Business

Elon Musk’s AI firm, xAI, has secured an additional $6 billion from investors, including prominent Silicon Valley venture capitalists and Saudi Prince Alwaleed Bin Talal, bringing its valuation to $24 billion. This second round of funding was provided by Sequoia Capital, Andreessen Horowitz, and Prince Alwaleed Bin Talal, as announced by xAI in a blog post on Sunday. Musk, who …

Frozen Russian assets in Europe will soon provide financial support to Ukraine, as Kyiv faces intensified assaults from Moscow’s forces. Western nations are now seeking ways to maximize this financial assistance. Finance ministers from the G7 economies convened in Stresa, Italy, to discuss strategies for utilizing the proceeds from approximately €260 billion ($282 billion) in Russian foreign currency reserves that …

In a landmark antitrust lawsuit, the US government and numerous states have sued Live Nation, the parent company of Ticketmaster, accusing it of using its dominant position to harm concertgoers. Filed in New York by the Justice Department and attorneys general from 30 states and districts, the suit seeks to dismantle the company, which is the largest ticketing platform and …

The United States is striving to garner support for releasing more funds for Ukraine from frozen Russian assets and to unify opposition against China’s trade practices. This effort is taking place as finance ministers from the Group of Seven (G7) leading economies began a two-day meeting on the scenic shores of Lago Maggiore in northern Italy on Friday. U.S. Treasury …

New York is set to offer up to $90 million in tax credits to help news outlets hire and retain journalists, aiming to support the struggling local news industry. The U.S. newspaper industry has been in decline due to factors such as a shift from print to digital, leading to a significant loss in advertising revenue. In response, New York …

Mastercard announced on Wednesday that it expects to identify compromised credit or debit card numbers much earlier than before, thanks to its latest software update incorporating artificial intelligence (AI). This new technology aims to detect patterns in stolen card data more swiftly, allowing banks to replace compromised cards before they are misused by criminals. Johan Gerber, Executive Vice President of …

Phil Schiller, a veteran Apple executive, has conceded that a court-ordered overhaul of the U.S. payment system in the iPhone app store has not significantly boosted competition. This could lead to a federal judge demanding further changes. Schiller, who has overseen the iPhone app store since it launched in 2008, admitted during his testimony that the new payment options introduced …

PDD Holdings, the parent company of Temu and Pinduoduo, is exceeding market expectations with a significant increase in profit and revenue, driven by strong demand from American and Chinese consumers for its low-cost shopping apps. The Shanghai-based company reported a 246% increase in net profit, reaching 28 billion yuan ($3.9 billion) in the first quarter of 2024, far surpassing the …