The Supreme Court ruled in favor of a Big Tech company on June 1, issuing a unanimous ruling that limits the power of shareholders to sue over misleading statements made by companies when selling shares in a direct listing. Justice Neil Gorsuch wrote the court’s unanimous opinion (pdf) in Slack Technologies v. Pirani (court file…
Supreme Court Reverses Ruling Against Slack Technologies Over Direct Listing
June 1, 2023
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Big Tech, Censorship, and SocialismBusiness & MarketsCompaniesFeatured TopicsJudiciaryMedia & Big TechPolicies & ImpactsSalesforcesecurities lawsecurities litigationSlackSupreme CourtUSUS News
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Elon Musk Uncovers Decade-Old, Thousand-Word Censorship List in Twitter’s Algorithm
In a recent interview with The Babylon Bee, Elon Musk, the current owner of Twitter, revealed the discovery of a decade-old line of code in Twitter’s algorithms designed to suppress tweets containing certain keywords. This information was made public during Musk’s conversation with The Babylon Bee, a satirical news outlet that had previously experienced censorship…
Macy’s Slashes Expectations for the Year After a Pullback by Shoppers in the Spring
Macy’s slashed its outlook for the entire year as sales weakened in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation. Sales began to flag in March, forcing the New York department store to cut prices on clothes and other discretionary items. Macy’s results wrap up the retail industry’s fiscal first-quarter…
Clueless CEOs Will Regret Playing Ball With Beijing
Commentary A year before the 9/11 terrorist attacks, one James M. Lindsay, then senior fellow at the liberal Brookings Institution, now director of studies at the Council on Foreign Relations, lamented of the ongoing aftermath of the Cold War that “at the very moment that the United States has more influence than ever on international…
Anti-ESG Arguments Sway Some at Environmental Conference
June 1, 2023
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Business & Marketsclimateeconomic policiesESGMarketsPolicies & ImpactsPoliticsThe EconomistUSUS News
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The general consensus at The Economist’s “Sustainability Week” meeting in Washington wasn’t hard to miss: environmental problems pose an existential threat that the market and the government can partner to thwart. That perspective, which can be heard in elite technocratic circles from New York City to Brussels, came across strongly in one early question from…
Global Debt Soars Again
Commentary Global debt levels soared by $8.3 trillion in the first quarter of 2023, climbing to $305 trillion, nearly the record high set in the first quarter of 2022, according to the Institute of International Finance. This means almost 335 percent of GDP. Rising debt is a burden on growth, and soaring public debt means…
Elon Musk Again Ranked as World’s Richest Person
Billionaire entrepreneur Elon Musk has regained the title of “World’s Richest Person,” according to the latest Bloomberg Billionaires Index ranking. Musk—whose portfolio includes the electric car company Tesla, the private space company SpaceX, and the Twitter social media platform—has been in and out of the number-one spot on the Bloomberg index in recent years. Musk’s…
Labour Plan to Block All New North Sea Oil Projects Could Cost Scotland £6 billion Say Conservatives
The Scottish Conservative Party has claimed that UK Labour’s plan to stop all new oil and gas projects will cost Scotland £6 billion. At the weekend, the Sunday Times Of London reported that Britain’s opposition leader Sir Keir Starmer was close to announcing a block on new developments if Labour came to power, alongside plans…
Debt Deal: Billions of Dollars to Be Reduced in IRS Funding
June 1, 2023
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Business & MarketsDebt DealeconomyIRS - U.S. Internal Revenue ServicePolicies & ImpactsPoliticsUSUS News
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The bipartisan deal to raise America’s debt ceiling involves cutting billions in funding set aside for the Internal Revenue Service (IRS), including cuts from the $80 billion allocated under the Inflation Reduction Act (IRA). In total, the debt-ceiling deal involves shaving off almost $21.4 billion from the IRS budget. Out of the roughly $21.4 billion,…
Musk’s Business Ties to China Involves National Security Risks: Expert
June 1, 2023
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Business & MarketsChinaChina Business & EconomyChina NewsCompaniesElon MuskMarketsNational SecurityteslaThreat from Communist ChinaUSUS-China relations
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Tesla CEO Elon Musk’s deepening relationship with China involves national security and business risks, according to Jon Pelson, author of “Wireless Wars, China’s Dangerous Domination of 5G and How We’re Fighting Back.” Pelson, former chief convergence officer for British Telecom, referred to Musk’s unannounced trip to China on May 30—his first visit to the country…
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