Here are today’s top trending news from the world of technology. News that has dominated the world of technology world since last 24 hours…
Meta to launch virtual currency based on non-blockchain technology
According to Financial Times, Meta – the parent company of Facebook, Instagram & Whatsapp – has put a preliminary plan to roll out virtual tokens and cryptocurrencies in its family of apps. Meta has plans to use these virtual tokens and cryptocurrencies for its much hyped-up futuristic platform Metaverse. Meta’s cryptocurrency will be known as ‘Zuck buck,’ named after its founder & CEO Mark Zuckerberg. But it is important to note that Meta’s cryptocurrencies & virtual tokens will not be based on blockchain technology. This means that Meta’s virtual currencies and tokens will be centrally controlled by the company itself. Notably, this is not the first time that Meta is experimenting with cryptos. If you remember few years back Mark Zuckerberg’s company had started a crypto project called ‘Libra,’ with lot of fanfare. But the project turned out to be a huge dud and Meta had to eventually sell the Libra project to Slivergate Bank few months back.
Warrren Buffett’s Berkshire Hathaway buys stake in Computer Tech giant company HP
We all know that Hewlett-Packard, commonly referred as HP, is one of the biggest brands in the computer hardware industry. Now it has been revealed that Warren Buffett’s investment company Berkshire Hathaway has bought nearly 11% stake in HP. According to media reports, Buffett’s investment company bought nearly 121 Mn shares of HP Inc, which is estimated to be worth $4.2 Bn based on the company’s current market valuation. Nasdaq gave a huge thumbs up to this news as HP’s shares rose by 9.9% on Wednesday as soon as Berkshire disclosed about its 11% stake in HP.
Elon Musk says he is not a ‘passive’ but an active investor in Twitter
Elon Musk’s surprising move to buy 9.2% stake in Twitter has already become a talk of the town across the world. But when this news was disclosed on Tuesday most media reports claimed that though Musk will be sitting on Twitter’s board but he will be a ‘passive investor.’ But this status has now been changed. Musk has apparently refiled fresh documents with America’s stock market regulator, claiming that he will be an active investor in Twitter. What this simply means is that Musk will have the freedom to actively participate in Twitter’s all-important decisions. Well, with Musk on board as active investor, Twitter is surely heading towards some exciting days in the future.
Vijay Shekhar Sharma claims that Paytm will become profitable in next six quarters
Paytm’s CEO and founder Vijay Shekhar Sharma has said that Paytm will become profitable in next six quarters, i.e. by September next year. Sharma also said that he won’t vest his ESOPs unless Paytm’s share price crosses its IPO price level. Sharma’s statement has come at a time when Paytm’s share prices have been relentlessly falling down since its IPO debut in November last year. The company’s stock made a debut in the market at IPO price of Rs 2150 but today its stock is trading at merely Rs 642. Paytm’s stock price has crashed by nearly 70% since its listing, destroying nearly 50% wealth of its IPO investors.
Koo mocks over Twitter’s plan to add ‘Edit button’
India’s microblogging platform Koo has taken a strong jibe at its rival Twitter’s plan to add much awaited ‘edit’ button to its platform. Koo’s co-founder Mayank Bidwatka said that he is not able to understand what is really stopping Twitter to add the ‘edit button,’ when the Koo app already has an ‘edit button.’ Koo app has been having edit button for almost 20 months now, Mr. Mayank claimed. For all those who don’t know, Koo was launched in 2020 as an alternative to Twitter and has been funded by several well-known Vcs including Tiger Global.