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Info Edge shares jump 4% as AI portfolio doubles to Rs 1,268 crore; total holdings at Rs 41,300 crore

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Info Edge shares jump 4% as AI portfolio doubles to Rs 1,268 crore; total holdings at Rs 41,300 crore
Info Edge shares gained over 4% to Rs 1,025 on the BSE on Tuesday after it said its artificial intelligence investments have more than doubled in value, with its AI startup portfolio rising to Rs 1,268 crore from Rs 614 crore across 28 companies.

According to a shareholder letter released by the company on June 22, the portfolio has generated a 2.1x multiple and an estimated gross internal rate of return (IRR) of 31%.

The company said AI, deeptech and consumer technology are emerging as the primary engines of value creation within its startup investment portfolio.

Since 2020, Info Edge has invested Rs 614 crore in 28 AI startups. The portfolio’s current valuation of Rs 1,268 crore reflects strong investor interest in the sector. Fifteen of these companies have secured externally led follow-on funding rounds from investors such as Insight Partners, Peak XV, SIG and Vertex.

Read more: Info Edge – 15 largecap stocks still down 30–50% from their yearly highs. Do you own any?
Across all categories, Info Edge’s startup investment portfolio is now valued at nearly Rs 41,300 crore against cumulative investments of around Rs 4,900 crore in 135 startups. This translates into an 8.4x multiple and an estimated gross IRR of about 33%.
The company said it has deployed over Rs 1,003 crore across 54 AI and deeptech startups since 2020. Of the total Rs 4,900 crore invested across startups, approximately Rs 3,600 crore has been contributed by Info Edge and its group companies, while nearly Rs 1,300 crore has come from external limited partners through alternative investment funds managed by the company. According to the shareholder letter, these managed AIFs have delivered a combined gross IRR of around 22%.
Consumer technology continues to account for the largest share of the portfolio. Info Edge has invested Rs 2,755 crore across 45 consumer-tech and consumer-AI companies, with the portfolio now valued at Rs 37,214 crore. This works out to a 13.5x multiple and an estimated gross IRR of roughly 34%.

Also read: Info Edge says it invested Rs 1,003 crore on AI, deeptech startups since 2020

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The consumer-tech portfolio includes businesses operating in quick commerce, food delivery, insurance aggregation, travel, healthcare, fintech, gaming and education. The company said a significant portion of the value creation has come from listed investments such as Eternal, which houses Zomato and Blinkit, and PB Fintech.

Info Edge’s deeptech portfolio consists of 30 companies where it has invested Rs 455 crore. The portfolio is currently valued at Rs 559 crore, implying a 1.2x multiple and an estimated gross IRR of around 15%.

The company noted that the deeptech portfolio remains relatively young, with most investments made during the intellectual property creation and research and development phase.

Among the portfolio companies, electric air mobility startup ePlane secured Rs 285 crore under the government’s Research, Development and Innovation (RDI) scheme, the highest allocation among 22 approved proposals. Spacetech company Manastu Space received Rs 115 crore under the same initiative.

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Info Edge shares have corrected 27% since the beginning of the year.

Sensex, Nifty today: Catch all the LIVE stock market action here
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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President Trump alleges gas price gouging, calls for DOJ investigation

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President Trump alleges gas price gouging, calls for DOJ investigation

President Donald Trump claimed energy companies are engaging in fuel price gouging and said that he has ordered the U.S. Justice Department to investigate.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock! In other words, customers are being ‘gouged,’” Trtump asserted in a Truth Social post.

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“I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” he declared.

OIL TANKER TRAFFIC THROUGH STRAIT OF HORMUZ HITS HIGHEST LEVEL SINCE CONFLICT BEGAN BUT MINES REMAIN

President Donald Trump

U.S. President Donald Trump gestures as he boards Air Force One to depart Reading Regional Airport on June 23, 2026 in Reading, Pa. (Andrew Harnik/Getty Images / Getty Images)

Americans have been facing higher fuel prices during the Iran war.

