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SAN FRANSICO: Tesla  shares extended declines to hit their lowest level in more than two years on Wednesday, as investors including a "fanboy" of CEO Elon Musk lashed out at Musk's distraction from the electric car company following his buy of Twitter. Shares of Tesla, the world's most valuable carmaker, is one of the worst performing stocks among major automakers and tech companies this year, as investors worry that Musk's Twitter buy could divert his time away from Tesla and he could offload more Tesla stocks to prop up the struggling social media company. Investors are also increasingly concerned that his antics could hurt brand and sales of Tesla, the world's top electric carmaker which faces increasing competition. "Elon abandoned Tesla and Tesla has no working CEO," KoGuan Leo, the third Largest individual share holder of Tesla, who describes himself of Musk's "fanboy," tweeted on Wednesday. "Are we merely Elon...

HONG KONG: Alibaba stock lost more than 4% in Hong Kong on Monday after ex-group CEO Daniel Zhang quit its cloud computing unit in a surprise decision that unsettled investors and raised concerns over how it may impact the subsidiary's spinoff plans. Just two months since Zhang chose to relinquish other roles to focus on the cloud , new group CEO Eddie Wu will become acting CEO and chairman of a unit grappling with weak sales growth ahead of a planned initial public offering (IPO) next year. The Cloud Intelligence Group is Alibaba's second-biggest revenue source after domestic e-commerce and houses the group's generative artificial intelligence model Tongyi Qianwen and messaging app Dingtalk. The unit's revenue fell for the first time in January-March, by 2%, due to delayed projects and other factors. Still, analysts estimate it is China's largest cloud provider with a 34% market share. With an estimated value of $41 billion to $60 billion, the unit ...

Twitter said on Thursday that select content creators on the social media platform will be eligible to get a part of the advertising revenue the company earns. The content creators will get a share of revenue from ads displayed in their replies, Twitter said, adding that to be eligible the creators should be verified users with at least 5 million impressions on their posts in each of the last 3 months and have a Stripe payment account. Surprise! Today we launched our Creator Ads Revenue Sharing program. We’re expanding our creator monetization offer ing to include ads revenue sharing for creator s. This means that creator s can get a share in ad revenue , starting in the replies to their posts. This is part of our… — Twitter (@Twitter) July 13, 2023 Twitter is trying to draw more content creators to the platform. Earlier this year, the company allowed users to offer paid subscription to their content on the platform. Elon Musk, the billionaire who bough...

A judge dismissed a proposed class-action lawsuit against Elon Musk that claimed he cheated Twitter share holders several times last year in the course of buying the social media company for $44 billion. In a decision on Monday, US District Judge Charles Breyer in San Francisco said plaintiff William Heresniak lacked standing to sue because he challenged "wrongs associated with" Musk's buyout, not the fairness of the buyout itself. Breyer said Heresniak did not show harm from Musk's belated disclosure of a 9.2% Twitter stake, which the suit said let him buy more share s at lower prices before the buyout was announced, or from the closing's taking place 1 1/2 months later than planned. The judge also found no proof that Musk helped two friends then on Twitter's board, co-founder Jack Dorsey and Silver Lake private equity firm managing partner Egon Durban, breach their fiduciary duties by favoring their own and Musk's interests. Breyer said letting...

Microsoft Corp beat Wall Street's estimates for quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and the company said artificial intelligence products were stimulating sales. The company forecast revenue in its main segments for the current quarter would match or top Wall Street targets. Shares gained 8.3% in after-market trading following a report by Redmond, Washington-based Microsoft that profits were $2.45 per share in the fiscal third quarter, beating Wall Street estimates of $2.23, according to data from Refinitiv. "The bottom line is that despite all the concerns that the sky is falling in big tech, the truth is companies still see value in cloud computing and there's still a huge percentage of workloads that can be moved to the cloud," said Bob O’Donnell, an analyst for TECHnalysis Research. Microsoft said growth at its cloud Business Azure was 27% in the latest report...

Alphabet Inc  shares fell as much as 4% on Monday following a report South Korea's Samsung Electronics was considering replacing Google with Microsoft-owned Bing as the default search engine on its devices. The report, published by the New York Timesover the weekend, underscores the growing challenges Google's $162-billion-a-year search engine Business face from Bing - a minor player that has risen in prominence recently after the integration of the artificial intelligence tech behind ChatGPT. Google's reaction to the threat was "panic" as the company earns an estimated $3 billion in annual revenue from the Samsung contract, the report said, citing internal messages. Another $20 billion is tied to a similar Apple contract that will be up for renewal this year, the report added. In a response to Reuters, Google said it was working to bring new AI-powered features to Search without commenting on its association with Samsung. The South ...