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| Hello Insiders! Today's business newsletter covers: - 🔒 Tesla says its recent data breach was insider wrongdoing.
- 💻 Threads set to launch desktop version.
- 🍕 Domino's Pizza leaves Russia.
Also, tell us how you think businesses can adapt to changing consumer behaviors and preferences here! If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Arbër
p/Arber | |
| 1 | | Tesla claims that a recent data breach that affected over 75,000 customers was inside wrongdoing. The misconduct is believed to have come from two employees in Austin, Texas. More: - A recent investigation showed that two former Tesla employees abused the information they had in possession and shared it with Handelsblattm, a foreign media outlet.
- Tesla filed lawsuits against the two former employees without specifying in which jurisdiction.
- The electronic devices that belonged to the two employees have been seized following the lawsuit.
- Tesla claims it has also obtained court orders prohibiting the two former employees from further use, access, or dissemination of the data.
- According to a document released by the office of the Maine Attorney General, nine Maine residents were affected by the data breach.
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What happened: Threads is set to launch a desktop web version of the app soon. The new feature could help the app boost its numbers, as it has seen its Daily Active Users drop from 44 million in July to 9.6 million in August. More details: The new feature was announced by Instagram CEO Adam Mosseri, who stated that the company is using Thread's desktop version internally, adding that currently, the web version is still "buggy" and that the company will launch it ready once all technical aspects are resolved. Thread users still do not have the option ability to search for posts made on the platform and post hashtags, features that the company has said will be added at some point in the future. Adam Mosseri has stated that the company believed it had a limited time window to launch the Threads app to best capitalize on the momentum gained by users' dissatisfaction with Twitter, which is why several features are missing. Why it matters: Threads become the fast app ever to reach 100 million downloads. The all-time record-breaking feat was considered a good sign by industry experts, who believed the app could benefit from growing criticism of X (formerly known as Twitter). The app's success could also help Meta improve investor outlook, as its heavy investment in the metaverse did not yield the results Meta, and its CEO, Mark Zuckerberg, expected. | | | |
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| 3 | | Domino's Pizza has officially left Russia after failing to sell its business in the country. Domino's joins over 750 foreign companies that have either paused or sold their business in Russia. More: - The decision was made by DP Eurasia, the company responsible for operating Domino's Pizza in Russia, Turkey, Azerbaijan, and Georgia.
- DP Eurasia was the third-largest pizza delivery company in Russia, with 142 locations.
- The company had mentioned the possibility of selling its business in December due to the fact that sanctions imposed on Russia after its invasion of Ukraine had affected its ability to operate properly.
- Some of the major international companies that continue to operate in Russia since the war in Ukraine are UniCredit, Raiffeisen, Nestlé, Unilever, Philip Morris International, PepsiCo, etc.
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| 4 | | The wildfires on Maui have caused an estimated $5.5B in damage and have ground tourism to a halt, putting the island's economy in danger of collapse. More: - The owner of Coconut's Fish Cafe, a popular Maui restaurant, closed his restaurant and laid off employees due to the daily loss of $5,000.
- The fires that started on Aug. 8 killed at least 114 people, burned over 100,000 acres, and left thousands homeless as more than 2,000 structures were destroyed.
- More than 10,000 people have been displaced, and the state of Hawaii has declared a state of emergency on Maui.
- The federal government has approved a $100M disaster relief package for Maui, and President Biden is due to visit the disaster area today.
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| 5 | | The U.K.'s premier antitrust authority has approved Broadcom's $69B acquisition bid for VMware. The deal could become one of the largest in the tech industry ever. More: - Broadcom is most known for providing semiconductors for Apple's iPhones, while VMware makes virtual software that allows users to access systems remotely.
- The deal was approved by the European Union in July 2023, while U.S. regulators have yet to give the green light.
- Broadcom said Monday that the Federal Trade Commission's period for reviewing the deal had passed without a challenge.
- The FTC declined to comment on whether it continued to look into the merger.
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| 6 | | Teamshares, a company that buys small businesses from retirees and grows them by giving employees 80% ownership, has raised $245M. Khosla Ventures was one of the main investors. More: - Teamshares claims that 70% of small businesses, which represent 44% of the U.S. economy, fail to sell once the founders retire.
- The company aims to solve this problem by buying businesses from retirees and giving 80% of the ownership to employees over a 20-year period.
- The Series D was led by Frank Rotman, with participation from Inspired Capital, Khosla Ventures, Slow Ventures, Spark Capital, and Union Square Ventures.
- Since its inception in 2019, the company has created 140 jobs across the U.S. and Canada.
- Teamshares is based in New York.
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| 7 | | Quick Hits: - Toptal's world-class talent lets you future-proof your business with their experts in blockchain, AI, and software development.*
- California is seeing gas prices reach 2023 highs, as the price for a gallon surpassed $5.
- Kenya-based e-commerce platform Twiga has announced it would lay off 33% of its workforce.
- Universal and YouTube are partnering to launch a joint venture called Music AI Incubator. The incubator will help artists experiment with AI tools, who, in return, will give their feedback.
- Alex Gecko, founder of quant trading company XTX Markets, is now the world's 182nd richest person as his company increased profits by 50%.
- ABB and Northvolt are extending their partnership to recycle 125,000 metric tons of used batteries.
*This is sponsored content. | | | |
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Term of the Day Real estate cycles: The real estate cycle is a model represented by a four-stage pattern that shows how economic changes affect the property sector. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
INSIDE BUSINESS LEADERBOARD (30 DAYS) |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Aaron Crutchfield | |
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