of the larger advertising packages available from Twitter, the social media business he just acquired in a $44 billion deal and where he is now serving as CEO. The campaign will promote the SpaceX-owned and -operated satellite internet service called Starlink on Twitter in Spain and Australia, according to internal …

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Senator To Musk: Fix Your Company Or Congress Will

Axios reports: Sen. Ed Markey (D-Mass.) on Sunday threatened Elon Musk to “fix” his companies “or Congress will,” hours after Musk mocked the senator for demanding answers about Twitter’s verification process. Driving the news: The exchange comes days after Markey tweeted to Musk, attaching a letter, demanding Twitter to explain how a Washington Post reporter was able to successfully set …

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Bankrupt Crypto Exchange Now Under Criminal Probe

Reuters reports: The collapse of FTX is the subject of scrutiny from investigators in the Bahamas, who are looking at whether any “criminal misconduct occurred,” the Royal Bahamas Police said on Sunday. FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6 billion from the platform in just 72 hours and …

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Reuters: Over $1B Missing At Bankrupt Crypto Outfit

Reuters reports: At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, according to two people familiar with the matter. The exchange’s founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried’s trading company Alameda Research, the people told Reuters. A large portion of that total has since disappeared, they said. One …

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Twitter Appears To Suspend Sales Of $8 Blue Checks

The Guardian reports: Twitter’s relaunched premium service – which grants blue check verification labels to anyone willing to pay $8 a month – was unavailable on Friday after the social media platform was flooded by a wave of imposter accounts approved by Twitter. Before billionaire Elon Musk took control of the social media platform two weeks ago the blue check …

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Major Cryptocurrency Exchange Files For Bankruptcy

CBS News reports: FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges. Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. “The immediate relief of Chapter 11 is appropriate to provide the FTX Group …

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FTC Fires Warning Shot Over Chaos At Twitter HQ

CNBC reports: The Federal Trade Commission is closely watching Twitter’s moves under new owner Elon Musk, a spokesperson said in a statement Thursday. The agency struck a settlement with Twitter earlier, which granted it oversight of certain security and privacy practices at the company. “We are tracking recent developments at Twitter with deep concern,” an FTC spokesperson said in a …

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Two More Top Twitter Executives Have Jumped Ship

The Verge reports: Two other top Twitter executives are leaving the company. Yoel Roth, Twitter’s head of trust and safety, and Robin Wheeler, the head of ad sales, are both out. First reported by Platformer’s Zoe Schiffer and Casey Newton, the news was confirmed to The Verge’s Alex Heath by two people familiar with the matter. The two executives resigned, …

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Feds: 40% Of Crypto Complaints Are Due To “Scams”

Just out via press release: Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between exchanges. Many consumers had issues with accessing funds in their …

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Top Privacy And Security Execs Resign From Twitter

The Washington Post reports: Several top privacy and security executives resigned from Twitter on Thursday, citing fears over the risks from Elon Musk’s leadership, a stunning exodus that prompted federal regulators to warn they might step in. Chief Information Security Officer Lea Kissner tweeted Thursday morning that they had made the “hard decision” to resign, and the company’s chief privacy …

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Elon Musk Pleads With Advertisers: “Give It A Minute”

Reuters reports: Twitter’s new owner Elon Musk told advertisers on Wednesday he aimed to turn the social media platform into a force for truth and stop fake accounts in an effort to assuage brands and advertising agencies that have increasingly been backing away. Days after Twitter rattled users and advertisers by cutting half its staff, over 100,000 listeners tuned in …

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Twitter Already Sees Wave Of “Verified” Impersonators

CNN Business reports: Twitter appears to be battling a wave of celebrity and corporate impersonators on its platform who have quickly gamed the company’s new paid verification system, hours after its launch. The fake verified accounts had posed as former President Donald Trump, Rudy Giuliani, Nintendo of America, the basketball player LeBron James, the software company Valve and others. The …

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Facebook Parent Meta Slashes Workforce By 11,000

The Associated Press reports: Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday. The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been …

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Bloomberg: Musk’s Net Worth Has Dropped By Half

Bloomberg News reports: While Elon Musk tinkers with newly acquired Twitter, his net worth has dropped by almost half from last year’s peak. Shares of Tesla Inc., the electric car maker that comprises the bulk of his fortune, traded as low as $186.75 intraday Tuesday as investors question whether the billionaire is spreading himself too thin among his many high-profile …

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Twitter To Advertisers: Growth Is At An All-Time High

The Verge reports: Twitter’s daily user growth hit “all-time highs” during the first full week of Elon Musk owning the platform, according to a company document obtained by The Verge. Since Musk’s dramatic takeover, Twitter’s monetizable daily user (mDAU) growth has accelerated to more than 20 percent, while “Twitter’s largest market, the US, is growing even more quickly,” according to …

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REPORT: Musk May Put All Of Twitter Behind Paywall

Business Insider reports: Elon Musk could put Twitter behind a paywall and charge users a monthly fee to view tweets, according to a report from tech newsletter Platformer. A person familiar with the plans told Platformer that both Musk and one of his advisers, venture capitalist David Sacks, have discussed the idea in meetings in recent days. The potential change …

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