Plus, hedge fund manager Julian Robertson passes away at 90.
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Elon Musk’s lawyers have subpoenaed Twitter co-founder and former CEO Jack Dorsey, seeking documents related to spam/bot accounts on the platform. Musk is also seeking information on Twitter’s mDAUs and any other metric the social media platform uses to describe user or advertiser engagement. More: - The move comes as Musk and Twitter are preparing for a five-day trial in October in Delaware Chancery Court, following Musk’s attempt to pull out of the deal.
- The subpoena sent to Dorsey was dated Aug. 19 and made public on Monday.
- Both sides have sent out subpoenas recently, including some sent by Twitter to members of Musk’s inner circle and financial backers.
- Earlier this year, Dorsey tweeted his support of Musk’s bid to take the social media company private for $44B.
- Dorsey resigned from the CEO role in Nov. 2021 and stepped down from Twitter’s board in May 2022 at the end of his term.
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Intel has signed a $30B funding partnership with Canadian asset management firm Brookfield Asset Management to finance its chip factory projects. The move is part of Intel’s push to become a leading global contract semiconductor manufacturer and regain its manufacturing advantage over rivals in Taiwan and South Korea. More: - Under the terms of the deal, Intel would fund 51% of the building costs for chip manufacturing plants in Chandler, Arizona, and will have a controlling stake in the financing vehicle that would own the new factories.
- Brookfield would fund the remaining 49% of the building costs and own the equity.
- Both companies would split the revenue the facilities generate.
- The deal is considered a first of its kind within the chip industry.
- Analysts expect the global chip industry to generate annual sales of up to $1T by the end of the decade.
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Twitter's former head of security, Peiter Zatko, filed a whistleblower complaint with the SEC last month, claiming Twitter executives deceived federal regulators and its board. Zatko claims executives misled the company's board of directors about deficiencies with the platform, leaving its 238 million daily users, including government agencies, heads of state, and other influential public figures, vulnerable. More: - Zatko claims that Twitter violated the terms of an 11-year-old settlement with the Federal Trade Commission by falsely claiming that it had a solid security plan.
- Zatko said he warned his Twitter colleagues that half the company's servers were running out-of-date software and were vulnerable.
- Zatko noted that Twitter's executives withheld facts about the number of breaches and lack of protection for user data on the platform from the board and instead presented rosy charts.
- He alleges that Twitter prioritized user growth over reducing spam/bots on the platform, adding that the unwanted spam/bot accounts worsened the user experience.
- Zatko is a hacker and cybersecurity expert known as "Mudge." He joined Twitter in 2020 at the request of former CEO Jack Dorsey and was fired in January by Twitter's new CEO, Parag Agrawal.
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Zoom released its Q2 earnings on Monday, reporting an 8% revenue growth YoY, down from 12% reported in the prior quarter. The video communications company generated $1.1B in total revenue. Net income came in at $45.7M, or $1.05 a share, down from $316.9M reported the prior year. More: - Zoom pointed to the strong U.S. dollar and performance in the company’s online business and sales for the slowed quarter.
- The company ended the quarter with about 204,100 enterprise customers, from 198,900 reported in the prior quarter.
- Zoom expects Q3 revenue between $1.095B and $1.1B and expects earnings in the range of 82 cents to 83 cents per share.
- Zoom’s stock fell more than 16% on Tuesday, closing at $81.32 a share.
- The company is down over 50% YTD.
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California's Office of Administrative Law (OAL) has denied Tesla's petition to determine whether the Department of Civil Rights (DCR) had adopted "underground regulations" that ignore requirements it must meet before suing employers. The DCR is suing the EV maker for alleged race bias at its Fremont, California, assembly plant. More: - Tesla's petition with the OAL was an attempt to limit the department's authority to pursue discrimination cases by forcing it to take additional steps before it could sue.
- Tesla's petition would have required the department to provide businesses with detailed explanations of alleged legal violations and provided an opportunity for an out-of-court settlement.
- The OAL, which reviews state agency regulations and can recommend changes, did not give a reason for the denial and said Tesla can still pursue its claims in court.
- The lawsuit is one of several pending in California courts that accuse Tesla of tolerating discrimination and sexual harassment at its factories.
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Digital World Acquisition Corp. (DWAC), the SPAC set to merge with Donald Trump's Trump Media and Technology Group, warned that the former President's waning popularity could hurt the company. DWAC has arranged a meeting to vote on delaying the deadline for completing the merger with the Trump media organization. More: - In a filing with regulators, DWAC has set a shareholder meeting for Sept. 6 to determine whether to delay the deadline for completing the merger with TMTG.
- The deadline for the merger is currently set for Sept. 8, 2022.; DWAC is looking to extend it to Sept. 8, 2023.
- DWAC said it is concerned that the deal's value could be affected by the former President's damaged reputation.
- DWAC said it could liquidate if the merger isn't consummated.
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Quick Hits - Top companies are planning their holiday gifting now. Here’s why their gifts are sure to be a success.*
- Apple plans to make its new iPhone in India months earlier than it did for previous models. The tech giant has been divesting different product line production from China recently amid COVID-19-related shutdowns and rising geopolitical tensions between the U.S. and China.
- Julian Robertson, hedge fund manager and founder of Tiger Management, passed away at the age of 90. Robertson trained several prominent fund managers, including Tiger Globe’s founder Chase Coleman III, known as Tiger Cubs.
- According to Citigroup, inflation in the U.K. is expected to reach 18.6% by next year. The increase is driven by record-high gas prices in the country and is expected to be the highest among western economies.
- President Biden is expected to announce his plans for dealing with student loans on Wednesday. Biden had previously suggested canceling $10,000 in federal student loan debt for borrowers earning less than $125,000 a year.
- Five ways you can use content and data to create a cycle of unforgettable customer experiences.*
*This is sponsored content.
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- August 30 - An overview of simulation and cloud tools in embedded software (Register Here) *
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- September 07 - AMA with Andrew Gazdecki (Founder of MicroAcquire) (Register Here)
- September 09 - AMA with Jay Ryan (U.S. Federal Government Program Manager at Security Compass) (Register Here)
- September 14 - AMA with Brian Dean (Founder of Backlinko) (Register Here)
- September 21 - AMA with Kristen Ruby (Founder of Ruby Media Group) (Register Here)
- September 28 - Free Access to the Semantic Layer Summit with 30+ Enterprise Data Leaders (Register Here) *
- September 28 - AMA with Leigh-Ann Buchanan (Founder of aīre ventures) (Register Here)
- October 12 - AMA with Bill Glenn (Executive Chairman at Crenshaw Associates) (Register Here)
- October 25 - Meet Our Fund 4, an Inside.com Summit (Register Here)
*This is a sponsored listing.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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