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TLDR: Elon Musk proposes hostile takeover of Twitter, Flipkart’s Myntra looks to fend off challenge from Ajio, and CAIT sets its eyes on Flipkart again

Tesla CEO Elon Musk offers to buy Twitter for nearly $43 billion

Elon Musk launched a bid worth $43 billion to take Twitter Inc. private, according to a Bloomberg report. Musk lambasted the company management and said that he’s the person who can unlock the “extraordinary potential” of a communication platform used daily by more than 200 million people.

Flipkart invests $116 million in Myntra to keep Reliance’s Ajio and Nykaa at bay

Flipkart’s Singapore-based parent entity has invested $116 million in its online fashion retail arm Myntra, as per a report in the Economic Times. The investment was to fend off challenges from Reliance’s Ajio and beauty retailer Nykaa’s foray into fashion, ET added.

CAIT alleges predatory pricing By Flipkart-Owned Shopsy

CAIT National Secretary Praveen Khandelwal shot off a letter to Finance Minister Nirmala Sitharaman, seeking an investigation into the alleged predatory pricing tactics employed by Flipkart-owned ecommerce platform Shopsy, Inc42 wrote in the report. Khandelwal drew attention to five stores operated by Shopsy that he said were in ‘blatant’ violation of FDI regulations, the report added.

Tata Neu is open to hosting external businesses

Tata Group Chairman N Chandrasekaran announced that Tata Digital’s new ‘super app’ Tata Neu, will be open to hosting external brands from other companies in the future, Economic Times reported. Tata Neu was launched a week ago, and had faced several delays before it was thrown open to the public, ET explained.

TikTok is testing private dislike button for comments

TikTok revealed that it has started testing a way for users to identify comments that they think are irrelevant or inappropriate, according to a report by TechCrunch. The company informed TechCrunch that users will be able to flag these comments via a private dislike button. The new feature is currently being tested in select regions, excluding the United States, the report added.

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Rapido Raises $177.5 Mn from Swiggy, TVS Motor

Rapido, a Bengaluru-based bike taxi startup, has raised around $177.5 Mn in a funding round led by food delivery aggregator Swiggy, Inc42 reported. The round also saw participation from another new investor TVS Motors, Inc42 added.

Tencent cuts off access to foreign, unapproved games for Chinese gamers

Tencent Holdings has shut down a service that allowed Chinese gamers to access overseas platforms to play unapproved foreign games, Reuters said in its report. It is a sign of tightening compliance as Chinese regulators more closely scrutinize the industry, the news agency explained.

Bank Of India approaches NCLT against Future Retail over loan default

A petition has been filed by the Bank of India (BoI) to start insolvency proceedings against debt-ridden Future Retail that also runs Big Bazaar stores, at the National Company Law Tribunal (NCLT, Inc42 revealed in a report. Future Retail Ltd (FRL) has missed the due date for repayment of INR 5,322.32 Cr to lenders on account of the ongoing litigation with e-commerce giant Amazon and other related issues, Inc42 continued.

Google announces investment of $9.5 billion in US offices, data centers

Google plans to invest about $9.5 billion in U.S. offices and data centers this year, up from $7 billion in 2021, as it opens new branches and expands existing facilities, The Wall Street Journal reported. The company said that the investment will create mat least 12,000 jobs in different US states, The WSJ added.

Fake news of Tesla acquiring lithium miner sent its stock up over 250%

Tesla’s stock went up over 250 per cent after Tesla fans propagated fake news of the acquisition of lithium mining firm Lithium Corporation on Twitter, IANS said in a report. Some of these accounts, which have been known to spread misinformation in the past, were promoted by Elon Musk himself, the report added.

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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