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Elon Musk Seeks to End $258 Billion Dogecoin Lawsuit

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration
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Elon Musk Seeks to End $258 Billion Dogecoin Lawsuit

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration

Elon Musk asked a US judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.

In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc called the lawsuit by Dogecoin investors a "fanciful work of fiction" over Musk's "innocuous and often silly tweets" about Dogecoin, Reuters reported.

The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he concealed, and that his statements such as "Dogecoin Rulz" and "no highs, no lows, only Doge" were too vague to support a fraud claim.

"There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion," Musk's lawyers said. "This court should put a stop to plaintiffs' fantasy and dismiss the complaint."

In a footnote, the lawyers also rejected the investors' claim that Dogecoin qualified as a security.

The investors' lawyer, Evan Spencer, said in an email: "We are more confident than ever that our case will be successful."

Investors accused Musk, the world's second-richest person according to Forbes, of deliberately driving up Dogecoin's price more than 36,000% over two years and then letting it crash.

They said this generated billions of dollars of profit at other Dogecoin investors' expense, even as Musk knew the currency lacked intrinsic value.

Investors also pointed to Musk's appearance on a "Weekend Update" segment of NBC's "Saturday Night Live" where, portraying a fictitious financial expert, he called Dogecoin "a hustle."

The $258 billion damages figure is triple the estimated decline in Dogecoin's market value in the 13 months before the lawsuit was filed.

Dogecoin Foundation, a nonprofit, is also a defendant and seeking the lawsuit's dismissal.

Musk's posts on Twitter, which he owns, have prompted multiple lawsuits.

He won a court victory on Feb. 3 when a San Francisco jury found him not liable for tweeting in August 2018 that he had arranged financing to take Tesla private.

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Technology

Intel to Get Advanced ASML Chipmaking Tool Later this Year – Executive

FILE PHOTO: Intel Corporation's Fab 42 microprocessor manufacturing site is seen in Chandler, Arizona, US, October 2, 2020. REUTERS/Stephen Nellis/File Photo
FILE PHOTO: Intel Corporation's Fab 42 microprocessor manufacturing site is seen in Chandler, Arizona, US, October 2, 2020. REUTERS/Stephen Nellis/File Photo
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Intel to Get Advanced ASML Chipmaking Tool Later this Year – Executive

FILE PHOTO: Intel Corporation's Fab 42 microprocessor manufacturing site is seen in Chandler, Arizona, US, October 2, 2020. REUTERS/Stephen Nellis/File Photo
FILE PHOTO: Intel Corporation's Fab 42 microprocessor manufacturing site is seen in Chandler, Arizona, US, October 2, 2020. REUTERS/Stephen Nellis/File Photo

Intel expects to receive its first next-generation extreme ultraviolet lithography machine, the High-NA EUV, from Dutch manufacturer ASML later this year, a senior executive at the US chipmaker told Reuters on Friday.

"I was in ASML on Monday. We should be getting that (the High-NA EUV) later this year. They're working on putting it all together and getting it ready. So, so far, so good," Ann Kelleher, Intel's general manager of technology development, said in an interview.

"It should be shipped to us later this year. Our expectation is that by late this year, we will have all the various pieces of the machine so that early next year, ASML will be able to start the assembly of it in Oregon," Intel's development site, she said.

Technology

Video Games Give Sports Stars Second Life

French legend Zidane says many young children now know him largely through his appearance in the video game. CLEMENT MAHOUDEAU / AFP
French legend Zidane says many young children now know him largely through his appearance in the video game. CLEMENT MAHOUDEAU / AFP
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Video Games Give Sports Stars Second Life

French legend Zidane says many young children now know him largely through his appearance in the video game. CLEMENT MAHOUDEAU / AFP
French legend Zidane says many young children now know him largely through his appearance in the video game. CLEMENT MAHOUDEAU / AFP

The post-retirement careers of the biggest sports stars can be fascinating to watch -- Viagra ads, property ventures, crypto projects -- but one option is becoming a sure-fire winner: put your face on the cover of a video game.

And death is no barrier for this particular career, with two popular games this year choosing sports legends who are no longer with us, AFP said.

LA Lakers basketball star Kobe Bryant, who died in a helicopter accident in 2020, graces the cover of "NBA 2K24".

