Twitter's chief financial officer has said the company is considering adding Bitcoin to the balance sheet, two days after electric car company Tesla disclosed it had invested $1.5 billion in the cryptocurrency.
After Tesla's announcement, there was intense speculation about whether other companies would follow.
The price of Bitcoin shot up in the aftermath, reaching a new high. Companies that had already invested in the cryptocurrency also saw their stock surge.
In an interview with CNBC, Twitter CEO Ned Segal said: "We've done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet."
Twitter CEO Jack Dorsey is a well-known advocate of Bitcoin and his other company, the payments platform Square, invested $50 million in bitcoin back in October.
Elsewhere today, at around 9pm, Uber will reveal its quarterly results.
06:12 PM
See you tomorrow
That's the end of our updates tonight. We'll see you again here tomorrow from 7am. Best of luck!
05:23 PM
Major airline invests as much as $1bn in electric air taxis
A major airline has said it will spend as much as $1bn buying aircraft from Archer, an electric air taxi firm that is going public today.
@united will work with air mobility company @ArcherAviation. Archer's electric vertical takeoff & landing (eVTOL) aircraft (for distances of up to 60 miles at speeds of up to 150 MPH), are designed to use electric motors and they could be used as 'air taxi' in urban markets. 1/2 pic.twitter.com/4ZEGRTXAmL
United said it would invest $20m in Archer and may eventually buy as many as 200 of the company’s small flying taxis to whisk customers to the airport in crowded cities.Archer agreed to merge with a special purpose acquisition company backed by [investment banker Ken] Moelis in a $3.8bn transaction that’s expected to generate about $1.1 billion in gross proceeds.If finalised, the aircraft purchase would be valued at $1bn, Archer, the developer of the vehicles, said in a statement Wednesday. In addition, United is taking options for another $500m of the taxis, which would take off and land vertically and be able to fly as far as 60 miles. Archer plans to start production in 2023, with consumer flights in 2024.
04:36 PM
Dorsey's $1m backing for crypto lobbyists
While Twitter considers following Tesla in backing Bitcoin, its chief executive has donated $1m to Coin Center, a lobby group that advocates for cryptocurrency policy.
Dorsey is a longtime Bitcoin advocate, and his payments company Square has already backed it.
Coin Center has received and incredibly generous gift of $1 million from @jack — we’re speechless. 😮
We were almost to our goal for the matching campaign when he put us over the top and then some.
Your confidence in our work is incredibly humbling.
Jack Ma, founder and chairman of China's e-commerce giant Alibaba, dressed as Michael Jackson - Getty Images
Chinese tech billionaire Jack Ma has been seen playing golf, after months of speculation over his whereabouts.
Ma went missing just as his fintech company Ant Group was about to go public. It was billed to be the world's largest IPO.
His disappearance came soon after he gave a speech in which he described China's financial system as operating "with a pawnshop mentality". The the listing was promptly postponed and he vanished from his own talent show.
Twitter CFO Ned Segal says company is considering whether to add Bitcoin to balance sheet.
In an interview with CNBC, Segal said: "We've done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet."
Since Tesla announced the company had invested $1.5billion in bitcoin on Monday, there has been intense speculation over whether other companies would be bold enough to follow suit.
"We've done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in #bitcoin, how we might pay a vendor if they asked to be paid in #btc and whether we need to have #btc on our balance sheet," says @NedSegal$TWTR. pic.twitter.com/KjIgnqDmYC
Microsoft CEO calls for clearer rules governing online speech
Satya Nadella, chief executive officer of Microsoft Corp - Mark Kauzlarich/Bloomberg
The CEO of Microsoft said companies need clearer rules to help them deal with controversial voices such as Donald Trump.
In an interview with Bloomberg TV, Satya Nadella said: "Unilateral action by individual companies in democracies like ours is just not long-term stable—we do need to be able to have a framework of laws and norms.”
He added: “Depending on any one individual CEO in any one of these companies to make calls that are going to really help us maintain something as sacred and as important as our democracy in the long run is just no way that at least I, as a citizen, would advocate for.”
02:35 PM
In midst of farmer protests, Twitter disputes government takedown orders
Indian Youth Congress (IYC) activists shout slogans during a protest at Raisina road in New Delhi, India on February 9 2021 - HARISH TYAGI/EPA-EFE/Shutterstock
Twitter is in a dispute with the Indian government over its requests to block accounts linked to the current farmers protests that are taking place across the country.