The AAA national average for regular gas is $3.928 as of June 24, down from the month-ago average of $4.515, though still significantly higher than the year-ago average of $3.224.

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INFLATION ROSE AGAIN IN MAY AS ELEVATED ENERGY PRICES SQUEEZE CONSUMERS

Gas prices

Fuel prices on a pump at a Chevron gas station in Bay Harbor Island, Fla., on Monday, June 22, 2026.  (Zak Bennett/Bloomberg via Getty Images / Getty Images)

WTI crude oil futures are around $71 as of Wednesday morning, but were even lower before the start of the war. 

U.S. crude closed at $73.21 Tuesday, only $6.19 more than the day before America attacked Iran earlier this year, NBC News reported.

TRUMP VISITS MACK TRUCKS PLANT IN BATTLEGROUND PENNSYLVANIA DISTRICT TO TOUT ECONOMIC AGENDA AS MIDTERMS LOOM

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President Donald Trump

U.S. President Donald Trump takes questions from members of the media during a meeting with oil and gas executives in the East Room of the White House on Jan. 9, 2026 in Washington, D.C.  (Alex Wong/Getty Images / Getty Images)

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Trump signed a Memorandum of Understanding related to Iran last week.

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Elevra Lithium Shares Surge on Strong Quarterly Revenue and Expansion Momentum

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Elevra Lithium Shares Surge on Strong Quarterly Revenue and Expansion

NEW YORK — Shares of Elevra Lithium Ltd. climbed sharply Tuesday as the lithium producer reported robust quarterly revenue growth and continued progress on its North American expansion plans amid recovering demand for battery materials.

The stock traded at $11.47, up 8.11 percent or 86 cents, in morning activity. The gains reflected investor optimism about the company’s operational performance and strategic positioning in the critical minerals sector.

Elevra Lithium, listed on the ASX as ELV and with NASDAQ trading under ELVR, delivered record revenue of $81 million for the March 2026 quarter, representing a 22 percent increase from the previous period. Year-to-date revenue reached $167 million, demonstrating strong momentum in its core operations.

The company has focused on its North American Lithium project, where production has ramped up significantly. Recent updates highlighted improved plant utilization and cost reduction initiatives that are helping drive profitability. Management has reaffirmed production guidance for 2026.

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Elevra’s strategy centers on supplying the growing electric vehicle and energy storage markets. Lithium remains essential for battery technology, with demand expected to rise as global electrification accelerates despite short-term price volatility in commodities.

Operational Highlights

The March quarter report showed continued operational improvements at key assets. Elevra has emphasized efficiency gains and output increases at its flagship North American Lithium facility. Production growth has been a priority as the company scales commercial operations.

In recent months, Elevra announced the purchase of offtake rights for the Moblan project, securing additional supply chain leverage. The company also reached an agreement to sell its interest in the Ewoyaa Lithium Project in Ghana, streamlining its portfolio toward higher-priority North American assets.

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An updated scoping study for the North American Lithium expansion outlined faster growth timelines and lower costs. The plan positions Elevra to capitalize on North American supply chain localization trends driven by policy incentives and battery manufacturing investments.

Analysts have noted the company’s transition toward profitability. With confirmed 2026 production targets and cost discipline, Elevra appears well-placed for margin expansion as lithium markets stabilize.

Market Context and Industry Trends

The lithium sector has faced challenges from oversupply and softening prices in recent years. However, long-term fundamentals remain strong due to electric vehicle adoption and renewable energy storage needs. North American producers like Elevra benefit from proximity to major battery plants and supportive government policies.

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Elevra’s dual listing provides access to both Australian and U.S. investors. The NASDAQ presence enhances visibility among institutional investors focused on critical minerals and clean energy themes.

Recent quarterly activities reflect disciplined capital allocation. The company reported capital expenditures of $4 million in the period, focused on maintenance and targeted growth initiatives. Strong cash flow generation supports ongoing operations and potential debt reduction.