And two of the world's greatest footballers from bygone eras -- Pele and Johan Cruyff -- get posthumous respect with their figures emblazoned on "FC 24" from EA Sports.

They are joined on the cover of the EA game by a galaxy of still-living stars of the more recent past -- Zinedine Zidane and Ronaldinho -- and present -- Erling Haaland and Alexia Putellas.

French legend Zidane told AFP in June that many young children now knew him largely through his appearance in the EA's game, formerly known as "FIFA".

"Kids aged eight to 10 don't know me, unless their dads have told them about what I did back in the day," said the World Cup winner.

"It's more through PlayStation, so it's kind of funny. I'm used to it."

Marketing nostalgia
The ties between video game publishers and sports stars go deep, particularly in the United States.

The leading video game series on American football bears the name of a former player, John Madden, who retired in 1978 to become a sports commentator.

Julien Pillot, an economist specializing in cultural industries, told AFP the endorsement of bona fide legends was clearly a powerful marketing tool.

And the often huge cost of getting their endorsement, he said, was "more than offset" by the sales they generate -- both of the games themselves and the ubiquitous in-game "cards" required to unlock additional content.

Gaming firms were playing on the "intergenerational aspect" and adding "a touch of nostalgia", said Pillot.

It's a feature that executives are not shy about highlighting.

"My seven-year-old only really knows who Pele is because of his amazing rating on FC," David Jackson, vice-president of the EA Sports FC brand, told AFP.

He said the game had allowed fans to feel a little bit of the magic of playing with stars from earlier generations.

And it works both ways, according to some of the stars involved -- even those who don't rate as highly as Pele.

"People of a certain generation know me by what I've done on the pitch," said World Cup winner Robert Pires at the launch party for the EA game in Paris.

But a 12-year-old boy told Pires recently he had only learnt who the French star was through playing the game.

"I asked him: 'Am I good?'" said Pires. "He told me: 'You're good, but you're slow.'"

Technology

Sony Gaming Chief Jim Ryan to Retire, Group President to Be Interim Head 

Jim Ryan, president and CEO of Sony Interactive Entertainment, speaks during the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023. (AFP)
Jim Ryan, president and CEO of Sony Interactive Entertainment, speaks during the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023. (AFP)
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Sony Gaming Chief Jim Ryan to Retire, Group President to Be Interim Head 

Jim Ryan, president and CEO of Sony Interactive Entertainment, speaks during the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023. (AFP)
Jim Ryan, president and CEO of Sony Interactive Entertainment, speaks during the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 4, 2023. (AFP)

Sony Group said on Thursday its gaming chief Jim Ryan would retire next March, with group President Hiroki Totoki to become interim CEO during the search for a successor.

Ryan, who is British, become CEO of Sony Interactive Entertainment (SIE) in 2019 and oversaw initiatives including the launch of the PlayStation 5 console the following year.

"Jim no longer wants to manage the tradeoff between having a job in the US and a home in the UK," SIE said in a statement.

"He has been an inspirational leader, guiding SIE though the global COVID pandemic while leading the launch of PlayStation 5 and making it PlayStation's most successful platform."

Totoki would serve as interim CEO for a year at most and it is possible a successor could be appointed by the time Ryan retires, a Sony spokesperson said.

"Ryan's career as CEO was cut a bit short, many leaders in gaming stay on much longer," said Serkan Toto, founder of consultancy Kantan Games.

Sony expects to sell a record 25 million PlayStation 5 consoles this financial year following the easing of supply chain snarls but in August said it was resorting to promotions to help momentum due to weaker-than-expected sales.

Ryan's successor faces challenges, including driving a push outside Sony's traditional focus on single-player console games with more titles on PC and smartphone and a ramp-up in live service games, which offer continuous, updated play.

"Sony is in a great position in the console war with Microsoft right now, but gaming is set to change dramatically over the next few years," said Toto.

Longer term, the gaming unit, a major profit contributor at the Japanese conglomerate, must navigate an industry in flux as advances in smartphones and cloud technology raise doubts about the need for stand-alone consoles with games that can cost $70 each.

