Technology Shares Rise, While Other Sectors Gain Momentum

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Shares of technology companies saw modest gains compared to the broader market as investors shifted their focus to sectors like industrials and materials. However, there were a few notable developments in the tech industry.

Tesla Faces Potential Investigation Over Misuse of Funds

Following reports of potential misuse of company funds, Tesla’s shares experienced a decline. The electric-car maker’s board is said to be considering an investigation into the construction of a glass house intended as a residence for CEO Elon Musk at its Austin, Texas headquarters.

Salesforce Announces Price Increase

In a significant move, Salesforce, the business software giant, has announced its first price increase in seven years. Prices across its Sales Cloud, Service Cloud, Marketing Cloud, Industries, and Tableau products are set to rise by 9% starting from August.

Activision Blizzard Receives Favorable Ruling

Activision Blizzard witnessed a rally in its shares after a federal judge ruled in favor of Microsoft’s acquisition of the videogame maker. This decision dealt a blow to the Biden administration’s antitrust efforts. Prepares for Prime Day anticipates reaching new heights with this year’s Prime Day – its annual promotional sales event taking place this week.

Matterport Implements Cost-Cutting Measures

In a cost-cutting campaign, spacial data company Matterport plans to reduce its workforce by approximately 30%, which translates to around 170 employees.

For more information, contact Rob Curran.

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