Meta apologises over lapses; Ola Electric shares surge
Meta apologised for lapses on its platforms during a meeting with IT Secretary S Krishnan. This and more in today’s ETtech Top 5.
Meta issued an apology to IT Secretary S Krishnan for lapses on its platforms, including Child Sexual Exploitative and Abuse Material (CSEAM), deepfakes, and operational mistakes on Facebook. The company also admitted to spending significant amounts to promote certain content. The meeting occurred as a US court directed social media firms to remove abusive and AI-generated content, including deepfakes, targeting Nitin Gadkari.
Ola Electric shares rose 7.5% following an agreement with Axis Energy to deploy up to 20 GWh of battery energy storage systems by 2032. Axis Energy and investment firms Elevation Capital and Peak XV Partners sold a stake in Meesho, causing the company's shares to fall. Freshworks reported profitable Q2 revenue growth and raised its FY27 revenue outlook.
OfBusiness is considering a revival of its IPO plans, potentially raising $800 million. GCCs are expected to hire 200,000 employees in FY27, while IT services firms are projected to add 115,000-135,000.
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