Peloton CEO John Foley is set to step down as the company continues to struggle, taking on the role of executive chair. The exercise equipment giant is also laying off 2,800 employees amidst slow sales. The good news is that their severance packages will include a one-year membership to Peloton’s services.
The SEC has issued yet another subpoena to Tesla in relation to CEO Elon Musk’s tweets. Musk is supposed to have social media posts that have to do with his electric car company reviewed by a “Twitter sitter,” but has drawn fresh regulatory scrutiny over a Twitter poll asking the public if he should sell 10 percent of his stock holdings in the company, a sale that later did occur.
Social media giant Facebook (now Meta) is reportedly considering shutting down access to its platforms including Instagram in response to EU regulations that may prevent the company from transferring user data to the U.S.
An Australian court has rejected an appeal from Facebook attempting to overturn a ruling relating to the company’s infamous Cambridge Analytica scandal. The judge called Facebook’s argument that it doesn’t collect data on Australian users “divorced from reality,” saying: “It is not an outlier activity. It is one of the things ‘which makes Facebook work.'”
Tech giant Google is facing yet another antitrust lawsuit, this time a suit in Europe potentially worth $2.4 billion over its online shopping service unfairly favoring the tech giant’s own offerings by “abusing its dominant position.”
In a recent interview, well-known NYU marketing professor Scott Galloway took aim at Facebook and Mark Zuckerberg, calling the company’s “Metaverse” concept a “giant flaming bag of shit.”
Social media giant Twitter has expanded the test of its “downvote” system worldwide. The company claims that downvotes will be used to “surface the most relevant replies within Tweets.”
Spotify has mass-deleted at least 70 episodes of the Joe Rogan Experience as the platform faces further calls to remove Rogan’s show from its platform. The deletions have nothing to do with coronavirus “misinformation” as they primarily date from before the pandemic, including shows with anti-woke academic Gad Saad, director Kevin Smith, and comedian and podcaster Theo Von. This is not the first time that Spotify has censored episodes of the show since signing a megadeal with the comedian.
A recent attack on News Corp affected publications including The Wall Street Journal, The New York Post, and more as hackers attempted to gain access to email and documents of employees and journalists. Cybersecurity consultants hired by the company claim the hack comes from China and was designed to “collect intelligence to benefit China’s interests.”
Facebook CEO Mark Zuckerberg suffered a plunge in net worth of almost $30 billion in one day following a poor earnings report this week. The 26 percent drop in Facebook’s share price represents a historic one-day loss of market value.
Facebook lost more than $232 billion in value following the announcement of the company losing daily users for the first time ever. The humiliating 26 percent drop in the company’s stock price set a record for the largest one-day loss in market value ever in history. The loss is $50 billion more than the previous record holder, Apple’s one-day loss in September 2020 of $182 billion.
Facebook stated as part of its earnings release on Wednesday that the consumer privacy measures recently taken by Apple have made it harder for Mark Zuckerberg’s empire to track every detail of its users’ lives, which will cost the social media giant $10 billion in 2022 due to a decrease in the ability to target advertisements.
Facebook reported its first-ever quarterly decline of daily users globally this week, sending its stock price plummeting by 23 percent in intraday trading on Thursday.
NASA has released a new statement outlining how it plans to operate the International Space Station until 2030. It will then be destroyed by plummeting the station out of orbit into a remote region of the Pacific Ocean. The agency plans to transition operations to commercial space stations in the future.
In a recent article, Fortune outlines the ongoing issues at Elon Musk’s brain-computer interface startup company, Neuralink. Despite the massive hype Musk brings to everything he touches, the company isn’t impression neuroscientists and much of its original team has fled for calmer waters.
35 states have commented on their support for Epic Games in its ongoing legal battle with tech giant Apple. A letter signed by dozens of state attorneys general to a California appeals court reads: Apple’s conduct has harmed and is harming mobile app-developers and millions of citizens.”
According to a recent report from the Federal Trade Commission, social media scammers had a record year for ripping off Americans, stealing approximately $770 million in 2021.
The recent drop in Tesla’s stock price wiped out around $109 billion of the companies valuation in a single day. According to one analyst, “Tesla is clearly running out of momentum, and the lack of a launch of a low-budget car in the mid-$20,000 range really dampens the growth outlook as the competition tries to catch up.”
After Apple posted a record quarterly revenue of $124 billion on Thursday, analysts described the company as a “freight train at the moment.” CEO Tim Cook noted on the tech giant’s earnings call that inflation is a major factor as well as “Logistics, as I’ve mentioned on a previous call, is very elevated in terms of the cost of moving things around.”
