Meta’s financial arm, Meta Financial Technologies, is exploring the creation of a virtual currency for the metaverse. The currency, referred to as “Zuck Bucks” by Meta employees, is not expected to be a cryptocurrency based on the blockchain. Meta aims to introduce in-app tokens that the company would control, like those used in gaming apps like Roblox. Earlier this year, Meta abandoned its Diem cryptocurrency project following heavy regulatory scrutiny of the project. More: - The company is also considering introducing “social tokens” or “reputation tokens,” which could be issued as rewards for meaningful contributions to Facebook groups.
- Meta is also exploring creator coins for influencers on its Instagram platform.
- The company is also exploring traditional financial services focusing on offering small business loans at lower rates.
- Meta has held talks with potential lending partners.
- Meta has been seeking alternative revenue streams and exploring new features that would attract and retain users.
- In February, Meta shares dropped more than 25% after it reported that users were spending more time on other platforms like TikTok.
- The company has lost more than $220B in market value.
- Last month, CEO Mark Zuckerberg announced that the company would be adding NFTs to its Instagram platform.
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On Wednesday, White House senior officials met with the leaders of top U.S. automakers, including General Motors CEO Mary Barra and Tesla CEO Elon Musk. The meeting focused on EVs and U.S. funding to build a network of 500,000 charging stations across the country. According to the White House, there was a general consensus that EV charging stations should be interoperable to provide a seamless experience for the user, regardless of what car is driven. More: - Others in attendance included leaders from Ford, Lucid, Nissan Americas, Toyota North America, Mercedes-Benz USA, Subaru of America, Mazda North America, and Kia Motors America.
- Musk has often been at odds with the White House, frequently sending tweets criticizing President Biden for not acknowledging Tesla’s EV contribution.
- Musk has repeatedly complained of not being invited to the White House when the administration meets with U.S. automakers.
- In February, President Biden publicly acknowledged Tesla’s role in U.S. EV manufacturing for the first time.
In related news: - Tesla is holding an event on Thursday dubbed “Cyber Rodeo” to mark the opening of its $1.1B Gigafactory in Austin, Texas.
- About 15,000 people are expected to attend the event, scheduled to run from 4 p.m. CT to midnight.
- Musk will give a talk around 9 p.m.
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 A message from MALWAREBYTES Is your current cyberprotection catching all the threats? Remote work has changed our use of tools across cloud collaboration, cybersecurity, backup, and other solutions. We asked people who look after security* for their organizations what is changing in their environment: - 78% report an increase in the use of cloud storage platforms
- 76% saw in increase in the use of video conferencing
- 73% noted an increase in the use of identity management and cloud access tools
- 72% reported an increase in the use of instant messaging
- 71% noted an increase in the use of cybersecurity and antivirus tools
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Warren Buffett’s Berkshire Hathaway has taken an 11% stake in computer maker HP Inc, becoming the company’s largest shareholder. According to an SEC filing, Berkshire bought about 121 million shares of HP worth about $4.2B based on the company’s closing price on Wednesday. News of the purchase sent HP stock up more than 17% in morning trading Thursday. It closed at $40.06 a share, up ~14.8% for the day. More: - Before the announcement, HP stock had gained less than 50% since Oct. 2009.
- Berkshire’s stake in HP marks another investment from the firm since Buffett’s letter in February, where he noted there were not many attractive investments available.
- Berkshire had about $146B in cash and cash equivalents.
- Last month, Berkshire announced it bought insurance conglomerate Alleghany for $12B.
- Berkshire has also been buying up shares of Occidental Petroleum; the firm owns a 14.6% stake in the oil company.
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The SEC is investigating Amazon for some of its business practices, particularly how the company handled disclosures of its employees’ use of data from sellers on its e-commerce platform. According to people familiar with the situation, the SEC has requested emails and communications from several senior Amazon executives. More: - In 2020, the Wall Street Journal reported that Amazon regularly used individual third-party seller data to develop Amazon-branded products that it sells on its platform.
- Amazon denied using individual data when making product decisions.
- Last month, members of the antitrust subcommittee of the House Judiciary Committee referred Amazon and some of its top executives to the Justice Department for potentially obstructing Congress during an investigation into its business practices.
- The SEC’s probe has been going on for over a year.
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 A message from MALWAREBYTES Top trends in remote work and collaboration. Remote work has changed our use of tools across cloud collaboration, cybersecurity, backup, and other solutions. We asked people who look after security* for their organizations what is changing in their environment: - 78% report an increase in the use of cloud storage platforms
- 76% saw in increase in the use of video conferencing
- 73% noted an increase in the use of identity management and cloud access tools
- 72% reported an increase in the use of instant messaging
- 71% noted an increase in the use of cybersecurity and antivirus tools
There has never been a better time to get your team’s data, devices and servers protected. Scan, clean and protect all your devices and servers in one easy-to-use console. During our Spring Sale, save 25% for a limited time. Compare Savings *Malwarebytes 2022 Still Enduring From Home report
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Robinhood officially rolled out its cryptocurrency wallet to over 2 million customers that have been on the waiting list for the digital product. Company Chief Product Officer Aparna Chennapragada made the announcement on Thursday at the Bitcoin 2022 conference in Miami. Robinhood initially announced the crypto wallet in September, testing the wallet with select users and making changes based on their feedback. More: - Robinhood's wallet allows users to trade crypto outside of Robinhood's trading platform, including trading NFTs.
- Chennapragada said Robinhood plans to play a very active role in crypto and shaping the industry.
- Robinhood also announced it is working on allowing customers to use the Lightning Network, a blockchain platform designed to make Bitcoin transactions faster and cheaper.
- Chennapragada said Bitcoin is the most purchased item on Robinhood's platform, more than many popular stocks.
NOTE: Inside.com's founder and CEO, Jason Calacanis, is an investor in Robinhood.
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Belgium-based Euronav NV and Norway’s Frontline Ltd., two of the world’s largest oil shipping companies, have agreed to merge in an all-stock deal valued at $4.2B. Euronav shareholders will receive 1.45 Frontline shares for each Euronav share. The exchange would result in Euronav shareholders owning 59% of the merged company and Frontline shareholders with 41%. The merger will create the world’s largest crude oil tanker fleet by capacity. More: - In a statement, Euronav chairman Carl Steen said the traction would deliver real value for both sets of shareholders.
- Frontline founder John Fredriksen said the combined company would offer more value to customers and increase fleet utilization and revenues.
- The new entity will have 69 large crude oil carriers, which hold about 2 million barrels of oil each, and 57 Suezmaxes, which hold about 1 million barrels of oil.
- The new company will also own 20 LR2 and Aframax tankers for transporting oil products.
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Quick Hits - The Senate voted 53-47 on Thursday to confirm Judge Ketanji Brown Jackson as the 116th Supreme Court justice. Judge Jackson will be the first Black woman to join the Supreme Court.
- Unemployment claims fell to 166,000 for the week ended April 2, the lowest level since 1968. Unemployment claims dropped 5,000 from the previous week.
- On Thursday, the U.S. Congress voted to ban imports of Russian oil, gas, coal, and other energy products. The Senate voted 100-0, and the House voted 413-9. President Biden will sign the legislation into law.
- Walmart increased the starting salaries for its truck drivers to between $95,000 and $110,000 a year. The retail giant is also expanding its train program for existing workers who want to become drivers.
- Shell expects to take a $5B hit in Q1 related to its decision to exit its Russia operations.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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