Tesla valuation shot up to $1 trillion on news that Hertz ordered 100,000 vehicles for delivery by the end of 2022. The purchase is anticipated to favorably affect Tesla consumer sales as rental drivers are able to essentially test-drive Tesla electric cars. Over the past year Tesla stock has more than doubled, and the $1 trillion valuation puts it in an elite class of companies including Apple, Microsoft, Amazon and Alphabet whose market caps exceed $1 trillion. Facebook in June crossed the $1 billion valuation mark only to fall below during September and October selloffs. Continue reading Tesla Value Pushes Past $1 Trillion with News of Hertz Order

PayPal has begun rolling out its new app, designed as a one-stop financial services tool capable of handling everything from direct deposit and automatic payments to peer-to-peer transactions, shopping and crypto capabilities. In addition, the company has announced PayPal Savings, offering high-yield accounts in partnership with Synchrony Bank. Shifting paychecks to PayPal is seen as a big step that can centralize consumer financial chores through the service, making it competitive with neobanks like Chime and Varo. PayPal now links to 17,000 billers including utilities and credit card firms. Continue reading PayPal Launches Super App for Consumer Financial Services

Faced with new tax rules for cryptocurrencies, Ashton Kutcher, Elon Musk and Square chief executive Jack Dorsey were among those who brought the fight to Washington. They and others in the industry including lobbyists, executives and trade group officials reached out to Congress over a provision in the massive new infrastructure bill that would “expand and strengthen tax enforcement of crypto transactions.” Dorsey “brought the Twitter heat” over the issue, igniting a grass roots reaction among thousands of crypto enthusiasts. Continue reading Bitcoin Experts & Advocates Lobby Congress Over Tax Rules

Space Exploration Technologies Corporation (SpaceX) has already launched 1,500+ satellites for Elon Musk’s broadband Internet network Starlink that is currently available in about a dozen countries. According to Musk, who spoke at the Mobile World Congress this week, Starlink will be beaming Internet everywhere in the world except polar regions by August. He added that Starlink should have about 500,000 users within the next 12 months and that SpaceX will have invested between $5 billion and $10 billion before cash flow becomes positive. Continue reading SpaceX Starlink Internet Slated to Go Live Globally in August

PayPal announced the launch of Checkout with Crypto, which allows customers to purchase certain items online via cryptocurrencies. The new feature is part of the company’s new unit focused on blockchain and crypto/digital currencies and adds to its current capability for customers to buy, sell and hold cryptocurrency. Bitcoin, Litecoin, Ethereum and Bitcoin Cash are the cryptocurrencies accepted, which are processed with clear conversion rates and no additional fees but only one type of cryptocurrency is accepted for each purchase. Continue reading PayPal, Visa Enable Streamlined Cryptocurrency Transactions

According to sources, Facebook is developing an audio chat product to compete with Clubhouse, a social networking app that has gained popularity with young people who gather and chat about various topics. Facebook chief executive Mark Zuckerberg, reportedly interested in audio products, has appeared on Clubhouse to chat about augmented reality and virtual reality. Facebook is also known for cloning popular products. Facebook’s audio product is, added the sources, in an early stage of development. Continue reading Facebook Developing a Product to Rival Chat App Clubhouse

Amazon chief executive Jeff Bezos is stepping down from the role he has held since he started the Big Tech company 26 years ago and will assume the role of executive chairman. Amazon Web Services head Andy Jassy will replace Bezos as Amazon’s new chief executive. Bezos hands over the reins during a time in which COVID-19 has helped the company achieve record-breaking sales, while it also faces regulatory and legal investigations. Personally, he vies with Tesla chief executive Elon Musk as the world’s wealthiest person. Continue reading Amazon’s Jeff Bezos Steps Down After 26 Years at the Helm