Financial Performance

Elevra has shown significant revenue growth. The March quarter results marked a substantial improvement over prior periods, with year-to-date figures underscoring the impact of higher production volumes and stable pricing environments.

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Forward earnings estimates suggest potential profitability inflection in 2026. Analysts project steady revenue increases as expansion projects come online. Valuation metrics reflect growth expectations, with the stock trading at levels that incorporate anticipated production ramps.

The company maintains a solid balance sheet position. Operational cash flows have improved with higher output, providing flexibility for investments and shareholder returns over time. Management continues focusing on cost control and efficiency.

Strategic Initiatives

Elevra has pursued several key transactions to optimize its asset portfolio. The sale of the Ewoyaa interest provides capital for core North American development while reducing exposure to African jurisdictional risks. The Moblan offtake acquisition secures additional concentrate supply.

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Expansion at North American Lithium remains central to growth plans. The updated scoping study indicates potential for accelerated timelines and reduced capital intensity, improving project economics. These developments support Elevra’s goal of becoming a leading North American lithium supplier.

The company continues engaging with offtake partners and battery manufacturers. Long-term contracts provide revenue visibility and align production with downstream demand. Elevra’s North American focus positions it favorably for U.S. and Canadian EV supply chains.

Analyst Perspectives

Wall Street views on Elevra have been generally constructive. Macquarie and other firms have provided ratings and price targets reflecting confidence in operational execution and market recovery. Recent updates have included target adjustments based on production milestones.

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Investors have responded positively to quarterly results and strategic moves. The stock has shown volatility typical of the lithium sector but has demonstrated resilience on positive news flow. Market capitalization stands in the range supporting further institutional interest.

Risks include commodity price fluctuations, execution challenges on expansions, and broader economic factors affecting EV adoption. Elevra’s management has emphasized disciplined operations to navigate these uncertainties.

Elevra Lithium enters the second half of 2026 with momentum. Strong quarterly revenue, production growth, and strategic portfolio adjustments provide a foundation for continued progress. The company remains focused on delivering on 2026 guidance and positioning for long-term growth in the lithium sector.

As global demand for battery materials evolves, producers with North American assets and strong operational track records stand to benefit. Elevra’s recent performance suggests it is well-prepared to capitalize on these opportunities.

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‘We had to get out of the way’: The backlash over delivery robots

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A delivery robot on a sidewalk in Chicago

According to the companies operating them, they can reliably identify and avoid objects in the path, cross streets safely and react to their environment. The robots provide a useful service and help cut down on traffic and emissions, they claim.

However, some local authorities in the US and Canada, and members of the public, are less than enthusiastic. Bans have been put in place, and protests have been launched.

San Francisco has limited the access of the vehicles to less busy parts of the city, and Toronto has since 2021 prohibited the robots from using sidewalks. , external

Meanwhile, in Chicago the machines have now been banned from two small areas of the city. , external

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Robertson wants the robots to be suspended across all of Chicago until safety tests are carried out, and clear rules are set on their usage. He has launched a petition calling for this, and so far, it has around 4,400 signatures.

People frequently find themselves having to step into the street in order to get out of the machines’ way, says Robertson.

“There have been reports of collisions and injuries. I saw one a few days ago where somebody had been struck by one of the robots’ safety flags, which is a little ironic,” he says. “We’ve got reports of robots causing issues with traffic, blocking emergency vehicles because they’re acting erratically at crosswalks.”

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How Real Money Casino Brands Compete on Trust

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Craps remains one of the most popular games in casinos due to the energy with which it is played, and it conveys an energizing touch, which is allied with risk.

Trust has become one of the strongest competitive advantages in digital business. Customers now make decisions based not only on price, choice or convenience, but also on how safe and transparent a platform feels.

This is especially true in online casino entertainment, where users expect secure account handling, clear payment information and dependable customer support.

For real money casino brands, trust is not a marketing extra. It is the foundation that influences acquisition, retention and long-term reputation.

