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☆ Elon Musk's AI firm xAI files to raise up to $1 bln in equity offering
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsDec 5 (Reuters) - Elon Musk's artificial intelligence startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering, according to a filing on Tuesday. In a Twitter Spaces event earlier in the year he said that rather than explicitly programming morality into its AI, xAI will seek to create a "maximally curious" AI. The billionaire, who has criticized Big Tech's AI efforts as ridden with censorship, in July launched xAI, calling it a "maximum truth-seeking AI" to rival Google's (GOOGL.O) Bard and Microsoft's Bing AI. In 2015, Musk co-founded OpenAI, the company behind ChatGPT, which has created a frenzy for generative AI technology around the world, but stepped down from the board in 2018. The team behind xAI, which launched in July this year, comes from Google's DeepMind, the Windows parent, and other top AI research firms.

Persons: Elon Musk, Porte, Gonzalo Fuentes, xAI, Google's, Bard, Microsoft's Bing, XAI, Musk, Google's DeepMind, Akash Sriram, Jaiveer, Arsheeya Bajwa, Shailesh Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Elon, Securities and Exchange Commission, Microsoft Corp, Regulators, Thomson Locations: Paris, France, Bengaluru

☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ ChatGPT one year on: From viral AI bot to OpenAI's boardroom battle
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 30 (Reuters) - We asked ChatGPT, OpenAI's viral chatbot, how it felt on its first birthday. The generative AI craze has disrupted several industries from cloud computing and customer service to movie editing and screenplay writing. Reuters GraphicsCHATGPT APP DOWNLOADSSix months after ChatGPT's website launch, OpenAI introduced the chatbot application to Apple's (AAPL.O) iOS in May and later on Android in July. With these applications running mostly on the cloud, vendors of cloud computing services, including Microsoft, Amazon and Alphabet, have also seen their shares surge. Microsoft (MSFT.O) and Alphabet (GOOGL.O) have invested billions to improve their cloud computing capabilities and take on more AI workloads as businesses embrace such tools.

Persons: Dado Ruvic, ChatGPT, Sam Altman, chatbots, Bard, Anthropic's Claude, Character.AI, Microsoft's, OpenAI, John Grisham, George R.R, Martin, Jonathan Franzen, Akash Sriram, Harshita Mary Varghese, Zaheer Kachwala, Jaspreet Singh, Sweta Singh, Saumyadeb Organizations: REUTERS, Microsoft, Reuters, Android, Nvidia, Nasdaq, TECH, Thomson Locations: Bengaluru

☆ Tesla's Cybertruck - top features and specifications
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

Tesla's new Cybertruck is shown on display at a Tesla store in San Diego, California, U.S., November 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 30 (Reuters) - Tesla's (TSLA.O) Cybertruck has caught the attention of many drivers with its polarizing design that promises a durable build and unique features. The electric pickup, however, enters a fiercely competitive truck market, with automakers trying to one-up rivals with utility and features. Here are some specifications and features of the Cybertruck:RANGEThe base rear-wheel drive variant can travel an estimated 250 miles, while the all-wheel drive and "Cyberbeast" variants can travel 340 miles and 320 miles, respectively. The top two variants can travel further with an optional range extender that takes about a third of the truck's bed space.

Persons: Mike Blake, Cybertruck, Elon Musk, Musk, Akash Sriram, Arun Koyyur Organizations: REUTERS, Porsche, Ford, GM Silverado, DMC DeLorean, Thomson Locations: San Diego , California, U.S, Austin , Texas, Bengaluru

[1/3] Tesla's new Cybertruck is shown on display at a Tesla store in San Diego, California, U.S., November 20, 2023. Cybertruck, Tesla's first new model in nearly four years, is critical to its reputation as a maker of innovative vehicles. "We dug our own grave with Cybertruck," Musk said last month, warning that it would take a year to 18 months to make the vehicle a significant cash flow contributor. The billionaire has said Tesla was likely to reach a production rate of roughly 250,000 Cybertrucks a year in 2025. Tesla has faced "enormous challenges in reaching volume production" with the Cybertruck because of its new technology and design, Musk said.

