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Why are twitter shareholders suing Elon Musk?

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Elon Musk is being sued by former Twitter shareholders, claiming he hid his 9.2 per cent stake in the social media company.

The shareholders say they missed out on the spike in stock price because Musk waited too long to reveal his position.

The matter was filed in Manhattan federal court.. with the shareholders saying Musk made “materially false and misleading statements and omissions” by withholding that he had invested in Twitter.

Under federal law he was required to disclose the information by March 24.

Twitter shares grew by 27 per cent at the start of April, reaching nearly 50 dollars following Musk’s stake reveal.

Previous shareholders say this allowed Musk to buy more Twitter shares at lower prices and pushing them into selling theirs at lower prices as well.

Through the lawsuit, former shareholders are seeking compensatory and punitive damages.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Business

Is Netflix going bankrupt?

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2022 hasn’t been good for the streaming giant, In April alone the company said that they lost subscribers for the first time in ten years

And on top of that, it’s stock price has plummeted more than 60% so far this year.

Some have speculated that these are indications that Netflix is going down, and going down fast.

But they’re probably wrong, because Netflix is simply transforming into what CNN Business has referred to as a ‘traditional media company’.

What does that entail?

Like many technology companies, Netflix relied on subscribers and that was based on producing plus streaming movies and tv shows-on the platform in return for a fee.

It was only in 2019 when Netflix was ranked as America’s fastest growing brand, and many conventional media companies like Disney, Paramount and Warner Bros. amongst others started imitating the Netflix model.

But now it seems, Netflix will imitate them. And that means it will start having advertisements.

And the streaming platform has already changed the way it’s releasing new shows.

Instead of what we’re used to, which was a release of the entire series – to a more gradual release.   

And the streaming company also says that it will crackdown on password sharing.

Netflix has always been regarded as a tech company, but now it’s transitioning to a media company.

It’s not in trouble, It’s simply transforming to a more traditional business model.

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Business

Meta faces a probe into triggering poor mental health

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Meta is facing a string of lawsuits that relate to the mental health of young people

The legal disputes blame Instagram for eating disorders, depression and even suicides among children and teens.

It comes after whistle-blower Frances Haugen exposed internal documents about how Instagram impacts body image and mental health.

The leaks allegedly show Meta is aware that its products hurt children but the company chose to put its growth and profits ahead of user’s safety.

Meta has not responded to these latest legal blows.

Of course, if you or someone you know needs help, please contact your local helpline.

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Business

Musk creating hybrid of Uber and Airbnb

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Musk is predicting the company’s robotaxi will be like a combined version of Uber and Airbnb

Unlike Uber though, Musk says the system is not being designed with a launch city in mind, the way competitors have approached the concept.

Are we better off without Uber and taxi drivers?

Musk said Tesla owners will have the choice of using it themselves or adding their cars to the robotaxi fleet to earn money when they do not need them.

The tech billionaire mentioned that regulatory hurdles will limit where it can be deployed.

He estimates that a typical vehicle added to the system will see its usage jump from 12 hours a week to 60 hours a week and become a revenue generator for the owner of the Tesla.

The idea is that when your car is parked, it then joins the fleet and takes off on its own with no driver.

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