Global Market cover The EU will scrutinize Apple, Alphabet, and Meta’s new laws, while former President Trump has ten days to pay over $175 million, highlighting significant global developments.
Boeing’s crisis is deepened by the CEO’s upcoming exit later this year. Adam Neumann regains WeWork’s favor, while Elon Musk’s X fails to blame the watchdog for a slump in advertising revenue. These developments were reported in World Street.
Boeing’s crisis
Boeing CEO Dave Calhoun will leave his position at the end of the year due to safety crises. The head of Boeing’s commercial airlines division will retire immediately, and the chairman will not stand for re-election. Boeing responded to a January panel incident.
X’s lawsuit
A federal judge dismissed a lawsuit filed by Elon Musk’s X against the Center for Countering Digital Hate, stating the case was filed to “punish” the non-profit, which has seen a surge in hate speech on the platform since Musk’s takeover.
WeWork’s Bid
Adam Neumann has submitted an unsolicited $500 million bid to re-acquire WeWork, with half a dozen financing partners willing to fund his re-entry into the co-working firm, Flow, after resigning as CEO in 2019.
Trump trouble
Former US President Donald Trump has been held liable in a $454-million civil fraud judgement, with New York unable to seize his assets if he can raise $175 million in 10 days, thereby wiping away his ‘billionaire’ status.
Tech new laws
The European Union is introducing new laws to scrutinize tech firms like Apple, Alphabet, and Meta. The Digital Markets Act prohibits tech firms from blocking other businesses offering cheaper options or subscriptions outside the App Store. The EU has opened non-compliance investigations into Alphabet’s steering rules, Apple’s steering rules, and Safari’s ‘pay or consent model’.
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