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Adidas has by far received over 508 million euros ($565 million) worth of orders for its very first batch of online sales of its unsold Yeezy shoes that had made with a partnership with rapper Kanye West that went sour recently.

As per a report by Financial Times, the sneaker company had got orders for &nbsp;4 million pairs which it said were better than its "most optimistic forecast".

The newspaper said that the massive demand for the first batch of online sales of shoes would help in potentially saving the company from having to take a big writedown on its remaining stock.

Adidas had stopped selling Yeezy shoes after it had cut ties with rapper Ye, formerly known as Kanye West,&nbsp; last October after he made a series of antisemitic comments in interviews and social media.

Due to the now-defunct partnership, the highly profitable line hit first-quarter sales at the company by around $440 million.

However, the strong demand for the unsold shoes had suppressed fears at the company's headquarters that Ye's outbursts and a plunge in marketing in the recent past would have made the Yeezy brand too toxic, FT said, citing sources.

Also read: <a href="https://www.wionews.com/business-economy/twitters-rebrands-to-x-as-musk-bids-adieu-to-blue-bird-618880">Twitter rebrands to 'X' as Musk bids adieu to blue bird once synonymous with microblogging</a>

As per reports, the shoe brand did not comment on the matter saying that it was in a "quiet period" ahead of its quarterly results due Aug. 3.

Adidas said in the month of May that it would donate some of the proceeds from the sales to organisations battling with antisemitism and racism.

As per FT reports, the discussions on how much proceeds will be donated to individual charities are still ongoing, further adding that the company has chosen five charities in the US and China as a first step.

"Making donations of more than 8.5 million euros across the five charities has been discussed but no decision has been made," FT said, citing people familiar with the matter.

The final sum donated from the sales will be much larger as the company is willing to pay a significant share of its profits from the Yeezy inventory, said the report.

This year, the company had predicted a loss before announcing its intentions to sell leftover Yeezy stocks.

(With inputs from agencies)&nbsp;

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Adidas has by far received over 508 million euros ($565 million) worth of orders for its very first batch of online sales of its unsold Yeezy shoes that had made with a partnership with rapper Kanye West that went sour recently.

Adidas has by far received over 508 million euros ($565 million) worth of orders for its very first batch of online sales of its unsold Yeezy shoes that had made with a partnership with rapper Kanye West that went sour recently. As per a report by Financial Times, the sneaker company had got orders for 4 million pairs which it said were better than its "most optimistic forecast". The newspaper said that the massive demand for the first batch of online sales of shoes would help in potentially saving the company from having to take a big writedown on its remaining stock. Adidas had stopped selling Yeezy shoes after it had cut ties with rapper Ye, formerly known as Kanye West, last October after he made a series of antisemitic comments in interviews and social media. Due to the now-defunct partnership, the highly profitable line hit first-quarter sales at the company by around $440 million. However, the strong demand for the unsold shoes had suppressed fears at the company's headquarters that Ye's outbursts and a plunge in marketing in the recent past would have made the Yeezy brand too toxic, FT said, citing sources. Also read: Twitter rebrands to 'X' as Musk bids adieu to blue bird once synonymous with microblogging As per reports, the shoe brand did not comment on the matter saying that it was in a "quiet period" ahead of its quarterly results due Aug. 3. Adidas said in the month of May that it would donate some of the proceeds from the sales to organisations battling with antisemitism and racism. As per FT reports, the discussions on how much proceeds will be donated to individual charities are still ongoing, further adding that the company has chosen five charities in the US and China as a first step. "Making donations of more than 8.5 million euros across the five charities has been discussed but no decision has been made," FT said, citing people familiar with the matter. The final sum donated from the sales will be much larger as the company is willing to pay a significant share of its profits from the Yeezy inventory, said the report. This year, the company had predicted a loss before announcing its intentions to sell leftover Yeezy stocks. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Adidas receives orders worth $565 million for first batch of unsold Yeezy shoes

American tech giant Apple is facing a $1 billion class action lawsuit brought by more than 1,500 app developers in the UK over its App Store fees. According to a report by the news agency Reuters early Wednesday (July 25), the lawsuit at the Competition Appeal Tribunal is being brought by Sean Ennis, a professor at the Centre for Competition Policy at the University of East Anglia and a former economist at the OECD, on behalf of 1,566 app developers.

American tech giant Apple is facing a $1 billion class action lawsuit brought by more than 1,500 app developers in the UK over its App Store fees. According to a report by the news agency Reuters early Wednesday (July 25), the lawsuit at the Competition Appeal Tribunal is being brought by Sean Ennis, a professor at the Centre for Competition Policy at the University of East Anglia and a former economist at the OECD, on behalf of 1,566 app developers. Ennis said Apple's charges to app developers are excessive, and only possible due to its monopoly on the distribution of apps onto iPhones and iPads. "The charges are unfair in their own right and constitute abusive pricing. They harm app developers and also app buyers," Ennis added. Reuters reported that Apple's service business saw revenues grow at a rapid pace in the last few years, and it currently hovers around $20 billion per quarter. However, the commissions of 15% to 30% that the company charges some app makers for the use of an in-app payment system have been criticised by app developers and targeted by antitrust regulators in several countries. Spain imposes fines on Apple, Amazon A week back, Spain's antitrust watchdog said that it had imposed fines of $218.03 million on Amazon and Apple for colluding to limit the online sale of devices from Apple and competitors in the country. Apple was fined $159 million and Amazon over $55 million. The two companies have two months to appeal the decision. In a statement, the watchdog CNMC said, "The two companies restricted without justification the number of sellers of Apple products on the Amazon website in Spain." Over 90% of the existing retailers who were using Amazon's marketplace to sell Apple devices were blocked as a result, the statement added. Amazon also reduced the capacity of retailers in the European Union (EU) based outside Spain to access Spanish customers, and restricted the advertising Apple's competitors were allowed to place on its website when users searched for Apple products, the statement further said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Apple faces $1 billion class action lawsuit by app developers in UK

As the reporting season for the second quarter approaches, businesses with exposure to China's economy are on the edge due to the country's&nbsp;sluggish growth. Companies such as Apple, prominent chip manufacturers, and luxury brands may feel the impact when disclosing their quarterly results in the coming weeks.

The economic&nbsp;uncertainty is not limited to firms directly tied to China's market. Wall Street is bracing itself for a steep drop in second-quarter U.S. earnings, affecting tech giants, luxury retailers, and chip makers alike. European companies are also facing headwinds stemming from China's post-COVID momentum, adding to the overall concerns among investors and analysts.

China's sluggish economy sparks market turmoil and sector challenges

China's sluggish economic performance has had a noticeable impact on its stock market, with the Shanghai Composite Index's 2023 gain restricted to a mere 2.6 percent, in stark contrast to the S&amp;P 500's impressive 18 percent rise.

Asea Brown Boveri Ltd., a renowned Swiss engineering giant, revealed a nine percent decline in orders within China during the second quarter. Similarly, Cartier-owner Richemont reported slightly lower-than-expected quarterly revenues in the Asian market this week.

The outlook for companies like Richemont is now showing signs of being somewhat tempered due to uncertainties in China's macroeconomy. This turbulence is affecting both high-end and aspirational consumers, creating challenges for businesses operating in the region.

The tech industry is also bracing for potential repercussions, as Tesla's recent developments exemplify. The electric vehicle giant achieved a remarkable feat by selling a record 247,217 Chinese-made vehicles in the second quarter. However, the company also made an announcement on Wednesday regarding reduced gross margins, which it attributes to an ongoing price war with its Chinese rivals, particularly NIO and Xpeng.

Reports from Next eXperience (NXP) Semiconductors NV&nbsp;on July 24 and Texas Instruments on July 25 will serve as significant indicators for chip demand. Last year, China accounted for a substantial portion of NXP's sales (36 percent) and half of Texas Instruments' revenue. Given the heavy reliance of these chipmakers on the Chinese market, there are concerns that they might experience significant drops in quarterly revenue if chip demand is impacted.

Trade disputes prompt firms to rethink Chinese manufacturing

Trade disputes between Washington and Beijing have introduced an air of uncertainty, prompting various companies to reconsider their manufacturing operations in China. Among them, tech giant Apple, the world's most valuable business, experienced a 2.9 percent decline in sales within the Chinese market during the March quarter, surpassing the overall revenue reduction of 2.5 percent. Analysts at Refinitiv are anticipating a further slip in Apple's sales by 1.7 percent to $81.6 billion in the June quarter, marking the lowest figure in two years.

With a significant number of firms having their production base centered in China, there is a growing trend towards diversifying manufacturing locations or even contemplating a "re-shoring" strategy back to the United States. However, as reported by Reuters, David Klink, a senior analyst at Huntington Private Bank, points out that such moves are likely to incur higher costs, putting strain on gross margins.

Companies based in the United States that have significant business ties with China are also facing uncertainty due to the ongoing trade tensions between the two economic powerhouses. The semiconductor industry, in particular, is feeling the impact of Washington's comprehensive measures enacted in October, aiming to curb China's semiconductor sector.

WATCH WION LIVE HERE

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As the reporting season for the second quarter approaches, businesses with exposure to China's economy are on the edge due to the country's sluggish growth. Companies such as Apple, prominent chip manufacturers, and luxury brands may feel the impact when disclosing their quarterly results in the coming weeks.

