Category: Business

Hours after announcing his $43 billion hostile takeover bid for Twitter, business magnate Elon Musk laid out some of his goals for the social media giant, including an edit button that would let users amend ill-considered tweets. Musk made the comments on the concluding day of the annual TED Conference in Vancouver. In a question-and-answer session, he said Twitter is the global town square and an important and inclusive area for free speech. He said he has enough assets to cover the $43 billion purchase himself but did not divulge details of how he expects to finance the attempted takeover. If necessary, he said, he has a “Plan B” for acquiring the company. Musk said if successful, he will make Twitter’s algorithms open source, introduce an edit button for people…

Businessman Elon Musk has offered to buy Twitter, saying the social media giant “needs to be transformed as a private company.” "I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy," Musk said in the filing. "However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company." The founder of Tesla and SpaceX is already Twitter’s largest shareholder, owning more than 9% of the company. A regulatory filing showed he offered $54.20 per share to buy the rest. That price would value the company at about $43…

Russian users of Netflix NFLX.O have launched a class action lawsuit against the streaming giant for leaving the Russian market, demanding 60 million roubles ($726,000) in compensation, the RIA news agency reported on Wednesday.  Netflix Inc said in March that it suspended its service in Russia and had temporarily stopped all future projects and acquisitions in the country as it assessed the impact of Moscow’s invasion of Ukraine. "Today, a law firm representing the interests of Netflix users filed a class action lawsuit against the American Netflix service with the Khamovnichesky District Court of Moscow," RIA cited law firm Chernyshov, Lukoyanov & Partners as saying.  "The reason for the lawsuit was a violation of Russian users’ rights due to Netflix’s unilateral refusal to provide services in Russia."  Netflix did not…

A former energy executive in California who took part in $1 billion solar power fraud that bilked Warren Buffett's company and many others was sentenced Tuesday to six years in federal prison and ordered to pay $624 million in restitution. Robert A. Karmann, 55, of Clayton was the chief financial officer for DC Solar, a company based in Benicia in the San Francisco Bay Area that sold mobile solar generator units mounted on trailers. The company marketed the generators between 2011 and 2018 as being able to provide emergency power for cellphone companies or to provide lighting at sporting and other events. But the company executives started telling investors they could benefit from federal tax credits by buying the generators and leasing them back to DC Solar, which would then…

Elon Musk's huge Twitter investment took a new twist Tuesday with the filing of a lawsuit alleging that the colorful billionaire illegally delayed disclosing his stake in the social media company so he could buy more shares at lower prices. The complaint in New York federal court accuses Musk of violating a regulatory deadline to reveal he had accumulated a stake of at least 5%. Instead, according to the complaint, Musk didn't disclose his position in Twitter until he'd almost doubled his stake to more than 9%. The lawsuit alleges that the strategy hurt less-wealthy investors who sold shares in the San Francisco company in the nearly two weeks before Musk acknowledged holding a major stake. Musk's regulatory filings show that he bought a little more than 620,000 shares at…

The world of nonfungible tokens, or NFTs is getting a boost from companies and celebrities, who are making the digital products. But the nascent technology comes with risks. Tina Trinh reports. ...

Twitter Inc’s biggest shareholder, Elon Musk, has decided not to join its board, Chief Executive Parag Agrawal said late on Sunday.  Musk, who calls himself a free-speech absolutist and has been critical of Twitter, disclosed a 9.1% stake on April 4 and said he plans to bring about significant improvements at the social media platform.  His appointment to the board was to become effective on Saturday and would have prevented him from being a beneficial owner of more than 14.9% of common stock.  But “Elon shared that same morning that he will no longer be joining the board,” Agrawal said in a note on Twitter. “I believe this is for the best. We have and will always value input from our shareholders whether they are on our Board or not.…

Chinese e-commerce company JD.com said Thursday that its founder Richard Liu has left his position as CEO, the latest Chinese billionaire founder to step aside amid increased government scrutiny of the country’s technology industry. Liu will hand over the reins to JD.com’s president Xu Lei, according to a company statement. Liu will remain as the chairman of the board and continue to focus on JD.com’s “long-term strategies, mentoring younger management, and contributing to the revitalization of rural areas,” the statement said. “I’ll devote more of my time to JD’s long-term strategies and future drivers as we continue to work on the most challenging yet valuable things,” Liu said. Liu is the latest in a string of Chinese technology company founders who have stepped down from leadership positions in recent years.…

Twitter said on Tuesday it will begin testing a new edit feature in the coming months, surprising its users on the same day it said Tesla boss Elon Musk would join the social media company's board.  Jay Sullivan, Twitter's head of consumer products, said in a tweet the company had been working since last year on building an edit option, "the most requested Twitter feature for many years."  The news, first teased by Twitter on April Fools’ Day, comes as the company faces a broader change in direction with Musk becoming its largest shareholder and joining the board after questioning the social media platform's commitment to free speech.   Musk began polling Twitter users about an edit button after disclosing his 9.2% stake in the company on Monday. As of…

A day after it was revealed he owned the largest stake in Twitter, slightly more than 9% of shares, Elon Musk has joined the company’s board of directors. The Tesla and SpaceX founder will be on the board until at least 2024, according to a regulatory filing. As a stipulation of his board membership, Musk won’t be allowed to own more than 14.9% of Twitter shares while on the board and for three months following a departure from the board. After the announcement, Musk tweeted, “Looking forward to working with Parag & Twitter board to make significant improvements to Twitter in coming months!” “I’m excited to share that we’re appointing @elonmusk to our board!” tweeted Twitter CEO Parag Agrawal. “Through conversations with Elon in recent weeks, it became clear to…

In the U.S., some restaurants and medical supply stores are turning to drones to deliver food, medicine, and other essential goods to people’s homes. VOA’s Julie Taboh has more. ...

