Top stories today:
- Elon Musk sued by SEC for allegedly failing to disclose Twitter stake
- TikTok said to block access, shut down immediately in U.S. on Jan. 19
- OpenAI brings Tasks to ChatGPT to schedule reminders, to-dos
- Meta to cut ~5% of staff, targeting lowest performers
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Elon Musk sued by SEC for allegedly failing to disclose growing Twitter stake
Musk delayed 11 days in reporting his 5%+ Twitter stake in 2022, the SEC said.
The delay allegedly helped Musk to boost stake at a discounted price.
Musk underpaid $150M+ for his Twitter stake, per the SEC.
This lawsuit comes in Gary Genslerās final week as SEC chief, whoās departing on Jan. 20.
3. TikTok said to block access, shut down immediately in U.S. on Jan. 19
Unless SCOTUS intervenes to block the ban.
āPlanning for various scenarios,ā TikTok reportedly said in an internal memo.
A pop-up message would be shown to existing TikTok users after the shutdown.
Option to download data would be given to users.
Complete turn off is not required by the law passed in 2024 to ban TikTok, suggesting that TikTok is doing this to create a public uproar in its favor.