As the reporting season for the second quarter approaches, businesses with exposure to China's economy are on the edge due to the country's sluggish growth. Companies such as Apple, prominent chip manufacturers, and luxury brands may feel the impact when disclosing their quarterly results in the coming weeks. The economic uncertainty is not limited to firms directly tied to China's market. Wall Street is bracing itself for a steep drop in second-quarter U.S. earnings, affecting tech giants, luxury retailers, and chip makers alike. European companies are also facing headwinds stemming from China's post-COVID momentum, adding to the overall concerns among investors and analysts. China's sluggish economy sparks market turmoil and sector challenges China's sluggish economic performance has had a noticeable impact on its stock market, with the Shanghai Composite Index's 2023 gain restricted to a mere 2.6 percent, in stark contrast to the S&P 500's impressive 18 percent rise. Asea Brown Boveri Ltd., a renowned Swiss engineering giant, revealed a nine percent decline in orders within China during the second quarter. Similarly, Cartier-owner Richemont reported slightly lower-than-expected quarterly revenues in the Asian market this week. The outlook for companies like Richemont is now showing signs of being somewhat tempered due to uncertainties in China's macroeconomy. This turbulence is affecting both high-end and aspirational consumers, creating challenges for businesses operating in the region. The tech industry is also bracing for potential repercussions, as Tesla's recent developments exemplify. The electric vehicle giant achieved a remarkable feat by selling a record 247,217 Chinese-made vehicles in the second quarter. However, the company also made an announcement on Wednesday regarding reduced gross margins, which it attributes to an ongoing price war with its Chinese rivals, particularly NIO and Xpeng. Reports from Next eXperience (NXP) Semiconductors NV on July 24 and Texas Instruments on July 25 will serve as significant indicators for chip demand. Last year, China accounted for a substantial portion of NXP's sales (36 percent) and half of Texas Instruments' revenue. Given the heavy reliance of these chipmakers on the Chinese market, there are concerns that they might experience significant drops in quarterly revenue if chip demand is impacted. Trade disputes prompt firms to rethink Chinese manufacturing Trade disputes between Washington and Beijing have introduced an air of uncertainty, prompting various companies to reconsider their manufacturing operations in China. Among them, tech giant Apple, the world's most valuable business, experienced a 2.9 percent decline in sales within the Chinese market during the March quarter, surpassing the overall revenue reduction of 2.5 percent. Analysts at Refinitiv are anticipating a further slip in Apple's sales by 1.7 percent to $81.6 billion in the June quarter, marking the lowest figure in two years. With a significant number of firms having their production base centered in China, there is a growing trend towards diversifying manufacturing locations or even contemplating a "re-shoring" strategy back to the United States. However, as reported by Reuters, David Klink, a senior analyst at Huntington Private Bank, points out that such moves are likely to incur higher costs, putting strain on gross margins. Companies based in the United States that have significant business ties with China are also facing uncertainty due to the ongoing trade tensions between the two economic powerhouses. The semiconductor industry, in particular, is feeling the impact of Washington's comprehensive measures enacted in October, aiming to curb China's semiconductor sector. WATCH WION LIVE HERE

China’s weak economy weighs on global quarterly results of companies

Sportswear giant Adidas garnered success in its latest online sales campaign for the unsold inventory of Yeezy shoes, with orders surpassing $565 million for the initial batch, Financial Times reported. The overwhelming demand, totaling 4 million pairs across May and June, exceeded the company's expectations, resulting in temporary supply shortages. However, this achievement comes amid an ongoing legal battle between Adidas and rapper Kanye West, also known as Ye, over the alleged mishandling of a $100 million annual marketing fund. The dispute has led to arbitration, raising significant attention and speculation about the future of their former partnership.

The Yeezy Sales Triumph

Adidas received orders worth more than $565 million for its Yeezy shoes during the first phase of its online sales campaign. The extraordinary demand went contrary to the company's projections. The shoes, a result of Adidas' defunct partnership with rapper Kanye West, have maintained their popularity despite the dissolution of the collaboration in the previous year.

Dispute Over Marketing Funds

The legal feud between Adidas and Kanye West centers on a substantial $100 million annual marketing fund that Adidas had allocated to promote the Yeezy brand. Court documents indicate that Adidas transferred $75 million to two Yeezy bank accounts. However, Adidas alleges that the funds were misused by Kanye West and his associated companies for unauthorized purposes, contrary to the terms of their contract. The agreement specified that the marketing fund should remain separate from other funds, and any improper use would require reimbursement from Yeezy.

WATCH WION LIVE HERE

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Kanye West's Usage of Marketing Funds

Kanye West's disclosure in a 2020 interview about directing $50 million from the Yeezy marketing funds towards his 'Sunday Service' gospel choir tour raised further scrutiny. He asserted that the tour did not require additional advertising expenditure, though he did not explicitly clarify the source of the funds. The court filings have redacted the specific definition of appropriate marketing purposes, leaving room for interpretation and intensifying the legal dispute.

Adidas' Attempt to Reclaim Funds

Adidas sought to freeze the funds in court in May to retrieve the disputed sum. Despite facing initial setbacks, U.S. District Judge Valerie Caproni expressed optimism that Adidas could recover the money through the ongoing arbitration process.&nbsp;

In May, Adidas made headlines when it announced its intention to sell Yeezy shoes and donate the proceeds to organisations working against anti-Semitism and racism. The decision came in the wake of Kanye West's past controversial remarks, after which Adidas has been on damage control.

Future Implications

The dispute resolution between Adidas and Kanye West will undoubtedly influence the trajectory of the Yeezy brand and Adidas' engagement in fashion and sportswear. The immense popularity of Yeezy shoes remains undiminished, and despite the legal challenges, the brand continues to be a significant player in the sneaker market. This can be verified with the recent sale.

(With Inputs from Agencies)

Sportswear giant Adidas garnered success in its latest online sales campaign for the unsold inventory of Yeezy shoes, with orders surpassing $565 million for the initial batch, Financial Times reported.

Sportswear giant Adidas garnered success in its latest online sales campaign for the unsold inventory of Yeezy shoes, with orders surpassing $565 million for the initial batch, Financial Times reported. The overwhelming demand, totaling 4 million pairs across May and June, exceeded the company's expectations, resulting in temporary supply shortages. However, this achievement comes amid an ongoing legal battle between Adidas and rapper Kanye West, also known as Ye, over the alleged mishandling of a $100 million annual marketing fund. The dispute has led to arbitration, raising significant attention and speculation about the future of their former partnership. The Yeezy Sales Triumph Adidas received orders worth more than $565 million for its Yeezy shoes during the first phase of its online sales campaign. The extraordinary demand went contrary to the company's projections. The shoes, a result of Adidas' defunct partnership with rapper Kanye West, have maintained their popularity despite the dissolution of the collaboration in the previous year. Dispute Over Marketing Funds The legal feud between Adidas and Kanye West centers on a substantial $100 million annual marketing fund that Adidas had allocated to promote the Yeezy brand. Court documents indicate that Adidas transferred $75 million to two Yeezy bank accounts. However, Adidas alleges that the funds were misused by Kanye West and his associated companies for unauthorized purposes, contrary to the terms of their contract. The agreement specified that the marketing fund should remain separate from other funds, and any improper use would require reimbursement from Yeezy. WATCH WION LIVE HERE Kanye West's Usage of Marketing Funds Kanye West's disclosure in a 2020 interview about directing $50 million from the Yeezy marketing funds towards his 'Sunday Service' gospel choir tour raised further scrutiny. He asserted that the tour did not require additional advertising expenditure, though he did not explicitly clarify the source of the funds. The court filings have redacted the specific definition of appropriate marketing purposes, leaving room for interpretation and intensifying the legal dispute. Adidas' Attempt to Reclaim Funds Adidas sought to freeze the funds in court in May to retrieve the disputed sum. Despite facing initial setbacks, U.S. District Judge Valerie Caproni expressed optimism that Adidas could recover the money through the ongoing arbitration process. In May, Adidas made headlines when it announced its intention to sell Yeezy shoes and donate the proceeds to organisations working against anti-Semitism and racism. The decision came in the wake of Kanye West's past controversial remarks, after which Adidas has been on damage control. Future Implications The dispute resolution between Adidas and Kanye West will undoubtedly influence the trajectory of the Yeezy brand and Adidas' engagement in fashion and sportswear. The immense popularity of Yeezy shoes remains undiminished, and despite the legal challenges, the brand continues to be a significant player in the sneaker market. This can be verified with the recent sale. (With Inputs from Agencies)

Adidas' Yeezy Frenzy: $565 million worth of shoes fly-off shelves

India's foreign exchange reserves have reached a significant milestone, surging past the $600 billion mark for the first time since May 2022. As of July 14, the forex reserves stood at an impressive $609 billion, marking a 15-month high. This remarkable achievement comes against the backdrop of a notable rise in dollar inflows into the country's economy.

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The reserves witnessed an impressive increase of $12.74 billion from the preceding week, marking the largest weekly gain in four months. This surge can be attributed to two primary factors. Firstly, there was an increase in the U.S. government bonds held by the Reserve Bank of India (RBI), contributing to the rise in reserves. The appreciation of non-dollar currencies played a significant role in bolstering the overall value of India's foreign exchange holdings.

The Reserve Bank of India (RBI) has strategically allocated over two-thirds of its foreign currency assets in U.S. dollars, while the remaining portion is diversified across other major currencies, including the euro, yen, pound, and Chinese renminbi.

Gaura Sen Gupta, an India economist at IDFC Bank, was quoted by Reuters as stating that a significant portion of the week-on-week increase in forex reserves was&nbsp;driven by revaluation gains due to dollar weakness and lower US Treasury yields.

India's foreign exchange reserves have witnessed a remarkable upswing, enabling the country to reinforce its economic stability and resilience. The reserves have now reached a level where they can easily cover 11 months of imports, a significant increase from 9.3 months in December 2022 and just 8.9 months in September 2022. This strengthened position is a testament to India's growing financial strength and its capacity to navigate through global economic fluctuations.

Furthermore, in the past three months, foreign investors have displayed strong interest in Indian shares, acquiring a net of $16 billion, as reported by the National Securities Depository Limited. This surge in foreign investment has provided the central bank with an opportunity to bolster its reserves by making strategic purchases from the market.