Milestones during Ryan's tenure included acquisitions of studios such as "Destiny" developer, Bungie, to maintain an edge over Xbox maker Microsoft, and the launch of a virtual reality headset in an attempt to make the technology mainstream.

"Jim Ryan has been a great contributor to our industry and a fierce leader for PlayStation," Xbox head Phil Spencer said in a post on X, formerly known as Twitter.

Sony has received plaudits for its pivot to focus on entertainment and found success in efforts to repurpose its franchises with the popular TV adaption of its "The Last Of Us" games series.

Technology

X CEO Yaccarino Says Musk-Owned Platform Could Turn a Profit Next Year 

Workers install lighting on an "X" sign atop the company headquarters, formerly known as Twitter, in downtown San Francisco, Friday, July 28, 2023. (AP)
Workers install lighting on an "X" sign atop the company headquarters, formerly known as Twitter, in downtown San Francisco, Friday, July 28, 2023. (AP)
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X CEO Yaccarino Says Musk-Owned Platform Could Turn a Profit Next Year 

Workers install lighting on an "X" sign atop the company headquarters, formerly known as Twitter, in downtown San Francisco, Friday, July 28, 2023. (AP)
Workers install lighting on an "X" sign atop the company headquarters, formerly known as Twitter, in downtown San Francisco, Friday, July 28, 2023. (AP)

Social media platform X could turn a profit in early 2024, Chief Executive Officer Linda Yaccarino said on Wednesday, during a wide-ranging interview in which she defended the company's progress under billionaire owner Elon Musk.

The appearance at Vox Media's Code conference comes as Yaccarino marked 100 days as CEO of the platform formerly known as Twitter. She has faced questions over her autonomy in the role and the company's ability to court advertisers who have been wary of the rapid changes on the platform and Musk's controversial persona.

"The velocity of change and the scope of ambition at X really does not exist anywhere else," Yaccarino said.

When asked about third-party estimates that showed X's active app users have fallen to 25th place behind Samsung's clock app, Yaccarino said key metrics around time spent on X were "trending very, very positively," without providing specifics.

Yaccarino added that about 1,500 advertisers have returned to the platform in the last 12 weeks, and that 90% of the company's top 100 advertisers have returned.

While Yaccarino said the company could be profitable next year, X is also facing a number of lawsuits that allege it has failed to pay rent on its offices and millions of dollars in severance to thousands of employees who were laid off.

Since Musk acquired the social media company in October, X has struggled to retain advertisers who feared appearing next to unsuitable content, as researchers and activist groups have reported an increase in hateful posts.

Antisemitic content on X has been a focus in recent weeks. Earlier this month, Musk threatened a lawsuit against the Anti-Defamation League, accusing the nonprofit that works to fight antisemitism of primarily causing a 60% decrease in US ad revenue at X.

Musk's comments came just days after Yaccarino met with the ADL.

Asked on Wednesday about Musk's ADL fight, Yaccarino said it was "disappointing" that the organization did not acknowledge the progress that X has made on safety.

Earlier in the interview, she said X introduced new content moderation tools and features to prevent ads from appearing next to certain content, which hadn't existed before the acquisition.

Yaccarino also defended Musk's right to speak out on the platform.

"Freedom of speech is only successful if someone you disagree with says something you disagree with."

Technology

TikTok Says It Regrets Indonesia’s Decision to Ban E-Commerce Sales on Social Media Platforms 

A staff of a small shoe manufacturer makes their new products as they make an introductory video to be posted on social media in Bogor, West Java, on 27 September 2023. (AFP)
A staff of a small shoe manufacturer makes their new products as they make an introductory video to be posted on social media in Bogor, West Java, on 27 September 2023. (AFP)
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TikTok Says It Regrets Indonesia’s Decision to Ban E-Commerce Sales on Social Media Platforms 

A staff of a small shoe manufacturer makes their new products as they make an introductory video to be posted on social media in Bogor, West Java, on 27 September 2023. (AFP)
A staff of a small shoe manufacturer makes their new products as they make an introductory video to be posted on social media in Bogor, West Java, on 27 September 2023. (AFP)

Chinese-owned app TikTok on Thursday said it regretted the Indonesian government's decision to ban e-commerce transactions on social media platforms, particularly the impact it would have on the millions of sellers who use TikTok Shop.