Tech giant Apple has made an attempt to attract more users to its music streaming platform by advertising itself as the “home of Neil Young,” after Young’s music was removed from Spotify after the company refused Young’s demands to censor Joe Rogan from the platform.
Tech giant Apple has released new safety information on the usage of its AirTag tracking accessory following multiple reports of the devices being used to stalk people and even target cars for theft.
Amazon has reportedly shut down its “Sold by Amazon” program following an investigation from Washington Attorney General Bob Ferguson which found that the program violated antitrust laws. The program involved Amazon setting minimum prices for certain sellers’ products and the Masters of the Universe taking a cut of anything sold at prices above the minimum. One Amazon seller commented on the program, “Almost everyone I talked to said this doesn’t seem right. Normally, when you let the foxes run the hen house, the hens get eaten.”
iPhone maker Apple hit a record 23 percent market share in China in 2021, reclaiming its spot as the number one smartphone brand in the country. The surge in iPhone sales comes after it was revealed that the company signed a secret $275 billion deal with the communist government to build “the most advanced manufacturing technologies” in the country.
According to the U.S. Commerce Department, manufacturers had less than five days’ supply of some computer chips on hand late last year. In 2019 the same manufacturers had a median level of inventory to cover 40 days of production.
Amazon has reportedly shut down its “ambassador” program that paid warehouse workers to tweet positively about the e-commerce giant.
According to recent reports, the Facebook-sponsored cryptocurrency project Libra appears to be shutting down.
Google is facing yet another lawsuit, with the latest multistate suit alleging that the company is engaging in “deceptive” location tracking. Washington DC Attorney General Karl Racine said: “Google falsely led consumers to believe that changing their account and device settings would allow customers to protect their privacy and control what personal data the company could access. The truth is that contrary to Google’s representations it continues to systematically surveil customers and profit from customer data.”
Tech giant Amazon is reportedly bringing its cashierless convenience stores to the suburbs. Areas outside of major American cities can soon expect to see “Amazon Go” stores pop up as Amazon continues its assault on the bricks and mortar retail industry.o
Facebook (now Meta Platforms) announced this week that its research team has developed a new artificial intelligence supercomputer that the company believes will be the fastest in the world.
The cryptocurrency market saw $130 billion of its value wiped out in just 24 hours as leading cryptocurrencies continue a major sell-off.
Tech giant Google is attempting to have the High Court of Australia overturn a 2020 ruling, claiming that it would have a “devastating” effect on the internet and force Google to “act as censor.” Of course, Google, or “the Good Censor” as one internal document Breitbart News exclusively reported on calls it, already engaged in widespread censorship.
Google has reportedly been sued by Texas Attorney General Ken Paxton over allegations that the tech giant asked local radio DJs to record endorsements for smartphones they had not used or even been given.
Epic Games has filed an opening brief to the Ninth Circuit Court of Appeals aiming to overturn a previous ruling that Apple’s ownership of the iOS App Store does not constitute a monopoly. According to the Fortnite developer, “Apple’s conduct is precisely what the antitrust laws prohibit.”
The New York Post recently published an excerpt of Peter Schweizer’s new book “Red-Handed: How American Elites Get Rich Helping China Win,” which outlines how American elites — including the Silicon Valley Masters of the Universe — purposefully aid the communist regime of China.
Computer chip maker Intel will reportedly be investing $20 billion to develop a new chip manufacturing site in New Albany, Ohio. Intel CEO Pat Gelsinger told TIME in an interview that the chipmaker expects the location to become “the largest silicon manufacturing location on the planet,” adding that the plant could expand to 2,000 acres. Gelsinger said that the new site could become the “Silicon Heartland.”
Twitter has restructured its internal security team this week, terminating its head of security. The social media platform’s chief information security officer is also exiting the company in the coming weeks. New CEO Parag Agrawal continues to make his mark on the Silicon Valley company.
Peloton has reportedly halted the production of its bikes and treadmills due to poor demand for its connected home fitness machines. The premium brand ran hot and heavy during the coronavirus lockdown but has admitted a “significant reduction” in demand due to factors including competition and inflation.
The Wall Street Journal states in a recent article that Microsoft’s latest moves in the gaming and online community space show that while Facebook is attempting to shape the future of the online metaverse, Microsoft isn’t going to allow the social media giant to control it so easily.
Popular cryptocurrency trading platform Crypto.com announced this week that it lost around $34 million worth of customers’ cryptocurrency in a recent hack.
E-commerce giant Amazon is reportedly opening its first-ever brick and mortar clothing store called Amazon Style. The first location will open in Los Angeles later this year, although an exact date hasn’t been specified.