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WSJ Tech News Briefing

TNB Tech Minute: Google Drops DEI Targets, Following Silicon Valley Trend

WSJ Tech News Briefing

The Wall Street Journal

Tech News, News

4.31.7K Ratings

🗓️ 5 February 2025

⏱️ 3 minutes

🧾️ Download transcript

Summary

Plus, banks wrapped up the sale of $5.5 billion in debt backed by X, showing that investors are eager to bet on Elon Musk given his proximity to President Trump. And Uber’s earnings disappoint even as it highlights plans for the arrival of robotaxis. Pierre Bienaimé hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Americans love using their credit cards, the most secure and hassle-free way to pay.

0:04.0

But DC politicians want to change that with the Durban Marshall Credit Card Bill.

0:08.0

This bill lets corporate megastores pick how your credit card is processed,

0:13.0

allowing them to use untested payment networks that jeopardize your data security and rewards.

0:18.0

Corporate megastores will make more money and you pay the price.

0:22.1

Tell Congress to guard your card because Americans lose when politicians choose. Learn more at

0:28.1

guard your card.com.

0:32.3

Here's your TNB Tech Minute for Wednesday, February 5th. I'm Pierre Bienn-A for the Wall Street Journal.

0:38.6

We're exclusively reporting that Google is eliminating goals to hire more minority employees.

0:44.3

In an email to employees today, the company said it would no longer set hiring targets to improve representation in its workforce.

0:51.3

It's also reviewing some diversity, equity, and inclusion programs in light of

0:55.4

recent court decisions and executive orders by President Trump aimed at curbing DEI in the government

1:01.2

and federal contractors. Google's moves are part of a pullback across Silicon Valley. The company

1:07.5

said it would maintain its resource groups for underrepresented employees.

1:12.6

Wall Street is clamoring to get a piece of X. According to people familiar with the matter,

1:17.8

banks wrapped up the sale of $5.5 billion in debt backed by Elon Musk's social media company today.

1:24.6

Investors, including Pimco and Citadel, agreed to buy the loans at 97 cents on

1:29.1

the dollar. The floating rate debts carry an interest rate of about 11%, with borrowing costs

1:34.6

several percentage points above even the riskiest loans on Wall Street. The sale shows that investors

1:40.4

are eager to bet on Musk, given his proximity to President Trump.

1:49.7

At a meeting with potential investors last week, X reported 2024 adjusted earnings before interest, taxes, depreciation, and amortization of about $1.25 billion, and annual revenue

1:56.4

of $2.7 billion. And Uber stock fell after the company reported lower than expected operating income.

...

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