Digital customers are more selective than ever

Across online markets, customers have become better at spotting poor experiences. A slow checkout page, unclear terms or hard-to-find support channel can quickly push people towards another brand. In sectors such as fintech, travel and subscription software, companies invest heavily in reducing uncertainty because confidence drives repeat use.

Casino brands face the same challenge, with added sensitivity around payments and account security. A player needs to feel that a platform is organised, responsive and clear before they are likely to engage for the long term.

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A trustworthy digital experience usually depends on:

  • Simple registration and account navigation
  • Clear information about deposits and withdrawals
  • Transparent promotion terms
  • Secure handling of personal details
  • Easy access to responsible play tools
  • Support that is visible and responsive

When users compare options in the real money casino space, these details shape whether a brand feels credible or forgettable.

Transparency turns uncertainty into confidence

Transparency is one of the clearest ways casino brands can build trust. Customers want to understand how a platform works before they commit time or money. If important information is hidden behind vague wording, confidence can decline quickly.

This is not unique to iGaming. Online banks build trust by explaining security steps. Retailers build trust by making delivery and return policies easy to find. Software companies build trust through simple pricing pages and clear cancellation processes.

Casino brands can apply the same principles by making key information visible. This includes bonus conditions, payment timeframes, identity checks, account controls and game categories. The aim is to reduce friction before it becomes frustration.

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Good transparency often means:

  1. Plain language rather than dense legal wording
  2. Visible terms placed near relevant offers or features
  3. Consistent information across desktop and mobile pages
  4. Helpful FAQs that answer common customer questions
  5. Clear escalation routes when support is needed

Customers do not expect every process to be instant. They do expect to understand what is happening and why.

Payment reliability is central to reputation

For real money casino brands, payments are one of the most important trust moments. A customer may enjoy the design, game range and promotional experience, but payment uncertainty can weaken confidence immediately.

This makes payment communication essential. Brands need to explain available methods, processing expectations and verification requirements in a way users can easily understand. Confusing payment pages can create avoidable support queries and damage loyalty.

Payment trust is shaped by several factors:

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  • Secure deposit and withdrawal processes
  • Clear transaction histories
  • Accurate status updates
  • Straightforward verification guidance
  • Responsive support for payment questions
  • Consistency between stated and actual timeframes

These expectations mirror wider digital commerce. Customers now expect the same level of payment clarity from entertainment platforms that they receive from online retailers, finance apps and delivery services.

Customer support is a trust signal

Support teams are often where trust is either strengthened or lost. A polished website may attract attention, but customer service proves whether the business can handle real problems.

In online casino environments, support agents may deal with account access, payment queries, bonus questions and technical issues. They need to be trained, patient and precise. A rushed or vague answer can make a customer feel ignored, especially when money or personal information is involved.

Strong support teams usually provide:

  1. Fast acknowledgement so users know their query has been received
  2. Accurate answers based on clear internal processes
  3. Calm communication during sensitive conversations
  4. Escalation options for complex issues
  5. Follow-through when a case cannot be solved immediately

Support should not be judged only by speed. Quality, consistency and resolution accuracy matter just as much.

Responsible play strengthens brand credibility

Responsible play is now part of how casino brands demonstrate maturity. Customers are more likely to trust platforms that make control tools easy to find and use. These features show that the brand is thinking beyond short-term engagement.

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Responsible play tools may include deposit limits, time reminders, account history and self-management settings. The most credible brands present these tools clearly rather than hiding them in obscure menu areas.

This approach reflects a broader trend across digital services. Social platforms now provide screen-time tools. Banking apps offer spending insights. Fitness apps encourage recovery and balance. In each case, responsible design helps customers feel more in control.

For casino brands, visible responsible play features can support long-term trust by showing that entertainment is being framed responsibly.

Brand identity must match the experience

Trust is not built through claims alone. A brand can present itself as reliable, premium or customer-focused, but the actual experience must support that identity. If the website is confusing, support is slow or terms are unclear, the brand message loses credibility.

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Successful casino brands align identity with delivery. Their tone, design, policies and support all point in the same direction. This creates consistency, which is one of the most important drivers of trust.

