Your 90-second guide to the day in tech

- May 6, 2021 2 MIN READ
Donald Trump

It’s Thursday and who knew buying an Xbox was a bargain?

Here’s the news from around the world.


Trump’s Facebook comeback?

While Facebook’s independent oversight board may have decided to back the company’s January suspension of former President Donald Trump from both Facebook and Instagram, they added that an indefinite suspension “was not appropriate” leading to speculation that Trump could make a return.

The board said Facebook needs to review the suspension within six months “and justify a proportionate response that is consistent with the rules that are applied to other users of its platform”

Facebook responded with a blog post Trump’s accounts remain suspended, and they “will now consider the board’s decision and determine an action that is clear and proportionate”.

Trump, claiming once again that he won the election, responded calling Facebook, Twitter, and Google “a total disgrace and an embarrassment to the US.

“These corrupt social media companies must pay a political price, and must never again be allowed to destroy and decimate our Electoral Process,” he said.


Xbox losses

The Epic v Apple App Store trial is underway in California and among those testifying was Microsoft gaming executive Lori Wright. And it turns out that the company sells the Xbox console at a loss.

In 20 years, it’s never made a profit from the hardware.

Wright went on to explain that subscription services, in this case to services such as Xbox Live Gold and Xbox Game Pass subsidise the losses on the console.

More on it here.


Tiger prowls

US investment firm Tiger Global Management, which has its name attached to nearly every major round right now, is reportedly looking for another US$10 billion (A$13bn) for a new fund, its 15th, according to Axios.

It comes just a month after it raised a US$6.7 billion venture fund.

MedAdvisor raises $5.25m

AXS-list medtech venture MedAdvisor (ASX: MDR) has raised an additional A$5.25 million, led by Perennial Value Management, at $0.30 per share, a 7.1% premium to the last traded price, but 4.4% discount to the 5 day VWAP of $0.31. $MDR shares will resume trading on ASX from market open today. 

CEO Robert Read said: “This capital injection puts MedAdvisor in a strong cash position as we continue to execute on significant growth opportunities and fast-tracking strategic digital US initiatives,” said MedAdvisor 

MedAdvisor has also executed a non-binding term sheet with San Francisco-based Partners For Growth VI,vfor a 3-year loan facility of up to US$9 million (A$11.7m).


Afterpay’s virtual card deal

Global card issuing platform has partnered with Afterpay (ASX: APT) to issue “virtual cards” as part of its in-store solution in the ANZ market.   

The Marqeta platform allows cards to be instantly issued and provisioned immediately into a mobile wallet and helped power the launch of Afterpay’s in-store digital card product. The two fintechs have also partnered in the US and Canada.

Lagan, director of international expansion for Afterpay said that through the Marqeta deal: “we are able to give our customers the same seamless and convenient payment experience whether they are shopping online or in person”.


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