In Silicon Valley, some tech companies, investors and venture capital firms are relocating to cities with lower costs and less traffic. Oracle is pulling up stakes in Redwood City, California and heading to Austin, Texas, saying it plans to implement remote-work policies. Hewlett Packard Enterprise is moving its headquarters to Houston, Texas, where Elon Musk, long a Los Angeleno, has also moved. Although the reasons for leaving vary, many relocations seem to have been triggered by rising costs and the COVID-19 pandemic. Continue reading Pandemic, Rising Costs Ignite Tech Exodus From Silicon Valley

On the heels of a cyberattack on Twitter this summer, the New York State Department of Financial Services (DFS) called for a dedicated regulator to oversee big social media platforms. In a 37-page report, the department described the July 15 attack in which accounts of Barack Obama, Joe Biden, Jeff Bezos, Elon Musk and others were hacked and used to promote a cryptocurrency scam. Three people have since been charged with posing as employees to launch that attack, which relied on relatively simple tactics. Continue reading New York State Calls for a Dedicated Social Media Regulator

Last month, three alleged hackers were arrested for manipulating Twitter to control 45 accounts of high-profile figures including Jeff Bezos, Joe Biden and Elon Musk. Now, the technique these young malefactors used — dubbed “phone spear phishing” — is being used by so many other bad actors that experts dub it a crime wave. Phone spear phishing, also known as “vishing,” a mashup of “voice phishing,” has been used this last month to attack banks, web hosting companies and cryptocurrency exchanges, said investigators. Continue reading Twitter Hack Technique Is Being Replicated for Other Attacks

Since 2015, Twitter chief executive Jack Dorsey and the company board have been warned annually about internal cybersecurity risks. In fact, there are about 1,500 employees plus contractors with the power to make changes in 186 million daily user accounts, and the company had experienced breaches due to internal sources. Then, on July 15, hackers tricked employees to compromise 130 Twitter accounts, including those of Jeff Bezos, Joe Biden, Barack Obama and Elon Musk, stealing data from eight unidentified accounts. Continue reading Latest Twitter Hack Puts Spotlight on Internal Security Issues

On Wednesday, scammers launched one of the most audacious attacks in recent memory, posting messages from the Twitter accounts of Joe Biden, Barack Obama, Kanye West, Bill Gates and Elon Musk that if people sent Bitcoin, the famous person would send back double the money. The first attack targeted high-profile cryptocurrency leaders and companies, but soon broadened to include a list of prominent U.S. politicians and entertainment and tech executives. It appears that an internal Twitter account was involved in the attacks, but it has yet to be determined whether an employee was willfully complicit. Continue reading Prominent Twitter Accounts Hacked for Cryptocurrency Fraud

Apple, Facebook, Microsoft and Twitter were among the first U.S. companies to send their employees home as the coronavirus spread. Now, as they reopen their campuses, they are also allowing some of employees to continue to work from home. If that policy becomes widespread, it will be a major change from the college-like corporate campuses the companies built to encourage creativity and spontaneous interactions. Working from home will be its own perk and allow companies to broaden their search for workers. Continue reading Tech Firms Consider Remote Work Options After Coronavirus

At Microsoft’s Build 2020 developer conference, the company debuted a supercomputer built in collaboration with, and exclusively for, OpenAI on Azure. It’s the result of an agreement whereby Microsoft would invest $1 billion in OpenAI to develop new technologies for Microsoft Azure and extend AI capabilities. OpenAI agreed to license some of its IP to Microsoft, which would then sell to partners as well as train and run AI models on Azure. Microsoft stated that the supercomputer is the fifth most powerful in the world. Continue reading Microsoft Announces Azure-Hosted OpenAI Supercomputer

Remote conferencing services company Zoom Video Communications has become an overnight success as more Americans stay home during the coronavirus pandemic. Zoom, once mainly used by businesses, is now being used for everything from yoga courses to happy hours, but is also stretching the tool’s limits to serve both those who pay for the premium service and consumers who gravitate to the free version. There’s also a dark side to Zoom’s uptick: online trolls who “Zoombomb” meetings, and concerns about the San Jose-based company’s privacy policies. Continue reading Zoom Use Skyrockets, Revealing Privacy and Security Issues