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Elon Musk gambled $445 million to boost Republicans in midterms and came up short
Nobody may have suffered bigger losses Tuesday than President Donald Trump. But few others had more on the line than Musk, who gambled big and came up holding the midterm's worst return on investment. Democrats in Congress were already queuing to get their shot at Musk, with possible subpoenas and investigations.
Elon Musk gambled $445 million to boost Republicans in midterms and came up short
Elon Musk's hefty USD 445 million investment in Republican candidates did not yield the desired electoral success, as Republicans faced significant losses, ceding control of Congress. This setback has prompted Democrats to contemplate investigating Musk's business operations. Critics have denounced his financial influence in politics, highlighting the risks of affluent individuals shaping policy. Anticipated changes in Texas's Democratic leadership suggest intensified scrutiny of Musk's ties to the state.
ShareChat’s FY26 revenue jumps 40% to Rs 1,016 crore on microdrama push; net loss widens
However, its loss before tax widened to Rs 1,978 crore in FY26 from Rs 1,105 crore in the previous year, largely due to higher accounting expenses related to its convertible debt instruments, forex losses and employee stock ownership plans (ESOPs), cofounder and CFO Manohar Singh Charan told ET.
US Midterms 2026: Cost of living and government corruption are top issues, AP Voter Poll says
Voters are participating in Election Day to influence control of the U.S. House and Senate. Many electorate members express dissatisfaction with the current economic situation attributed to Trump's policies. Polls indicate a significant desire for checks and balances on the presidency from Congress. Various gubernatorial candidates, along with major ballot measures, also shape the election landscape. Early voting statistics show heightened engagement compared to previous elections and reflect voter concerns.
Meta halts new business terms after backlash over data scraping and AI use
Meta has postponed the rollout of new terms affecting its business accounts due to significant backlash. Critics claimed these changes could lead to unauthorized data scraping and unfair competition against news publishers. A Norwegian court granted an injunction on the terms, highlighting concerns over Meta's market dominance. The U.K. competition authority has also initiated an investigation into these new business conditions.
Wall Street tech rout deepens on doubts over AI spending
Major US tech stocks have taken a hit as investors react to underwhelming earnings and worries about AI spending. Giants like Microsoft, Amazon, and Alphabet revealed hefty investments in AI systems along with rising debt. Intel's troubles intensified with a disappointing revenue outlook, driven by costly components and fierce rivalry.
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Big Tech earnings: Microsoft, Google see cloud revenues surge
Microsoft's total revenues hit $92.3 billion against expectations of $90.6 billion, with profits of more than $36.6 billion versus the $35.1 billion analysts had forecast, according to FactSet.
Walmart, Target, and Kroger are changing how they price groceries — here's what you need to know
Grocery giants like Walmart, Target, and Kroger are embracing technological advancements to refine their pricing strategies. Walmart has opted for automated pricing systems that have also led to price reductions. In contrast, Target tailors its prices based on customer behavior. These adjustments highlight the shifting landscape of retail pricing. Here's what you need to know.
Big Tech earnings a test of the AI boom amid market turmoil
Investors are pressing for evidence that the AI boom can deliver swift returns to justify its enormous price tag. Rising bond yields at AI cloud providers such as CoreWeave and record costs to insure Meta Platform's debt have amplified concerns about how the massive AI infrastructure buildout is being funded, particularly as higher US interest rates loom.
Why Walmart would rather keep Flipkart private, for now
Over the past few weeks, much has been written about former employees of the online commerce company writing to Walmart's board, asking for liquidity on the stock options they were granted 10 to 15 years ago. On October 1, at least eight former senior executives, among them former Myntra CEO Mukesh Bansal and former chief business officer Ankit Nagori, wrote to Walmart chairman Gregory Penner, other board members and Flipkart Group CEO Kalyan Krishnamurthy, seeking a complete exit for all former employees holding vested options.
Nazara swings to Rs 35 crore net profit as revenues rise 53%
The company also swung to a net profit of Rs 35 crore compared to a loss of Rs 34 crore in the year-ago quarter, which was impacted by provisions against investments in real-money gaming companies following the August 2025 ban.
Analysis: In China, the AI bubble has already burst
Chinese tech stocks, especially in AI and semiconductors, have experienced a dramatic decline in value recently. The mainland STAR50 index of these sectors has dropped by 40% in four months, leading to substantial market losses. Investors are increasingly turning to safer assets as frustration mounts over fading government support for tech investments. Additionally, many investors are hesitant to purchase shares until valuations reach more acceptable levels.
AI companies turn to religion for moral guidance, but experts warn of oversimplification
As technology companies focus on developing powerful artificial intelligence, they are increasingly seeking religious guidance. Executives are collaborating with philosophers and faith leaders to navigate ethical challenges. Many warn that simplifying religion into rules may ignore its cultural complexities. Scholars express concern that this approach could distort certain traditions while favoring others. The ongoing dialogue raises important questions about how AI should reflect diverse moral viewpoints.
AI ad blitz distorts US midterms 2026
AI-generated political advertisements are becoming more prevalent as the November elections approach, raising concerns among voters. Researchers have identified over 220 ads made partly with AI, primarily sponsored by Republican groups, costing over $137 million. Only a small percentage of these advertisements carry disclaimers stating they were created with AI technology. Many voters express their disapproval of AI-generated content in political campaigns during recent surveys.
Who is funding the 2026 US midterms? Top 15 donors pour over $1.5 billion into the elections
US midterm elections 2026: The 2026 US midterm elections are projected to be the most expensive in history, driven by significant donations. Major contributors include Elon Musk and various Republican and Democratic nonprofit organizations. Contributions have focused on supporting candidates, super PACs, and interest groups related to technology and cryptocurrency. Concerns have arisen over the rise of 'dark money' organizations that do not disclose donor identities.
