Business
Google Is Close To Making Its Biggest Acquisition Ever
Alphabet, Google’s parent company, is in advanced talks to buy fast-growing cybersecurity startup Wiz for around $23 billion, a person familiar with the situation confirmed to CNN.
A takeover of Wiz, which provides cybersecurity software for cloud computing, would be Google’s largest cybersecurity acquisition to date.
According to the source, the talks between Google and Wiz began after the business raised $1 billion from venture capital investors earlier this year.
Google | CNN
Google Is Close To Making Its Biggest Acquisition Ever
According to the source, the terms of a potential deal have not been completed, and negotiations may fail.
The Wall Street Journal was the first to report on the Wiz talks.
Neither Google nor Wiz responded to CNN’s requests for comment.
The transaction would likely beat Google’s $12.5 billion acquisition of Motorola almost a decade ago, the company’s largest buyout in history. Only two years later, Google sold Motorola for a huge loss.
Wiz’s $23 billion price tag roughly quadruples the startup’s $12 billion valuation from its most recent fundraising round.
In March 2022, Alphabet paid $5.4 billion to acquire cybersecurity firm Mandiant as part of its attempts to help businesses better confront cyber risks and grow its cloud computing business.
Cloud is critical to the company’s efforts to diversify revenue streams beyond its main search advertising business. Despite increased cloud revenues, it has yet to compete with similar services like Microsoft and Amazon.
Buying Wiz would be a “shot across the bow” at Microsoft and Amazon, demonstrating Google’s “major bet on the cyber security space to complement its flagship offering in the cloud,” Dan Ives, managing director and senior equity research analyst at Wedbush, wrote in a note to clients on Monday.
Cloud security has grown increasingly critical recently as businesses have extensively moved data to cloud systems. Last week, AT&T disclosed that virtually all of its wireless customers’ call and text records were compromised in a huge breach caused by an “illegal download” on a third-party cloud platform.
The Wiz acquisition talks came despite intensified antitrust investigation of internet titans by the Biden administration.
However, if Trump retakes the White House, that antitrust vigilance might be turned back slightly, Ives said, making the Federal Trade Commission “much weaker” and sparking an “accelerated merger and acquisition environment to take place for Big Tech.”
Google | Wiki Image
Google Is Close To Making Its Biggest Acquisition Ever
If the acquisition is confirmed and completed, it will be a big departure for Wiz and its founders, Assaf Rappaport, Ami Luttwak, Yinon Costica, and Roy Reznik. The four executives first met when enlisted into Unit 8200, the Israel Defense Forces’ cyber intelligence branch.
In New York City, Wiz has experienced rapid development since its inception in March 2020, during the Covid-19 pandemic. Today, the organization claims that 40% of Fortune 100 corporations are its clientele.
Notable customers include BMW, Slack, and Salesforce, and it collaborates with major cloud providers such as Amazon, Microsoft, and Google.
SOURCE | CNN
Business
Zuckerberg Says The White House Pressured Facebook Over Some COVID-19 Content During The Pandemic
Washington (AP) — According to Meta CEO Mark Zuckerberg, senior Biden administration officials pressed Facebook to “censor” some Covid-19 content during the outbreak, and he promised that if similar demands were made again, the social media giant would push back.
In a letter to Rep. Jim Jordan, the Republican chairman of the House Judiciary Committee, Zuckerberg claims that officials, including those from the White House, “repeatedly pressured” Facebook for months to remove “certain COVID-19 content, including humour and satire.”
The officials “expressed a lot of frustration” when the corporation refused to accept, he wrote in the letter.
Zuckerberg Says The White House Pressured Facebook Over Some COVID-19 Content During The Pandemic
“I believe the government pressure was wrong, and I regret that we were not more outspoken about it,” Zuckerberg wrote in an Aug. 26 letter on the committee’s Facebook page and X account.
The letter is Zuckerberg’s latest rebuke of efforts to combat misinformation about the coronavirus epidemic during and after the 2020 presidential election, especially since reports have surfaced that some posts were deleted or blocked incorrectly.
“I also think we made some choices that, with the benefit of hindsight and new information, we wouldn’t make today,” he stated without going further. “We’re ready to push back if something like this happens again.”
In response, the White House issued a statement saying, “When confronted with a deadly pandemic, this Administration encouraged responsible actions to protect public health and safety.” Our position has been clear and consistent: we believe tech businesses and other private actors should consider the impact of their actions on the American people while making their own decisions about the information they convey.”
Experts warn that with the rise of artificial intelligence and other methods to manufacture false news reports and content that could mislead voters, this year’s US election could be dominated by misinformation on social media.
In early 2021, Facebook added what Zuckerberg described as “credible information” badges to postings about COVID-19 vaccines. That came when it moved in April 2020, just after the virus had caused global shutdowns and profound disruptions in daily life, to warn people who spread false information about COVID-19.
Conservatives have long accused Facebook and other large tech companies of favoring leftist interests and censoring content.
Zuckerberg attempted to alter the company’s impression on the right by appearing on podcaster Joe Rogan’s show in 2022 and praising Republican nominee Donald Trump’s response to an assassination attempt as “badass.” He addressed Monday’s letter to the House Judiciary Committee, whose chairman, Jordan, is a long-time Trump supporter.
Zuckerberg also stated that he would no longer provide money to expand voter access through the Chan Zuckerberg Initiative, the philanthropic organization managed by him and his wife, Priscilla Chan.
Zuckerberg Says The White House Pressured Facebook Over Some COVID-19 Content During The Pandemic
The pair previously gave $400 million to help local election offices prepare for voters in the 2020 presidential election, with funding for protective equipment to prevent the spread of the coronavirus at polling stations, drive-thru voting locations, and mail-in ballot processing.