But TikTok Indonesia said in a statement they will respect the regulations and laws that apply in Indonesia and “will take a constructive path forward.”

“We deeply regret the government’s announcement, especially how it will impact the livelihoods of the six million sellers and nearly seven million affiliate creators who use TikTok Shop,” said the statement sent to The Associated Press on Thursday.

Indonesia banned goods transactions on social media platforms such as TikTok in a bid to protect small businesses from e-commerce competition, accusing them of predatory pricing.

Indonesia’s Trade Minister Zulkifli Hasan on Monday announced the decision after a meeting with President Joko Widodo. The ban “is to prevent the domination of the algorithm and prevent the use of personal data in business interests,” Hasan told a news conference.

During an inspection to Southeast Asia’s largest wholesale market Tanah Abang in Jakarta on Wednesday, Minister of Cooperatives and Small and Medium Enterprises Teten Masduki said he found that sellers were experiencing a more than 50% loss of profits because they could not compete with imported products sold online at much lower prices.

Masduki said the China-based platform has been involved in “predatory pricing,” which caused damages to local small- and medium-sized businesses. He said the new regulation “will justly regulate fair trade online and offline.”

Minister of Communication and Informatics Budi Arie emphasized that the regulation is intended for all social commerce platforms, not just TikTok Shop.

Technology

Former Microsoft Product Chief Joins Amazon as Head of Devices Business

The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. (Reuters)
The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. (Reuters)
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Former Microsoft Product Chief Joins Amazon as Head of Devices Business

The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. (Reuters)
The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. (Reuters)

Former Microsoft product chief Panos Panay will lead Amazon.com's unit responsible for the firm's Alexa and Echo products, the e-commerce giant said on Wednesday.

Panay, who was with Microsoft for over 19 years and most recently lead the Windows + Devices division, will take up the new role in October.

He will replace Dave Limp, a 13-year Amazon veteran who had announced plans to step down later this year.

Technology

China Enforces New Filing Rules on Smartphone App Stores

A person records as Xiaomi introduces new products ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. (Reuters)
A person records as Xiaomi introduces new products ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. (Reuters)
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China Enforces New Filing Rules on Smartphone App Stores

A person records as Xiaomi introduces new products ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. (Reuters)
A person records as Xiaomi introduces new products ahead of the 2023 Mobile World Congress in Barcelona, Spain February 26, 2023. (Reuters)

China's cyberspace regulator on Wednesday released the first batch of mobile app stores that have completed filing business details to regulators as it enforces a new set of rules to expand oversight on mobile apps.

A total of 26 app stores operated by companies including Tencent, Huawei, Ant Group, Baidu, Xiaomi and Samsung have submitted filings to the authority, according to the Cyberspace Administration of China (CAC).

Notably, Apple's App Store is not among the app stores on the list.

This comes after the CAC issued a new rule last June requiring mobile app distribution platforms to submit business details to the government as it expands oversight on mobile apps in the country.

Technology

French Authorities Received a Software Update for Apple’s iPhone 12 

iPhone 12 phones are seen at an Apple Store on Broadway in downtown Los Angeles, California, US, June 24, 2021. (Reuters)
iPhone 12 phones are seen at an Apple Store on Broadway in downtown Los Angeles, California, US, June 24, 2021. (Reuters)
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French Authorities Received a Software Update for Apple’s iPhone 12 

iPhone 12 phones are seen at an Apple Store on Broadway in downtown Los Angeles, California, US, June 24, 2021. (Reuters)
iPhone 12 phones are seen at an Apple Store on Broadway in downtown Los Angeles, California, US, June 24, 2021. (Reuters)

French authorities have received a software update from Apple for its iPhone 12 and are reviewing it, a source at the French digital ministry told Reuters on Tuesday.

The US tech company had pledged to update the software to defuse a row over radiation levels. It had until Wednesday to do so after France suspended sales of iPhone 12 handsets following tests it said found breaches of radiation exposure limits.

Apple contested the findings, saying the iPhone 12 was certified by multiple international bodies as compliant with global standards, but said on Sept.15 it would issue a software update to accommodate the testing methods used in France.

Researchers have conducted a vast number of studies over the last two decades to assess the health risks of mobile phones. According to the World Health Organization, no adverse health effects have been established as being caused by them.

