Good morning tech fam, here are some quick tech updates for you to catch on to!
What’s New Today: Binance confirms having invested US$500 million to help Musk take over the social media platform Twitter.
In Short
- Elon Musk is now the owner of Twitter. Twitter is yet to announce a new CEO.
- Musk has fired Twitter CEO Parag Agrawal and policy chief Vijaya Gadde.
- The two executives are set to get fairly substantial full & final settlement
Fast-Track Insights: Google has a new plan to take over Tiktok. It acquires an AI startup called Alter, which specializes in generating attractive avatars through AI.
As soon as Elon Musk completed his Twitter acquisition, he fired the top four executives at the company, including the CEO Parag Agrawal. Musk’s decision is not surprising since he had publicly accused Agrawal of misleading him on the spam-bots account numbers. Apparently, the Tesla CEO had also used a poop emoji to reply to one of Agrawal’s tweets. Since now Musk has fired him, he will probably appoint a CEO who will abide by the rules set by him.
Facebook’s parent company has found itself on the receiving end of a US$24.7 million fine for violating the Washington State campaign finance disclosure laws 822 times in less than four years. And if Meta decides to pay this hefty fine, it would indicate the largest financial penalty ever levied on any company originating in the United States.
Google acquired an AI startup called Alter which specializes in avatars with the help of artificial intelligence. Based on reports, Google’s plan to acquire the startup indicates that this is its new plan to take on Tiktok. Avatars are emerging as a big part of the digital future, and with Tiktok’s growing dominance in the tech ecosystem, it was only a matter of time, before a big tech giant like Google emerges to stop the short-video-making platform.
Crypto exchange Binance confirms investing US$500 million in Musk’s Twitter takeover ordeal. Binance is the world’s largest crypto exchange and its participation in the Twitter takeover demonstrates that the deal definitely includes more such industry heavyweights. The Binance CEO says that it is the company’s new way to merge social media and Web3 and accelerate the use of and adoption of blockchain technology.
Payments giant Visa files for two trademark applications to the United States Patent and Trademark Office related to digital wallets, non-fungible tokens, and the metaverse. One application talks about the management of cryptocurrency wallet and storage services software. The other one talks about providing temporary use of non-downloadable software for users to view, access, store, monitor, manage, trade, send, and receive cryptocurrencies, blockchain assets, and NFTs.
By Abhik Sengupta: Elon Musk has bought Twitter after months of drama. And as expected, immediately after getting the company he fired its CEO Parag Agrawal and its policy chief Vijaya Gadde, along with Twitter CFO Ned Segal. But it is an eventuality that everyone saw coming, probably also Twitter. And the company, to ensure that its senior executives do not get the wrong end of the deal, had prepared generous severance terms for them. Now, there is a lot of buzz around how much money Agrawal would get from Twitter or how much Gadde will receive. There are a lot of figures out there. So, we checked Twitter’s SEC filings and found the official numbers.
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