Sunday, July 16, 2023

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☕️ Twitter lost 50% of ad revenue

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This is your daily dose of ☕️ Techpresso, where you get the latest tech news of the day effortlessly.

Here's the latest tech news from the last 24 hours:

💸 Musk reveals significant drop in Twitter's ad revenue and heavy debt
🎮 Microsoft and Sony strike Call of Duty deal
🚙 Tesla announces the production of first-ever Cybertruck
🌐 EU pushes for US cooperation in AI regulation

💸 Musk reveals significant drop in Twitter's ad revenue and heavy debtLINK

  • Elon Musk has revealed that Twitter is facing a negative cash flow problem due to a significant drop in advertising revenue and heavy debt.
  • Despite an expected all-time high in user engagement, the company is struggling with a dramatic fall in advertising spend and a high annual interest payment from its debt.
  • This financial strain shows that cost-cutting measures have been insufficient so far and places significant pressure on the new CEO to rebuild Twitter's advertising base.
  • 🎮 Microsoft and Sony strike Call of Duty dealLINK

  • Sony and Microsoft have entered a binding, decade-long agreement to keep the Call of Duty franchise on PlayStation consoles after Microsoft's acquisition of Activision Blizzard.
  • The agreement seeks to alleviate concerns around anti-competitive practices, though the terms and duration of the agreement are not disclosed, Microsoft assures the arrangement is long-term.
  • The acquisition of Activision Blizzard by Microsoft isn't guaranteed but is more probable following clearance from certain regulators and an unsuccessful FTC attempt to block the deal; the transaction is aimed to be completed by July 18.
  • 🚙 Tesla announces the production of first-ever CybertruckLINK

  • The first production Cybertruck has left the assembly line at Tesla's Giga Austin facility, according to a recent tweet, which suggests the start of manufacturing ahead of mass production in 2024.
  • Tesla's Cybertruck, despite having over 1.5 million reservations, will be entering a competitive EV pickup market, with established contenders like Ford's F-150 Lightning and new entrants like Rivian, GMC, and RAM.
  • The final price for Tesla's long-anticipated EV pickup has not been announced yet, with the single-motor variant initially targeted at $39,900 and the three-motor variant at around $70,000.
  • 🌐 EU pushes for US cooperation in AI regulationLINK

  • European commissioner for justice, Didier Reynders, asserts the US needs to step up its regulation of tech giants, citing lack of real action following various proposals for data privacy laws similar to the EU's GDPR.
  • Reynders expresses concern that without matching US rules for AI regulation to the EU's forthcoming AI Act, it could be difficult to achieve full compliance from tech companies and influence industry practices.
  • A full investigation into OpenAI's compliance with GDPR, particularly in regard to its AI chatbot, ChatGPT, is due by October, and an EU-wide data protection task force expects to establish common principles for all member nations by year's end.

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