The week’s news included; Tesla shareholders approve Musk’s $56bn pay deal, Barclays suspends Live Nation event sponsorship amid boycott, Steam owner sued for £656m, Man sues Apple after infidelity exposed via iCloud.

Below are our top 10 stories that you need to know about. Be sure to check our X page, Facebook page, TikTok page and Instagram Page, for regular posts of important headlines. Get all the important stories and insights straight into your inbox by subscribing to our mailing list here.

Opinion articles of the week: 

  • Campaign Live – Why more brands are showing up at niche festivals.
  • BBC News – Dan’s the man: Why Chinese women are looking to ChatGPT for love
  • City A.M. – Tesco, Sainsbury’s, Aldi: Who owns Britain’s biggest supermarkets after Asda takeover?

1. TESLA APPROVES $56BN PAY PACKET

Tesla shareholders have voted to approve Elon Musk’s $56 billion pay packet after a Delaware court blocked it earlier this year. Shareholders also approved a plan to move Tesla’s headquarters to Texas. Tesla’s board have fought for Elon Musk to receive his package as he has reportedly not been paid by Tesla since 2018. Shareholders have now voted in favour of it and while this vote is not binding, the initial court judgement blocked the pay packet on the basis that it was unfair to shareholders. The vote indicates that shareholders overwhelmingly support the pay packet. Whether the court will restore the pay packet based on this vote remains to be seen. 72% of investors who voted, voted to approve the pay packet. The judgement by the court in Delaware triggered Musk to move the headquarters from Delaware to Texas. The deal was already agreed in 2018 as Musk had met profit, sales and share price goals. Musk will receive 300 millions shares in Tesla, roughly 10% of the share capital. 

2. APPLE TO BRING CHATGPT INTO IPHONES

Apple is set to integrate OpenAI’s ChatGPT into Siri and its operating system. The new personalised system will be called Apple Intelligence and will boost iPhone and Mac systems. Apple Intelligence will not be a standalone app and will instead merge ChatGPT into existing tools and upgrade Siri’s intelligence. Historically, Apple has been reluctant to integrate outside products into its operating systems. There must be a recognition within Apple however, that it risks falling behind in the AI battle as Microsoft and Google lead the charge among large tech giants. There are still privacy concerns about this deal and over how much user data will be shared with OpenAI. 

3. GAMESTOP RAISES $2BN

Video game shop GameStop has raised $2 billion in its latest share sale following recent market rallies. Individual investors poured into GameStop after posts by investment influencer Roaring Kitty. GameStop shares have doubled in the past six months after a long period of decline.  The video game retailer benefited from those investors seeking to counter institutional investors like hedge funds who short sell GameStop shares, driving down prices. Over the past month, GameStop’s share price had risen so much that it undertook share sales to raise much needed cash. The company raised $2.137 billion from the sale of 75 million shares. Although its share price is down from the peak of the frenzy, its still well above where it’s been in previous months. Whether GameStop can turn a corner remains to be seen.

4. STEAM OWNER SUED FOR £650M

Valve Corporation, the owner of PC video game platform Steam has been sued for £656 million for abusing its market dominance. Digital rights campaigners have sued the company for overcharging 14 million UK customers through anticompetitive practices. Steam allegedly forces game publishers to agree not to offer their titles for lower prices on rival platforms. Such conduct breaches competition law and pushes up prices for customers, according to the claim. Steam also charges commission of up to 30% on sales. A claim against Valve has been filed with the Competition Appeal Tribunal. Steam is the largest platform for downloading PC games. The platform sold 580 million games last year and turned over $9 billion globally.