India's forex reserves achieved a significant milestone when they first surpassed the $600 billion mark in June 2021, a remarkable feat facilitated by a surge in foreign direct investments flowing into the country.

However, the forex market experienced heightened volatility in the wake of the Ukraine invasion, necessitating the central bank to intervene and stabilise the market by selling dollars. Despite these efforts, the reserves faced challenges due to sharp interest rate hikes in the United States, which impacted the forex market and resulted in a notable reduction in reserves during that period. Despite the temporary setback, India's proactive measures and strong foreign investment inflows continue to navigate through currency fluctuations and economic uncertainty.

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India's foreign exchange reserves have reached a significant milestone, surging past the $600 billion mark for the first time since May 2022. As of July 14, the forex reserves stood at an impressive $609 billion, marking a 15-month high.

India's foreign exchange reserves have reached a significant milestone, surging past the $600 billion mark for the first time since May 2022. As of July 14, the forex reserves stood at an impressive $609 billion, marking a 15-month high. This remarkable achievement comes against the backdrop of a notable rise in dollar inflows into the country's economy. The reserves witnessed an impressive increase of $12.74 billion from the preceding week, marking the largest weekly gain in four months. This surge can be attributed to two primary factors. Firstly, there was an increase in the U.S. government bonds held by the Reserve Bank of India (RBI), contributing to the rise in reserves. The appreciation of non-dollar currencies played a significant role in bolstering the overall value of India's foreign exchange holdings. The Reserve Bank of India (RBI) has strategically allocated over two-thirds of its foreign currency assets in U.S. dollars, while the remaining portion is diversified across other major currencies, including the euro, yen, pound, and Chinese renminbi. Gaura Sen Gupta, an India economist at IDFC Bank, was quoted by Reuters as stating that a significant portion of the week-on-week increase in forex reserves was driven by revaluation gains due to dollar weakness and lower US Treasury yields. India's foreign exchange reserves have witnessed a remarkable upswing, enabling the country to reinforce its economic stability and resilience. The reserves have now reached a level where they can easily cover 11 months of imports, a significant increase from 9.3 months in December 2022 and just 8.9 months in September 2022. This strengthened position is a testament to India's growing financial strength and its capacity to navigate through global economic fluctuations. Furthermore, in the past three months, foreign investors have displayed strong interest in Indian shares, acquiring a net of $16 billion, as reported by the National Securities Depository Limited. This surge in foreign investment has provided the central bank with an opportunity to bolster its reserves by making strategic purchases from the market. India's forex reserves achieved a significant milestone when they first surpassed the $600 billion mark in June 2021, a remarkable feat facilitated by a surge in foreign direct investments flowing into the country. However, the forex market experienced heightened volatility in the wake of the Ukraine invasion, necessitating the central bank to intervene and stabilise the market by selling dollars. Despite these efforts, the reserves faced challenges due to sharp interest rate hikes in the United States, which impacted the forex market and resulted in a notable reduction in reserves during that period. Despite the temporary setback, India's proactive measures and strong foreign investment inflows continue to navigate through currency fluctuations and economic uncertainty. WATCH WION LIVE HERE

India forex reserves reach over $600 billion, hit 15-month high

Paytm, the trailblazing digital payments firm in India, has reported an&nbsp;astounding 39 percent surge in its quarterly revenue. The parent company, One97 Communications Ltd., reported a staggering $286 million in revenue for the three months ending on June 30th, surpassing last year's figures and signaling its continued growth trajectory.

Paytm achieved another significant milestone for the third consecutive quarter,&nbsp;earning an operating profit of over $10 million.&nbsp;This remarkable achievement was accompanied by a narrowing net loss of over $43 million, showcasing a commendable turnaround for the company.&nbsp;

Furthermore, the pioneering company in digital payments achieved astounding growth without relying on government incentives. The company's core payments business experienced a surge in revenue, with a notable 31 percent increase. Additionally, its financial services arm, which includes popular offerings like "buy now, pay later" loans, contributed significantly to this achievement.

In overall terms, Paytm's witnessed an astonishing growth rate of 93 percent, which&nbsp;highlights the company's continued innovation and ability to surprise in the dynamic financial landscape. The Vijay Shekhar Sharma-led payment giant's&nbsp;contribution margin skyrocketed from 43 percent to an impressive 56 percent, while its employee cost increased to 21 percent due to appraisals during the period.

Undoubtedly, the company's creative strategies, such as offering device rentals to merchants to facilitate smoother transactions, have played a pivotal role in solidifying its position in the fiercely competitive market. By defying challenges and embracing innovative approaches, Paytm has successfully strengthened its footing in the dynamic digital payments ecosystem.

WATCH WION LIVE HERE

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Paytm, the trailblazing digital payments firm in India, has reported an astounding 39 percent surge in its quarterly revenue. The parent company, One97 Communications Ltd.

Paytm, the trailblazing digital payments firm in India, has reported an astounding 39 percent surge in its quarterly revenue. The parent company, One97 Communications Ltd., reported a staggering $286 million in revenue for the three months ending on June 30th, surpassing last year's figures and signaling its continued growth trajectory. Paytm achieved another significant milestone for the third consecutive quarter, earning an operating profit of over $10 million. This remarkable achievement was accompanied by a narrowing net loss of over $43 million, showcasing a commendable turnaround for the company. Furthermore, the pioneering company in digital payments achieved astounding growth without relying on government incentives. The company's core payments business experienced a surge in revenue, with a notable 31 percent increase. Additionally, its financial services arm, which includes popular offerings like "buy now, pay later" loans, contributed significantly to this achievement. In overall terms, Paytm's witnessed an astonishing growth rate of 93 percent, which highlights the company's continued innovation and ability to surprise in the dynamic financial landscape. The Vijay Shekhar Sharma-led payment giant's contribution margin skyrocketed from 43 percent to an impressive 56 percent, while its employee cost increased to 21 percent due to appraisals during the period. Undoubtedly, the company's creative strategies, such as offering device rentals to merchants to facilitate smoother transactions, have played a pivotal role in solidifying its position in the fiercely competitive market. By defying challenges and embracing innovative approaches, Paytm has successfully strengthened its footing in the dynamic digital payments ecosystem. WATCH WION LIVE HERE

Paytm records spectacular 39% surge in quarterly revenue

Paytm, India's pioneering digital payments firm, is making headlines with a spectacular 39% rise in its quarterly revenue. Amid soaring demand for loans, the parent company, one 97 communications ltd, reported 286 million dollars in revenue for the three months ending June 30th, surpassing last year's figures. Paytm also accomplished an operating profit for the third consecutive quarter, reaching over 10 million dollars. the net loss has narrowed to over 43 million dollars, showcasing a remarkable turnaround.

Paytm reports 39% rise in quarterly revenue

In a major setback, India has rejected Chinese EV maker BYD's proposal to set up a 1 billion dollar plant. The EV maker had a proposed a joint venture with a Hyderabad-based company. Earlier this month, the BYD submitted a plan to the Indian Government, seeking permission to build EVS and car batteries with Megha Engineering & Infrastructure ltd. Reports suggest that security concerns over Chinese investments could be the reason behind India's blocking the deal.

India says no to BYD's investment | World Business Watch

It's official: Twitter has been officially renamed to 'X' on Monday (July 24). This comes after the owner of the microblogging website Elon Musk announced on Sunday that the social media platform would undergo a transformation in its branding.&nbsp;

"And soon we shall bid adieu to the twitter brand and, gradually, all the birds," Musk had said.&nbsp;

Musk bid farewell to its bird logo, the symbol that represented the platform for many years. According to media reports, Twitter's initial avian branding was a result of the company acquiring a stock symbol featuring a cheerful, light blue bird for a mere $15.&nbsp;

The website has&nbsp;now adopted a minimalist black background with a white X as the new logo.&nbsp;

Also Read | <a href="https://www.wionews.com/trending/woman-pees-on-floor-of-plane-alleges-airline-of-not-letting-her-use-washroom-618861">Woman pees on floor of plane, alleges airline did not let her use washroom</a>

Musk revealed that with the platform's new identity, posts would now be referred to as "an X," perhaps a glimpse into the future language of the reimagined social media experience.

Twitter owner updated his profile picture with the new logo, describing it as "minimalist art deco". He changed his Twitter bio to "X.com," symbolising the transformation of the platform.

The platform now aims to transcend beyond a traditional social media hub, integrating cutting-edge technologies such as AI to facilitate seamless audio, video, messaging, and mobile payments.&nbsp;

Also Read | <a href="https://www.wionews.com/world/new-zealand-justice-minister-resigns-after-crashing-car-under-alcohols-influence-618882">New Zealand justice minister resigns after crashing car under alcohol's influence</a>

Linda Yaccarino, who was poached from NBCUniversal to lead Twitter as the CEO, expressed her enthusiasm about the platform's boundless potential to create a global marketplace for "ideas, goods, services, and opportunities."&nbsp;

On a late Sunday night, Yaccarino excitedly shared the company's fresh logo and wrote, "X is here! Let's do this," signaling the start of a new journey.

<h2>Revenue streams&nbsp;</h2>

Under Musk's ownership, Twitter faced a significant decline in its advertising business due to internal turmoil and changes in content moderation.

As a result, the company pivoted towards introducing payments and commerce functionalities, with an eye on generating fresh revenue streams. The objective was to not only restore the platform's financial stability but also enhance user engagement and interactivity.

Watch | Israelis protest ahead of key parliament vote | Kiri Allan quits cabinet

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As Twitter's transformation unfolds, Facebook's parent company, Meta, entered the scene with its text-based platform named Threads.&nbsp;

With a user base potentially reaching 150 million, Meta attempted to compete in the evolving landscape of social media. However, initial data suggested that user engagement on Threads had experienced a significant decline since its launch.