But the radiation warning in France, based on results of tests that differ from those carried out in other countries, has prompted concerns across Europe and other countries, including Belgium, which asked to benefit from the software upgrade too.

Industry experts said there were no safety risks as regulatory limits, based on the risk of burns or heatstroke from the phone's radiation, were set well below levels where scientists have found evidence of harm.

Apple launched the iPhone 15 earlier this month and the iPhone 12 is not available to buy from Apple directly. It can, however, be bought from third parties that have inventory, or trade old phones.

A bigger issue would have been a potential recall, which France had threatened if Apple had refused to do a software update.

Technology

CD Projekt's 'Phantom Liberty' Rated Very Positive on Steam 

Karolina Kaluzynska, 28, plays CD Projekt's game Cyberpunk 2077 in Warsaw, Poland, December 14, 2020. (Reuters)
Karolina Kaluzynska, 28, plays CD Projekt's game Cyberpunk 2077 in Warsaw, Poland, December 14, 2020. (Reuters)
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CD Projekt's 'Phantom Liberty' Rated Very Positive on Steam 

Karolina Kaluzynska, 28, plays CD Projekt's game Cyberpunk 2077 in Warsaw, Poland, December 14, 2020. (Reuters)
Karolina Kaluzynska, 28, plays CD Projekt's game Cyberpunk 2077 in Warsaw, Poland, December 14, 2020. (Reuters)

"Phantom Liberty", the long-awaited expansion to Polish video game developer CD Projekt's flagship game "Cyberpunk 2077", had received a "very positive" rating on Steam platform based on 1,067 user reviews just few hours after game's launch on Tuesday.

Cyberpunk 2077, which is offered at a 40% discount, has led the top sellers chart on Steam platform since Monday, with Phantom Liberty in second place.

The release of Phantom Liberty is CD Projekt's first major game premiere since bug-ridden launch of Cyberpunk 2077 in December 2020.

The expansion was released on PC and current-generation consoles. It offers a spy-thriller adventure, featuring two film stars - Keanu Reeves, known from the base game, who is back in the role of Johnny Silverhand and Idris Elba, who is playing the completely new character of Agent Solomon Reed.

The price of the expansion had been set at 99 zlotys ($22.74) for all platforms.

Phantom Liberty's PC version scored 89 points on the Metacritic 100-point scale after 47 critic reviews, with PlayStation 5 version scoring 88 points based on 43 critic reviews and Xbox Series X|S version hitting 89 points based on 12 critic reviews.

"Phantom Liberty is Cyberpunk 2077 at its best. CD Projekt Red has taken the lessons from the original release and focused on the parts that mattered most to deliver a thrilling and impactful experience (...)", GameSpot, an American video gaming website, said in a review.

The expansion is the last project to be developed on CD Projekt's own technology RED Engine, with the company switching to external Unreal Engine for its upcoming developments, that include Cyberpunk sequel.

Technology

Spotify Tests Voice Translation Feature for Podcasts

Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. (Reuters)
Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. (Reuters)
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Spotify Tests Voice Translation Feature for Podcasts

Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. (Reuters)
Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. (Reuters)

Spotify Technology is testing an AI-powered feature that will translate podcasts from the likes of Dax Shepard and Lex Fridman to other languages, the audio-streaming company said on Monday.

The feature marks the latest attempt by the Swedish company to capitalize on generative artificial intelligence, the technology that has taken the world by storm after the rise of ChatGPT, to tap new users and boost revenue.

The translated versions, powered by Microsoft-backed OpenAI's newly released voice generation technology, would mimic the original speaker's style and will be more natural than traditional dubbing, Spotify said.

The company had also worked with other podcasters including Monica Padman, Bill Simmons and Steven Bartlett for the feature.

The voice translations would be available in languages including Spanish, French and German for a select number of catalog episodes and future episode releases, said Spotify, which could expand the audience of the shows.

Spotify has spent aggressively in the past few years on its podcast business, hoping the higher engagement levels offered by the format will bring in more advertisers.

But that drove up the company's operating expenditure, which surged at twice the speed of its revenue growth last year. Besides, businesses have also been dialing back spending on ads due to rising interest rates and high inflation.