Day: November 28, 2024

Microsoft Corp. MSFT has developed its Xbox game store for Android but remains unable to launch the service due to ongoing legal complications, the company revealed Wednesday.

What Happened: Xbox executive Sarah Bond explained that while the game store functionality is complete, a recent court order preventing changes to Alphabet Inc. GOOGL GOOGL subsidiary Google’s Play Store has halted its implementation.

In a Bluesky post, Bond noted the store is “ready to go live” but awaits a final court decision.

The delay stems from a temporary administrative stay granted by Judge James Donato in a case challenging Google’s app store monopoly. Google maintains that Microsoft has always been able to offer game purchases through its Android app but has chosen not to do so.

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The standoff highlights ongoing tensions in the mobile app ecosystem, with Microsoft seeking more flexibility in-app distribution. The company’s Xbox App already offers cloud gaming features, but direct game purchases remain blocked.

Google spokesperson Dan Jackson argued that the court order and rushed implementation could compromise the Play Store’s security infrastructure, according to The Verge report. Microsoft has not specified exact barriers preventing the store’s launch beyond the legal constraints.

Microsoft and Google did not immediately respond to Benzinga’s request for a statement.

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Why It Matters: This development comes amid broader regulatory scrutiny of big technology companies. The U.S. Federal Trade Commission is reportedly investigating Microsoft’s market practices in cloud computing and artificial intelligence, signaling increased regulatory attention on tech giants’ competitive strategies.

Google’s legal battle centers around Epic Games‘ allegations of monopolistic practices in its Android Play Store, where the tech giant charges a 30% commission on in-app purchases. Epic Games, the maker of Fortnite, initiated the lawsuit after its app was removed from the Play Store in 2020 for bypassing Google’s payment system.

Epic claimed that the commission stifles competition and inflates costs for developers and consumers. A jury ruled last year that Google had illegally monopolized app distribution and payment systems on Android, prompting a court order for significant changes to the Play Store’s structure.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Joe Rogan has become one of the world’s most successful podcasters in recent years, with influential figures like tech mogul Elon Musk, boxing legend Mike Tyson, renowned whistleblower Edward Snowden, and President-elect Donald Trump appearing on his “The Joe Rogan Experience” show. 

But aside from a plethora of topics he enjoys discussing, Rogan has also exhibited significant interest in Bitcoin BTC/USD, the world’s largest cryptocurrency, and even holds some in his portfolio. 

What happened: Way back in April 2024, Rogan publicly shared details of his Bitcoin address. 

Looking up the address on mempool—a site that tracks Bitcoin transactions and block movements 24×7—revealed a balance of 5.243 BTCs, translating to $502,011 at current market prices. 

The fascinating bit was that Rogan hasn’t spent any Bitcoin in over a decade. Exactly 10 years ago, the value of his stash was $1,645, reflecting a mammoth 30417.4% upside.

Analysis of the balance history revealed a gradual increase in holdings beginning in late April, around the time he went public with his address.

By December of the same year, the balance had risen to 5, after which it began to plateau. Since then, it stabilized around the 5.24 level. 

See Also: Ethereum Rally Gets Overshadowed By Searing Gains In Cheaper Plays: Why Are ENS And ETC Soaring Today?

While HODLing for such long periods could imply Rogan’s conviction on Bitcoin’s potential, other observers had different explanations. 

Bitcoin technologist Jameson Lopp said in a February X post, “How much you wanna bet he lost the key?”

Shares of Century Therapeutics Inc IPSC zoomed by 20.74% to $1.63 per share on Wednesday, which is the highest price move in nearly a month since Oct. 1. The shares also rose the most in over 11 months since Dec. 6, 2023, in a single day.

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What Happened: On Wednesday, Casdin Capital acquired an additional 1,380,000 shares in Century Therapeutics raising its stake by nearly 43% in the biotechnology company, as per an SEC filing.

After the transaction, Casdin Capital owns a total of 4,592,316 shares, or 5.4% in Century Therapeutics. According to the filing, Century shares were acquired for $1.35 apiece. Century Therapeutics represents 0.12% of Casdin’s portfolio after the transaction.

Why It Matters: Century shares jumped by nearly 21%, the most in a single day since Dec. 6, 2023, when it had jumped by 36% after the transaction.

Casdin Capital, LLC, a New York-based investment firm, specializes in biotechnology investments. With a $1.5 billion equity portfolio, its top holdings include BioLife Solutions Inc (BLFS) and Sarepta Therapeutics Inc (SRPT).

Image via Unsplash

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Shares of Caballeta Bio Inc CABA rose by 24.38% to $3.01 apiece on Wednesday and advanced by 4.65% to $3.15 per share in after-hours trading, following an update on their Systemic Sclerosis drug trial.

Also read: Trump’s Tariff Threat To Canada May Disrupt Oil Markets, Inflate Prices: ‘Would Likely Raise The Price Of Fuels,’ Says Analyst

What Happened: The company anticipates meeting the U.S. Food and Drug Administration in 2025 to discuss potential registrational trial designs, as per a statement by DelveInsight Business Research.

The report highlighted that Caballeta showcased positive clinical safety and efficacy data presented at the American College of Rheumatology Convergence 2024. The Systemic Sclerosis drug trial is ongoing with 16 patients with 10 patients dosed as of Nov. 12, 2024.

Why It Matters: The shares rose over the $3 per share mark for the first time on Wednesday in the last two weeks since Nov. 15. Also, the shares rose the most over 24% in a single day for the first time in two years since Dec. 14, 2022.

Cabaletta Bio is dedicated to developing engineered T-cell therapies to offer lasting, potentially curative treatments for autoimmune diseases. Their CABA platform includes both chimeric antigen receptor T cells and their proprietary chimeric autoantibody receptor T cells, designed to target autoimmune conditions.

Image via Unsplash

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Microsoft Corp. MSFT is confronting a federal investigation that could reshape the technology industry’s competitive landscape, with regulators examining the company’s potentially anticompetitive practices in cloud computing and artificial intelligence markets.

What Happened: The U.S. Federal Trade Commission has initiated a broad investigative effort focusing on Microsoft’s licensing strategies and market conduct, particularly within its Azure cloud service ecosystem. Reuters report, which cited sources, reveals that the probe extends beyond traditional technological assessments, delving into intricate questions about market power and consumer choice.

The probe, approved by FTC Chair Lina Khan before her anticipated departure, centers on allegations that Microsoft is exploiting its market power to restrict customer mobility between cloud platforms.

Tech industry observers note the investigation represents a significant moment for Microsoft, traditionally viewed as more collaborative compared to other Big Tech entities.

Microsoft did not immediately respond to Benzinga‘s request for comment.

The investigation emerges against a backdrop of intensifying regulatory scrutiny of Big Tech companies. While firms like Meta Platforms META, Apple Inc. AAPL, and Amazon.com Inc. AMZN have faced similar antitrust challenges, Microsoft has traditionally navigated these waters with greater apparent ease.

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What Happened: Regulatory challenges are emerging across multiple technological fronts, with NetChoice and other industry groups highlighting potential barriers that might prevent customers from seamlessly transitioning between cloud platforms.

The timing of the probe adds complexity, occurring during a potential presidential transition that could dramatically alter enforcement priorities.

Price Action: Microsoft stock closed at $422.99 on Wednesday, down 1.17% for the day. In after-hours trading, the stock dipped further 0.24%. Year-to-date, Microsoft has gained 14.05%, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.