Court Forward’s Musk-Twitter Trial; Singapore Announces New Crypto Regulations
In today’s ExchangeWire news roundup: a judge orders Elon Musk’s Twitter lawsuit to be fast-tracked; Singapore’s central bank announces plans for new crypto regulation; and Netflix reports more subscriber losses, but better-than-expected Q2 results.
Court Speeds Up Twitter-Musk Trial
A judge has ruled in the trial over Elon Musk’s attempt to withdraw from buying Twitter must be tracked quickly. Chancellor Kathaleen McCormick ruled that the five-day trial should be brought forward to October this year to avoid a delay, which “threatens irreparable damage” to social media.
The SpaceX founder was accused of “attempted sabotage” after declaring he no longer intended to buy the platform, and of using his position to discredit the company. Twitter is pursuing legal action to force Musk to complete the deal. Musk’s lawyers argue that Twitter failed to cooperate with the billionaire in clarifying the number of fake profiles on the platform, saying that, as the company’s second largest stakeholder with a “far greater financial stake” than the board, Musk has no reason to disparage the company.
Singapore to introduce more crypto legislation
The authorities in Singapore have been appointed implement more regulation around cryptocurrencies. The potential new rules, which could include limiting retail investors’ access to crypto, will be discussed in September or October this year, Monetary Authority of Singapore CEO Ravi Menon revealed.
The move follows a global effort to rein in the sector following a series of business failures, such as the collapse of crypto hedge fund Three Arrows. Authorities from around the world are now seeking to expand the scope of crypto legislation to prevent further incidents. Singapore currently requires virtual asset providers to hold a licence, and uses a strict vetting process to determine permit granting, with only 14 out of 200 applications approved. Menon stated that the central bank will provide more information on the proposed changes next month.
Netflix subscribers are dropping again
Netflix has lost subscribers for the second consecutive quarter, and lost another one million viewers. Despite the loss, the result is half the number the streaming heavyweight expected it to lose during the period, and the company also reported higher-than-expected Q2 earnings, sending its shares up 10% in after-market trading.
Although Netflix appears to be holding steady after a turbulent seven months, the company still faces the quagmire of keeping viewers interested (and paying) in an increasingly crowded market amid a cost-of-living crisis and subscription fatigue. Executives revealed in a call with investors that the company would dedicate around $17 billion (~£14.2 billion) to producing original content over the coming years to make up for the loss of popular, external content and to retain subscribers interested.
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Today’s facts
15% – percentage that Twitter’s stock value fell in the five days following Elon Musk’s announcement that he no longer intends to buy the social media company.