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It's official: Twitter has been officially renamed to 'X' on Monday (July 24). This comes after the owner of the microblogging website Elon Musk announced on Sunday that the social media platform would undergo a transformation in its branding.

It's official: Twitter has been officially renamed to 'X' on Monday (July 24). This comes after the owner of the microblogging website Elon Musk announced on Sunday that the social media platform would undergo a transformation in its branding. "And soon we shall bid adieu to the twitter brand and, gradually, all the birds," Musk had said. Musk bid farewell to its bird logo, the symbol that represented the platform for many years. According to media reports, Twitter's initial avian branding was a result of the company acquiring a stock symbol featuring a cheerful, light blue bird for a mere $15. The website has now adopted a minimalist black background with a white X as the new logo. Also Read | Woman pees on floor of plane, alleges airline did not let her use washroom Musk revealed that with the platform's new identity, posts would now be referred to as "an X," perhaps a glimpse into the future language of the reimagined social media experience. Twitter owner updated his profile picture with the new logo, describing it as "minimalist art deco". He changed his Twitter bio to "X.com," symbolising the transformation of the platform. The platform now aims to transcend beyond a traditional social media hub, integrating cutting-edge technologies such as AI to facilitate seamless audio, video, messaging, and mobile payments. Also Read | New Zealand justice minister resigns after crashing car under alcohol's influence Linda Yaccarino, who was poached from NBCUniversal to lead Twitter as the CEO, expressed her enthusiasm about the platform's boundless potential to create a global marketplace for "ideas, goods, services, and opportunities." On a late Sunday night, Yaccarino excitedly shared the company's fresh logo and wrote, "X is here! Let's do this," signaling the start of a new journey. Revenue streams Under Musk's ownership, Twitter faced a significant decline in its advertising business due to internal turmoil and changes in content moderation. As a result, the company pivoted towards introducing payments and commerce functionalities, with an eye on generating fresh revenue streams. The objective was to not only restore the platform's financial stability but also enhance user engagement and interactivity. Watch | Israelis protest ahead of key parliament vote | Kiri Allan quits cabinet × As Twitter's transformation unfolds, Facebook's parent company, Meta, entered the scene with its text-based platform named Threads. With a user base potentially reaching 150 million, Meta attempted to compete in the evolving landscape of social media. However, initial data suggested that user engagement on Threads had experienced a significant decline since its launch. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Twitter rebrands to 'X' as Musk bids adieu to blue bird once synonymous with microblogging

The Narendra Modi government has trashed Chinese automaker BYD’s proposal to set up a $1 billion manufacturing plant in India, reported Economic Times on Saturday.

The Chinese EV giant had earlier submitted a proposal to build EVs as well as electric batteries in India in partnership with an Indian EV company Megha Engineering and Infrastructure Ltd.

<h2>Security reasons cited for rejection</h2>

The Chinese plan to manufacture EVs and batteries in India encountered “security concerns”, the report said. The company had initially planned to manufacture 15,000 electric cars in India annually.&nbsp;

“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” an Indian official was quoted as saying by Economic Times. Another official cited ‘existing guidelines’ to claim that such Chinese investments were not possible.

<h2>BYD’s presence in India</h2>

Times Now reports BYD already has a significant presence in the Indian automobile market. In 2023, it aims to sell at least 15,000 units of EVs. Furthermore, it also revealed its plans to expand its distribution network in India and upgrade manufacturing capacity.

However, those plans seemingly stand dashed now as New Delhi seems adamant about keeping Chinese players away from India’s major sectors, including telecom, automobile and cyberspace.

<a href="https://www.wionews.com/world/tesla-shares-fall-as-elon-musk-backs-self-driving-cars-618064">Also read:&nbsp;Tesla shares fall as Elon Musk backs self-driving cars</a>

The report says BYD currently has a manufacturing facility operational in India’s southern state of Tamil Nadu, with a production capacity of 10,000 units per year.

<h2>India rolls out red carpet for Tesla</h2>

The move comes amidst ongoing discussions between the Indian government and US billionaire Elon Musk-owned Tesla for setting up a factory in the world’s most populous country.

Watch:&nbsp;Tesla's pricing strategy backfires?

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"Tesla has come to us with an ambitious plan, and we are confident that the movement will be positive this time around, especially as it involves both local manufacturing and exports," a Times of India report quoted an Indian official as saying.

<h2>India’s measures to stymie investments from China</h2>

India brought a policy in 2020 post Chinese hostilities in the Himalayas which effectively put restrictions on Foreign Direct Investments originating from China.&nbsp;

India mandated prior approval for investments from nations that share land borders with India, a policy touted as anti-China by experts.&nbsp;

In May this year, the Indian government introduced plans to crack down on Chinese companies seeking to bypass this rule using shell companies and availing subsidies that are generally denied to Chinese companies.

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The Narendra Modi government has trashed Chinese automaker BYD’s proposal to set up a $1 billion manufacturing plant in India, reported Economic Times on Saturday.

The Narendra Modi government has trashed Chinese automaker BYD’s proposal to set up a $1 billion manufacturing plant in India, reported Economic Times on Saturday. The Chinese EV giant had earlier submitted a proposal to build EVs as well as electric batteries in India in partnership with an Indian EV company Megha Engineering and Infrastructure Ltd. Security reasons cited for rejection The Chinese plan to manufacture EVs and batteries in India encountered “security concerns”, the report said. The company had initially planned to manufacture 15,000 electric cars in India annually. “Security concerns with respect to Chinese investments in India were flagged during the deliberations,” an Indian official was quoted as saying by Economic Times. Another official cited ‘existing guidelines’ to claim that such Chinese investments were not possible. BYD’s presence in India Times Now reports BYD already has a significant presence in the Indian automobile market. In 2023, it aims to sell at least 15,000 units of EVs. Furthermore, it also revealed its plans to expand its distribution network in India and upgrade manufacturing capacity. However, those plans seemingly stand dashed now as New Delhi seems adamant about keeping Chinese players away from India’s major sectors, including telecom, automobile and cyberspace. Also read: Tesla shares fall as Elon Musk backs self-driving cars The report says BYD currently has a manufacturing facility operational in India’s southern state of Tamil Nadu, with a production capacity of 10,000 units per year. India rolls out red carpet for Tesla The move comes amidst ongoing discussions between the Indian government and US billionaire Elon Musk-owned Tesla for setting up a factory in the world’s most populous country. Watch: Tesla's pricing strategy backfires? × "Tesla has come to us with an ambitious plan, and we are confident that the movement will be positive this time around, especially as it involves both local manufacturing and exports," a Times of India report quoted an Indian official as saying. India’s measures to stymie investments from China India brought a policy in 2020 post Chinese hostilities in the Himalayas which effectively put restrictions on Foreign Direct Investments originating from China. India mandated prior approval for investments from nations that share land borders with India, a policy touted as anti-China by experts. In May this year, the Indian government introduced plans to crack down on Chinese companies seeking to bypass this rule using shell companies and availing subsidies that are generally denied to Chinese companies. WATCH WION LIVE HERE ×

India trashes Chinese EV maker BYD’s proposal to set up $1 billion plant

FTX, the defunct cryptocurrency exchange, has sued its own founder Sam Bankman-Fried and three former executives to recover over $1 billion they are accused of misappropriating before the collapse of FTX last year.

The lawsuit has been filed in Delaware bankruptcy court.&nbsp;

<h2>FTX lawsuit against Sam Bankman-Fried: What does it entail?</h2>

Bankman-Fried has been accused of pilfering money through a $10 million gift to his father Joe Bankman.

The lawsuit has been reportedly&nbsp;brought by FTX under the guidance of a restructuring expert named John Ray. It&nbsp;targets a series of share awards, real estate acquisitions and cash transfers among others that the company, currently undergoing a restructuring process, says&nbsp;should be undone in accordance with the US bankruptcy law.

<h2>Who all are named in FTX lawsuit?</h2>

Other than the FTX founder Sam Bankman-Fried,&nbsp;Caroline Ellison, the former head of FTX's trading arm Alameda Research is among the individuals accused of benefiting from the transactions in the lawsuit.

One incident cited in the complaint involves Ellison reportedly granting herself a $22.5 million bonus, part of which was later transferred to a personal bank account and then invested in an Artificial Intelligence company, Financial Times reported.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

Zixiao "Gary" Wang, a co-founder of FTX, and Nishad Singh, who worked at FTX and Alameda, are also named as beneficiaries of the purportedly illicit money transfers.

Ellison, Wang, and Singh have already pleaded guilty to unrelated fraud charges in criminal cases, while Bankman-Fried has pleaded not guilty to US criminal charges that include fraud, money laundering, and campaign finance violations.

<h2>FTX lawsuit against Sam Bankman-Fried: What does it mean?</h2>

This latest lawsuit by FTX represents a new effort by John Ray and his team to reclaim assets reportedly&nbsp;owed to creditors of the cryptocurrency exchange.

Also watch |&nbsp;Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges

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Among these creditors are thousands of individual customers who lost access to their assets when FTX halted withdrawals before declaring bankruptcy in November.

The FTX lawyers are searching remaining assets of the company in an effort to recover as much money as possible for defrauded creditors.

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FTX, the defunct cryptocurrency exchange, has sued its own founder Sam Bankman-Fried and three former executives to recover over $1 billion they are accused of misappropriating before the collapse of FTX last year.