Prabhas came from a film family but travelled to college by bus: Actor once shared his father's financial struggle. What shaped his work ethic?
Prabhas revealed that his father, film producer Uppalapati Surya Narayana Raju, faced regular financial crises despite their film industry connections. Recalling his college days, the actor said travelling by bus taught him to work harder. A BTech graduate who later studied acting, Prabhas rose to fame with Baahubali and went on to headline several blockbusters.
The Netflix story: Job cuts, exits, sinking stock, and the battle for viewership. A plot twist that isn't on screen
Netflix faces a turbulent chapter as it grapples with stagnant subscriber growth and a notable drop in viewing hours. Recent high-stakes reshuffling in the organisation coincides with challenging Wall Street performance. In its Q3 earnings call, the streaming giant reported the slowest revenue growth in three years, at $12.9 billion.
Eternal’s strong Q2 report; Exits outpace hiring at top IT firms
Happy Thursday! Eternal’s Q2 revenue surged on Blinkit’s growth. This and more in today’s ETtech Morning Dispatch.
Meta ordered to pay New Mexico $25 billion after jury finds it deceived Facebook users about privacy
Jurors in September found Meta liable for over 43 million violations of New Mexico consumer protection laws when a political consulting firm, Cambridge Analytica, harvested Facebook user data to generate targeted political ads for the 2016 election.
Mygate, Eternal-backed digital ads firm Adonmo to merge, create Rs 3,500 crore entity
According to people in the know, the combined entity will be valued at around Rs 3,500 crore. Mygate closed a Rs 225 crore round in June this year — a mix of primary and secondary transactions — that valued the Bengaluru-based company at Rs 2,000-2,200 crore. The round was led by Dharana Capital.
Heartbroken by this ending: Foursquare cofounder gets emotional after company's acquisition
Dennis Crowley, cofounder of Foursquare, expressed heartfelt dismay at the recent acquisition by Infillion, noting that equity holders were left without financial recompense. He acknowledged the frustration of past employees, pointing to disappointing Glassdoor reviews that echoed their sentiments. Although Foursquare will maintain its independent operations, it will continue to monetize its data. Infillion claims this acquisition will greatly enhance both revenue and workforce capacity.
Meta tells Brazil's electoral court it treats Lula and Flavio Bolsonaro equally ahead of Sunday vote
Meta has taken steps to comply with a court order for equal treatment of presidential candidates in Brazil. The electoral court directed the company to ensure balanced platform coverage before the upcoming runoff election. This follows allegations from President Luiz Inacio Lula da Silva's campaign regarding biased algorithms favoring his opponent, Flavio Bolsonaro. Meta has implemented measures to uphold electoral advertisement regulations amidst growing tensions.
Disability, elderly care likely to qualify for CSR spending
Companies need to comply with CSR obligations if they have a net worth of ₹500 crore or more, turnover of ₹1,000 crore or more, or a net profit of ₹5 crore or more in the immediately preceding financial year. Under this, they must spend at least 2% of the average net profit made during the previous three financial years in areas or subjects specified by the corporate affairs ministry.
The Social Reckoning: Looking back at Facebook’s 2021 controversy and where Meta stands today
Aaron Sorkin’s latest film focuses on Facebook's past controversies and the implications of its business model. The story centres around whistleblower Frances Haugen and her allegations regarding Facebook's internal practices. Meta, formerly Facebook, is navigating ongoing concerns about safety and user engagement. The film, while offering a dramatic retelling, critiques the effectiveness of Meta’s strategies.
Five hours a week of posting earned more than her 9-to-5: Meet Sundas Khalid of Seattle, she posted career wins on Instagram while at Amazon. In 2024 the side hustle earned $302,000
Sundas Khalid spent years building her career in Big Tech, moving from a $77,000 starting salary at Amazon to earning $292,000 a year at Google. Then her side business began bringing in even more money than her full-time job. In 2024, Khalid generated $302,000 in revenue through content creation, according to Business Insider. She spent around four to five hours a week on the business while continuing to work a 40-hour week at Google.
'Mixed feelings': AI cracks centuries-old ciphers
Napoleon Bonaparte ordered the wartime missive written in code, creating a puzzle that went unsolved for more than 200 years -- until AI cracked it in a matter of hours. Tomokiyo said that since mid-September, most of the ciphers on his list have been cracked using AI. "There remain some tough problems" which could stay an enigma for years to come, because there is less relevant data available to help AI figure them out, the 58-year-old told AFP. "I'm excited long-time problems are now solved, but on the other hand, I have mixed feelings, because AI seems to have solved these difficult problems so easily," he said.
Israeli firm used online ads to run vast spy operation, researchers say
Discover-Tech, an Israeli digital advertising agency, faces serious allegations of orchestrating user surveillance via harmful ads. Research teams from Citizen Lab and Confiant uncovered alarming evidence that these ads not only tracked individuals but also facilitated spyware deployment. With implications affecting hundreds of millions, including entities like the Pentagon and Al Jazeera, major platforms like Google have halted Discover-Tech's services.
Tata Play dishes out ₹199 wildcard to stay connected in changing world
Tata Play is launching the Tata Play Smart app, enabling access to over 500 live television channels. The app requires an internet connection and is compatible with various devices including smart TVs. Tata Play maintains that traditional DTH services will continue to exist alongside streaming services. The company aims to expand its user base by attracting households yet to subscribe to pay television.
Spill Games raises $10.5 million led by Elevation Capital
Founded in 2024 by three former employees of PlaySimple Games — Om Misra, Tapan Ranjan, and Harsh Garg — Spill develops free-to-play casual, puzzle, and hybrid-casual mobile games for global markets.
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