Business

News this past week

News you might have missed this week. This is your one stop for all the news surrounding technology, businesses and startups.

Business News

“Elon Musk won’t join Twitter Board: Twitter CEO Parag Agrawal; Musk tweets emoji with hand on mouth”

Twitter

Twitter CEO Parag Agrawal shared a brief note on Twitter, which he had sent to the company, regarding Elon Musk turning down the board seat. He stated in the note that the Board and I were very excited to have Elon Musk on the board. “Elon’s appointment to the board was to become officially effective 4/9 (4th April), but Elon shared that same morning that he will no longer be joining the board”, Parag added. 
Parag further said, “I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not.”
Elon Musk, posted a laughing emoji with his hand on his mouth on Twitter about an hour after Twitter CEO Parag Agrawal announced Musk’s decision not to join the company’s Board of Directors. However, Musk later deleted the tweet.

“Elon Musk has offered $43 billion to buy Twitter, with a price of $54.20 per share”

Elon Musk, the CEO of Tesla and SpaceX, has offered to buy Twitter for $43 billion in a hostile takeover, according to Bloomberg. Musk has proposed a share price of $54.20, representing a 54 percent premium over the price on the day he began investing in Twitter. Musk is the platform’s largest shareholder, owning more than 9% of the company.
Elon Musk when asked, ‘why he wants to acquire Twitter’ at a TED event, said it was important for “there to be an arena for free speech.” Musk further said, “This is not a way to make money… Having a public platform that is both trustworthy and inclusive is…important.” Musk added that if Twitter rejects his offer, he also has a Plan B. He stated that his offer was not to make money, but to create “an inclusive arena for free speech.”
In other news, Musk is being sued by a Twitter investor for not disclosing his stake of more than 5% in Twitter that kept the Twitter’s stock price low. According to the lawsuit, the delay was caused to allow Musk to buy Twitter’s shares at a low price. Musk was required to disclose his then 5% stake by 24th of March.

“Bitcoin makes up 60% of my liquid portfolio: Mexican billionaire Ricardo Salinas Pliego”

Bitcoin

Mexico’s 3rd richest person Ricardo Salinas Pliego said at a conference that “I definitely don’t have any bonds”; calls bonds a ‘terrible investment.’ He further said that Bitcoin and Bitcoin equities account for 60% of his liquid portfolio, with the remaining 40% invested in hard-asset stocks such as oil, gas, and gold miners. He added, investing in cryptocurrency such as Bitcoin is a wise-investment decision.
Salinas Pliego is the CEO of Mexican TV broadcaster TV Azteca and retailer Grupo Elektra, with a current net worth of around $12.7 billion, according to Forbes. He ranks at #151 in the list of world’s richest person.

“N Korean hackers behind one of biggest crypto heists of $625 mn: FBI”

In one of the largest crypto heists to date, the US has tied North Korean hackers to the theft of almost $625 million from a blockchain network related to the Axie Infinity online game. According to the blockchain network, the FBI has linked the hack to the Lazarus Group, which is a North Korean state-run cybercrime group made up of an unknown number of people.
The address that received the stolen funds (173,600 Ether and $25.5 million in USDC tokens) has been sanctioned by the US Treasury.

“Meta spent about $27 million on the safety of CEO Mark Zuckerberg in 2021”

According to regulatory filings, Meta spent $26.8 million on CEO Mark Zuckerberg’s security in 2021. The cost of keeping CEO Mark Zuckerberg safe keeps rising, as per reports. The total amount spent for Zuckerberg and his family’s safety in 2021 was 6% more than 2020.
“He is synonymous with Meta,” Meta said, “and as a result, negative sentiment toward our company is directly associated with, and often targeted to, Zuckerberg.”
Starting in 2022, Meta will also cover Zuckerberg’s personal travel on an aircraft he owns and operates through a charter company.

Technology News

“Meta to start testing tools for creators to earn money in metaverse”

Meta

Facebook-parent Meta will be beginning to test tools for creators to sell virtual items and experiences within its immersive platform – Horizon Worlds. The new tools will initially be available to only select users of the company’s VR (Virtual reality) platform, which can be accessed via VR headsets. People aged 18 and above from the United States and Canada will be able to purchase items in Horizon Worlds.  
“Creators and entrepreneurs will have more flexibility in developing a profitable business model”, Meta said.
Meta is also piloting a ‘creator bonus’ programme for US users, in which creators will be paid monthly based on their progress toward predetermined goals. And this programme will pay those creators more whose worlds draw more time spent on the platform.

“IIIT-Lucknow student bagged institute’s highest-ever ₹1.2 cr package from Amazon” 

Abhijeet Dwivedi, a 4th-year B.Tech student at the Indian Institute of Information and Technology (IIIT) in Lucknow has been offered a salary package of Rs.1.2 crore (around 160k USD) by Amazon. Abhijeet would be joining Amazon, Dublin (Ireland) as a Software Engineer, as reported by the Times of India.
Abhijeet also shared some advice for other graduates looking for such packages from MNCs. “I watched several videos to prepare for the interview. Soft skills are extremely important,” Dwivedi said. “In order to get a good job, one should work on certain things,” he added. He also advised students to create profiles on popular job search websites that frequently provide information about new job opportunities.

“YouTube blocked Russian parliament’s YouTube channel”

YouTube has blocked Duma TV which is the broadcast channel of lower house (State Duma) of Federal Assembly of Russia, claiming that it was “terminated” for violating the terms of service of YouTube. 
“YouTube has signed its own warrant,” said Maria Zakharova, a spokeswoman for Russia’s Foreign Ministry in response to the ban. Duma’s speaker Vyacheslav Volodin also reacted, saying that the US is attempting to establish a “monopoly of information.”
Alphabet’s YouTube has been under constant pressure from Russian communications and media regulatory authority. “Alphabet has taken the anti-Russian position in the new information war which has started”, Russian authority said.

“WhatsApp announced new features including ‘Communities’ that can connect multiple groups”

Image Source: WhatsApp

WhatsApp announced a new feature called ‘Communities’ on Thursday that will allow users to combine separate groups under one umbrella with a flexible structure that works for them. “Communities are inherently private, people can easily organise smaller discussion groups on important events & topics and receive updates sent to the entire Community,” WhatsApp said. Communities will include powerful new admin tools and we will continue to secure messages with end-to-end encryption”, WhatsApp added.
Certain new features such as: Emoji reactions, Admin Delete, and File sharing upto 2GB are rolling out in the coming weeks so people can start trying them out even before Communities are ready.

Startup News

“MoonPay raised $87 million in funding; Celebrities Gal Gadot, Justin Bieber, and Bruce Willis among the investors”

MoonPay, a cryptocurrency payments startup, has raised $87 million in funding. MoonPay’s investors include famous personalities such as Justin Bieber, Hollywood stars Bruce Willis, Gal Gadot and Russian tennis player Maria Sharapova. The investments are part of the company’s Series A round, which was announced in November of last year and valued the company at $3.4 billion. 
Few days back pop queen Madonna has bought her $550,000 NFT (Bored Ape Yacht Club #4988) through MoonPay.

Source: Inshorts