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Elon Musk puts Twitter’s value at just $20 billion

Elon Musk values Twitter at $20 billion, less than half of the $44 billion he paid for it five months ago, according to an internal email. Musk said the platform was on the verge of bankruptcy and faced grave financial difficulties, with a drop of $1.5 billion a year in revenue and a debt-servicing burden of the same amount. Musk plans to allow Twitter employees to cash in shares every six months and sees a “clear but difficult path” to a valuation of $250 billion.

South Korea to seek extradition of crypto fugitive Do Kwon

South Korea will seek the extradition of fugitive crypto entrepreneur Do Kwon, prosecutors told AFP Friday, after the Terraform founder was arrested in Montenegro and hit with US fraud charges.

US due diligence firm says 5 Chinese staff in Beijing office detained

Chinese authorities have detained five employees of US due diligence firm Mintz Group’s Beijing office and closed its operations there. Mintz has retained legal counsel and requested the authorities release its employees, stating it operates transparently and ethically, in compliance with applicable laws and regulations in China. The firm specializes in conducting investigations into fraud, corruption and workplace misconduct allegations, as well as background checks.

North Korea says it tested new underwater nuclear attack ‘drone’

North Korea claims it has tested an underwater nuclear attack drone capable of creating a “radioactive tsunami” to destroy enemy naval groups and operational ports. Analysts, however, have cast doubt on the regime’s claims, with some suggesting it could be an attempt at deception or a psychological operation. North Korean leader Kim Jong Un oversaw the tests, which come after the US and South Korea carried out their largest joint military drills in five years. Pyongyang views such exercises as rehearsals for invasion and has threatened “overwhelming” action in response.

UBS, Credit Suisse tie-up may not lead to Swiss bliss

The Swiss National Bank has acknowledged that the merger of UBS and Credit Suisse to prevent a global financial crisis could create competition issues and cause domestic problems in Switzerland. While UBS was already the largest bank in Switzerland, the acquisition of Credit Suisse will make it even bigger, and the resulting megabank would need careful attention to address competition concerns. Despite this, the SNB has assured that the Swiss banking industry remains resilient and robust. However, the formation of a bigger bank will present greater systemic risks and must comply with more stringent regulations.

People smugglers use TikTok to promote their services

People smugglers are using TikTok to advertise their services, posing a challenge to Mexican and US authorities fighting a regional migration crisis. Dozens of accounts were found offering to smuggle irregular migrants through the violence-wracked Mexican border state of Tamaulipas, among other regions. The advertising violates TikTok’s rules, which prohibit the “promotion and facilitation of criminal activities.” Mexican authorities have formed specialized cells to counter the threat posed by people smugglers on social media. More than 7,600 migrants have died or disappeared in transit in the Americas since 2014, according to the International Organization for Migration.

TikTok chief faces US Congress as lawmakers mull ban

TikTok CEO Shou Zi Chew faced skeptical lawmakers in Washington over the company’s alleged ties to the Chinese government. The video-sharing app, owned by Chinese company ByteDance, is under pressure from Western countries to cut ties with China or face a ban. Chew, a 40-year-old Singaporean, assured lawmakers that ByteDance is not an agent of China and that TikTok has never shared US user data with the Chinese government. However, several pieces of legislation are already paving the way for a potential ban of the app.

Chinese military says ‘warned’ US warship to leave South China Sea

China’s military tracked and warned a US warship to leave waters claimed by Beijing in the South China Sea, despite overlapping claims by the Philippines, Vietnam, Malaysia, and Brunei. The US sends naval vessels through the region to assert freedom of navigation in international waters, while China has built artificial islands with military facilities and runways.

TikTok users protest proposals for US ban at Congress

TikTok content creators protested against a potential ban on the app at the US Capitol, arguing that the platform is no more prone to data breaches than other apps. A group of around a dozen teenagers, teachers, and business owners rallied at Congress to draw attention to the benefits of TikTok on their lives and livelihoods.

Foreign students petition UK PM to retract ‘unjust’ visa revocation order

Foreign students deliver a petition to the British PM Rishi Sunak, requesting the revocation of an “unjust” visa revocation order. The order was issued in response to a decade-old English test scandal undercovered by BBC.