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Elon Musk declines offer to sit on Twitter’s board

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Elon Musk, who recently purchased a large stake in Twitter, has declined to join the social media company’s board

Billionaire Elon Musk who recently bought a large stake in Twitter has decided not to join the social media company’s board.

It was expected that Musk, who is the CEO is Tesla, would join the board of the social media app after becoming the largest shareholder.

The chief executive of Twitter revealed the news in a tweet stating that he will always value input from shareholders whether they are on our Board or not.

This photograph taken on October 26, 2020 shows the logo of US social network Twitter displayed on the screen of a smartphone and a tablet in Toulouse, southern France. (Photo by Lionel BONAVENTURE / AFP)

Twitter initially planned to have Elon Musk sit on the board for a term that would end in 2024

Elon Musk recently acquired a massive 9 percent stake in Twitter, essentially making him the largest shareholder of the social media giant.

If Musk agreed to join the board, he would also be agreeing to a condition that he does not acquire more than 14.9 percent of shares in the company.

Stocks in Twitter surged during the announcement that Musk had purchased a large percentage of the company.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Crypto

Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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Tech

Samsung penalised for misleading Galaxy phone users

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Samsung Electronics Australia will pay $14 million after admitting that it misled customers about its phone’s waterproof capabilities

The false or misleading claims were made about the water resistance of several phones, including the S7, S7 Edge, and Note 8 Samsung Galaxy phones.

It’s understood there were more than 3.1 million of these Galaxy phones sold in Australia.

The company says if the phones were submerged in pool or sea water there was chance of the charging port being corroded and stop working if the phone was charged while still wet.

“The phones would display a warning message to discourage consumers from attempting to charge the phones while water was in the charging port,” the company said.

“The phones also had inbuilt systems to minimise the prospect of corrosion if the phones were attempted to be charged while water remained in the charging port.”

SAMSUNG

Australia’s consumer watchdog says they reviewed hundreds of complaints from customers who experienced issues with their Galaxy phones.

“The case only relates to a prospect of corrosion of the charging port (if charged while pool or
sea water remained in the charging port), and only following submersion in pool or sea
water. It does not relate to water resistance generally,” the company explained.

Affected customers are urged to contact Samsung.

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Media

Netflix laying off 150 employees amid low revenue and subscriber loss

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Netflix is set to implement new cost cutting measures citing the low revenue growth

The largest streaming platform is laying off 150 staffers across the company with most of the cuts focused on the US office.

The layoff represents nearly 2% of the company’s total workforce of 11,000 employees.

One of Netflix’s representatives, while talking about the layoff, told CNBC

These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues.

This comes less than a month after the company recorded a fall in the number of subscribers.

Netflix shares have gone down significantly since January and the forecast shows further subscriber loss in the next quarter.

The company likely plans to introduce ads to the service or any one of its tiers after being ad free for years.

There might also be actions to prevent password sharing or charging users for doing so.

Shreya Vats contributed to this report

 

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