FTX, the defunct cryptocurrency exchange, has sued its own founder Sam Bankman-Fried and three former executives to recover over $1 billion they are accused of misappropriating before the collapse of FTX last year. The lawsuit has been filed in Delaware bankruptcy court. FTX lawsuit against Sam Bankman-Fried: What does it entail? Bankman-Fried has been accused of pilfering money through a $10 million gift to his father Joe Bankman. The lawsuit has been reportedly brought by FTX under the guidance of a restructuring expert named John Ray. It targets a series of share awards, real estate acquisitions and cash transfers among others that the company, currently undergoing a restructuring process, says should be undone in accordance with the US bankruptcy law. Who all are named in FTX lawsuit? Other than the FTX founder Sam Bankman-Fried, Caroline Ellison, the former head of FTX's trading arm Alameda Research is among the individuals accused of benefiting from the transactions in the lawsuit. One incident cited in the complaint involves Ellison reportedly granting herself a $22.5 million bonus, part of which was later transferred to a personal bank account and then invested in an Artificial Intelligence company, Financial Times reported. Also read | How a secret software code change allowed FTX to (mis)use client money Zixiao "Gary" Wang, a co-founder of FTX, and Nishad Singh, who worked at FTX and Alameda, are also named as beneficiaries of the purportedly illicit money transfers. Ellison, Wang, and Singh have already pleaded guilty to unrelated fraud charges in criminal cases, while Bankman-Fried has pleaded not guilty to US criminal charges that include fraud, money laundering, and campaign finance violations. FTX lawsuit against Sam Bankman-Fried: What does it mean? This latest lawsuit by FTX represents a new effort by John Ray and his team to reclaim assets reportedly owed to creditors of the cryptocurrency exchange. Also watch | Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges × Among these creditors are thousands of individual customers who lost access to their assets when FTX halted withdrawals before declaring bankruptcy in November. The FTX lawyers are searching remaining assets of the company in an effort to recover as much money as possible for defrauded creditors. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

FTX sues its own founder Sam Bankman-Fried to recover over $1 bn

As clouds loom over global food grain supplies after Russia’s withdrawal from the black sea grain deal, India has banned the export of rice with immediate effect. But the ban is limited to varieties of non-basmati white rice.

India's ban jolts food grain supply

All is not well in the world of chip-making. Taiwanese semiconductor giant TSMC says that it expects a 10% drop in 2023 sales. That's due to the global economic slowdown affecting demand.

Taiwanese chipmaker TSMC's gloomy outlook

As clouds loom over global food grain supplies after Russia's withdrawal from the Black Sea grain deal, India has banned the export of rice with immediate effect, although the ban is limited to varieties of non-basmati white rice. India's move is likely to impact the global supply of rice, similar to what the conflict in Ukraine has done to other grains.

The uneven distribution of rainfall in the country during June, including a late start to seasonal monsoon rains in certain key rice-growing states and heavy rains in other regions, has led to concerns of a production shortfall. As a result, the decision to halt exports was triggered to mitigate the impact on the crop and ensure adequate supply.

The afflicted category, non-basmati white and broken rice, accounted for around 10 million tons of India's overall rice exports of 22 million tons last year. The administration stated late Thursday that the prohibition did not apply to parboiled rice, which accounted for 7.4 million tons of exports in 2022.

Reuters reported a Food Ministry statement saying that "In order to ensure adequate availability of non-basmati white rice in the Indian market and to allay the rise in prices in the domestic market, the government of India has amended the export policy."

Rice is a staple food for almost 3 billion people, and about 90 percent of the water-intensive crop is grown in Asia, where the El Nino weather pattern often results in decreased rainfall. Global prices have already reached their highest point in 11 years.

This week, as supply worries increased because of El Nino, the price of rice shipped from Vietnam reached its highest level in more than a decade. Vietnam is the world's third-largest exporter, after India and Thailand.

Food costs have been rising due to disruptions to supply chains from the Russia-Ukraine war, and unpredictable weather has also weighed on food prices.

The latest decision shows how concerned India is about rising food prices. With an eye on a general election coming up in less than a year, the government has restricted rice exports since September 2022.

It expanded the export ban on wheat to control prices and supply for domestic consumption, and this year's reduced cane yields pushed the center to limit sugar exports too.

India is crucial to the global rice trade as it is the world's top rice exporter and accounts for 40 percent of global exports.

India's record rice exports last year were more than the combined shipments of the world's next four biggest exporters; the country's rice shipments reached a record 22.2 million metric tons last year. India's export ban will weigh on prices as it ships rice to over 140 nations.

(Inputs from Reuters)

As clouds loom over global food grain supplies after Russia's withdrawal from the Black Sea grain deal, India has banned the export of rice with immediate effect, although the ban is limited to varieties of non-basmati white rice.

As clouds loom over global food grain supplies after Russia's withdrawal from the Black Sea grain deal, India has banned the export of rice with immediate effect, although the ban is limited to varieties of non-basmati white rice. India's move is likely to impact the global supply of rice, similar to what the conflict in Ukraine has done to other grains. The uneven distribution of rainfall in the country during June, including a late start to seasonal monsoon rains in certain key rice-growing states and heavy rains in other regions, has led to concerns of a production shortfall. As a result, the decision to halt exports was triggered to mitigate the impact on the crop and ensure adequate supply. The afflicted category, non-basmati white and broken rice, accounted for around 10 million tons of India's overall rice exports of 22 million tons last year. The administration stated late Thursday that the prohibition did not apply to parboiled rice, which accounted for 7.4 million tons of exports in 2022. Reuters reported a Food Ministry statement saying that "In order to ensure adequate availability of non-basmati white rice in the Indian market and to allay the rise in prices in the domestic market, the government of India has amended the export policy." Rice is a staple food for almost 3 billion people, and about 90 percent of the water-intensive crop is grown in Asia, where the El Nino weather pattern often results in decreased rainfall. Global prices have already reached their highest point in 11 years. This week, as supply worries increased because of El Nino, the price of rice shipped from Vietnam reached its highest level in more than a decade. Vietnam is the world's third-largest exporter, after India and Thailand. Food costs have been rising due to disruptions to supply chains from the Russia-Ukraine war, and unpredictable weather has also weighed on food prices. The latest decision shows how concerned India is about rising food prices. With an eye on a general election coming up in less than a year, the government has restricted rice exports since September 2022. It expanded the export ban on wheat to control prices and supply for domestic consumption, and this year's reduced cane yields pushed the center to limit sugar exports too. India is crucial to the global rice trade as it is the world's top rice exporter and accounts for 40 percent of global exports. India's record rice exports last year were more than the combined shipments of the world's next four biggest exporters; the country's rice shipments reached a record 22.2 million metric tons last year. India's export ban will weigh on prices as it ships rice to over 140 nations. (Inputs from Reuters)

India imposes major rice export ban, prompting inflation concerns

South Africa's envoy to the BRICS recently announced that more than 40 countries have expressed their interest in joining the bloc, potentially bolstering the organization's overall political influence.

The BRICS group was established in 2009, comprising Brazil, Russia, India, and China, with South Africa joining in 2010. In 2018, South Africa proposed the expansion of BRICS, but formal negotiations began only last year. The growing interest from numerous nations signals the potential for increased collaboration and partnership within the bloc, potentially amplifying its significance in global affairs.

Anil Sooklal, South Africa's ambassador to the BRICS group, spoke with journalists in Johannesburg on Thursday, revealing that numerous countries have expressed interest in joining the bloc. He stated, "This knocking on the door is nothing new. Twenty-two countries have formally approached BRICS, and an equal number of informal approaches have been received about joining."

The BRICS group, formed to counterbalance the influence of advanced economies, has also established its own international financing organization. Despite BRICS members making up 42 percent of the global population, they only have 15 percent of the voting power at the World Bank and the IMF.

South Africa is set to host the upcoming BRICS conference next month, and in a bid to make it a truly global event, the country has extended invitations to 69 world leaders.

However, the expansion of the BRICS group is not without challenges. While China and South Africa are supportive of growth, Russia is expected to align as well. On the other hand, Brazil and India are expressing concerns about potential declines in their power and may resist such expansion, according to the Eurasia Group's observation.

Anil Sooklal, South Africa's ambassador to the BRICS group, disclosed that several countries have already expressed their interest in joining. Among them are Argentina, Bangladesh, the UAE, Iran, and Saudi Arabia. Additionally, some European nations have also shown interest in becoming part of the influential bloc. As the conference approaches, discussions about the group's expansion and the dynamics of its membership are expected to be key topics on the agenda. 
&nbsp;

South Africa's envoy to the BRICS recently announced that more than 40 countries have expressed their interest in joining the bloc, potentially bolstering the organization's overall political influence.

South Africa's envoy to the BRICS recently announced that more than 40 countries have expressed their interest in joining the bloc, potentially bolstering the organization's overall political influence. The BRICS group was established in 2009, comprising Brazil, Russia, India, and China, with South Africa joining in 2010. In 2018, South Africa proposed the expansion of BRICS, but formal negotiations began only last year. The growing interest from numerous nations signals the potential for increased collaboration and partnership within the bloc, potentially amplifying its significance in global affairs. Anil Sooklal, South Africa's ambassador to the BRICS group, spoke with journalists in Johannesburg on Thursday, revealing that numerous countries have expressed interest in joining the bloc. He stated, "This knocking on the door is nothing new. Twenty-two countries have formally approached BRICS, and an equal number of informal approaches have been received about joining." The BRICS group, formed to counterbalance the influence of advanced economies, has also established its own international financing organization. Despite BRICS members making up 42 percent of the global population, they only have 15 percent of the voting power at the World Bank and the IMF. South Africa is set to host the upcoming BRICS conference next month, and in a bid to make it a truly global event, the country has extended invitations to 69 world leaders. However, the expansion of the BRICS group is not without challenges. While China and South Africa are supportive of growth, Russia is expected to align as well. On the other hand, Brazil and India are expressing concerns about potential declines in their power and may resist such expansion, according to the Eurasia Group's observation. Anil Sooklal, South Africa's ambassador to the BRICS group, disclosed that several countries have already expressed their interest in joining. Among them are Argentina, Bangladesh, the UAE, Iran, and Saudi Arabia. Additionally, some European nations have also shown interest in becoming part of the influential bloc. As the conference approaches, discussions about the group's expansion and the dynamics of its membership are expected to be key topics on the agenda.