“I know that some people believe this work benefited one party over the other,” despite evaluations proving otherwise, he said. “My goal is to remain neutral and not play a role in any manner – or to appear to play one. So, I don’t expect to make a similar contribution this round.
SOURCE | AP
Business
Dutch Watchdog Fines Uber $324 Million For Alleged Inadequate Protection Of Drivers’ Data
The Hague, Netherlands — The Dutch data protection authority fined Uber 290 million euros ($324 million) on Monday for allegedly sending European drivers’ personal information to the United States without proper protection. Uber termed the ruling erroneous and unjustified, and said that it will appeal.
The Dutch Data Protection Authority stated that more than two years of data transfers constituted a major violation of the European Union’s General Data Protection Regulation, which mandates technical and organisational safeguards to secure user data.
“In Europe, the GDPR protects people’s fundamental rights by requiring businesses and governments to handle personal data with care,” said Aleid Wolfsen, chairman of the Dutch Data Protection Authority.
Dutch Watchdog Fines Uber $324 Million For Alleged Inadequate Protection Of Drivers’ Data
“Unfortunately, this is not obvious outside of Europe. Consider governments that can collect vast amounts of data. That is why firms are typically required to take further precautions if they store the personal data of Europeans outside of the European Union. Uber did not meet the GDPR’s obligations to protect data during transfers to the United States. “That is extremely serious.”
Complaints started the case from 170 French Uber drivers, but the Dutch government imposed the fine because Uber’s European headquarters are in the Netherlands.
Uber said it had done nothing wrong.
“This faulty decision and the exorbitant fine are entirely unjustifiable. Uber’s cross-border data transfer mechanism complied with GDPR over a three-year period of extreme uncertainty between the EU and the United States. We will appeal, and we are convinced that common reason will win,” the corporation stated.
The alleged breach occurred after the EU’s top court declared in 2020 that the Privacy Shield deal, which allowed thousands of corporations ranging from internet behemoths to modest banking organizations to move data to the United States, was unlawful because the American government might snoop on people’s information.
The Dutch data protection agency stated that, following the EU court verdict, standard contract clauses could offer a basis for sending data beyond the EU, “but only if an equivalent level of protection can be guaranteed in practice.”
“Because Uber no longer used Standard Contractual Clauses from August 2021, the data of drivers from the EU were insufficiently protected,” a watchdog reported. It further stated that Uber has been using the successor to Privacy Shield since the end of last year, effectively terminating the claimed breach.
Dutch Watchdog Fines Uber $324 Million For Alleged Inadequate Protection Of Drivers’ Data
The Computer & Communications Industry Association, a computer industry advocacy group, said the sentence overlooked the reality of internet commerce following the 2020 EU court verdict.
“The world’s busiest internet route could not simply be halted for three years while governments worked to establish a new legal framework for these data flows,” the association’s European head of strategy, Alexandre Roure, said in a statement.
“Any retroactive fines by data protection authorities are especially worrisome given that these very privacy watchdogs failed to provide helpful guidance during this period of significant legal uncertainty, in absence of any clear legal framework,” according to him.
The Dutch data protection watchdog has fined Uber before, and Monday’s announcement is no exception. The agency penalised it ten million euros in January for failing to declare how long it stored data on European drivers or to identify non-EU countries with which the data was shared.
SOURCE | AP
Business
Judge Orders Martin Shkreli To Turn Over All Copies Of Unreleased Wu-Tang Clan Album
NEW YORK — Martin Shkreli, called “Pharma Bro” for raising the price of a life-saving medicine, was ordered by a federal judge on Monday to turn over all copies of the Wu-Tang Clan’s unreleased “Once Upon a Time in Shaolin” album to his lawyers by Friday.
Judge Orders Martin Shkreli To Turn Over All Copies Of Unreleased Wu-Tang Clan Album
Judge Pamela K. Chen of Brooklyn ruled that Shkreli must produce all copies of what is commonly touted as the world’s rarest CD and submit the names of anybody he delivered the music to by September 30, as well as any cash he made from it.
In June, Martin was sued by a cryptocurrency group that paid $4.75 million for the only known copy of the record.
PleasrDAO accused Martin of violating their agreement by maintaining digital copies of the album and widely circulating them among his social media followers.
PleasrDAO attorney Steven Cooper stated that Chen’s decision was “an important victory for our client.”
He finished by saying, “We are pleased that Judge Chen recognised that immediate relief was necessary to thwart Mr. Shkreli’s continuing bad acts.”
Shkreli’s lawyer, Edward Paltzik, stated in an email that the judge’s ruling maintained “the perceived status quo” of the lawsuit’s evolution and had “no bearing whatsoever on the final outcome of the case.”
He also stated that the judge did not conclude that PleasrDAO was likely to succeed on the merits or that its accusations were correct.
Judge Orders Martin Shkreli To Turn Over All Copies Of Unreleased Wu-Tang Clan Album
The Wu-Tang Clan worked on “Once Upon a Time in Shaolin” for six years before auctioning off a single copy of the 31-track double album in 2015 under the condition that it not be distributed publicly. The multiplatinum hip-hop group hoped it would be considered a work of contemporary art.
Shkreli purchased the CD for $2 million before being convicted of lying to investors and defrauding them of millions of dollars in two failed hedge funds he ran.
In 2021, “Once Upon a Time is Shaolin” was auctioned to cover part of Shkreli’s court bills.
Shkreli was freed from prison in 2022 after serving most of his seven-year sentence.
SOURCE | AP
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