Category: Business

It’s not easy being Elon Musk. That was the message the new Twitter owner and billionaire head of Tesla and SpaceX had for younger people who might seek to emulate his entrepreneurial success. “Be careful what you wish for,” Musk told a business forum in Bali on Monday when asked what an up-and-coming “Elon Musk of the East” should focus on. “I’m not sure how many people would actually like to be me. They would like to be what they imagine being me, which is not the same,” he continued. “I mean, the amount that I torture myself, is the next level, frankly.” Musk was speaking at the B-20 business forum ahead of a summit of the Group of 20 leading economies taking place on the Indonesian resort island. He…

Twitter's new owner Elon Musk is further gutting the teams that battle misinformation on the social media platform as outsourced moderators learned over the weekend they were out of a job. Twitter and other big social media firms have relied heavily on contractors to track hate and enforce rules against harmful content. But many of those content watchdogs have now headed out the door, first when Twitter fired much of its full-time workforce by email on Nov. 4 and now as it moves to eliminate an untold number of contract jobs. Melissa Ingle, who worked at Twitter as a contractor for more than a year, was one of a number of contractors who said they were terminated Saturday. She said she's concerned that there's going to be an increase in…

Australian researchers have identified 1,500 additional locations across the country that could be used as pumped storage hydropower facilities. They have said it should reduce Australia’s reliance on fossil fuels. Academics at the Australian National University have said pumped storage hydropower is a “low-cost, mass storage option” that could help Australia reach its emissions reduction targets. Emeritus Professor Andrew Blakers at the university’s College of Engineering, Computing and Cybernetics told VOA the process involves transferring water between two reservoirs or lakes at different elevations. He said water is pumped to the higher reservoir when there are plentiful supplies of wind and solar energy. The water is then released at night, or at other times when it is not windy or sunny, maximizing the use of the stored energy in the…

Twitter paused its recently announced $8 blue check subscription service Friday as fake accounts mushroomed and new owner Elon Musk brought back the "official" badge to some users of the social media platform. The coveted blue check mark was previously reserved for verified accounts of politicians, famous personalities, journalists and other public figures. But a subscription option, open to anyone prepared to pay, was rolled out earlier this week to help Twitter grow revenue as Musk fights to retain advertisers. The flip-flop is part of a chaotic two weeks at Twitter since Musk completed his $44 billion acquisition. Musk has fired nearly half of Twitter's workforce, removed its board and senior executives, and raised the prospect of Twitter's bankruptcy. The U.S. Federal Trade Commission said Thursday it was watching Twitter…

Crypto exchange FTX filed for U.S. bankruptcy proceedings on Friday and founder Sam Bankman-Fried stepped down as CEO, in a stunning downfall that has sent shock waves through markets and drawn calls for better regulation of the digital industry. The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal. The company said in a statement shared on Twitter on Friday that FTX, its affiliated crypto trading firm Alameda Research and about 130 other companies have commenced voluntary Chapter 11 bankruptcy proceedings in Delaware. FTX had raised $400 million from investors in January, valuing the company at $32 billion. It attracted…

The widespread retrenchment in the U.S. technology industry has thrown thousands of workers in Silicon Valley out of work, a trend greatly amplified on Wednesday by Meta Platforms, the parent company of Facebook, which announced it would eliminate 13% of its workforce, amounting to more than 11,000 jobs. The announcement followed on the heels of major layoffs at other tech firms, most recently Twitter, which is restructuring in the aftermath of its takeover by Tesla founder Elon Musk, and also business software firm Salesforce and social media giant Snap, Inc. Other major tech firms, including Apple, Amazon and Alphabet, the parent company of Google, have said that they will slow or curtail new hiring. Announcing the job cuts, Facebook founder and Meta CEO Mark Zuckerberg admitted he had made an…

Tech billionaire Elon Musk’s takeover of Twitter comes as the U.S. holds midterm elections this week, with observers warning that online misinformation about the credibility of the electoral process can have real-world effects. Is Twitter, under Musk, ready? Tina Trinh reports. Michelle Quinn contributed. ...

Facebook parent company Meta is preparing to begin large-scale layoffs this week, according to U.S. media reports.  The layoffs, which were first reported by The Wall Street Journal, are expected to affect thousands of employees and would be the company's first job cuts of this scale in its 18-year history.  The job cuts are expected to come as early as Wednesday.   Meta has not commented on the news reports.   The expected layoffs would follow a string of job cuts at technology companies in recent months, including Twitter, Microsoft, Lyft and Stripe.  Meta's chief executive, Mark Zuckerberg, said in his company's last earnings call in October that "we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today."  He…

Meta Platforms Inc. is planning to begin large-scale layoffs this week that will affect thousands of employees, The Wall Street Journal reported on Sunday, citing people familiar with the matter, with an announcement planned as early as Wednesday. Meta declined to comment on the WSJ report. Facebook parent Meta in October forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta's stock market value, adding to the more than half a trillion dollars in value already lost this year. The disappointing outlook comes as Meta is contending with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse and the ever-present threat of regulation. Chief Executive Mark Zuckerberg has said he expects the metaverse investments…