Over 40 countries interested to join BRICS amid plans to expand grouping

Elon Musk is changing the way Twitter treats media queries as per a comment dropped by the Tesla CEO on a post by a social media user. Usually, when any media outlet approaches Twitter for queries, the company reacts with an auto-reply message which is a poop emoji.

Musk, a billionaire,&nbsp;after taking over Twitter, has been making quite a number of changes to the microblogging website. One of these changes was when in the month of March&nbsp;Musk announced that journos who seek to ask questions to Twitter will get a poop emoji in response.&nbsp;

<h2>So what happened?&nbsp;</h2>

A Twitter user, Shibetoshi Nakamoto, shared a screenshot of an article that stated, "Twitter responded to a request for comment by sending a poop emoji, as is its standard practice." Captioning the post, the user wrote, "Every time I see an article mention this it amuses me… why do they bother trying though?"&nbsp;

<h2>How did Musk respond?&nbsp;</h2>

Responding to this post, Musk wrote, "We are changing the auto-reply from 💩 to a “We will get back to you soon” infinite loop."&nbsp;

"Or maybe a “Check with us again tomorrow” loop" he added.&nbsp;

Also Read | <a href="https://www.wionews.com/world/biden-orders-lower-stairs-on-air-force-one-opt-for-loafers-to-avoid-tripping-618092">Biden orders 'lower stairs' on Air Force One, opts for loafers to avoid tripping</a>

After the tweet by the Tesla CEO went viral, netizens started to react to his post. Soon enough, the post ended up amassing a barrage of comments. The tweet, which was posted by Musk in the morning, received more than 4,000 likes and over three lakh views.

Also Read | <a href="https://www.wionews.com/world/ukraine-war-to-spread-poland-to-move-soldiers-to-east-due-to-wagner-risks-618116">Will Ukraine war expand to other regions? Poland moving troops over Wagner risk from Belarus</a>

Joining the Twitter thread was also the Twitter CEO Linda Yaccarcino. The newly appointed CEO reacted to the post with two clapping emojis.&nbsp;

<h2>Netizens react&nbsp;</h2>

The internet exploded with hilarious comments. One user reacted, "Email response is stuck in the mail."&nbsp;

Watch | UK by-election results declared: Conservative party loses Selby and Ainsty

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"We will get back to you soon. Please don’t send additional emails, as it'll move your request to the bottom of our queue and delay our response to you," another user added. "When 'tomorrow' finally comes but you're still millions deep in the queue," one Twitter user said.&nbsp;

"Please hold while we connect you&nbsp;Infinite" and "Or the classic, “I am connecting you to a real person” loop", were some of the other comments where Twitter users got creative.&nbsp; 
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&nbsp;

Elon Musk is changing the way Twitter treats media queries as per a comment dropped by the Tesla CEO on a post by a social media user. Usually, when any media outlet approaches Twitter for queries, the company reacts with an auto-reply message which is a poop emoji.

Elon Musk is changing the way Twitter treats media queries as per a comment dropped by the Tesla CEO on a post by a social media user. Usually, when any media outlet approaches Twitter for queries, the company reacts with an auto-reply message which is a poop emoji. Musk, a billionaire, after taking over Twitter, has been making quite a number of changes to the microblogging website. One of these changes was when in the month of March Musk announced that journos who seek to ask questions to Twitter will get a poop emoji in response. So what happened? A Twitter user, Shibetoshi Nakamoto, shared a screenshot of an article that stated, "Twitter responded to a request for comment by sending a poop emoji, as is its standard practice." Captioning the post, the user wrote, "Every time I see an article mention this it amuses me… why do they bother trying though?" How did Musk respond? Responding to this post, Musk wrote, "We are changing the auto-reply from 💩 to a “We will get back to you soon” infinite loop." "Or maybe a “Check with us again tomorrow” loop" he added. Also Read | Biden orders 'lower stairs' on Air Force One, opts for loafers to avoid tripping After the tweet by the Tesla CEO went viral, netizens started to react to his post. Soon enough, the post ended up amassing a barrage of comments. The tweet, which was posted by Musk in the morning, received more than 4,000 likes and over three lakh views. Also Read | Will Ukraine war expand to other regions? Poland moving troops over Wagner risk from Belarus Joining the Twitter thread was also the Twitter CEO Linda Yaccarcino. The newly appointed CEO reacted to the post with two clapping emojis. Netizens react The internet exploded with hilarious comments. One user reacted, "Email response is stuck in the mail." Watch | UK by-election results declared: Conservative party loses Selby and Ainsty × "We will get back to you soon. Please don’t send additional emails, as it'll move your request to the bottom of our queue and delay our response to you," another user added. "When 'tomorrow' finally comes but you're still millions deep in the queue," one Twitter user said. "Please hold while we connect you Infinite" and "Or the classic, “I am connecting you to a real person” loop", were some of the other comments where Twitter users got creative. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Poop emoji in Twitter email auto-reply to be changed to THIS

Blackstone Inc. has become&nbsp;the first private equity company to reach the historic milestone of&nbsp;managing $1 trillion in assets. However, a downturn in global deal making that impacted second-quarter profits has tempered this achievement.

Blackstone bragged&nbsp;in its latest quarterly earnings report that it controlled just over $1 trillion in assets as of the end of June. It is a big accomplishment for the equity firm amid a slump in global deal-making, which has also affected the firm’s profit in the second quarter.

The amount of profit available to shareholders, measured by distributable earnings, fell 39 percent to $1.2 billion, the lowest level in two years. Blackstone currently manages $1.001 trillion in assets, up from $940.8 billion the previous year.

During morning trading in New York, the company's stock&nbsp;declined two percent. However, it is important to note that despite this setback, Blackstone's stock has gained&nbsp;46 percent this year. In the same period,&nbsp;the S&amp;P 500's gained 19 percent.

In the second quarter, despite a decline in distributable earnings, the New York-based company&nbsp;reported an increase in another crucial measure of profitability.

Fee-related earnings and recurring revenues from asset management surged by 12 percent year over year, as stated in an official announcement released on Thursday. This growth was primarily driven by fees generated from new funds and a rebound in equity markets that bolstered asset prices.

However, even as the world's largest alternative asset manager demonstrated its strength, it was not immune&nbsp;to the broader industry trend of reduced deals.

In the face of lack of consensus on private asset valuations between buyers and sellers, Blackstone had decided to adopt a cautious approach by slowing down the pace of new agreements and prioritizing payouts for existing stakes.&nbsp;

Blackstone had previously outlined its ambitious plan to raise approximately $25 billion for its highly regarded flagship fund. So far, the firm has successfully accumulated $17 billion in funds toward this target.

Notably, credit played a pivotal role in driving inflows for the company. This emphasis on credit underscored&nbsp;Blackstone's evolution into a prominent non bank lender, signaling a strategic shift away from its acquisition-focused origins. Credit products constituted nearly half of all inflows, highlighting the growing significance of this sector within Blackstone's diverse portfolio.

(With inputs from Bloomberg)

Blackstone Inc. has become the first private equity company to reach the historic milestone of managing $1 trillion in assets. However, a downturn in global deal making that impacted second-quarter profits has tempered this achievement.

Blackstone Inc. has become the first private equity company to reach the historic milestone of managing $1 trillion in assets. However, a downturn in global deal making that impacted second-quarter profits has tempered this achievement. Blackstone bragged in its latest quarterly earnings report that it controlled just over $1 trillion in assets as of the end of June. It is a big accomplishment for the equity firm amid a slump in global deal-making, which has also affected the firm’s profit in the second quarter. The amount of profit available to shareholders, measured by distributable earnings, fell 39 percent to $1.2 billion, the lowest level in two years. Blackstone currently manages $1.001 trillion in assets, up from $940.8 billion the previous year. During morning trading in New York, the company's stock declined two percent. However, it is important to note that despite this setback, Blackstone's stock has gained 46 percent this year. In the same period, the S&P 500's gained 19 percent. In the second quarter, despite a decline in distributable earnings, the New York-based company reported an increase in another crucial measure of profitability. Fee-related earnings and recurring revenues from asset management surged by 12 percent year over year, as stated in an official announcement released on Thursday. This growth was primarily driven by fees generated from new funds and a rebound in equity markets that bolstered asset prices. However, even as the world's largest alternative asset manager demonstrated its strength, it was not immune to the broader industry trend of reduced deals. In the face of lack of consensus on private asset valuations between buyers and sellers, Blackstone had decided to adopt a cautious approach by slowing down the pace of new agreements and prioritizing payouts for existing stakes. Blackstone had previously outlined its ambitious plan to raise approximately $25 billion for its highly regarded flagship fund. So far, the firm has successfully accumulated $17 billion in funds toward this target. Notably, credit played a pivotal role in driving inflows for the company. This emphasis on credit underscored Blackstone's evolution into a prominent non bank lender, signaling a strategic shift away from its acquisition-focused origins. Credit products constituted nearly half of all inflows, highlighting the growing significance of this sector within Blackstone's diverse portfolio. (With inputs from Bloomberg)

Blackstone makes history, becomes world's first $1 trillion private equity manager

There's a big development in the world of Finance Blackstone the private equity Firm has reached a major milestone. It is now the first private firm to manage one trillion dollars in assets. It is a big accomplishment for the Equity Firm amid a slump in global deal-making which has also affected the firm's profits in the second quarter.

Blackstone achieves feat amid slowdown in global deals

Canada's annual inflation rate surprised economists by dropping to a 27-month low of 2.8 percent in June as energy prices declined, a Reuters report said. However, the news wasn't all positive, as food and shelter costs saw an increase despite the Bank of Canada implementing ten interest rate hikes in less than 18 months.&nbsp;

This is&nbsp;the first time since March 2021 that the annual rate has fallen within the Bank of Canada's target range of 1-3 per cent, primarily due to a favourable comparison to the exceptionally high inflation experienced a year earlier. The bank's inflation objective remains at 2 per cent.