Persons: Mike Blake, Elon Musk, Tesla's, Musk, Tesla, Eric Noble, Rivian, R1T, Rivian's R1T, Ford's, Seth Goldstein, Paul Waatti, Akash Sriram, Hyunjoo Jin, Sayantani Ghosh, Bill Berkrot Organizations: REUTERS, New York Times, Dodge, Ford, General Motors, Hummer, Morningstar, Thomson Locations: San Diego , California, U.S, Bengaluru, Hyunjoo, San Francisco

The logo of Forbes magazine is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo Acquire Licensing RightsNov 21 (Reuters) - Forbes' parent company has called off its acquisition by Luminar Technologies (LAZR.O) CEO Austin Russell, as the billionaire could not come up with the financing, an internal Forbes memo seen by Reuters on Tuesday showed. Forbes was valued at $475 million in 2014 when Integrated Whale Media bought a majority stake in the company from the Forbes family and investment group Elevation Partners. Chinese conglomerate HNA Group made an unsuccessful bid to acquire a majority stake in Forbes in 2017, Reuters reported at the time. Forbes, one of the oldest U.S. media outlets, publishes its eponymous flagship magazine, which reaches 5 million readers.

Persons: Sergei Karpukhin, Forbes, Austin Russell, Mike Federle, Dawn Chmielewski, Helen Coster, Akash Sriram, Maju Samuel, Richard Chang Organizations: Forbes, St ., Economic, REUTERS, Luminar Technologies, Reuters, Forbes Media, The, Integrated Whale Media, Partners, HNA Group, Thomson Locations: St, St . Petersburg, Russia, Russell's, U.S, Los Angeles, New York, Bengaluru

☆ OpenAI board, Altman in talks for return of former CEO - Bloomberg News
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Sam Altman, CEO of OpenAI, attend the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. Talks are happening between Altman and at least one board member, Quora CEO Adam D'Angelo, the report said. Altman could return as a director on a transitional board and the talks also involve some investors of the artificial intelligence startup. But things appeared fluid, as Microsoft CEO Satya Nadella told media on Monday "irrespective of where Sam is, he's working with Microsoft" and that governance at OpenAI needed to change. Other than Quora's D'Angelo, OpenAI's four-person board consisted of Tasha McCauley, Helen Toner and OpenAI chief scientist Ilya Sutskever as of Friday.

Persons: Sam Altman, Carlos Barria, Altman, Adam D'Angelo, Greg Brockman, Satya Nadella, Sam, Brockman, Nadella, Emmett Shear, Quora's D'Angelo, OpenAI's, Tasha McCauley, Helen Toner, Ilya Sutskever, Akash Sriram, Chavi Mehta, Devika Syamnath, Arun Koyyur Organizations: OpenAI, Economic Cooperation, REUTERS, Microsoft, Bloomberg, CNBC, Reuters, Thomson Locations: Asia, San Francisco , California, U.S, OpenAI, Bengaluru

The startup's newly appointed interim head moved quickly to dismiss speculation that OpenAI's board ousted Altman due to a spat over the safety of powerful AI models. It was not clear why Murati had stepped down as interim CEO. [1/4]Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. Some of those joining Altman at Microsoft include senior researchers Szymon Sidor and Jakub Pachocki, according to Brockman. Microsoft had supported a return by Altman to the startup, according to sources, a move that seemed likely only hours prior to Monday's announcements.

Persons: OpenAI, Emmett Shear, Sam Altman, Greg Brockman, OpenAI's, Altman, Shear, Ilya Sutskever, we've, Sutskever, Mira Murati, reinstates Altman, Brockman, Bret Taylor, Will Hurd, Murati, Carlos Barria, Richard Windsor, Satya Nadella, Szymon Sidor, Jakub Pachocki, Russ Mould, AJ Bell, Nadella, Jeffry Dastin, Anna Tong, Krystal Hu, Akash Sriram, Aditya Soni, Urvi, Shubham, Stephanie Kelly, Nivedita Bhattacharjee, Miyoung Kim, Sam Holmes, Susan Fenton, Chizu Nomiyama, Anil D'Silva Organizations: Microsoft, FRANCISCO, Google, OpenAI, Reuters, Economic Cooperation, REUTERS, Radio Free Mobile, Thomson Locations: OpenAI, Texas, Asia, San Francisco , California, U.S, San Franciso, New York, Bengaluru

