Musk disclosed in series of regulatory filings that he unloaded about 8 million shares of his company Tesla Inc. in recent days. “In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk tweeted late Tuesday.
Meta is getting backlash for changes that make some of its platforms act more like TikTok.
The latest quarterly earnings figures offered a glimpse into how the social media platform has performed during a months-long negotiation with billionaire and Tesla CEO Elon Musk after he said that he would buy the company, and then changed his mind. It was worse than industry analysts had anticipated.
More teenagers are turning away from traditional media outlets and getting their news from social media, new research from U.K. communications regulatory body Ofcom has shown. The number of people consuming news content on TikTok has increased from 800,000 in 2020 to 3.9 million in 2022. For the first time, Instagram is the most popular news source among younger people — used by 29% of teens in 2022 — with TikTok and YouTube close behind.
The measurement firm says media buyers can now compare YouTube reach from computer, mobile and CTV to linear TV, a “foundational step” toward achieving Nielsen ONE.
Meta Platforms Inc.’s Facebook is reallocating resources from its Facebook News tab and newsletter platform Bulletin, as the company focuses more on the creator economy, senior executive Campbell Brown told employees in a memo.
Twitter had asked for an expedited trial in September, while Musk’s team called for waiting until early next year because of the complexity of the case. Chancellor Kathaleen St. Jude McCormick, the head judge of Delaware’s Court of Chancery, which handles many high-profile business disputes. said Musk’s team underestimated the Delaware court’s ability to “quickly process complex litigation.”
Twitter’s lawsuit opens with a sharply-worded accusation: “Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.” As part of the April deal, Musk and Twitter had agreed to pay each other a $1 billion breakup fee if either was responsible for the deal falling through. The company could have pushed Musk to pay the hefty fee but is going farther than that, trying to force him to complete the full $44 billion purchase approved by the company’s board.
Shares of the social media company have lost a third of their value since April 25, when Musk’s offer to buy the company was accepted by the company’s board.
The likely unraveling of the acquisition was just the latest twist in a saga between the world’s richest man and one of the most influential social media platforms, and it may portend a titanic legal battle ahead.
Former President Trump and his son were among six board members removed from the board of Trump’s social media company weeks before it was hit with federal subpoenas, according to state records. Florida state business records showed Trump, Donald Trump Jr. and the four others were removed as board members of the Trump Media and Technology Group on June 8, based on a filing with the state’s Division of Corporations. Roughly three weeks later, the Securities and Exchange Commission and a grand jury in Manhattan subpoenaed the company.
Shares of Twitter dipped in late trading Thursday, reversing earlier gains, on fresh speculation that its acquisition by Elon Musk is at risk. Musk inked a deal to buy the social media platform in late April for $54.20 a share, or $44 billion, and has indicated a number times he wants to back out, citing lack of clarity around the number of spam accounts.
The official series’ YouTube page, Instagram account and website have seemingly been deleted following the syndicated show’s cancellation. Eagle-eyed fans noticed the pages being down over the weekend. On Instagram, the handle’s feed showed a “Sorry, this page isn’t available” message. The show’s website and the video channel are also both nowhere to be found.
The subscription plan, called Snapchat+, comes after the social media company reported a disappointing sales outlook for the current quarter when it reported first-quarter results in April.
Launched in nine countries including the U.S., the paid subscription service could help Snapchat diversify its revenue sources if it turns out to be popular. The Plus plan includes pre-release, experimental and exclusive features such as pinning your close friend as BFF and customizing the app’s icon.
Over the last day, several Instagram accounts run by abortion rights advocacy groups have found their posts or stories hidden with a warning that described the posts as “sensitive content.” Instagram said it was working to fix the problem Tuesday, describing it as a “bug.”
FCC Commissioner Brendan Carr says Apple and Google need to remove TikTok from their respective app stores, citing in a tweet “its pattern of surreptitious data practices.” Specifically, Carr was referencing a BuzzFeed News report that officials of TikTok’s Bytedance parent in China had repeatedly been able to access sensitive data of Americans after they downloaded the app from their stores.
