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July 12, 2022, 7:45 AM
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Top News

Kurt Wagner / Bloomberg:
SEC filing: Twitter's lawyers call Elon Musk's deal termination “invalid and wrongful” and say Twitter “breached none of its obligations under the agreement”  —  Twitter Inc.'s lawyers called Elon Musk's termination of his $44 billion buyout agreement “invalid and wrongful” …
Wired:
Twitter employees say it's a “shit show internally”, exasperated by weak leadership and lack of support amid targeted harassment from outside the company  —  Days after the deal to buy Twitter fell apart, fed-up employees say they are being kept in the dark.
Matt Levine / Bloomberg:
A look at Twitter's options as Musk tries to back out, such as suing for “expectation damages”, which may be capped at $1B, or suing for “specific performance”
Jeremy Hill / Bloomberg:
Liquidators say they can't find Three Arrows Capital founders Kyle Davies and Zhu Su, and seek to subpoena them to prevent the dissipation of the fund's assets  —  The founders of bankrupt crypto hedge fund Three Arrows Capital haven't been cooperating in the firm's liquidation process …
Michael Kan / PCMag:
The FTC says it will crack down on tech companies' illegal use and sharing of highly sensitive data and false claims about data-anonymization  —  ‘Companies that make false claims about anonymization can expect to hear from the FTC.’ … Lots of websites and apps like to claim your data is …
Sylvia Varnham O'Regan / The Information:
In an internal post, Meta Vice President of Remote Presence and Engineering Maher Saba instructed managers to identify and “move to exit” poor performers  —  Meta Platforms' Vice President of Remote Presence and Engineering Maher Saba has instructed managers to identify and …
Aisha Malik / TechCrunch:
Twitter rolls out its Unmentioning feature to all users on all devices, letting users remove themselves from conversations that include their Twitter handle  —  Twitter announced today that it's rolling out its “Unmentioning” feature to all users on all devices.
Juli Clover / MacRumors:
YouTube begins rolling out picture-in-picture support for all US iOS users, but says that the feature requires a premium subscription to work with music videos  —  YouTube today announced that it has begun rolling out picture-in-picture support for all iOS users in the United States …
Paul Sawers / TechCrunch:
Wefox, a Berlin-based digital insurer focused on personal insurance products, raised a $400M Series D at a post-money valuation of $4.5B, up from $3B in 2021  —  European insurance tech startup Wefox has raised $400 million in a series D round of funding, giving the German company a post-money valuation of $4.5 billion.
Natasha Lomas / TechCrunch:
After scrutiny, TikTok will pause a privacy update in Europe, due for July 13, whereby it would stop asking users for consent to be tracked to receive ads  —  TikTok has agreed to pause a controversial privacy policy update in Europe, which had been due to happen tomorrow …
The Guardian:
Mark MacGann, who led Uber's lobbying in Europe, the Middle East, and Africa, comes forward as the leaker of 124K+ files, says Uber flouted laws and sold a lie  —  Exclusive: Mark MacGann says he has decided to speak out about firm to ‘right some fundamental wrongs’

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From Mediagazer

Andrew Cohen / InvestmentNews:
Robinhood plans to shutter the Sherwood News site in favor of newsletters and the Robinhood app; at least three reporters were cut in company layoffs this week

Erik Hayden / The Hollywood Reporter:
A report by LA officials estimates that the Paramount-WBD deal places about 2.5K jobs in LA and 6K jobs globally at risk due to duplicative roles

Elsa Keslassy / Variety:
Netflix subscribers in France can now access TF1 broadcasts and TF1+ on-demand content within Netflix at no extra cost; TF1 handles ad sales and programming

More News

Reuters:
STMicro and GlobalFoundries plan to build a €5.7B chip factory in France with full capacity by 2026, with “significant” funding from the French government
Dean Seal / Wall Street Journal:
Broadcom's software president Thomas Krause plans to leave on July 15 and become CEO of combined Citrix and Tibco; CEO Hock Tan will assume his responsibilities

Earlier Picks

CNBC:
GameStop launches its NFT marketplace in beta, letting users connect digital asset wallets, including the recently debuted GameStop Wallet, to buy and sell NFTs
Jon Porter / The Verge:
WhatsApp rolls out the ability for users to react to messages with any emoji, after adding the ability to react with its chosen six emoji in May
Kris Holt / Engadget:
Apple debuts iOS 16's first public beta with lock screen widgets, iMessage edit and undo, Pay Later, and more, alongside macOS, watchOS, and iPadOS public betas
Ingrid Lunden / TechCrunch:
Meta launches Sphere, an open-source AI knowledge tool based on 134M public webpages; Wikipedia, Sphere's first user, is using it to verify articles' citations
Brian Krebs / Krebs on Security:
Reports of hijacked accounts and analysis of Experian's authentication flow reveal poor security at the credit bureau, after PIN reset flaws were found in 2021
Callum Burroughs / Insider:
Virtual events startup Hopin, valued at $7.75B in August 2021, lays off 242 employees, or ~29% of its staff, after cutting 12% of its staff in February 2022
Siddharth Venkataramakrishnan / Financial Times:
Klarna confirms raising $800M at a $6.7B valuation, down from $46B in June 2021, including from new investors Mubadala and Canada Pension Plan Investment Board
Malcolm Owen / AppleInsider:
Report on Apple's eight-year self-driving car struggle as 20 people from the project cite “constantly shifting goals”, a “revolving door of leaders”, and more
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