Narendra Modi's government has ordered Twitter to remove 1,100 accounts and posts it says are spreading misinformation about the dispute over new agriculture laws.
Twitter said it had taken action against more than 500 accounts flagged by the government that also violated the platform's rules.
But on Wednesday, the company said it had not fully complied with government requests. “In keeping with our principles of defending protected speech and freedom of expression, we have not taken any action on accounts that consist of news media entities, journalists, activists, and politicians,” it said.
The company said it was served a non-compliance noticed after it reinstated several accounts the government had asked to be taken down. The notice reportedly threatens fines or potentially prison for Twitter employees.
The dispute catapults India into a difficult position in a vital market with 700 million internet users. In response to the spat, politicians are encouraging Indians to switch to local Twitter alternative, Koo.
Instagram to remove accounts of people who send abusive messages, after a series of racist attacks on footballers
Manchester United's Lauren James and Chelsea FC's Maren Mjelde during the FA Women's Continental League Cup Semi-Final match in 2020 - Charlotte Tattersall/Getty Images Europe
Instagram has announced "tougher measures" to curb online abuse as British footballers report a barrage of digital racism.
Manchester United players Anthony Martial, Marcus Rashford, Axel Tuanzebe and Lauren James have all experienced racism on social media over the past fortnight.
A man was arrested during that period after Romaine Sawyers was sent what West Brom referred to as an "abhorrent message".
Instagram said there had always been rules in place for people who abuse the company's community standards in Instagram messages, with the company putting a time-limited "block" on users who send abuse. Repeat offenders are blocked for longer periods.
"What we're announcing today is that we're taking tougher measures on people who violate those rules in Instagram direct messaging, so instead of just extending the time, we'll be removing the accounts altogether," Fadzai Madzingira, content policy manager at Facebook, which owns Instagram, told the PA news agency.
TikTok sale to Oracle, Walmart is shelved indefinitely
A US plan to force the sale of TikTok to a group that includes Oracle and TikTok has been shelved while Biden reviews security risks linked to Chinese tech.
The deal, which emerged under the Trump administration, has been postponed indefinitely according to a report by the Wall Street Journal.
TikTok's parent company ByteDance has launched various legal challenges against US attempts to blacklist the app. In November, the companies called the US government's attempt to force a divestiture deal "arbitrary and capricious".
Trustpilot raises freedom of speech concerns after man ordered to pay £25,000 for negative review
Consumer website Trustpilot has criticised a court judgement which ordered a British man to pay £25,000 in libel damages for a negative review.
"If consumers are left fearful of leaving negative reviews, this could result in consumers being misled about the quality of a business, and businesses being deprived of the valuable feedback from which they can learn, improve and grow," said a Trustpilot spokesperson.
"We believe there are a number of errors within the judgement, and it raises significant concerns around freedom of speech. "
Philip James Waymouth accused the London law firm Summerfield Browne of being "another scam solicitor" after he was unhappy with a £200 service he received.
Summerfield Browne said his comments were untrue, defamatory and caused the number of business enquiries they received to drop dramatically.
A judge said it was clear that Waymout intended to use his review to put other people off using the firm.
Trustpilot said they had not been contacted by Summerfield Browne and Waymouth's review had not been flagged using the Danish company's complaints process.
01:09 PM
Uber gets £132,000 tax rebate amid VAT dispute with HMRC
Ride-hailing service Uber has received a £132,000 tax rebate from HMRC despite being locked in a dispute over whether the company should be classed as a transportation provider, a change campaigners claim could force the company to pay £1.5bn in VAT.
My colleague, Matthew Field, has the full story here.
12:16 PM
Hyundai unveils walking car
Hyundai TIGER, 10 February 2021 - Hyundai Motor Group has revealed TIGER (Transforming Intelligent Ground Excursion Robot), the company’s second Ultimate Mobility Vehicle (UMV) and the first designed to be uncrewed - Hyundai
Hyundai has unveiled an autonomous walking concept car to be used in hostile environments or even on the moon.
The electric "Tiger" model is designed to operate much like a traditional four-wheel-drive. However if it encounters an obstacle it can't drive over, the car can extend its legs and walk over the obstacle instead.