Twitter’s board of directors on Tuesday unanimously recommended shareholders approve Elon Musk’s bid to buy the social media company. The board recommended stockholders approve Musk’s $44 billion offer, stating they determined it to be fair and in the best interests of Twitter and its stockholders, according to a document filed with the Securities and Exchange Commission.
HUD had accused Meta of engaging in housing discrimination by letting advertisers restrict who could see housing ads on Facebook based on characteristics like race, religion and national origin.
Meta Platforms Inc. was sued Friday over claims that private medical data is being shared secretly with Facebook when patients access web portals for some health-care providers. Facebook’s Pixel tracking tool redirects patient communications and other supposedly “secure” information without authorization and in violation of federal and state laws, according to the lawsuit filed in San Francisco federal court as a proposed class action on behalf of millions of patients.
The veteran digital and news exec will be responsible for the overall digital and social media strategies for the E.W. Scripps news group.
TikTok redefined the idea of a social media feed — can Facebook play catch-up before it’s too late?
The billionaire is also likely to clarify some of his remarks on remote work and strategy at a virtual meeting Thursday with the social media platform’s employees.
Special purpose acquisition company Digital World Acquisition Corp. disclosed on Monday financial regulators probing its deal with former U.S. President Donald Trump’s social media firm have sought more information, while warning this could potentially delay the deal.
The lawyers investigating Facebook operating chief Sheryl Sandberg’s use of corporate resources are examining behavior going back several years, said people familiar with the matter, focusing on the extent to which staffers worked on her personal projects. A number of employees have been interviewed as part of the investigation by Facebook parent Meta Platforms, the people said, adding that the review has been under way since at least last fall.
Meta Platforms Inc.’s Facebook is re-examining its commitment to paying for news, people familiar with the matter said, prompting some news organizations to prepare for a potential revenue shortfall of tens of millions of dollars. The company has paid average annual fees of more than $15 million to the Washington Post, just over $20 million to the New York Times and more than $10 million to The Wall Street Journal, according to people familiar with the matter.
Meta this week was hit with several lawsuits claiming that it designed Facebook and Instagram in a way that posed a risk to the health of young users. The cases, filed in nine states, all essentially claim that Facebook and Instagram designed their services to be addictive, and served potentially harmful content to teens and children.
After a weeks-long impasse, Twitter’s board plans to comply with Elon Musk’s demands for internal data by offering access to its full “firehose,” the massive stream of data comprising more than 500 million tweets posted each day, according to a person familiar with the company’s thinking, who spoke on the condition of anonymity to describe the state of negotiations.
Facebook is developing a product that will not rely on anonymized personal information from users and will be more in line with privacy guidelines set by Europe and U.S. states that have privacy regulations. “I think it will use a lot less user data visible to the advertiser,” said Marty Weintraub, Aimclear founder and Facebook expert. The product — Basic Ads — is aimed at brand advertisers wanting to build awareness. It focuses on mass marketing, similar to the way a television station targets viewers, Weintraub said.
Lawyers for the Tesla and SpaceX CEO made the threat in a letter to Twitter dated Monday that the company disclosed in a filing with the U.S. Securities and Exchange Commission. The lawyers wrote that Musk has repeatedly asked for the information about Twitter’s spam bot and fake accounts since May 9, about a month after his offer to buy the company, so he could evaluate how many of the company’s 229 million accounts are fake.
A Texas law that would bar social media companies from taking action on hate speech and disinformation was temporarily blocked Tuesday in a rare 5-4 Supreme Court ruling. Justices John Roberts, Brett Kavanaugh, Amy Coney Barrett, Sonia Sotomayor and Stephen Breyer ruled in favor of tech industry groups looking to block the law, with Samuel Alito, Clarence Thomas, Neil Gorsuch and Elena Kagan dissenting.
Television turned the celebrity trial into a 24-hour tabloid spectacle. Social media made it into a sport.
The Federal Trade Commission has fined Twitter $150 million over allegations that it misled users by asking for their phone numbers and email addresses for security purposes, but then drew on the information for ad targeting.
A draft document contains the names of dozens of hedge funds and others behind the $1 billion private investment announced in December.