Elon Musk faces lawsuit for backing out of $44 billion Twitter takeover

Twitter Takeover - Lawsuit

The Tesla and SpaceX founder cited issues with fake accounts as his reason for withdrawing. Elon Musk recently announced that he was abandoning his intentions for a Twitter takeover, claiming that the social media platform was in violation of the agreement they had made. On Tuesday, the social media company filed a court order in Delaware to require the completion of the deal. Twitter Inc. has sued Elon Musk for being in violation of the $44 billion Twitter takeover deal. The lawsuit included a request that a Delaware court order…

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Twitter Notes feature to transition into long-form posts

Twitter Notes - Twitter App on Phone

The social media platform is known for its ultra-low character limit, but that could soon change. A new feature called Twitter Notes could soon be coming to the microblogging social media platform to provide users with a higher character limit than they’ve been used to using. The platform has doubled its original character count limit from 140 characters to 280, its current level. That said, the platform will now be adding much more space for users to share longer posts with a feature called Twitter Notes. The upcoming feature provides…

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ByteDance, TikTok owner, gets serious about virtual reality

Virtual Reality Headset - Investment

The company is preparing to make substantial investments into VR technology. TikTok app owner, ByteDance, is jacking up its investments into the virtual reality space, according to a recent report. Media reports have indicated that the company is pouring substantial money into VR technology. The Protocol report cited a source close to the matter, who said that “tons of money” was being invested into virtual reality content. It appears that a good chunk of the ByteDance investment will be poured into hiring. The Protocol report indicated that more than 40…

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Social media stocks drop $135 billion following Snap profit warning

Social Media Stocks drop

The platform’s shares tanked by 43 percent following the announcement it made. Snap Inc. recently issued a profit warning, causing social media stocks to lose over $135 billion in market value. The sector is already struggling with halted user growth and worries over rate hikes. Following the announcement, Snap’s own shares fell by the largest intraday decline it ever experienced. In fact, the 43 percent dive the Snap share took brought it below its $17 initial public offering price from 2017. That selloff eliminated nearly $16 billion of the company’s…

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Facebook’s virtual reality investments have lost almost $20B since 2020

Virtual reality - Facebook investment

Last quarter alone, Meta spent $2.96 billion to continue the company’s attempt to build the metaverse. Meta has been aggressively pursuing its virtual reality metaverse world, but this pursuit has come with a large price tag as the company has consistently lost money on the effort until now. The metaverse is meant to allow users to navigate a VR world in the form of their digital avatars. The Facebook parent company has released its first quarter 2022 financial results and has revealed that this year alone, the virtual reality investments…

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