In June, prices in Canada experienced a moderate increase, with a rise of 3.5 per cent, excluding food and energy, compared to the 4.0 per cent growth seen in May. Grocery prices showed a year-on-year increase of 9.1 per cent, slightly higher than the previous month. Conversely, restaurant prices slightly decreased in June compared to May. However, shelter expenses saw a 0.5 per cent rise when adjusted for seasonal factors between May and June.

One of the significant factors contributing to the overall slowdown in prices was the significant drop in gasoline prices, which plummeted by 21.6 per cent between June 2022 and June 2023. China's relaxation of several COVID-19 public health measures drove this decline, resulting in a surge in global demand. As a result, the Canadian dollar traded down by 0.2 per cent against the US dollar, standing at 1.3225, or 75.61 US cents.

Canada's inflation holds steady below peers, but persistence raises concerns

In June, the Bank of Canada's core measures of underlying inflation, CPI-median and CPI-trim, averaged 3.8 percent, showing a slight decline from 3.9 percent in May. Michael Greenberg, Senior Vice President, and Portfolio Manager at Franklin Templeton Investment Solutions, highlighted the increasing trend of inflation but noted that fundamental indicators were displaying greater persistence and resistance to change.

During a phone briefing from India, where she had participated in a G20 summit, Canada's Finance Minister, Chrystia Freeland, commended the inflation data as a significant milestone. Freeland proudly stated that Canada's inflation rate remained lower than that of any other G7 nation, emphasizing the country's favorable position in comparison to its peers.

Bank of Canada raises rates to 22-year high, altering market expectations

Last week, the Bank of Canada made a significant move by raising interest rates to a 22-year high of 5.0 per cent. This marked the ninth increase since March of the previous year, with the central bank hinting at the possibility of further hikes if inflation continues to surpass its target.

Addressing surplus demand, the central bank stated that it expects inflation to remain above 3 per cent for the next year before gradually declining to reach its 2 per cent objective by mid-2025, which is six months later than initially projected.

However, Jules Boudreau, Senior Economist at Mackenzie Investments, cautioned that despite the recent increase, the inflation rate has yet to reach the desired 2 percent level. Boudreau believes that there is still work to be done, but also notes that the current policy measures are sufficiently restrictive to facilitate progress.

Following the latest data, money markets have adjusted their expectations for a rate hike at the upcoming Bank of Canada meeting in December. The odds of a rate increase have been reduced from 25 per cent to 20 per cent.

Royce Mendes, the Head of Macro Strategy at Desjardins Group, emphasised that underlying pricing pressures continue to persist.

The three-month annualized rate of the core median indicator remained steady at 3.6 per cent, while the trimmed mean indicator saw a slight increase to 4.0 per cent, up from 3.9 per cent in May. This data suggests that inflationary pressures are still present in the economy.

(With inputs from Reuters)&nbsp;

Canada's annual inflation rate surprised economists by dropping to a 27-month low of 2.8 percent in June as energy prices declined, a Reuters report said. However, the news wasn't all positive, as food and shelter costs saw an increase despite the Bank of Canada implementing ten interest rate hikes in less than 18 months.

Canada's annual inflation rate surprised economists by dropping to a 27-month low of 2.8 percent in June as energy prices declined, a Reuters report said. However, the news wasn't all positive, as food and shelter costs saw an increase despite the Bank of Canada implementing ten interest rate hikes in less than 18 months. This is the first time since March 2021 that the annual rate has fallen within the Bank of Canada's target range of 1-3 per cent, primarily due to a favourable comparison to the exceptionally high inflation experienced a year earlier. The bank's inflation objective remains at 2 per cent. In June, prices in Canada experienced a moderate increase, with a rise of 3.5 per cent, excluding food and energy, compared to the 4.0 per cent growth seen in May. Grocery prices showed a year-on-year increase of 9.1 per cent, slightly higher than the previous month. Conversely, restaurant prices slightly decreased in June compared to May. However, shelter expenses saw a 0.5 per cent rise when adjusted for seasonal factors between May and June. One of the significant factors contributing to the overall slowdown in prices was the significant drop in gasoline prices, which plummeted by 21.6 per cent between June 2022 and June 2023. China's relaxation of several COVID-19 public health measures drove this decline, resulting in a surge in global demand. As a result, the Canadian dollar traded down by 0.2 per cent against the US dollar, standing at 1.3225, or 75.61 US cents. Canada's inflation holds steady below peers, but persistence raises concerns In June, the Bank of Canada's core measures of underlying inflation, CPI-median and CPI-trim, averaged 3.8 percent, showing a slight decline from 3.9 percent in May. Michael Greenberg, Senior Vice President, and Portfolio Manager at Franklin Templeton Investment Solutions, highlighted the increasing trend of inflation but noted that fundamental indicators were displaying greater persistence and resistance to change. During a phone briefing from India, where she had participated in a G20 summit, Canada's Finance Minister, Chrystia Freeland, commended the inflation data as a significant milestone. Freeland proudly stated that Canada's inflation rate remained lower than that of any other G7 nation, emphasizing the country's favorable position in comparison to its peers. Bank of Canada raises rates to 22-year high, altering market expectations Last week, the Bank of Canada made a significant move by raising interest rates to a 22-year high of 5.0 per cent. This marked the ninth increase since March of the previous year, with the central bank hinting at the possibility of further hikes if inflation continues to surpass its target. Addressing surplus demand, the central bank stated that it expects inflation to remain above 3 per cent for the next year before gradually declining to reach its 2 per cent objective by mid-2025, which is six months later than initially projected. However, Jules Boudreau, Senior Economist at Mackenzie Investments, cautioned that despite the recent increase, the inflation rate has yet to reach the desired 2 percent level. Boudreau believes that there is still work to be done, but also notes that the current policy measures are sufficiently restrictive to facilitate progress. Following the latest data, money markets have adjusted their expectations for a rate hike at the upcoming Bank of Canada meeting in December. The odds of a rate increase have been reduced from 25 per cent to 20 per cent. Royce Mendes, the Head of Macro Strategy at Desjardins Group, emphasised that underlying pricing pressures continue to persist. The three-month annualized rate of the core median indicator remained steady at 3.6 per cent, while the trimmed mean indicator saw a slight increase to 4.0 per cent, up from 3.9 per cent in May. This data suggests that inflationary pressures are still present in the economy. (With inputs from Reuters)

Canada's inflation hits 27-month low amid lingering underlying pressures

In one of the largest shareholder settlements of its kind, Tesla Inc's directors have agreed to return $735 million to the company, resolving a 2020 lawsuit brought forth by the Police and Fire Retirement System of the City of Detroit. The lawsuit challenged the stock options granted to Tesla directors, alleging they were grossly overpaid and their compensation significantly exceeded industry norms for a corporate board.

According to a court filing cited by Reuters in a Delaware court on Monday, the settlement stems from a retirement fund's lawsuit, which holds Tesla stock. The directors, including Oracle co-founder Larry Ellison, have committed to returning the equivalent value of 3.1 million Tesla stock options. While the settlement addresses the alleged unfair and excessive compensation between 2017 and 2020, it notably does not impact the $56 billion compensation package of Tesla's enigmatic CEO, Elon Musk.

Despite maintaining that they acted in good faith and in the best interests of Tesla's shareholders, the directors involved in the settlement agreed to settle to eliminate the risk of ongoing litigation, both for themselves and the company. By opting for this settlement, they hope to move forward with a fresh slate and avoid any further legal entanglements.

Corporate board's remuneration in focus

The case, categorised as a derivative lawsuit, is significant due to its scale and targeting of the corporate board's remuneration practices. The Court of Chancery, a prominent venue for shareholder litigation, has seen few cases of this magnitude. Tesla and Musk have established a reputation for vigorously defending themselves against lawsuits, with Musk previously prevailing in various legal battles, including defamation and shareholder lawsuits.

The specific stock options awarded to directors and Musk came under scrutiny due to the remarkable growth experienced by Tesla. The company's stock price skyrocketed tenfold during the period in question. As the stock's value surged, so did the value of the stock options awarded to the directors and Musk.

Tesla's defense in the lawsuit centered on the notion that the stock options were essential for aligning the directors' incentives with the interests of the company's investors. As Tesla underwent unprecedented growth, it aimed to ensure the board's objectives aligned with its success.

As part of the settlement, the accused directors have made additional concessions. They have agreed not to receive any compensation for the years 2021, 2022, and 2023. Furthermore, the board has committed to reevaluating and revising the method used to determine executive compensation moving forward.

Another lawsuit awaits

While this settlement is a significant step towards resolving the issue, another shareholder lawsuit challenging Elon Musk's substantial compensation package awaits a ruling. Last year, shareholders filed a separate lawsuit targeting Musk's $56 billion compensation, accusing the CEO of potential impropriety. A verdict in that case is expected imminently.

As the settlement funds flow back into the company, investors will be keen to observe how Tesla leverages this capital for future growth and advancement. However, the ramifications of the legal battles and the ensuing settlements could lead to transformative changes in how executive compensation is structured and scrutinised across corporate America.

(With Inputs from Reuters)

In one of the largest shareholder settlements of its kind, Tesla Inc's directors have agreed to return $735 million to the company, resolving a 2020 lawsuit brought forth by the Police and Fire Retirement System of the City of Detroit.

