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The Consumer Financial Protection Bureau announced Friday that it was placing Google’s payment arm under federal supervision. In response, Google filed a lawsuit seeking to block the move. Such supervision would subject Google to the same inspections that the bureau conducts with major banks and other financial institutions for potential violations of the law. The…
About a “dozen Musk allies” have put a pin in their daily routines to serve as unofficial advisers to the Trump transition effort, says the New York Times. Among them, reports the outlet: Jared Birchall, the head of Elon Musk’s family office, has interviewed a few candidates for jobs at the State Department; Marc Andreessen…
Incoming President Donald Trump has a new crypto and AI “czar”: ex-PayPal COO David Sacks. Trump announced Sacks’ appointment Thursday in a post on Truth Social, Trump’s social networking platform. “[Sacks] will work on a legal framework so the Crypto [sic] industry has the clarity it has been asking for, and can thrive in the…
The U.K.’s antitrust regulator has greenlighted the longstanding planned merger between two of the country’s biggest telecommunication operators. Vodafone and Three constitute two of the U.K.’s four infrastructure-owning mobile network operators (MNOs), alongside O2 and EE. As such, when the duo revealed plans to merge in a $19 billion transaction last June, it was always likely…
Fidelity marked up the value of its holdings in Elon Musk’s X (formerly Twitter) by 32.37% in October, according to a report in Axios. Even with this markup, Fidelity still values the company at 72 percent less than the $44 billion that Musk purchased it for in 2022. Axios reports that this move is probably…
In a step likely to be tracked around the world, Australia has approved legislation that will ban the use of social media for children under 16. The bill was only introduced about a week ago but had backing from the main conservative opposition party as well as the centre-left government over concerns the tech services…
The U.S. Department of Commerce today confirmed it has awarded $7.865 billion to chip giant Intel under the U.S. CHIPS and Science Act, a federal statute signed into law by President Joe Biden in 2022 to boost domestic semiconductor manufacturing. The figure is notably lower than the potential highest figure announced back in March, when…
With Elon Musk playing such a high-profile role in Donald Trump’s transition team, Musk’s buddies, many of them Silicon Valley venture capitalists, are reportedly being tapped to help out. For instance, VC firm Andreessen Horowitz, and in particular co-founder Marc Andreessen, is repeatedly being mentioned. He, along with Antonio Gracias and Joe Lonsdale, are reportedly…
An inquiry group setup by the U.K.’s antitrust authority has provisionally found that Apple’s policies are “holding back innovation in the browsers we use to access the web on mobile phones.” While the report focuses substantively on Apple, it also highlighted a revenue-sharing agreement with Google, noting that the duo “earn significant revenue” when Google…
Texas Attorney General Ken Paxton announced on Thursday he is opening an investigation into the World Federation of Advertisers (WFA) to determine whether the trade group’s members conspired to boycott “certain social media platforms.” While the press release doesn’t name social media platforms by name, one of them is likely Elon Musk’s X, which filed…