Here are the top trending stories from the world of technology. Stories that we feel every tech enthusiast should keep a tab on.
Trump says ‘no thanks’ after Musk ends Twitter ban
After lot of rumors and speculation, Elon Musk finally reinstated Donald Trump’s banned Twitter account. He did this albeit after carrying an online poll where nearly 51% voted that the former U.S. President’s twitter ban should be reversed. However, Trump has graciously declined to rejoin the Twitter despite the fact that he has millions of followers on the platform. Trump, who has just announced his candidacy for 2024 presidency election, said that he will rather stick to his newly launched social media app Truth Social. The Truth Social app offered more engagement and was doing very well, Trump claimed. The former U.S. President also heaped praise on Elon Musk, saying that he is a good person.
Flipkart Chief warns Startups about ‘Tough Times’ ahead
Flipkart’s CEO Kalyan Krishnamurthy has warned that the ongoing tough times that the Indian startups are currently enduring will stay for another 12-18 months. Krishnamurthy’s warning suggests that fund starved Indian startups difficulty in accessing capital and funds won’t end any time soon. Flipkart’s chief reckoned that this funding dry spell will pave way for moment of truth for the Indian startup ecosystem. The funding crunch that started almost last year has forced scores of high profile Indian startups in trimming down their workforce. Unacademy, Meesho, Udaan, Zomato, Ola, Chargebee and Cars24 are some of the top Indian startups that have opted for layoffs in recent months.
Bankrupt exchange FTX owes nearly $3.1 Bn to Creditors
The embattled crypto exchange FTX, which filed for bankruptcy in the U.S. last week, reportedly owes whopping $31 Bn to its creditors. However, identity of these investors have not been revealed and it is still not clear whether these investors are retail or institutional investors. Once valued at staggering $32 Bn, FTX filing bankruptcy proceedings last week has sent shockwaves across the crypto industry. FTX’s 30 year old founder Sam Bankman Fried is believed to be hiding in Bahamas. In its hey days, Bankman Fried’s net worth was valued around $26 Bn but today his personal wealth has obviously crashed to zero. FTX was backed by the who’s who of the VC industry including the likes of SoftBank and Sequoia.
China calls on ‘retired military staff’ to boost iPhone production
China’s communist party has urged military veterans living in Zhengzhou region in helping iPhone factories in shoring up the iPhone production. The production of iPhone 14 has been lagging behind as Zhengzhou’s Foxconn factory struggles to recover from the impact of COVID outbreak. Zhengzhou’s Foxconn factory is responsible for producing nearly 70% of iPhones globally. To meet its production target, Apple is now expecting that iPhone plants in other countries including India will rise up and increase their production capacity.
Binance Boss says India is not a viable market for cryptos
Binance’s CEO Changpeng Zhao has said that India is currently not a viable market for cryptos. He cited India’s high taxation on crypto transaction as the main reason that makes India a non-viable market for cryptos. India currently imposes 30% tax along with 1% TDS on every crypto transaction, making crypto transaction immensely expensive in the country. Due to heavy taxation, the Indian crypto industry has recently witnessed a huge drop in the monthly transaction volumes.