In one of the largest shareholder settlements of its kind, Tesla Inc's directors have agreed to return $735 million to the company, resolving a 2020 lawsuit brought forth by the Police and Fire Retirement System of the City of Detroit. The lawsuit challenged the stock options granted to Tesla directors, alleging they were grossly overpaid and their compensation significantly exceeded industry norms for a corporate board. According to a court filing cited by Reuters in a Delaware court on Monday, the settlement stems from a retirement fund's lawsuit, which holds Tesla stock. The directors, including Oracle co-founder Larry Ellison, have committed to returning the equivalent value of 3.1 million Tesla stock options. While the settlement addresses the alleged unfair and excessive compensation between 2017 and 2020, it notably does not impact the $56 billion compensation package of Tesla's enigmatic CEO, Elon Musk. Despite maintaining that they acted in good faith and in the best interests of Tesla's shareholders, the directors involved in the settlement agreed to settle to eliminate the risk of ongoing litigation, both for themselves and the company. By opting for this settlement, they hope to move forward with a fresh slate and avoid any further legal entanglements. Corporate board's remuneration in focus The case, categorised as a derivative lawsuit, is significant due to its scale and targeting of the corporate board's remuneration practices. The Court of Chancery, a prominent venue for shareholder litigation, has seen few cases of this magnitude. Tesla and Musk have established a reputation for vigorously defending themselves against lawsuits, with Musk previously prevailing in various legal battles, including defamation and shareholder lawsuits. The specific stock options awarded to directors and Musk came under scrutiny due to the remarkable growth experienced by Tesla. The company's stock price skyrocketed tenfold during the period in question. As the stock's value surged, so did the value of the stock options awarded to the directors and Musk. Tesla's defense in the lawsuit centered on the notion that the stock options were essential for aligning the directors' incentives with the interests of the company's investors. As Tesla underwent unprecedented growth, it aimed to ensure the board's objectives aligned with its success. As part of the settlement, the accused directors have made additional concessions. They have agreed not to receive any compensation for the years 2021, 2022, and 2023. Furthermore, the board has committed to reevaluating and revising the method used to determine executive compensation moving forward. Another lawsuit awaits While this settlement is a significant step towards resolving the issue, another shareholder lawsuit challenging Elon Musk's substantial compensation package awaits a ruling. Last year, shareholders filed a separate lawsuit targeting Musk's $56 billion compensation, accusing the CEO of potential impropriety. A verdict in that case is expected imminently. As the settlement funds flow back into the company, investors will be keen to observe how Tesla leverages this capital for future growth and advancement. However, the ramifications of the legal battles and the ensuing settlements could lead to transformative changes in how executive compensation is structured and scrutinised across corporate America. (With Inputs from Reuters)

Tesla's directors get a jolt: Refund $735mn in electrifying overpayment saga

The deadline for Microsoft's acquisition of video gaming giant Activision on Wednesday (July 19) was extended by three months to October 18 as the two companies work to secure a United Kingdom (UK) approval for the biggest gaming deal (worth $69 billion) in history.

The deadline for Microsoft's acquisition of video gaming giant Activision on Wednesday (July 19) was extended by three months to October 18 as the two companies work to secure a United Kingdom (UK) approval for the biggest gaming deal (worth $69 billion) in history. According to a report by the news agency Associated Press, Microsoft's President Brad Smith said the company believed that pushing back the deadline (to October 18) would provide enough time to work through the remaining regulatory issues. “We are confident about our prospects for getting this deal across the finish line,” Smith said. Microsoft and Activision had originally agreed to close the deal by Tuesday (July 18) but US regulatory efforts to block the takeover and the UK's push to restructure it have delayed the close, a report by the news agency Reuters said. Also read | Explained: What is $69bn Microsoft-Activision deal that could transform gaming industry forever? Now, the amended agreement also increases the deal termination fee to $3.5 billion from $3 billion if it does not close by August 29, and to $4.5 billion after September 15, the Reuters report added. Deal will quickly close: Activision A spokesperson from Activision said on Wednesday that the board of directors of Blizzard and Microsoft authorised the companies not to terminate the deal until after October 18. "We’re confident in our next steps and that our deal will quickly close," the spokesperson added. Last week, Microsoft was working to resolve the longstanding legal challenges from anti-trust enforcers in the US and UK who argued the merger would harm competition. The concerns over the deal The US Federal Trade Commission (FTC), which has pushed to temporarily stop the $69 billion deal, said that the deal could let Microsoft degrade Activision's game quality or player experience on rival consoles such as Nintendo and Sony's PlayStation. On the other hand, Britain's Competition and Markets Authority (CMA) questioned whether the deal could hinder competition in the cloud gaming industry. Earlier, the CMA decided to block the deal but reversed course last week and extended its deadline for a final ruling to August 29 after a US court ruling left the UK alone in opposition. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Deadline for Microsoft's $69 billion acquisition of Activision Blizzard extended to Oct 18

After pushing its market value up by 550 billion dollars this year Tesla's quarterly earnings report is out and it's a roller coaster ride of surprises and challenges alike. Despite facing increasing competition and a challenging economic climate Tesla managed to beat profit estimates but the company's automotive gross margin has witnessed a significant drop compared to the previous year.

Tesla's profit margin suffers amid price wars

Microsoft has pushed its stock to new highs that have prepared CEO Satya Nadella's overall earnings from the business to above a golden threshold of one billion dollars and that's big news. A Bloomberg report showed Nadella's compensation from Microsoft including salary bonuses and dividends was included in the total win. The stock price of Microsoft has jumped by more than one thousand per cent since the day he took over as the CEO.

Microsoft CEO Satya Nadella's compensation tops $1bn

Microsoft Corp.'s stock has soared to unprecedented heights, propelling Chief Executive Officer Satya Nadella's total gains from the company to surpass a remarkable milestone of $1 billion.

A Bloomberg report showed that Nadella's compensation package from Microsoft, including salary, bonuses, and dividends, contributed to this substantial windfall. Since assuming the CEO position in 2014, the stock price of Microsoft has skyrocketed over 1,000 percent, providing robust evidence to support this achievement.

Nadella has now joined an exclusive group of business magnates who have earned 10-figure paychecks from their respective companies. Following a similar trajectory to Tim Cook of Apple, the world's most valuable company, Nadella's remarkable accomplishment has cemented his status as a highly successful leader in the tech industry.

Both leaders stepped into the leadership roles of flourishing businesses during critical junctures, faced with the challenge of breaking free from their predecessors' formidable legacies. Notably, Cook achieved billionaire status nine years after assuming the role of Apple's CEO.

However, Microsoft's spokesperson, Frank Shaw, refuted the notion that Satya Nadella possesses a net worth of a billion dollars or more.

When Nadella assumed the helm as CEO in 2014, many perceived Microsoft as a company with diminishing relevance. Nevertheless, under his guidance, the tech giant has emerged as the world's second-largest firm, leading the charge in capitalizing on the vast potential of artificial intelligence (AI). The transformation of Microsoft's fortunes showcases the exceptional impact Nadella's leadership has had on the company's trajectory.

Nadella's most transformational decision may prove to be the company's multibillion-dollar investment in OpenAI and its ChatGPT bot, which a top executive termed a "Windows 95 moment", alluding to the highly successful software release almost three decades ago.

This propelled Microsoft ahead of competitors such as Alphabet Inc. in AI capabilities and is the primary reason for the stock's 50 percent increase this year.

Microsoft Corp.'s stock has soared to unprecedented heights, propelling Chief Executive Officer Satya Nadella's total gains from the company to surpass a remarkable milestone of $1 billion.

Microsoft Corp.'s stock has soared to unprecedented heights, propelling Chief Executive Officer Satya Nadella's total gains from the company to surpass a remarkable milestone of $1 billion. A Bloomberg report showed that Nadella's compensation package from Microsoft, including salary, bonuses, and dividends, contributed to this substantial windfall. Since assuming the CEO position in 2014, the stock price of Microsoft has skyrocketed over 1,000 percent, providing robust evidence to support this achievement. Nadella has now joined an exclusive group of business magnates who have earned 10-figure paychecks from their respective companies. Following a similar trajectory to Tim Cook of Apple, the world's most valuable company, Nadella's remarkable accomplishment has cemented his status as a highly successful leader in the tech industry. Both leaders stepped into the leadership roles of flourishing businesses during critical junctures, faced with the challenge of breaking free from their predecessors' formidable legacies. Notably, Cook achieved billionaire status nine years after assuming the role of Apple's CEO. However, Microsoft's spokesperson, Frank Shaw, refuted the notion that Satya Nadella possesses a net worth of a billion dollars or more. When Nadella assumed the helm as CEO in 2014, many perceived Microsoft as a company with diminishing relevance. Nevertheless, under his guidance, the tech giant has emerged as the world's second-largest firm, leading the charge in capitalizing on the vast potential of artificial intelligence (AI). The transformation of Microsoft's fortunes showcases the exceptional impact Nadella's leadership has had on the company's trajectory. Nadella's most transformational decision may prove to be the company's multibillion-dollar investment in OpenAI and its ChatGPT bot, which a top executive termed a "Windows 95 moment", alluding to the highly successful software release almost three decades ago. This propelled Microsoft ahead of competitors such as Alphabet Inc. in AI capabilities and is the primary reason for the stock's 50 percent increase this year.

CEO Satya Nadella's Microsoft shares surge, payouts exceed $1billion

Indian-origin World Bank Chief Ajay Banga is optimistic about India’s fight against poverty. He said that if India continues its economic momentum, it can tackle poverty. Speaking to reporters, Banga, who took over as the World Bank chief last year, said that the best way to fight poverty is through economic growth & job creation.

World Bank praises India’s anti-poverty drive

In a big boost to corporate governance in the US, the country's anti-trust regulators have come up guidelines on the kind of mergers & acquisitions it objects to. The guidelines are particularly significant for the tech sector where the Biden administration has mounted legal battles over several deals. That's amid fears that big tech companies are becoming too big to govern.

New antitrust rules likely to impact big tech firms