A strong trust-led brand identity should feel:

  • Professional without being cold
  • Helpful without being intrusive
  • Clear without being oversimplified
  • Engaging without being aggressive
  • Consistent across every customer touchpoint

Customers may not analyse each of these details separately, but together they shape the feeling of reliability.

Trust is earned through repeated proof

Real money casino brands compete in a market where customers have plenty of choice. Offers and game libraries can attract attention, but trust determines whether people stay.

The brands most likely to stand out are those that combine transparent communication, secure payments, strong support, responsible play tools and consistent delivery. Trust is not created by one headline feature. It is earned through repeated proof across the full customer journey.

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For operators, the lesson is straightforward. In a crowded digital market, credibility is not only good ethics. It is good business.

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Japan Needs More Than Foreign Currency Intervention

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Japan Needs More Than Foreign Currency Intervention

Desmond Lachman joined AEI after serving as a managing director and chief emerging market economic strategist at Salomon Smith Barney. He previously served as deputy director in the International Monetary Fund’s (IMF) Policy Development and Review Department and was active in staff formulation of IMF policies. Mr. Lachman has written extensively on the global economic crisis, the U.S. housing market bust, the U.S. dollar, and the strains in the euro area. At AEI, Mr. Lachman is focused on the global macroeconomy, global currency issues, and the multilateral lending agencies.

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Train passed red signal before fatal Bedford crash, says report

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Two damaged trains, the front of one purple train is crushed into the end of another, with severe impact damage visible around the cab area.

A train driver killed in a crash in Bedfordshire passed a red signal moments before the collision, investigators said.

Train driver Shaun Burton, 60, died and about 100 people were injured when one London-bound service crashed into the back of another on Friday.

The Rail Accident Investigation Branch (RAIB) said in an interim report that Burton’s train proceeded past a red signal near the scene of the crash in Elstow, near Bedford at 17:15 BST on Friday.

It added that “it is not yet possible to say what indication the driver received” from automatic warning system (AWS) equipment fitted to the train.

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The RAIB has found the stationary train had come to a stop “unexpectedly” because of a fault with its Automatic Warning System (AWS) equipment.

Data suggests the signal behind the stationary train was red, according to investigators.

The train that had started its journey at Corby, passed this red signal, its brakes were activated for about nine seconds before the collision, when the train was travelling at about 76 mph.

Its speed had reduced to 49mph when the impact happened.

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The RAIB said its full investigation would consider “the actions of those involved and any factors that may have influenced them”.

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GIBO Holdings announces 25-for-1 reverse stock split

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GIBO Holdings announces 25-for-1 reverse stock split

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10 Things to Know About Meta’s Smart Glasses as New $299 Models Launch

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10 Things to Know About Meta's Smart Glasses as New

Meta has aggressively expanded its smart glasses lineup in 2026, introducing a new, lower-priced entry point while continuing to push the boundaries of what wearable AI devices can do. Here are 10 things to know about the company’s current glasses offerings.

1. A New Entry-Level Model Just Launched at $299

Meta on Tuesday announced a new set of $299 smart glasses, at least $80 less than the price tag for the company’s entry-level second-generation Meta Ray-Ban glasses, as CEO Mark Zuckerberg continues his push into wearables. Meta AI smart glasses are on sale today starting at $299 with the new Adventurer and Fury models.

2. The New Glasses Drop the Ray-Ban Branding

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The Meta Glasses come with new designs and are built in partnership with Ray-Ban parent EssilorLuxottica, but they don’t come with Ray-Ban or Oakley branding. This represents a notable shift in strategy, establishing a Meta-branded lineup that sits below the existing Ray-Ban Meta and Oakley Meta lines on price, while the partnerships with those two eyewear brands continue, with both lines remaining on sale.