The legs can also bend in order to keep whatever cargo the Tiger is carrying level.
Although it's still in an experimental phase, Hyundai said the vehicle could be used to carry cargo in areas struck by natural disaster, while tackling challenging terrain, or even exploring the surface of another moon or planet.
The Tiger is also designed so it can be delivered to its destination by drone. This cargo-only Tiger will require at least another five years of development and testing before it's ready for real-world use, according to Hyundai. It is not suitable to be used by humans.
11:41 AM
Is the 9 to 5 dead? Take our poll:
11:21 AM
Mike Lynch’s lawyer accused of giving an ‘unbalanced and incomplete’ description of his US links
British entrepreneur Mike Lynch arrives at Westminster Magistrates Court for the second day of his extradition hearing. - Henry Nicholls/Reuters
A lawyer working for Autonomy founder Mike Lynch has been accused in court of painting an “unbalanced and incomplete” picture of his links to the US after he failed to tell the court in his witness statement that Mr Lynch’s wife is a former US citizen.
On the second day of Mr Lynch’s extradition hearing in Westminster Magistrates Court, Clifford Chance partner Kelwin Nicholls was cross-examined by a lawyer working for the US government.
“When exactly were you planning to inform this court that the wife being spoken about was in fact an American citizen until recently,” the government lawyer asked.
Mr Lynch’s wife was a US citizen until 2013 when she renounced her US citizenship. The entrepreneur’s lawyers have sought to detail his strong links to the UK and have denied that he has links to the US.
“Dr Lynch hadn’t told me. I didn’t know,” Mr Nicholls said. He said he did not believe his witness statement was “unbalanced”.
The US government is seeking to extradite Mike Lynch to face criminal fraud charges in the country stemming from HP’s acquisition of Autonomy. Mr Lynch is also the defendant in a $5bn High Court civil trial in the UK. He has denied all of the allegations made against him. Read more about the case here.
10:46 AM
Eight Britons arrested for allegedly stealing $100 million in cryptocurrency from celebrities
Eight men in England and Scotland have been arrested as part of an investigation into a series of cyber attacks on US celebrities.
The National Crime Agency (NCA) said on Wednesday the men were suspected of stealing money, cryptocurrency and personal information from well-known influencers, sports stars and musicians.
According to a statement, the NCA said it had uncovered a network UK-based criminals using a technique described as "sim-swapping", a type of fraud where hackers use phone-based authentication to hijack a person's phone number and use it to access sensitive accounts.
The European police agency, Europol, which was involved in the investigation, said the network is believed to have stolen $100 million worth of cryptocurrencies.
Top three cryptocurrencies
10:06 AM
North Korean hackers steal millions to fund Nuclear weapons, says leaked report
North Korean hackers stole more than $300 million in 2020 to fund the country's nuclear and ballistic missile program, according to a United Nations report obtained by CNN.
The report alleged hackers targeted financial institutions and virtual currency exchange houses.
Between 2019 and November 2020, hackers had stolen $316.3 million from one UN member alone, said the confidential report which was authored by the UN Panel of Experts on North Korea.
In the past, the country has dismissed UN reports making similar claims as a "fabrication".
However a report by blockchain analysis company Chainalysis, released yesterday, said the North Korean-affiliated Lazarus Hacker group is believed to have stolen a total of $1.75 billion worth of cryptocurrency.
09:35 AM
Shares rocket for companies that own Bitcoin
Companies that have invested in Bitcoin were reaping the rewards on Wednesday, buoyed by Elon Musk's $1.5bn bet on the cryptocurrency.
Microstrategy, a business intelligence software company, was up 22pc on Tuesday. Like Musk, CEO Michael Saylor has been effusive about Bitcoin's possibilities, calling the cyrptocurrency "digital gold".
Mogo, a financial technology firm based in Vancouver, said in December it planned to invest up to 1.5 million Canadian dollars in the coin, also surged 45pc.
Bitcoin hit a record high above $48,000 yesterday after Tesla disclosed its investment.
#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.
Badri Kothandaraman, CEO of US-based Enphase Energy, said the company had “experienced constraints in the global semiconductor supply chain” in the fourth quarter.
On an earnings call, Kothandaraman said the supply issues were “manageable” and he expects the problem to ease over the next two months.