☆ A timeline of Sam Altman’s ouster from OpenAI and Microsoft appointment
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Companies Openai LLC FollowMicrosoft Corp FollowNov 20 (Reuters) - Following a surprise ouster, OpenAI co-founder and former CEO Sam Altman joined Microsoft (MSFT.O) as the head of artificial intelligence research along with the ChatGPT maker's former President Greg Brockman and other staff. Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Carlos Barria/File Photo Acquire Licensing RightsThe developments come less than a year after OpenAI kicked off the generative AI frenzy with the launch of viral chatbot ChatGPT and bagged Microsoft as an investor, among other big names. The shakeup is not the first at OpenAI, which was launched in 2015. Reporting by Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: OpenAI, Sam Altman, Greg Brockman, Carlos Barria, Elon Musk, Akash Sriram, Shounak Dasgupta Organizations: Microsoft, Economic Cooperation, REUTERS, Thomson Locations: Asia, San Francisco , California, U.S, Bengaluru

OpenAI logo is seen in this illustration taken, February 3, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - OpenAI's staff has threatened to quit the artificial intelligence startup and join former boss Sam Altman at Microsoft's (MSFT.O) new division unless the board resigns, according to a letter seen by Reuters. Apart from Chief Technology Officer Mira Murati, Chief Data Scientist Ilya Sutskever and Chief Operating Officer Brad Lightcap, about 500 members of OpenAI staff said they would resign, a person familiar with the matter told Reuters. OpenAI did not immediately respond to a Reuters request for comment. Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sam Altman, Mira Murati, Ilya Sutskever, Brad Lightcap, OpenAI, Akash Sriram, Shweta Agarwal, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Microsoft's, Bengaluru

☆ Microsoft emerges as big winner from OpenAI turmoil with Altman on board
▼ + stars: | 2023-11-20 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

That was nearly equal to the valuation OpenAI commanded in its last fundraise. "If Microsoft lost Altman, he could have gone to Amazon, Google, Apple, or a host of other tech companies," said Wedbush Securities analyst Dan Ives. We view Microsoft now even in a stronger position with Altman and Brockman at Microsoft running AI. Altman will lead a new research team at the software giant following his surprise ouster by OpenAI that shocked the tech industry. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation.

Persons: Satya Narayana Nadella, Lucas Jackson, Sam Altman, Altman, Dan Ives, Brockman, OpenAI, Greg Brockman, Szymon Sidor, SemiAnalysis, Mira Murati, Aditya Soni, Akash Sriram, Sriraj Organizations: Microsoft, REUTERS, Google, Wedbush Securities, Thomson Locations: Manhattan, New York City, OpenAI, Bengaluru

☆ Microsoft emerges as big winner from OpenAI turmoil
▼ + stars: | 2023-11-20 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

[1/2] Microsoft Chief Executive Officer (CEO) Satya Narayana Nadella speaks at a live Microsoft event in the Manhattan borough of New York City, October 26, 2016. The turmoil at OpenAI since Friday had raised fears about the fallout for Microsoft, which has pumped in billions of dollars and uses the pioneer's technology for most of its AI offerings. That was nearly equal to the valuation OpenAI commanded in its last fundraise. We view Microsoft now even in a stronger position with Altman and Brockman at Microsoft running AI. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation.

