Weekly Highlights: Tesla's Cheap Car, Apple Pays Settlement And More
January may not be the most exciting month of the year, but there were some headline-grabbing stories during the third week of the month.
Tesla (NASDAQ: TSLA), for example, gained the attention of investors and consumers alike after the company reiterated its plans to release a lower-cost vehicle within three years.
Apple (NASDAQ: AAPL) paid more than $30 million to settle a dispute with the FTC.
Starbucks (NASDAQ: SBUX) ran into some trouble when a security researcher uncovered an unexpected vulnerability in the firm's app.
And OpenSesame raised $8 million.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this slideshow.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tesla's First Affordable Car Is Coming
Consumers could soon be able to purchase the first affordable vehicle from Tesla.
Elon Musk, Tesla's Chairman, Product Architect and CEO, recently said that the company's first $35,000 vehicle should arrive in three years.
This falls in line with the company's previous estimate.
In June 2013, Musk famously said that he expected the automaker's first $35,000 vehicle to arrive in three or four years.Image Source: Wikimedia Commons
Apple Paid $32.5 Million To Settle With The FTC
The Federal Trade Commission wasn't too happy with Apple last year.
Many iPhone users complained that the in-app purchases were too easy to execute.
This allowed small children to spend a fortune on free-to-play games that profited from the sale of in-game items.
Apple may have gotten off easy though. The $32.5 million penalty is rather small compared to the millions of iPhone users that could have joined together for a class-action lawsuit.Image Source: Wikimedia Commons
Amazon's Union Vote: Nothing To Worry About?
Wedbush analyst Michael Pachter does not think that Amazon has anything to worry about.
He told Benzinga that it is "pretty irrelevant if there is a union in one location."
"They have over 100,000 employees, and unionizing 1,000 of them might raise costs on 1% of their workforce," said Pachter. "It's a rounding error."
Pachter does not believe that one union could spread and lead to other unions at Amazon facilities across the country.Image Source: Wikimedia Commons
Groupon's Ideeli Acquisition May Not Be Ideal For Overstock
Groupon is on a mission to acquire tech and talent.
The daily deals giant recently picked up Ideeli, an online flash fashion retailer.
This could spell trouble for other flash retailers, as well as Overstock.com.Image Source: Wikimedia Commons
Tesla Welcomes New Competition
Tesla isn't afraid of a little competition.
Jerome Guillen, Tesla's VP of Global Sales and Service, said that the company actually welcomes new competitors to the market.
"We welcome them," Guillen told Benzinga.
"The mission of Tesla is to accelerate the transition to sustainable transportation. The more electric vehicles there are, on the street, I think the better off we are."Image Source: Wikimedia Commons
Starbucks Security Issue Feared To Impact 10 Million App Users
If you're a hacker who would like to steal someone's phone and easily unearth his or her personal data, there's an app for that!
Unfortunately, it's the Starbucks app.
The coffee chain originally dismissed the issue since it is unlikely to occur.
In order to steal a user's data, the hacker must possess the user's phone, plug it into a PC and know how to access a specific file.
Nonetheless, Starbucks quickly updated the app to appease consumers who were still worried about the safety of their information.Image Source: Wikimedia Commons
Security Expert Agrees: There's Not Much To Worry About
Security expert Kevin Baranowski is not too worried about the Starbucks vulnerability.
Sure, it has been updated now. But even without the update, that wouldn't stop him from using the app.
"I would side with where Starbucks is coming from," Baranowski told Benzinga. "It is a risk -- but that risk is far-fetched."Image Source: Wikimedia Commons
OpenSesame Raised $8 Million
Over the past week, many tech companies spent their time dealing with legal or public relations issues.
OpenSesame, a startup with more than 20,000 online courses for businesses, had a more positive announcement to make.
The company announced that it had raised a total of $8 million to expand the sales/marketing and development teams, and to continue expanding its course catalogue.Image Source: Wikimedia Commons
More Tech News You Can't Miss
The preceding stories were just the beginning. Check out these other hot tech stories right here on Benzinga.
- China Mobile Now Selling iPhones
- Is NVIDIA's Tegra K1 On Par With PlayStation 4, Xbox One?
- Google Working On Glucose-Monitoring Contact Lens For Diabetics
- Apple's $1 Billion Patent Fight Takes Samsung Back To Court