Musk’s X blocks promoted ads | Intel axes $5.4bn Tower acquisition

Musk’s X social media platform cancels promoted accounts ad business

Formally known as Twitter, Elon Musk’s social media company X is banning the promotion of accounts by advertisers within the platform’s timeline.

Advertisers mainly rely on promoted follower ads to steer business on the platform and target specific audiences, and promoted accounts, or “Follower Objective” ads, generate more than $100 million annually in global revenue for X.

CEO Linda Yaccarino, former advertising chief at NBCUniversal, has been on a mission to rebrand the company’s image since she started as CEO on June 5 and bring back advertisers who left the platform after Musk’s changes.

https://www.deccanherald.com/business/musks-x-social-media-platform-shuts-down-promoted-accounts-ad-business-2648425

US watchdog will unveil plans to regulate ‘surveillance industry’

Officials have said that the US Consumer Financial Protection Bureau (CFPB) will announce plans on Tuesday to regulate companies that track and sell people’s personal data.

According to Rohit Chopra, director of the CFPB, Data brokers’ conduct can be “particularly worrisome” because the sensitive data driving the use of AI can be collected from military personnel, people experiencing dementia, and others.

CFPB officials said the proposal would expand the number of companies currently subject to the Fair Credit Reporting to cover the use of data taken from payment histories, personal income and criminal records.

https://www.reuters.com/world/us/us-watchdog-announce-plans-regulate-surveillance-industry-2023-08-15/

Intel ceases plan to buy Tower Semiconductor

Intel will not acquire Israeli contract chipmaker Tower Semiconductor as the $5.4bn deal expires on Tuesday and Intel did not secure approval from Chinese regulators as required under its contract.

Intel does not plan to negotiate an extension of the contract and will alternatively pay Tower a $353m break-up fee to walk away from the deal.

The development highlights how tensions between the US and China over issues including trade, intellectual property and the future of Taiwan are bleeding into corporate dealmaking, especially when it comes to technology companies.

https://economictimes.indiatimes.com/news/international/business/intel-to-walk-away-from-5-4-billion-acquisition-of-tower-semiconductor/articleshow/102758022.cms?from=mdr

China’s CATL launches fast charging LFP battery

Chinese battery giant CATL has launched its first fast charging lithium iron phosphate or LFP battery capable of running 400 km (248 miles) on a 10-minute charge.

Mass production of the new battery called Shenxing is expected by the end of the year while electric vehicles equipped with Shenxing batteries will hit the market in the first quarter of 2024,Gao Han, chief technology officer of CATL’s E-Car Business, told an online briefing.

“We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle,” Han said.

https://www.reuters.com/technology/chinas-catl-launches-fast-charging-lfp-battery-mass-production-expected-by-year-2023-08-16/