Here’s how Zuckerberg thinks Facebook will profit by building a ‘metaverse’

Mark Zuckerberg wearing the Oculus virtual reality headset. Glenn Chapman | Getty Images It’s either the next evolution of the internet or the latest corporate buzzword to get investors excited over some nebulous innovation that may not even come to pass over the next decade. Either way, tech companies — primarily Facebook — are increasingly … Read more

Billionaire investor Chamath Palihapitiya backs UK insurance start-up as it pivots from drones to cars

Venture capitalist Chamath Palihapitiya. Mark Kauzlarich/Bloomberg via Getty Images LONDON — On June 3, one of London’s hottest days of the year so far, Chamath Palihapitiya, an early Facebook executive turned tech investor, had lunch on the rooftop of The Ned hotel with the co-founders of insurance start-up Flock: Ed Klinger and Antton Pena. The … Read more

Ratings agencies downgrade China Evergrande as concerns over junk bonds rise

Major credit ratings agencies this week downgraded China’s most indebted property developer Evergrande, as concerns over Asia’s junk bond sector rise.  Fitch Ratings on Wednesday downgraded China Evergrande one notch from B to CCC, saying that the negative developments surrounding Evergrande may weaken investor confidence, further pressuring its liquidity.  A rating of CCC means there’s … Read more

Twitter closes San Francisco, New York offices as Covid cases surge

Pedestrians use mobile phones while walking past Twitter Inc. headquarters in San Francisco, California, U.S. Bloomberg | Getty Images Twitter has announced that it will close its San Francisco and New York offices immediately as Covid cases surge across the country. Wednesday’s announcement comes just two weeks after the social media company reopened their offices … Read more

Google postpones return-to-work until October, will require vaccinations

A person wears a face mask outside Google’s offices in Chelsea as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 29, 2020 in New York City. Noam Galai | Getty Images Google CEO Sundar Pichai said the company is extending its office return for employees … Read more

Chinese stocks are now among Asia’s worst-performing as Beijing crackdown spooks investors

Investors watch computer screens at a stock exchange hall on July 13, 2020 in Nanjing, Jiangsu Province of China. Jiang Ning | VCG | Getty Images Days of heavy selling in Chinese stocks have left two major indexes in the country as the worst-performing markets of Asia-Pacific. At the close of regional markets on Tuesday, … Read more

Apple’s iPhone hot streak is going to run into the global chip shortage

Apple CEO Tim Cook attends the opening of the new Apple Tower Theater retail store at Apple Tower Theatre on June 24, 2021 in Los Angeles, California. JC Olivera | Getty Images Apple reported a blowout quarter on Tuesday, driven by sales of iPhones, which were up 50% annually to $39.57 billion in sales. That … Read more

Elon Musk snipes at Apple twice on Tesla earnings call

Elon Musk, chief executive officer of Tesla Inc., right, departs from court for the SolarCity trial in Wilmington, Delaware, U.S., on Monday, July 12, 2021. Samuel Corum | Bloomberg | Getty Images Tesla CEO Elon Musk sniped at Silicon Valley neighbor Apple twice during a conference call to discuss Tesla earnings on Monday. Although the … Read more

Olympics ratings rebound following the drop in opening ceremonies viewership

Tokyo, Japan, Sunday, July 25, 2021 – Mens Basketball, USA vs. France at Saitama Super Arena. Robert Gauthier | Los Angeles Times | Getty Images The Tokyo Olympics attracted an average of 19.8 million viewers for Sunday coverage throughout NBCUniversal platforms, the media giant said on Monday. Events including swimming, women’s gymnastics, and the triathlon … Read more

Tesla records $23 million in bitcoin-related impairments after cryptocurrency’s second-quarter plunge

A Tesla store in Beijing, China, on July 4, 2021. Costfoto | Barcroft Media | Getty Images Tesla said Monday that a $23 million bitcoin-related impairment caused some drag on its quarterly operating income. The electric auto company only referred to bitcoin or crypto one time in its second-quarter announcement, after CEO Elon Musk went … Read more