Business

Axios reports: Sen. Chris Murphy (D-Conn.) on Monday called for a congressional investigation into the national security implications of a company partially owned by Saudi Arabia maintaining its stake in Twitter following Elon Musk’s $44 billion acquisition of the platform. Prince Alwaleed bin Talal, founder and chairman of the Kingdom Holding Company, said the company would continue its ownership of …

The Washington Post reports: Members of billionaire Elon Musk’s inner circle huddled with Twitter’s remaining senior executives throughout the weekend, conducting detailed discussions regarding the site’s approach to content moderation, as well as plans to lay off 25 percent of the workforce to start. Longtime Musk associates David Sacks [photo] and Jason Calacanis appeared in a company directory over the …

The Verge reports: Now that he owns Twitter, Elon Musk has given employees their first ultimatum: Meet his deadline to introduce paid verification on Twitter or pack up and leave. The directive is to change Twitter Blue, the company’s optional, $4.99 a month subscription that unlocks additional features, into a more expensive subscription that also verifies users, according to people …

The BBC reports: The government has been urged to open an investigation into claims former prime minister Liz Truss’s phone was hacked while she was foreign secretary. The Mail on Sunday reported private messages between Ms Truss and foreign officials, including about the Ukraine war, fell into foreign hands. The hack was discovered during the summer Tory leadership campaign but …

CNBC reports: General Motors is suspending its advertising on Twitter following Elon Musk’s takeover of the social media platform, the company told CNBC on Friday. The Detroit automaker, a rival to Musk’s Tesla, said it is “pausing” advertising as it evaluates Twitter’s new direction. “We are engaging with Twitter to understand the direction of the platform under their new ownership. …

The Guardian reports: Elon Musk has completed his $44bn takeover of Twitter, taking control of the company and reportedly firing several top executives, including the chief executive, Parag Agrawal. The world’s richest man tweeted “the bird is freed”, in a reference to Twitter’s corporate logo. Shortly after taking the helm of Twitter, Musk reportedly ousted several senior figures, including Agrawal; …

The Verge reports: Apple has given its most direct confirmation yet that a USB-C-equipped iPhone will happen now that the European Union is mandating that all phones sold in its member countries use the connector if they have a physical charger. When asked by The Wall Street Journal’s Joanna Stern if the company would replace Lightning, Apple’s senior VP of …

Yahoo News reports: Elon Musk has said he is buying Twitter to “help humanity” and create a “common digital town square” in a message ahead of the expected completion of his takeover of the site on Friday. In a statement uploaded to Twitter aimed at the platform’s advertisers, Mr Musk said he was acquiring the platform because he believed it …

The Verge reports: Twitter CMO Leslie Berland sent employees an internal memo saying that their soon-to-be new boss, Elon Musk, is in the company’s San Francisco headquarters this week and that they will “hear from him directly on Friday.” Minutes later, Musk himself tweeted a video of him entering the building carrying a literal kitchen sink. He also changed his …

CNBC reports: Ye, formerly known as Kanye West, was escorted out of the Los Angeles office of shoemaker Skechers, the company said Wednesday afternoon, as the fallen rapper and fashion mogul continues to face fallout from his recent antisemitic remarks. Ye showed up unannounced and was escorted out of the building by two executives, the company said. Ye has officially …

ABC News reports: As the corporate backlash against Kanye West mounts, Gap has announced it is pulling the rapper’s Yeezy Gap line of merchandise from its stores and has shut down YeezyGap.com. Additionally, Foot Locker is pulling Yeezy products from its shelves. “Our former partner’s recent remarks and behavior further underscore why we are taking immediate steps to remove Yeezy …

Reuters reports: Mercedes-Benz said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country. Japan’s Nissan this month took a $687 million loss in handing over its business in Russia to a state-owned entity for one euro, mirroring an …

Forbes reports: Adidas gets an estimated 4% to 8% of its sales from Yeezy products, according to investment bank Cowen. For Ye, it was an even bigger deal, accounting for $1.5 billion of his net worth. The $1.5 billion value of the Adidas deal was calculated off of a multiple of annual earnings. Based on interviews with industry experts, Forbes …

Bloomberg News reports: Adidas AG is ending its partnership with Ye following a rash of offensive behavior from the rapper and designer that turned a once-thriving shoe brand into a lightning rod for criticism. The German sports company said it is cutting ties with Ye, formerly Kanye West, with immediate effect and will take a €250 million ($246.5 million) hit …

The New York Times reports: Times Square, New York City’s famed Crossroads of the World, could hardly be considered lacking. It has dozens of Broadway theaters, swarms of tourists, costumed characters and noisy traffic, all jostling for space with office workers who toil in the area. Now one of the city’s biggest commercial developers is pitching something that Times Square …

Axios reports: The Republican National Committee (RNC) has filed a lawsuit against Google in a U.S. district court in California for allegedly putting its campaign emails in the spam folders of its millions of users. Why it matters: Google last month launched a pilot program to keep campaign emails out of spam. But the RNC has been criticizing the program, …

Women’s Wear Daily reports: Balenciaga has severed its ties with Ye. Parent company Kering said the French fashion house would no longer be working on projects with the rapper formerly known as Kanye West, who has made increasingly controversial public comments in recent weeks, including anti-Semitic threats. “Balenciaga has no longer any relationship nor any plans for future projects related …

Bloomberg News reports: Biden administration officials are discussing whether the US should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. and SpaceX’s Starlink satellite network, according to people familiar with the matter. US officials have grown uncomfortable over what they see as his increasingly Russia-friendly stance following a series of tweets that …

Bloomberg News reports: Weed is coming to US gas stations. Green Thumb Industries Inc., one of the largest US cannabis producers, signed a deal with Circle K, the global convenience-store chain, to sell licensed marijuana at its Florida gasoline retailers. The partnership will begin next year with 10 of the company’s 600 locations in the state, Green Thumb said. The …

The Daily Beast reports: The CEO of an anti-woke banking startup that raised tens of millions in funding and then careened toward bankruptcy has resigned, The Wall Street Journal reported. GloriFi was launched by Toby Neugebauer and Nick Ayers, former chief of staff to Mike Pence, and promoted as an alternative to liberal banks for conservatives. A recent Journal investigation …