The government of the United Kingdom has published a draft bill that would give its independent competition regulator extended powers to fine Big Tech companies for competition abuses. The Digital Markets, Competition…
IBM Beats Revenue Estimates, Announces 3,900 Layoffs
IBM’s quarterly revenue beat analyst estimates this week, as the company enjoyed higher than expected growth in its software and infrastructure segments. But it was also revealed the tech giant plans to…
U.S. Accuses Google of Abusing Ad Tech Monopoly
The U.S. Justice Department and eight states have sued Google this week, claiming the company had illegally abused a monopoly over the technology behind online advertising. Google’s anti-competitive actions “weakened if not…
Jack Ma to Cede Control of Ant Group
Jack Ma, the billionaire founder of Ant Group, is to cede control of the Chinese fintech company following a regulatory crackdown. Ant Group, which runs Alipay, the main online payment system in…
Amazon to Cut 18,000 Jobs
Amazon has revealed plans to lay off more than 18,000 employees in response to worsening global economic conditions. A memo shared by Amazon CEO Andy Jassy with employees states several teams within…
SpaceX Raising $750m at $137bn Valuation – Report
SpaceX is raising $750 million in a new round of funding that would value the company at $137 billion, according to a report by CNBC. The reusable rocket maker raised $2 billion…
Chinese Firms Avoid Delisting as U.S. Regulator Given Access to Audit Papers
Chinese companies have handed U.S. regulators access to audit papers for the first time, easing fears that tech giants like Alibaba and JD.com will be kicked off the country’s stock exchanges. The…
Musk Sell Further $3.6bn Worth of Tesla Shares
Elon Musk has sold another $3.6 billion worth of shares in electric car maker Tesla, bringing the total value of shares he has sold in the company this year to more than…
DoorDash is Latest Tech Company to Announce Job Cuts
Delivery company DoorDash has announced it will cut 1,250 jobs, as it becomes the latest major technology player to reel in spending. DoorDash CEO Tony Xu wrote in a note to employees…
Bitcoin Hits Two-Year Low as FTX Fallout Continues
Bitcoin hit a two-year-low on Tuesday, as the cryptocurrency market struggles to recover from the collapse of one of its biggest exchanges, FTX. The price of a single Bitcoin hit $15,480 this…