Silicon Valley Tech News Roundup – October 8th
EV buyers to receive an instant rebate for purchases in 2024 – 10/6
On Friday, the Treasury Department released a new guidance that outlines how car dealers can give instant rebates to buyers of electric vehicles. The starting date for the guidance is January 2024.
According to the new electric vehicle tax credit (also known as the clean vehicle tax credit), electric car dealers can lower the price of the vehicle by as much as $7,500 at the point of purchase. That way, the buyers do not have to wait until they file their taxes to claim the credit. Car dealers can apply the credit at the time of the purchase or provide the rebate in cash.
The new electric vehicle tax credit is a part of the Inflation Reduction Act of 2021. It is the Biden administration’s latest push to fight climate change. The administration wants to bring down the cost of EVs with the hopes more people will buy them and consider them for their next purchase in order to make EVs 50% of car sales by 2030.
Some car dealers expressed concerns over footing the bill to the customers while they wait for the government to pay them back. However, the IRS claims dealers will receive the repayments within 72 hours and will be able to track the transaction in real-time via an online portal.
SEC sues Musk for refusing to cooperate on Twitter investigation – 10/6
The Securities and Exchange Commission (SEC) filed a lawsuit in federal court after Elon Musk stated he would no longer cooperate with the regulator’s investigation into the Twitter purchase deal.
SEC is asking the federal court to force Musk to comply and sit for the third testimony session about the deal. SEC launched an investigation into Musk’s acquisition of Twitter last year. It is investigating whether Musk broke securities laws with his 2022 stock purchases before he bought the company and his statements about his investments.
The Securities and Exchange Commission received a letter from Musk’s legal team saying he refuses to appear as requested. Alex Spiro (Musk’s lawyer) said in the letter: “Unchecked government action is dangerous, and the record here is troubling. Mr Musk declines to acquiesce in the Commission’s incursions and therefore refuses to appear as you demand.”
Twitter is testing three paid subscription tiers – 10/6
According to a report published by Bloomberg, X (formerly known as Twitter) is testing out three paid subscription tiers as a way to get out of financial difficulties.
A developer investigated the app’s source code after the latest iOS update to get more information. Bloomberg reports the three subscription tiers would be Basic, Standard, and Plus. Users in the Basic tier will see a regular amount of ads (labeled or unlabeled). Users in the Standard tier will see half the amount of ads. It is the same amount of ads people who currently pay $8 a month for a blue verification check see at the moment. Twitter users who opt for the Plus tier will see no ads.
The company did not confirm the news about new subscription tiers. Likewise, there is little information about additional perks that would be available to users who decide to pay for a subscription.
According to a report by Reuters, Twitter’s ad revenue continued to drop monthly ever since Musk purchased the platform. Meanwhile, Bloomberg claims the new CEO Linda Yaccarino is telling lenders advertisers are returning to the platform but with reduced budgets.
SpaceX sued for discrimination against women and minorities – 10/6
Ashley Foltz, a former engineer with SpaceX, filed a lawsuit against the company at the California state court on Tuesday. She alleges the company discriminated against women and minorities. Foltz’s annual salary was $92,000. Males in the same position and with the same qualifications received $115,000.
Foltz discovered the difference in salary after the California pay transparency law came into effect. It requires employers to include a pay scale for job postings. According to a report by TechCrunch, Foltz claims in her lawsuit SpaceX uses various job titles for the same work positions to pay less to women and minorities than their white male counterparts.
SpaceX did not reply to requests for comments.
Last week, a group of Black workers sued Tesla (also owned by Elon Musk) for racial discrimination and harassment.