The Kremlin’s clampdown on news of the war in Ukraine has hackers and volunteers from around the world are sending messages directly to Russian citizens' phones to keep them informed. Matt Dibble has the story. ...

China has connected a high-speed, multimillion-dollar, 15,000-kilometer undersea cable to Kenya, as Beijing advances what's been dubbed its "digital silk road," and Africa seeks the infrastructure it badly needs for better internet connectivity.   Chinese giant Huawei is a shareholder in the $425-million PEACE cable, which stands for "Pakistan and East Africa Connecting Europe." It stretches from Asia to Africa and then into France, where it terminates.  It reached the coastal city of Mombasa on Tuesday, with the CEO of local partner company Telekom Kenya, Mugo Kibati, saying the cable would help meet the sharp rise in demand for internet services on a continent where internet adoption has trailed the rest of the world, but which is home to a growing, young and increasingly digital population.    "This ultra-high-capacity cable…

Up to 40% of food in the U.S. is discarded. But as VOA’s Julie Taboh reports, a company in the Netherlands has come up with technology that can help reduce food waste in industrial kitchens. Camera: Tina Trinh, Orbisk;          Produced by Julie Taboh, Adam Greenbaum ...

Negotiators from the European Parliament and EU member states agreed Thursday on a landmark law to curb the market dominance of U.S. big tech giants such as Google, Meta, Amazon and Apple. Meeting in Brussels, the lawmakers nailed down a long list of do's and don'ts that will single out the world's most iconic web giants as internet "gatekeepers" subject to special rules. The Digital Markets Act (DMA) has sped through the bloc's legislative procedures and is designed to protect consumers and give rivals a better chance to survive against the world's powerful tech juggernauts. "The agreement ushers in a new era of tech regulation worldwide," said German MEP Andreas Schwab, who led the negotiations for the European Parliament. "The Digital Markets Act puts an end to the ever-increasing dominance…

U.S. and British officials on Thursday accused the Russian government of running a yearslong campaign to hack into critical infrastructure, including an American nuclear plant and a Saudi oil refinery. The announcement was paired with the unsealing of criminal charges against four Russian government officials, whom the U.S. Department of Justice accused of carrying out two major hacking operations aimed at the global energy sector. Thousands of computers in 135 countries were affected between 2012 and 2018, U.S. prosecutors said. Cybersecurity analysts described the moves as a shot across the bow to Moscow after U.S. President Joe Biden had warned just days ago about "evolving intelligence" that the Russian government might be preparing cyberattacks against American targets. John Hultquist, whose firm Mandiant investigated the Saudi refinery hack, said that by…

Seattle-based teenager Avi Schiffmann is doing what he can to help Ukrainian refugees. He has launched a website that helps refugees find safe places to stay, matching refugees with people willing to share their homes. Anush Avetisyan has the story, narrated by Anna Rice. ...

Okta whose authentication services are used by companies including Fedex and Moody's to provide access to their networks, said on Tuesday that it had been hit by hackers and that some customers may have been affected. The scope of the breach is still unclear, but it could have major consequences because thousands of companies rely on San Francisco-based Okta to manage access to their networks and applications. Chief Security Officer David Bradbury said in a blog post that the computer of a customer support engineer working for a third-party contractor was accessed by the hackers for a five-day period in mid-January and that "the potential impact to Okta customers is limited to the access that support engineers have." "There are no corrective actions that need to be taken by our…

Three companies have lodged a complaint with the European Commission against Microsoft, accusing the U.S. technology giant of anti-competitive practices in its cloud services, sources told AFP on Saturday, confirming media reports. Microsoft is "undermining fair competition and limiting the choice of consumers" in the computing cloud services market, said one of the three, French company OVHcloud, in a statement to AFP. The companies complain that under certain clauses in Microsoft's licensing contracts for Office 365 services, tariffs are higher when the software is not run on Azure cloud infrastructure, which is owned by the U.S. group. They also say the user experience is worse and that there are incompatibilities with certain other Microsoft products when not running on Azure.  In a statement to AFP, Microsoft said, "European cloud service…

Before Russia invaded Ukraine, the groundwork had already begun — online. Russian disinformation is a key part of what many are calling a hybrid war.  VOA's Tina Trinh explains. ...

