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Elon Musk's proposal to cut federal spending by $1 trillion is alarming tech investors, particularly those in companies reliant on government contracts. Major firms like Microsoft, Oracle, and Accenture may face revenue pressures, with some stocks already dropping over 20% since the last election. Earnings growth forecasts for software and services firms in 2025 have been revised down to 11.6%, reflecting heightened investor caution despite Musk's assurances regarding his commitment to the Department of Government Efficiency (DOGE).
DOGE has terminated over 120 contracts with Deloitte, totaling more than $1.16 billion, claiming to save taxpayers approximately $371.8 million. This move, part of a broader effort to cut government spending, has significantly impacted consulting firms reliant on federal contracts, with analysts warning of potential revenue declines and job losses in the sector. The cuts follow a directive from the General Services Administration for consultancies to identify non-essential contracts, reflecting the administration's focus on fiscal responsibility.
Tim Stokely, founder of OnlyFans, has teamed up with social media startup Zoop and the Hbar Foundation to bid for TikTok's US operations, as the platform faces a deadline of April 5 to sell or face a ban. Zoop's CEO RJ Phillips confirmed that the sale process is managed by the White House, not ByteDance. Other bidders include Amazon and a consortium of Oracle and Blackstone, while a proposal for ByteDance to retain TikTok's algorithm would need Chinese government approval.
Venture capital firm Andreessen Horowitz (a16z) is reportedly considering an investment in TikTok as part of an Oracle-led bid, amid concerns of a potential ban in the U.S. on April 5 unless the platform shifts to non-Chinese ownership. This proposal is among the leading options being evaluated, with a16z having a history of significant investments in major social media platforms.
OpenAI's current funding round, valued at $40 billion, risks a $10 billion cut unless the company transitions to a for-profit model by December 31. SoftBank's investment would decrease from $30 billion to $20 billion, while Microsoft and other investors are expected to maintain their commitments. The restructuring, which requires approval from Microsoft and the California Attorney General, faces legal challenges, including one from co-founder Elon Musk.
Lloyds Banking Group has expanded its strategic partnership with Oracle to enhance its digital transformation through a multicloud infrastructure, migrating critical databases to Oracle Database@Azure. This hybrid approach combines Oracle's high-performance database services with Microsoft Azure, enabling faster innovation and improved customer experiences while ensuring compliance and operational resilience. The collaboration positions Lloyds as a leader in cloud adoption within the financial services sector, streamlining its technology transformation journey.
Elon Musk tops Forbes' 2025 Billionaire's List with a net worth of $342 billion, followed by Mark Zuckerberg at $216 billion and Jeff Bezos at $215 billion. The list features 3,028 billionaires worth a combined $16.1 trillion, with the majority residing in the United States.
Forbes' latest annual billionaires list reveals a record 3,028 billionaires, collectively worth $16.1 trillion, an increase of $2 trillion from last year. Elon Musk tops the list with $342 billion, followed by Mark Zuckerberg and Jeff Bezos. Public sentiment towards billionaires is mixed, reflecting both their growing influence and increasing scrutiny.
Vietnam's fintech landscape is rapidly evolving, with QR code payments now dominating transactions, replacing cash as the primary payment method. Major players like MoMo and ZaloPay are transforming into AI-powered super apps to adapt to regulatory changes and a funding drought. Meanwhile, efforts are underway to regulate cryptocurrencies, moving them out of a legal gray area.
MaxIQ, an AI-driven revenue solutions platform for B2B SaaS companies, has appointed Sastry Malladi as its new chief technology officer. With over 30 years of experience, Malladi will enhance the platform's capabilities, focusing on sales forecasting, customer onboarding, and revenue management. This announcement follows a recent $7.8 million seed funding round led by Dell Technologies Capital and Intel Capital.
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musk's trillion dollar spending cuts raise concerns for tech investors
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11:30 01.04.2025
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