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SoftBank Backing out from WeWork Buyback Commitment – Top Trending news

Today’s top trending news touches on SoftBank, Sony PS5, Fox, Tesla and Facebook   

1

SoftBank is backing out from buyback commitment given to WeWork Shareholders   

Adam Neumann at a conference

Image Credits: Flickr STUART ISETT/Fortune Brainstorm TECH

According to Wall Street Journal, SoftBank is likely to back out from its commitment to buy $3Bn worth of shares from WeWork’s existing shareholders. Buyback was one of the ways that SoftBank was planning to sought out the issues in one of its most troubled portfolio companies. WeWork’s fall from the grace in the aftermath of its botched IPO has ended taking toll on SoftBank’s investment reputation.

2

Sony to disclose more information on PS5 Tomorrow

Amid the buildup around Xbox Series X, Sony is going full throttle to launch its own next generation gaming console – Play Station 5 or PS5. The Japanese tech giant announced on its official twitter handle that it will shed more light on PS5 hardware in a special event scheduled for tomorrow. By the way, Sony had revealed quite a few important information on PS5’s hardware in 2019 itself, including eight-core CPU and a custom GPU based on AMD’s Radeon Navi hardware.

3

Fox Corp dives deep into streaming business

Fox Corp, the broadcast news and entertainment company, has decided to dive more deep into streaming business. The Rupert Murdoch owned company has agreed to acquire ad-supported streaming platform Tubi for $440 Mn. Fox will be using the money for acquisition that it had secured from its stake sale in Roku, which is one of the most popular ad-supported streaming platforms in the US.

4

Coronavirus forces Tesla to shut down its California factory  

       

Tesla sought to exempt itself from coronavirus shutdown in San Francisco Bay Area, after it chose to keep its factory open on the very first day that the new order was put in place. But not anymore. According to media reports, Tesla has been asked to shut down its California factory in accordance with the shelter-in-place-order currently imposed in San Francisco Bay Area.  Tesla’s decision to exempt itself from shutdown is hardly surprising, given that Elon Musk has sought to undermine coronavirus pandemic.

5

Facebook Mistakenly blocks few links including coronavirus info

Facebook experienced a major bug in its News Feed spam filter, causing blockade of some of the legitimate sites like Medium, Buzzfeed, and USA Today. The blockade caused a major embarrassment for Facebook as people were unable to read and share coronavirus related information. One of the offcials from Facebook also confirmed about the bug, according to Techcrunch.

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