Facebook owner Meta Platforms FB.O will help train Australian political candidates on aspects of cyber security and coach influencers to stop the spread of misinformation in a bid to boost the integrity of an upcoming election, it said on Tuesday. Australia has not yet set a date for its next election, which is due by May. Authorities are already on high alert for electoral interference, having previously highlighted foreign interference attempts aimed at all levels of government and targeting both sides of politics. "We'll stay vigilant to emerging threats and take additional steps, if necessary, to prevent abuse on our platform while also empowering people in Australia to use their voice by voting," Josh Machin, the company's Australian chief of public policy, said in a statement that is to be…

For many Ukrainians, staying online has been daunting as Russia attacks telecoms and power supplies, but some people, like Oleg Kutkov, a software and communications engineer, are testing out a new way to stay connected. In a FaceTime interview with VOA Mandarin from Kyiv, Kutkov held up the components of the two-part terminal needed to connect via Starlink, an internet constellation of some 2,000 satellites operated by billionaire Elon Musk's private firm SpaceX, one of a growing number of enterprises supporting Ukraine. The Starlink dish and modem setup is easy to use, according to Kutkov, who is in his mid-30s. "You just place the receptor outside, power on, wait a few minutes, and then you can go online without any additional tuning," he told VOA Mandarin on Monday. Kutkov said,…

From the three-light traffic signal, refrigerated trucks, automatic elevator doors, color monitors for desktop computers, to the shape of the modern ironing board, the clothes wringer, blood banks, laser treatment for cataracts, home security systems and the super-soaker children’s toy, many objects and services Americans use every day were invented by Black men and women. These innovators were recognized for their inventions, but countless other inventors of color have gone largely unrecognized. Others are completely lost to history. “There were some instances where Black inventors would compete with Alexander Graham Bell, with Thomas Edison, where their inventions were really just as good and just as transformative, but they just did not have access to the capital,” says Shontavia Johnson, an entrepreneur and associate vice president for entrepreneurship and innovation at…

U.S. authorities have broadly expanded the use of a smartphone app during the coronavirus pandemic to ensure immigrants released from detention will attend deportation hearings, a requirement that advocates say violates their privacy and makes them feel they're not free. More than 125,000 people — many of them stopped at the U.S.-Mexico border — are now compelled to install the app known as SmartLink on their phones, up from about 5,000 less than three years ago. It allows officials to easily check on them by requiring the immigrants to send a selfie or make or receive a phone call when asked. Although the technology is less cumbersome than an ankle monitor, advocates say tethering immigrants to the app is unfair considering many have paid bond to get out of U.S.…

Facebook said Thursday that because of the invasion of Ukraine, it has temporarily eased its rules regarding violent speech. Moscow's internationally condemned invasion of its neighbor has provoked unprecedented sanctions from Western governments and businesses, but also a surge of online anger. "As a result of the Russian invasion of Ukraine, we have temporarily made allowances for forms of political expression that would normally violate our rules like violent speech such as 'death to the Russian invaders,'" Facebook's parent company Meta said in a statement. "We still won't allow credible calls for violence against Russian civilians," it added. Facebook made its statement after a Reuters report, citing the firm's emails to its content moderators, which said the policy applies to Armenia, Azerbaijan, Estonia, Georgia, Hungary, Latvia, Lithuania, Poland, Romania, Russia,…

Twitter says it has created a version of its microblogging service that can be used by Russians despite the regular version of the service being restricted in the country. The service will be available via a special “onion” URL on the darkweb that is accessible only when using a Tor browser. Onion URLs and Tor have long been used by those seeking to work around censorship as well as those who are involved in illegal activities on the darkweb. The announcement of the new site was made by a software engineer who does work for Twitter. “This is possibly the most important and long-awaited tweet that I've ever composed. “On behalf of @Twitter, I am delighted to announce their new @TorProject onion service,” wrote Alec Muffett. ...

A Ukrainian man charged last year with conducting one of the most severe ransomware attacks against U.S. targets has been extradited to the United States and made a court appearance Wednesday, the U.S. Justice Department said. According to an August 2021 indictment, Yaroslav Vasinskyi accessed the internal computer networks of several victim companies and deployed Sodinokibi/REvil ransomware to encrypt the data on their computers, the Justice Department said in a statement. Vasinskyi was allegedly responsible for the July 2021 ransomware attack against Florida software provider Kaseya, the department said. Reuters could not reach a representative of Vasinskyi. Kaseya did not immediately return a message seeking comment. The Ukrainian national was accused in the indictment of breaking into Kaseya over the July 4 weekend last year and simultaneously distributing with accomplices…

A bipartisan group of lawmakers has written a letter asking the Department of Justice to determine whether online retailer Amazon engaged in obstruction of Congress during an investigation of the company's competitive practices.  The letter said the company had "engaged in a pattern and practice of misleading conduct" that suggested it had sought to influence or obstruct an investigation into how it operates.  The House Judiciary Committee conducted a 16-month probe into how Amazon, Apple, Google and Facebook operated.  During the investigation, lawmakers focused on Amazon's use of private-label products and collection of third-party data.  Amazon allegedly copied popular products in India and then manipulated search results to increase the sales of its own products, Reuters reported.  The committee's letter to DOJ alleges Amazon made untrue or misleading statements when…