Twitter to Turn to Video in Major Revamp; Intel to Invest Billions in Israel Chip Plant

by Hannah Dillon on 20th Jun 2023 in News

In today's ExchangeWire news digest: Twitter reveals plans to prioritise video to investors; Intel agrees to invest billions in a new chip plant in Israel; and the UK clears Amazon's planned purchase of Roomba-maker iRobot Corp.

Twitter overhaul to focus on video, commerce

An exclusive report from Reuters has revealed that Twitter is planning a revamp of its business operations which will prioritise video, creator, and commerce partnerships. The planned reshuffle, relayed in a presentation to investors by Twitter owner Elon Musk and CEO Linda Yaccarino, is intended to bolster the microblogging site's business beyond digital advertising. Yaccarino also told investors that Twitter is in early discussions with political and entertainment figures, payments services and media outlets on potential partnerships.

Intel to spend USD$25bn on Israel chip plant

Intel has agreed "in principle" to spend USD$25bn (~£19.4bn) on a new chipmaking plant in Israel. The investment, announced on Sunday (18th June) by Israel's prime minister Benjamin Netanyahu was confirmed by the tech giant, who stated it had "submitted a business plan to upgrade its manufacturing facilities in Israel”. Intel previously announced it would invest USD$10bn (~£7.7bn) into the project in 2021, with the latest boost signalling the company's intent to bolster its manufacturing footprint following a period of under-investment.

UK regulator clears Amazon-iRobot Corp deal

The UK's Competition and Markets Authority (CMA) has cleared Amazon's planned USD$1.7bn (~£1.3bn) purchase of Roomba-maker iRobot Corp. The regulator stated on Friday (16th June) that it had concluded the acquisition would not prompt competition concerns within the UK market. A spokesperson for Amazon said the company was "pleased with the UK Competition and Markets Authority's decision and are committed to supporting regulatory bodies in their work".