South Korean team DRX were crowned League of Legends world champions on Saturday after scoring a surprise 3-2 victory over compatriots T1 in a thrilling final of the eSports tournament in San Francisco. T1, the most successful team in eSports history, started as favorites and took the lead in the first round of the competition. But DRX took command after many upsets, in particular thanks to 19-year-old Kim "Zeka" Geon-woo. Their win, the team's first-ever, was highly anticipated for talented 26-year-old Kim "Deft" Hyuk-kyu, who started competing in 2014 but had only made it past the quarterfinals once, also in 2014. No player so "old" had ever won the world championships until this year. The final took place at the Chase Center in San Francisco, home to the Golden State…

U.N. rights chief Volker Turk on Saturday urged Twitter's new owner, Elon Musk, to make respect for human rights central to the social network after he sacked around half the company's employees. Reports of Musk laying off the platform's entire human rights team were "not, from my perspective, an encouraging start," Turk said in an open letter. The United Nations High Commissioner for Human Rights said he was writing with "concern and apprehension about our digital public square and Twitter's role in it.” He warned against propagating hate speech and misinformation and highlighted the need to protect user privacy. Musk, the richest person in the world, took control of the platform a week ago in a contentious deal. After completing his mammoth $44 billion acquisition, Musk quickly set about dissolving…

Twitter on Saturday launched a subscription service for $7.99 a month that includes a blue check now given only to verified accounts as new owner Elon Musk overhauls the platform's verification system just ahead of the U.S. midterm elections. In an update to Apple iOS devices, Twitter said users who "sign up now" can receive the blue check next to their names "just like the celebrities, companies and politicians you already follow." So far, verified accounts do not appear to be losing their checks. Anyone being able to get the blue check could lead to confusion and the rise of disinformation ahead of Tuesday's elections if impostors decide to pay for the subscription and co-opt the names of politicians and election officials. Along with widespread layoffs that began Friday, many…

Twitter began widespread layoffs Friday as new owner Elon Musk overhauls the company, raising grave concerns about chaos enveloping the platform and its ability to fight disinformation just days ahead of the U.S. midterm elections. The speed and size of the cuts also opened Musk and Twitter to lawsuits. At least one was filed Thursday in San Francisco alleging Twitter has violated federal law by not providing fired employees the required notice. The company had told workers by email that they would find out Friday if they had been laid off. It did not say how many of the roughly 7,500 employees would lose their jobs. Musk blames activists for drop in advertising Musk didn't confirm or correct investor Ron Baron at a Friday conference in New York when he…

Twitter Inc temporarily closed its offices on Friday after telling employees they would be informed by email later in the day about whether they are being laid off. The move follows a week of uncertainty about the company's future under new owner Elon Musk. The social media company said in an email to staff it would tell them by 9 a.m. Pacific time on Friday (12 p.m. EDT/1600 GMT) about staff cuts. "In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday," said the email sent on Thursday, seen by Reuters. Musk, the world's richest person, is looking to cut around 3,700 Twitter staff, or about half the workforce, as he seeks to slash costs and…

A new U.N. report finds agricultural automation can boost global food production and be a boon for small-scale farmers in developing countries. The U.N. Food and Agriculture Organization, FAO, has just released The State of Food and Agriculture 2022 report. The report’s authors said automation is rapidly changing the face of agriculture. New technologies, they say, are quickly leaving behind some of the old larger-type tractors and large machinery in ways that could benefit small holders in developing countries. Parallels can be drawn with the introduction of cellphones. The World Bank, among other observers, notes African and other developing countries can harness digital technologies to boost their economies by advancing from landlines to smartphones. FAO said automation can play an important role in making food production more efficient and more…

The U.S. Supreme Court’s overturning of protections for abortion rights has intensified scrutiny of the personal data that technology firms collect. For women who live in states where most abortions are now illegal, their smartphones and devices could be used against them. Tina Trinh reports. Camera: Saqib Ul Islam, Greg Flakus ...

Small farmers produce about one-third of the world's food. Yet they lack global visibility and face many obstacles getting their crops to larger markets.  A new app is helping to change that for some farmers in Africa. VOA’s Julie Taboh has more. Camera, production: Adam Greenbaum ...