The semiconductor business is suffering from a supply squeeze as a result of soaring pandemic demand for laptops, tablets, and gaming consoles. That means there are less chips available for other industries which are also reliant on chips.
08:31 AM
"I'm here live, I'm not a cat"
The unique chaos of remote work has been summed up by two viral videos this week.
Now a video has been released of a Texas lawyer struggling to remove a Zoom filter that turned him into a worried-looking cat.
Lawyer Rod Ponton struggled to change his settings during a legal debate with Judge Roy Ferguson.
Just Ferguson says: “I think it’s a filter …”
“It is,” says a panicked Ponton. “And I don’t know how to remove it. I’ve got my assistant here, she’s trying to, but I’m prepared to go forward with it … I’m here live. I’m not a cat.”
08:21 AM
Huawei seeks to overturn US status as security threat
Huawei founder and CEO Ren Zhengfei speaks during a press briefing in Taiyuan, in China's northern Shanxi province on February 9, 2021. - Jessica Yang/AFP
The Chinese telecommunications giant Huawei is seeking to overturn the label imposed on it by the Trump administration, which branded the company a national security threat because of alleged ties to the Chinese military.
In a lawsuit, Huawei called the decision unconstitutional and harmful to U.S. industry. The company is asking a US court to overturn the ruling.
The company has also denied claims it is connected to the Chinese government or security agencies. However, the FCC stated it would defend its designation and had a “substantial body of evidence” about the threat stemming from Huawei.
On Tuesday, the company's 76-year-old founder, Ren Zhengfei, appealed to the Biden administration to be “more open”.
“We hope the US government will have a more open policy for the benefit of American companies and the development of the US economy,” he said.
Salesforce has said it will offer employees more flexibility once the pandemic is over, giving staff the option to work remotely full-time.
The San Francisco-based company said: "An immersive workspace is no longer limited to a desk in our Towers; the 9-to-5 workday is dead; and the employee experience is about more than ping-pong tables and snacks."
The cloud computing giant added that nearly half of their employees only want to come in only a few times per month, but also that 80pc still wanted to maintain a connection to a physical space.
This tallies with findings from a new Morgan Stanley employee survey which found the demand to work from home around two days a week has not wavered as the pandemic drags on.
The coronavirus has upturned employees expectations of their relationship with the office, with a majority keen to spend at least some of their time working from home once the virus is under control.
A September YouGov study found that only 40pc of workers based in Britain said they don’t want to work from home once stay-at-home orders have been lifted.
While a major shift to remote working would enable companies to scale back their office space, there are fears this would be devastate the "lunchtime economy", driving coffee shops and lunch spots which depend on office workers out of business.
Salesforce's announcement follows other major tech companies, which have said they are also considering new ways of working.
Twitter has told most of its 5,000 employees they can work from home permanently and under Microsoft's hybrid workplace plan, staff can even move to another country, as long as they get their manager's approval.
Google has delayed return to the office until next September at the earliest, although the company has advised employees to remain within commuting distance from the office.
How much commuting time is saved by working from home?
Tesla said it would "accelerate" the launch of new models next year, including lower-cost cars, countering reports earlier this month it had scraped those plans.
After Congress approved billions of extra funding for tax compliance, the Internal Revenue Service pledged it would get tougher on rich taxpayers and corporations while avoiding extra scrutiny of middle-class households.
Tesla earnings tumbled below lowered expectations. Tesla stock jumped late as the EV giant signaled an affordable EV is still it its plans. Elon Musk looms.
Six teams managing nearly $15 billion in total assets quit JPMorgan Chase’s brokerage unit to join competitors last Friday. Here’s what may have triggered their departures.
In response to California's new $20 minimum wage law, fast food franchises are being forced to rethink their business strategies to stay afloat. Scott Rodrick, who owns 18 McDonald's franchises in the state, is considering measures to manage the increased labor costs without resorting to layoffs, which he sees as a last resort. Don't Miss: 82% of Americans aren’t using this government secured 5% passive income stream, are you one of them? The average American couple has saved this much money for
Sam Bankman-Fried has inked a settlement agreement with a group of FTX customers who have agreed to drop their class action lawsuit against him in exchange for his help going after celebrity promoters of the collapsed exchange.