☆ A timeline of Sam Altman's firing and dramatic return to OpenAI
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Companies Openai LLC FollowMicrosoft Corp FollowNov 21 (Reuters) - OpenAI said late on Tuesday Sam Altman would return to the company as CEO, capping days of high drama and marathon discussions about the future of the startup at the center of the global artificial intelligence boom. [1/2]Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. REUTERS/Carlos Barria Acquire Licensing RightsFollowing his surprise dismissal on Friday, Altman had briefly joined Microsoft (MSFT.O) as the head of artificial intelligence research along with the ChatGPT maker's former President Greg Brockman and other staff. The developments come less than a year after OpenAI kicked off a generative AI frenzy with the launch of viral chatbot ChatGPT and bagged Microsoft as an investor, among other big names. Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: OpenAI, Sam Altman, Carlos Barria, Altman, Greg Brockman, Akash Sriram, Shounak Dasgupta, Nivedita Organizations: Microsoft, Economic Cooperation, REUTERS, Thomson Locations: Asia, San Francisco , California, U.S, Bengaluru

☆ Fisker delivers over 100 cars in a day with new distribution strategy
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Henrik Fisker, CEO of electric-vehicle maker Fisker Inc. introduces the Ronin electric sports car in Huntington Beach, California, August 3, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Fisker Inc FollowNov 17 (Reuters) - Fisker (FSR.N) said on Friday that its new distribution strategy would help improve delivery speed and volume, which the electric vehicle company noted was a bottleneck that curbed production. The EV maker delivered 107 vehicles on Thursday, crossing the 100 mark for the first time after executing a new strategy that brought in revenue of $7.5 million in one day. Fisker said it has added several logistics partners to transport Ocean SUVs to delivery locations so that they can be handed over to customers quickly. An employee can drive a customer's car to them if they live within 60 miles of a Fisker fulfillment location, eliminating the use of vehicle transport, the company said.

Persons: Henrik Fisker, Mike Blake, Fisker, Akash Sriram, Maju Samuel Organizations: Fisker Inc, REUTERS, Thomson Locations: Huntington Beach , California, Bengaluru

"Investors had hoped to receive separate shares of the cloud business in hopes the segment could achieve a higher multiple in the public markets due to its growth potential." The company then appointed Eddie Wu, one of Alibaba Group's co-founders and long-time lieutenant of former chief Jack Ma, as both CEO of Alibaba and the cloud business. Instead the group would focus on growing the cloud business and providing investment for its AI drivers, he said. [1/2]3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba International Digital Commerce, a business that includes platforms such as Lazada and AliExpress, however reported a 53% rise in revenues, with retail revenue up 73% year-on-year.

Persons: Cainiao, Thomas Hayes, Alibaba's, Daniel Zhang, Eddie Wu, Alibaba Group's, Jack Ma, Zhang, Joseph Tsai, Tsai, Wu, Dado Ruvic, Alibaba, Akash Sriram, Brenda Goh, Sam Holmes, Arun Koyyur, Jane Merriman Organizations: Alibaba, HK, Tencent Holdings, Alibaba's, Investors, Analysts, Cloud Intelligence Group, REUTERS, Alibaba Group Holdings, PDD Holdings, Digital Commerce, Casey Hall, Thomson Locations: U.S, China, Hong Kong, Alibaba's U.S, Bengaluru, Shanghai

☆ China's Alibaba to scrap cloud unit spinoff in response to US chip curbs
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 16 (Reuters) - China's Alibaba Group Holding (9988.HK), said on Thursday it will scrap the spin off of its cloud unit in response to export curbs by the United States on chips used in artificial intelligence applications. Its U.S.-listed shares fell about 5% in premarket trading after it also reported second-quarter revenue in line with market expectations. "The recent expansion of U.S. restrictions on export of advanced computing chips has created uncertainties for the prospects of Cloud Intelligence Group," Alibaba said. The e-commerce giant posted revenue of 224.79 billion yuan ($31.01 billion) in the quarter, compared with analysts' average estimate of 224.32 billion yuan, according to LSEG data.

Persons: Dado Ruvic, Alibaba, Pinduoduo, Eddie Wu, Alibaba Group's, Jack Ma, Daniel Zhang, Akash Sriram, Sam Holmes, Arun Koyyur Organizations: REUTERS, HK, U.S, Cloud Intelligence Group, PDD Holdings, Thomson Locations: United States, Bengaluru

