Money

Australian billionaire launches criminal case against Facebook

Published

2 years ago

February 4, 2022

ticker NEWS

An Australian billionaire has launched a criminal case against Facebook, alleging the tech giant failed to prevent scam ads that used his image

Aussie billionaire Andrew Forrest argues Facebook breached Australian anti-money laundering laws over the spread of cryptocurrency cons.

The Australian mining magnate is pursuing criminal proceedings against Facebook alleging the social media giant breached anti-money laundering laws by failing to stop scam advertisements that had been using his image.

Those scam ads allegedly used Forrest’s picture, and also used the pictures of other celebrities, to promote cryptocurrency investment schemes. The scams have appeared on Facebook since March 2019.

Forrest, who is the chairman of Fortescue Metals Group, claims Facebook failed to have sufficient controls or systems in place to stop the site from being used to perpetuate the scams.

The lawsuit will be heard initially in the Western Australia Magistrates’ Court on March 28.

It’s understood to be the first time Facebook has faced criminal charges anywhere in the world.

A separate civil lawsuit in California has also been filed.

Money

Why the meme-stock frenzy is unlikely to repeat

Published

3 days ago

May 14, 2024

Nathan Langridge

GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

Money

Why are airlines after the Biden Administration?

Published

3 days ago

May 14, 2024

Nathan Langridge

Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

Money

The mounting pressure on Government spends

Published

4 days ago

May 13, 2024

ticker NEWS

Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending