Governance

Top tech news stories today: June 14, 2024

Tesla shareholders have filed a lawsuit against Elon Musk and the board, accusing them of misusing company resources for Musk’s xAI.

AuthorSylvia Shen

Reading Time4 min

PublishedJune 14, 2024

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Headline

Tesla shareholders have filed a lawsuit against Elon Musk and the board, accusing them of misusing company resources for Musk’s xAI.

Context

Swiss online bank FlowBank faces bankruptcy due to regulatory issues, while JPMorgan and a Greek fintech company succeed in a London court regarding the valuation of Viva Wallet. T-Mobile secures a major U.S. Navy contract, and Apple is accused of underpaying female workers. Swiss online bank FlowBank, known for offering cryptocurrency trading, has been forced into bankruptcy by Swiss regulators for serious breaches of banking standards, including insufficient capital. ( Cointelegraph )

Evidence

Pending intelligence enrichment.

Analysis

A London judge ruled in favor of both JP Morgan and Haris Karonis regarding the valuation of Viva Wallet, paving the way for its potential sale. The court dismissed claims of JP Morgan’s alleged attempts to hinder Viva’s growth, clarifying the business’s valuation approach, which could accelerate its sale. ( Aol. ) Reliance Jio Platforms and SES’s joint venture, Orbit Connect India, received three approvals from IN-SPACe to operate satellites, aiming to provide satellite-based gigabit internet. ( The Economic Times ) In 2023, Ant Group invested a record 21.19 billion yuan ($2.92 billion) in technology R&D, mainly focusing on AI. Their “Bailing” AI model powers Alipay’s “smart healthcare manager” and “smart financial manager” features. The investments and product approvals were disclosed in Ant Group’s sustainability report. ( Reuters ) Vantage Data Centres raised $9.2 billion in a capital raise upsized by $2.8 billion to support cloud and AI demand. Combined with a €1.5 billion investment by Australian Super, total new investment reached approximately $11 billion. ( Capacity )