Twitter lay-offs begin as Elon Musk warns of ‘massive drop’ in revenues November 5, 2022 Elon Musk has begun laying off thousands of Twitter workers after warning the social media company is losing more than $4m a day due to a “massive drop” in advertising revenues. The tech billionaire began pushing forwards with plans to lay off around half of Twitter’s 7,500 staff, just more than a week after completing [...]
Elon Musk abandons Hyperloop project months after ramping up testing November 3, 2022 Elon Musk has reportedly abandoned his futuristic high-speed transportation project Hyperloop just six months after announcing plans to begin “full-scale” testing. Hyperloop has been ‘indefinitely shelved’, according to Bloomberg today. The eccentric billionaire’s $44bn takeover of social media giant Twitter finalised last week, making him the ‘Chief Twit’ of yet another technology heavyweight. The ambitious [...]
Boris Johnson to address crypto conference in Singapore next month November 1, 2022 Boris Johnson will address a crypto conference in Singapore next month while Parliament is still sitting. The former Prime Minister will address the International Symposium on Blockchain Advancement, as the keynote speaker. Johnson will be joined by vice-president from 2001-09 Dick Cheney, but it’s not clear how much Johnson will get paid. The MP for [...]
UK’s £50bn black hole: Brits face a long, cold winter full of spending cuts and fresh tax hikes November 1, 2022 After barely a week in office, Rishi Sunak, the new Prime Minister, and his equally new Chancellor, Jeremy Hunt, are expected to move ahead with tax rises for millions of Brits. As early as next week, Sunak and Hunt will most likely extend a freeze on the thresholds at which people start to pay the [...]
Hunt and Sunak face £89bn fiscal hole without tax rises or spending cuts November 1, 2022 Without spending cuts or tax rises, prime minister Rishi Sunak and chancellor Jeremy Hunt will burn a £89bn hole in the public finances in a few years time, a new report out today reveals. A combination of former prime minister Liz Truss’s tax cuts in the shambolic 23 September mini-budget still lingering and a flatlining [...]
Twitter plans to charge users $20 for blue tick verification as Musk pushes for revenue growth October 31, 2022 Elon Musk is reportedly gearing up to introduce paid verification on Twitter in a bid to drive up revenue. According to initial reports from The Verge, Twitter is currently planning to charge $19.99 for the new Twitter Blue subscription, adding to the current optional premium offering it has. According to insiders and internal correspondence seen [...]
Difficult decision to come from Sunak and Hunt on bank surcharge October 30, 2022 The government has not ruled out reversing a tax cut on the UK’s biggest banks as it scrambles to overfill a huge hole in the public finances. Asked today by City A.M. if chancellor Jeremy Hunt and prime minister Rishi Sunak would commit to cutting the bank surcharge, an effective windfall tax, the Treasury said [...]
Twitter C-suite overhaul, job cuts and a content council: Elon Musk’s first moves as new owner October 30, 2022 Twitter’s new owner Elon Musk has reportedly fired a string of top executives “for cause”, in a bid to avoid paying out lofty severance packages after finally completing a $44bn takeover. The weekend layoffs included Twitter chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde, Reuters reported, [...]
Musk mulls ring-fencing Twitter ‘beef’ with different ‘versions’ of site October 29, 2022 Elon Musk has suggested that Twitter could be split up into maturity-rated content streams to ring-fence harmful and extreme posts, as the debate over moderation of material on the site rages on.
Ex Chancellor Hammond criticises Sunak for sluggishness on Crypto October 28, 2022 Former Tory Chancellor Lord Philip Hammond has criticised Rishi Sunak for sluggishness on Crypto regulation. Theresa May’s money man hit out at Boris Johnson’s former chancellor calling on him to turn Britain in to a world leader in Crypto. Speaking to FN, he said he was a “little disappointed” the UK was so “far behind” [...]