Financial crime and bribe concept. Human hands giving and taking money bribe doing corruption over blue background vector illustration
In today's ExchangeWire news digest: Google fined in South Korea for stifling rival app store; Elon Musk merges Twitter with X Corp on the road towards creating an "everything app"; and Masayoshi Son reportedly prepares to sign off on a Nasdaq listing of Arm.
Google has been slapped with a fine of ₩42.1bn (~£25.6m) in South Korea for abusing its market dominance to diminish competition. South Korea’s Fair Trade Commission stated that the tech giant stymied the growth of One Store Co., the nation’s leading app store, through anticompetitive practices.
Billionaire Elon Musk has made a significant stride towards his master plan to create an “everything app” by merging Twitter with X Corp. The merger was revealed only after lawyers for the social media company were forced to disclose it as part of ongoing legal action, with a court filing confirming, “Twitter, Inc. has been merged into X Corp. and no longer exists”.
SoftBank chief executive Masayoshi Son is reportedly set to sign off on an agreement to list chip designer Arm on the Nasdaq Stock Exchange. Set to go ahead this week, the agreement would signal the company’s first official step towards an IPO for Arm and end rumours of plans to sell.
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£24.3bn - the amount SoftBank purchased Arm for in 2016.
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