Santa Clara, California-based chip producer Marvell Technology has confirmed that it is eliminating research and development staffs in China – the third U.S. chipmaker that has done so this year as the U.S.-China tech rivalry intensifies. Observers say this will hobble China’s chip ambitions and worsen its talent shortfall in the field of designing and manufacturing cutting-edge computer chips. “China is definitely going to be at a loss when it comes to American companies like Marvell essentially redesigning their workforce, because China still hasn't reached a point where it's able to pump out the same level of chip talent as America or the UK or Israel,” Abishur Prakash, a co-founder at Center for Innovating the Future (CIF) in Canada told VOA over the phone. China becoming off-limits These tech giants…

On Oct. 4, Elon Musk reversed himself and offered to honor his original proposal to buy Twitter for $44 billion — a deal he had spent the previous several months trying to wriggle out of. He posted a video of himself arriving at Twitter headquarters Wednesday, and Thursday evening new outlets announced the deal had been completed and Musk had fired at least two top Twitter executives. If the case has your head spinning, here's a quick guide to the major events in the saga featuring the billionaire Tesla CEO and the social platform. January 31: Musk starts buying shares of Twitter in near-daily installments, amassing a 5% stake in the company by mid-March. March 26: Musk, who has tens of millions of Twitter followers and is active on the…

Elon Musk became Twitter Inc's new owner on Thursday, firing top executives he had accused of misleading him and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. The CEO of electric car maker Tesla Inc TSLA.O has said he wants to "defeat" spam bots on Twitter, make the algorithms that determine how content is presented to its users publicly available, and prevent the platform from becoming an echo chamber for hate and division, even as he limits censorship. Yet Musk has not offered details on how he will achieve all this and who will run the company. He has said he plans to cut jobs, leaving Twitter's approximately 7,500 employees fretting about their future. He also said on…

The United States is trying to make it easier for companies and organizations to bolster their cybersecurity in the face of growing attacks aimed at crippling their operations, stealing their data or demanding ransom payments. Officials with the Department of Homeland Security and the Cybersecurity and Infrastructure Security Agency (CISA) rolled out their new Cybersecurity Performance Goals on Thursday, describing them as a critical but voluntary resource that will help companies and organizations make better decisions. "Really what these cybersecurity performance goals present is a menu of options to advance one's cybersecurity," Homeland Security Secretary Alejandro Mayorkas told reporters, describing the rollout as a "watershed moment" for cybersecurity. "They are accessible, they are easy to understand, and they are identified according to the cost that each would entail, the complexity…

Elon Musk is telling Twitter advertisers he is buying the platform to "help humanity" and doesn't want it to become a "free-for-all hellscape" where anything can be said with no consequences. The message to advertisers posted Thursday on Twitter came a day before Musk's deadline for closing his $44 billion deal to buy the social-media company and take it private. "The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence," Musk wrote, in an unusually-long message for the billionaire Tesla CEO who typically projects his thoughts in one-line tweets He continued: "There is currently great danger that social media will splinter…

More frequent and severe droughts in Africa are hampering food production, especially in arid parts of the continent, where farmers struggle to eke out a living. A water retention system developed in the United States is helping African farmers fight the trend and improve crop yields in drought-affected areas. Under the scorching sun in the Ulilinzi village of southeastern Kenya, farmers are engaging in unique land preparations. They are installing in the ground specially designed polyethylene membranes that look like clear covers, to prevent the loss of moisture and nutrients from the soil. Exacerbated by drought from climate change, the sandy soil in this area, like in most arid and semi-arid areas, has made it nearly impossible to produce abundant crops. However, this new water retention technology developed in the…

As the U.S. military considers China’s military strength in the Indo-Pacific region, the U.S. Navy is turning to driverless ships to multiply its forces. VOA’s Jessica Stone takes us along for a closer look at this military innovation. Camera: Keith Lane ...

More frequent and severe droughts in Africa are hampering food production, especially in arid parts of the continent where farmers struggle to eke out a living. A water retention system developed in the U.S. is helping African farmers fight the trend and improve crop yields in drought-affected areas. Juma Majanga reports from Kibwezi, Kenya.   ...

The Biden administration's announcement earlier this month that it would ban the transfer of advanced U.S. semiconductor technology to China continues to reverberate through global markets. The ruling by the Department of Commerce affects not only U.S. firms that sell to China but any company whose products contain American semiconductor technology. In mainland China, according to Bloomberg News, officials from the Ministry of Industry and Information Technology have been summoning executives from domestic semiconductor manufacturers to assess how being deprived of high-tech manufacturing tools from overseas would impact their businesses. And companies that rely on imports of high-end semiconductors are assessing the viability of their businesses going forward. In the U.S., semiconductor companies and other tech firms that count China among their largest single markets are facing potentially severe damage…

Solar panels have mushroomed on rooftops and on the ground in many parts of the world. But they also can be placed on bodies of water. As VOA’s chief national correspondent Steve Herman reports, the floating solar technology has taken off on a large scale in Asia and Europe and is now beginning to heat up in North America. ...

More and more, people are installing video doorbells and surveillance cameras in and around their homes to protect against unwanted intruders. But while many consumers feel the devices provide some peace of mind, some observers are concerned that they trigger personal biases toward those captured on camera. VOA’s Julie Taboh has this report. Michelle Quinn contributed. ...