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Good morning tech fam, here are some quick tech updates for you to catch on to!
What's New Today: Tesla CEO, Elon Musk, finally closes the Twitter deal, after infinite times of in-and-out by both parties.
Fast-Track Insights: Mark Zuckerberg is in massive trouble as Meta's weak quarterly revenues have frightened investors and the tech community.
The Tesla CEO, Elon Musk finally closed his deal to buy the social media platform, Twitter. The deal's closure has been facing several issues and has been postponed several times, infact, the numerous lawsuits brought against Elon are also one of the many reasons why the Twitter deal was previously postponed. Earlier this month, Elon claimed to move forward with the deal with the originally proposed value of US$44 billion.
Mark Zuckerberg seems to be in huge trouble and has asked investors to be patient after the company's shares slumped almost 20% in late trading. The utterly disappointing quarterly revenue outlook has basically spooked investors, who wanted Zuckerberg to justify Meta's increasing expenditures to fund its metaverse initiatives. Zuck claims to be confident that Meta's largest bets in areas such as short-form video, business messaging, and metaverse are headed in the right direction.
Amid growing economic downturns, tech giants are moving to cut down cloud and data center expenditures. Investors are now looking for other dependable sources that will make business operations smoother as companies deal with rising costs amid soaring inflation, while interest rate increases to squeeze customer demands. The shares of almost all major tech companies, including Amazon and Google have slumped drastically.
Google Cloud partnered up with Coinbase to support the growth and development of the crypto market. While the big tech mogul plans to support more cryptocurrencies in the future, currently, it chose to support Ethereum with e blockchain node engine. Google claims that Ethereum will be the first blockchain network that will be supported by a blockchain node engine, enabling developers to fully provision managed ETH nodes.
Hong Kong plans to legalize retail crypto trading as it looks to become a crypto hub in the years to come. Crypto platforms will be required to apply for a license to offer retail trading. After China's harsh regulatory crackdown on the crypto market, Hong Kong aims to re-establish itself as the global financial hub, and infact, is aiming to set itself apart for its financial values from mainland China.
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