☆ Jack Ma's family trust to sell 10 mln shares in China's Alibaba
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - Chinese billionaire Jack Ma's family trust is set to sell 10 million American Depository Shares of Alibaba Group Holdings (9988.HK), for about $871 million, the ecommerce company said in regulatory filings. The sale will be done on Nov. 21 by JSP Investment and JC Properties, funds that are part of the family trust. Alibaba and the Jack Ma Foundation, the philanthropic organization that handles media queries for the billionaire, did not immediately respond to requests for comment. U.S.-listed shares of Alibaba were down more than 3% in premarket trading ahead of its quarterly results. Reporting by Akash Sriram in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Ma's, Jack Ma, Ma, Eddie Wu, Akash Sriram, Arun Koyyur Organizations: Alibaba Group Holdings, HK, JSP Investment, JC, Jack Ma Foundation, Thomson Locations: Ma . U.S, Alibaba, Bengaluru

☆ Elon Musk denies report of potential Starlink IPO in 2024
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] SpaceX Starlink 5 satellites are pictured in the sky seen from Svendborg on South Funen, Denmark April 21, 2020. Ritzau Scanpix/Mads Claus Rasmussen via REUTERS Acquire Licensing RightsNov 15 (Reuters) - Elon Musk on Wednesday denied a report that his rocket company SpaceX was discussing an initial public offering (IPO) for its satellite internet business, Starlink, as soon as 2024. The billionaire entrepreneur has previously said he intended to list Starlink when revenue growth and cash flow became smooth and predictable. The Starlink unit is the world's largest satellite operator. "I believe he (Musk) will take Starlink out, not next year, but maybe 2025, 2026.

Persons: Ritzau Scanpix, Mads Claus Rasmussen, Elon Musk, Starlink, Jeff Bezos, He's, Justus Parmar, Parmar, Niket Nishant, Akash Sriram, Anil D'Silva, Arun Koyyur Organizations: SpaceX, REUTERS Acquire, Bloomberg, Fortuna Investments, Thomson Locations: Svendborg, South Funen, Denmark, Mexico, Bengaluru

☆ China's JD.com posts higher Q3 profit as supply snarls ease
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 15 (Reuters) - Chinese e-commerce firm JD.com reported quarterly revenue below estimates on Wednesday, but posted a surge in profit as supply chain problems eased. JD.com has fewer popular livestreamers than its competitors, such as Austin Li, who exclusively streams on Alibaba Group's (9988.HK) platform. The company reported net revenue of 247.7 billion yuan ($34.19 billion) for the third quarter, missing analysts' average estimate of 249.26 billion yuan according to LSEG data. But it posted net income attributable to shareholders of 7.94 billion yuan, up 33% from 5.96 billion yuan a year earlier.

Persons: Aly, JD.com, Xu Ran, Austin Li, Alibaba's Tmall, Arsheeya Bajwa, Akash Sriram, Sophie Yu, Varun, Kim Coghill Organizations: CES, REUTERS, JD Retail, HK, Citi, Daiwa, Jefferies, PDD Holdings, Thomson Locations: Asia, Shanghai, China, Bengaluru, Beijing

☆ Senators demand documents from Meta on social media harm to children
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

Children playground miniatures are seen in front of displayed Instagram logo in this illustration taken April 4, 2023. Senators has written to Meta Platforms (META.O) CEO Mark Zuckerberg demanding documents about its research into the harm to children from its social media platforms. A whistleblower's release of documents in 2021 showed Meta knew Instagram, which began as a photo-sharing app, was addictive and worsened body image issues for some teen girls. The letter follows a hearing with a new whistleblower last week and after a newly unsealed complaint filed by the Massachusetts Attorney General, the senators said. Dozens of U.S. states are also suing Meta and its Instagram unit, accusing them of fueling a youth mental health crisis by making their social media platforms addictive.

Persons: Dado Ruvic, Mark Zuckerberg, Meta, Arturo Béjar's, Akash Sriram, Shounak Dasgupta Organizations: REUTERS, Senators, Meta, Thomson Locations: U.S, Massachusetts, Bengaluru

☆ China's Tencent Music beats revenue estimates on paid subscriber growth
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services. Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.

