In a complaint that has not gone unnoticed by Elon Musk and his legal team, Twitter’s former head of security, Peiter Zatko, “accused the company of making false and misleading statements about its security practices and lying to . . . Musk and his legal team about fake accounts on its platform.” Twitter fired Zatko in January, who filed a whistle-blower complaint with the SEC and also sent relevant materials to the FTC and the DOJ - NYTimes and WSJ and Bloomberg and Law360
Scratch beneath the surface of Britain’s eye-popping inflation figures (a 10.1% increase in July, the fastest in 40 years) and you’ll find that an acute labor shortage “is embedding inflationary pressures deeper into an economy where prices are” already “soaring” - NYTimes
In today’s edition of “looming crisis” news, some 1 in 6 American homes—upwards of 20 million altogether—are “behind on their utility bills,” the worst total the National Energy Assistance Directors Association has ever documented. A “blistering surge in electricity prices” (prompted by the “soaring cost of natural gas”) is the primary culprit - Bloomberg
Intel and Brookfield Asset Management firm have struck an “unusual $30 billion funding partnership” that will help the chipmaker “finance its factory-expansion ambitions” in the U.S. - WSJ
After falling on hard times in 2019, a new version of the MoviePass subscription service is relaunching next month, complete with loads of skepticism from “previous customers and film industry experts.” Whyever would that be? Well, consider for starters, that the company settled FTC accusations last year that it “knowingly deceived customers, made the service difficult to use for some, and exposed personal data.” Not ideal - NYTimes
Macy’s has joined the ranks of other retailers lowering expectations this year thanks to a “glut of unpurchased goods” that is “still having an impact on the way the department store chain does business” - NYTimes and WSJ and MarketWatch
Nordstrom did the same - MarketWatch
The White House, too, is revising economic growth projections for the year, citing “the Omicron wave of Covid-19 and Russia’s invasion of Ukraine” as prime factors behind both slower growth and “significantly higher inflation” than expected - NYTimes
Zuck has wormed his way out of a recently filed lawsuit in which the FTC seeks to block Meta from buying Within Unlimited, a “small virtual-reality company.” In exchange for being dropped personally as a defendant, Zuck had to promise not to purchase the company “in his personal capacity or through any other entity he controls” - WSJ and Law360
Oh man, good stuff here from the Times on the doppelganger phenomenon (and how the relationships between look-alikes can be more than just superficial) - NYTimes
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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