5. BARCLAYS SUSPENDS LIVE NATION SPONSORSHIP

Barclays has suspended its sponsorship of all events run by Live Nation this year following boycotts by music artists. Festivals including Download; Latitude and Isle of White will all lose their sponsorship from Barclays temporarily. Several artists pulled out of festivals due to Barclays’ ties with arms companies that supply Israel’s military. Artists are pressuring Barclays to debank these companies. Over 100 artists boycotted Brighton’s Great Escape as part of this action. Barclays signed a 5-year sponsorship deal with Live Nation last year. This suspension is expected to be temporary but will last for the remainder of the year. Barclays customers who hold tickets to Live Nation festivals are not affected and their tickets remain valid. 

6. MUSK DROPS OPENAI LAWSUIT

Elon Musk has dropped his lawsuit against OpenAI after he claimed they have abandoned their not-for-profit mission. OpenAI was set up as a non-profit, open source mission made to “benefit humanity”. Although Musk left OpenAI in 2018, these principles formed part of the Founding Agreement upon which Musk agreed to help set up the firm. Musk claimed however, that now OpenAI is focused on maximising profits for its main investor, Microsoft, abandoning this contractual agreement. OpenAI rejected the allegations and called them “incoherent” and “frivolous”. Musk has now dropped the lawsuit but no reason was given. This comes as OpenAI has been facing criticism for how it operates. High profile safety leaders have left the firm due to concerns over the firm’s conduct while Musk also criticised OpenAI’s deal with Apple (see above) calling it a privacy nightmare. 

7. TEMU BIDS ON 84 TRADEMARKS IN 2 MONTHS 

Temu has bid on the trademarks of over 80 brands in the past two months. Bidding on a trademark is also called keyword advertising and it allows companies to boost their visibility in Google search results. The use of keywords trademarked by other companies in ads ultimately boosts revenues. Temu has used keywords of 84 brands on Google and Bing to promote their own products over a two month period. UK law allows companies to bid on trademarks unless the ad would create confusion about the origin of the product. Dr Martens recently sued Temu over this issue (see previous top 10). Dr Martens claimed Temu’s knock off boots were appearing before its own genuine products. City A.M. looks closer at the matter.

8. JLR INVESTS TO COMBAT THEFT

Jaguar Land Rover is investing £1 million to help UK police fight vehicle thefts. According to many reports, Range Rovers are the most stolen cars in the UK. While this has been disputed by Range Rover, it remains one of the most targeted vehicles on the market. Criminals regularly exploit the cars’ keyless entry system to conduct thefts. JLR’s Range Rovers start from £104,000 while Range Rover Sport vehicles cost £75,000. JLR’s investment will support intelligence gathering and police operations in hotspots. The company has also been working to make its vehicles less susceptible to theft. 

9. WELLS FARGO FIRES MOUSE-JIGGLERS

US bank Wells Fargo has fired a number of employees who faked keyboard activity to pretend they are working. The workers would move their mouse or press buttons every few minutes to give the impression that they were actively working when they were not. Wells Fargo operates a hybrid model. New rules in the US require firms to inspect brokers’ work from home set up every three years. It is not clear how this batch of workers at Wells Fargo were found to have been faking activity.  Some companies use systems to track keystrokes, eye movements and screenshot employees screens to monitor employee activity. The use of such technologies spiked over the pandemic as firms wanted to track productivity. It is not clear whether Wells Fargo deploys this is not yet known.

10. UK MAN SUES APPLE AFTER INFIDELITY EXPOSED

A man in the UK is suing Apple as his infidelity was exposed after his wife found “deleted” messages on his Apple account. The man had been having relations with escorts for a number of years and deleted messages on his iPhone. Messages sent on his iPhone were, however, automatically synchronised to the iCloud, available on his family Mac. His wife ultimately saw these messages sent over years and divorced him. The man lost £5 million in the divorce and is seeking damages from Apple. He claims the tech giant failed to make it clear that messages have been synchronised to iCloud even when deleted. He is also calling on other affected people to join his case against the firm.

Apple will undoubtedly have clauses absolving them from liability for the contents of messages. Furthermore, Apple’s support pages detail how to delete messages in iCloud and even unsend messages. This case appears dead in the water but law firm Rosenblatt has taken the case.