Persons: Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai Organizations: Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson Locations: Bengaluru

NEW YORK, Nov 14 (Reuters) - Shares of Fisker Inc (FSR.N) fell by more than 24% to an all-time low on Tuesday after the electric-vehicle startup slashed its production targets as it struggles to ramp up deliveries. Multiple Wall Street analysts, including from Barclays, Evercore and Cowen, slashed their price target on Fisker's shares after its revised production forecast. The median price target of the 14 analysts covering the stock is $6.50, down from $8 a month ago, and their current recommendation is "hold", according to LSEG data. Unlike other EV makers, Fisker has outsourced its vehicle production to Canadian auto part supplier Magna International (MG.TO). Nelson reiterated his "strong sell" rating and halved his 12-month price target from $2 to $1.

Persons: Fisker's, Cowen, Fisker, John Finnucan, Ihor, Garrett Nelson, Nelson, Chibuike Oguh, Akash Sriram, Lance Tupper, Susan Fenton Organizations: Fisker Inc, Street, Barclays, Evercore, Magna International, S3 Partners, Thomson Locations: Fisker, New York, Bengaluru

The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. But Fisker was limited by its delivery and service infrastructure rather than production and demand. "We have not been able to follow through with deliveries fast enough," CEO Henrik Fisker said on the call. "In the course of completing the preparation of the report, the company determined that it has material weaknesses in the company's internal control over financial reporting," Fisker said. The EV company reported a loss of $91 million, missing analysts' estimates for a loss of $75 million, according to Visible Alpha.

Persons: Stephane Mahe, Fisker, Geeta Fisker, Tesla, Elon, Henrik Fisker, Samrhitha Arunasalam, Jaiveer Singh Shekhawat, Akash Sriram, Abhirup Roy, Shounak Dasgupta, Stephen Coates Organizations: Fisker, REUTERS, Ford, General Motors, EV, Alpha, stoke, Revenue, Thomson Locations: Paris, France, U.S, Canada, Austrian, Bengaluru, San Francisco

☆ Elon Musk biopic rights clinched by A24, Darren Aronofsky to direct - source
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 10 (Reuters) - A biopic on Elon Musk is in the works at New York-based studio A24 with "Black Swan"-filmmaker Darren Aronofsky as the director, according to a source familiar with the matter. A24 secured the rights to Walter Isaacson's biography on the world's richest person, according to the source, who added the Musk biopic will be produced by Aronofsky's production company, Protozoa Pictures. He is one of the best," Musk said in an X post on Friday. The book on Musk was released by private equity firm KKR-owned book publishing powerhouse Simon & Schuster in September. The billionaire bought social media platform X, formerly known as Twitter, last year for $44 billion after a six-month saga.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Darren Aronofsky, Walter Isaacson's, Darren, Musk, Brendan Fraser, Walt Disney, Steve Jobs, Michael Fassbender, Simon, Simon & Schuster, Dawn Chmielewski, Harshita Mary Varghese, Akash Sriram, Shinjini Organizations: Elon, SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Walt, Apple, Universal, KKR, Simon &, Reuters, Boring Company, Thomson Locations: Paris, France, New York, Los Angeles, Bengaluru

REUTERS/Mike Blake Acquire Licensing RightsNov 8 (Reuters) - Lyft (LYFT.O) reported third-quarter revenue and profit surpassing estimates on Wednesday, but gross bookings growth was lower than larger rival Uber's (UBER.N) ride-hailing business. "Softening macro conditions will likely impact Lyft more than its larger peer, Uber," said Angelo Zino, senior equity analyst at CFRA Research. Brewer added that an improved mix of airport rides, scheduled rides and priority pickups also helped margin expansion. Lyft forecast current-quarter adjusted core profit, a key profitability metric closely watched by investors, of $50 million-$60 million, higher than expectations of $48.8 million, according to LSEG data. Lyft said it expects fourth-quarter revenue to grow in mid-single-digits sequentially, compared with market expectation of 4.6% growth, according to Reuters calculations.

Persons: Uber, Mike Blake, Gross, Lyft, Angelo Zino, YipitData, Erin Brewer, Brewer, Akash Sriram, Krishna Chandra Organizations: REUTERS, CFRA Research, Reuters, Thomson Locations: California, Los Angeles , California, U.S, Bengaluru

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