South Korean Fines Google ₩42.1bn; Twitter "No Longer Exists" as Musk Merges with X Corp

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.

South Korea fines Google for anticompetitive conduct

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.

Twitter “no longer exists” following merger with X Corp


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”. 

Nasdaq listing for Arm imminent

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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Fact of the Day

£24.3bn - the amount SoftBank purchased Arm for in 2016.

Source: Financial Times