3. They Run on Meta’s First Proprietary AI Model

Every model in the new lineup ships with Muse Spark, the first release from Meta Superintelligence Labs — the group led by Alexandr Wang — and Meta’s first closed-weight AI model. The closed-weight decision marks a deliberate strategic departure, since Meta built its AI reputation on open-source Llama releases that powered hundreds of third-party products. The model operates in three modes — Instant, Thinking, and Contemplating — that trade response latency against reasoning depth.

4. Meta Dominates the Smart Glasses Market

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Smart glasses without displays surged 167% year-over-year in the first quarter of 2026, and Meta held 69.2% of the AI glasses market during that quarter, according to IDC’s tracker report. In a separate count, Counterpoint Research puts the combined Meta and EssilorLuxottica share above 80%, using a broader methodology — either figure representing a commanding position in a fast-growing category.

5. The Premium Display Model Costs $799

For those wanting a more advanced experience, Meta also sells the Ray-Ban Display glasses, which cost $799 and include a built-in display controlled by a companion wristband called the Meta Neural Band. The device features a 12-megapixel camera with 3x zoom and a viewfinder visible on the in-lens display, allowing users to shoot and share photos directly from the glasses.

6. The Display Model Supports Two-Way Video Calling

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Among the more advanced features available on the Display model, two-way video calling lets users see the person they’re talking to on their display, while the other party sees the world through the wearer’s eyes. The feature is available on WhatsApp, Messenger, and Instagram, and users can also watch and share Instagram reels, stories, and posts directly from the in-lens display.

7. The Display Model Requires an In-Person Demo to Purchase

Unlike the standard smart glasses, Meta has implemented a more restrictive sales process for its premium Display model given limited supply. Meta Ray-Ban Display is a first-of-its-kind product with extremely limited inventory. Completing a demo is required for purchase, but due to high demand, the product may be sold out and unavailable after your demo. Appointments can be booked several weeks in advance, with new slots opening daily.

8. Battery Life Varies Significantly by Model

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Battery performance differs considerably depending on which glasses a customer chooses. The standard Ray-Ban Meta glasses offer up to 8 hours of use on a single charge, with an additional 48 hours available from the included charging case. The more feature-rich Display model, by comparison, was found in independent testing to deliver about six hours of continuous mixed use — with the display active, the AI assistant available, and music streaming — closely matching Meta’s official specification of “up to 6 hours.”

9. The Glasses Have Faced a Serious Privacy Controversy

Meta’s smart glasses have drawn significant scrutiny this year over how user footage is handled behind the scenes. In February 2026, Swedish newspapers Svenska Dagbladet and Göteborgs-Posten reported that workers at Sama, a Kenya-based contractor, had been reviewing video clips captured through users’ Ray-Ban Meta glasses as part of Meta’s AI training pipeline. The footage included bathroom visits, nudity, and sexual activity — captured by users who had opted into AI data sharing without realizing that human contractors in another country would view the content.

A federal class-action lawsuit, Bartone et al. v. Meta Platforms, was filed on March 4, 2026, in the Northern District of California, alleging that Meta marketed the glasses as “designed for privacy, controlled by you” while routing footage to human reviewers overseas. Meta has said users were notified of potential human review in its terms of service. The UK Information Commissioner’s Office and Kenya’s Data Protection Commissioner both opened investigations into the matter.

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10. Competition Is Intensifying From Google, Samsung and Snap

Despite Meta’s commanding market share, the company faces credible competitive pressure on multiple fronts. Google and Samsung are expected to unveil Android XR AI glasses this fall with Gemini integration. Snap unveiled its fully augmented-reality Specs on June 16 at $2,195 — a different product category targeting early adopters willing to pay for an AR display. Apple’s rumored smart glasses project remains unannounced, and Samsung has demonstrated prototype smart glasses but has not yet shipped a consumer product.

What Buyers Should Know About Setup Requirements

For anyone considering a purchase, operating any Ray-Ban Meta model requires connecting the glasses to a smartphone running a recently released operating system — Android 10 and above with location services enabled, or iOS 14.4 and above — along with wireless internet access, a USB-C charging plug, a valid Meta account, and the Meta AI app. The glasses also support a range of accessibility features, including Call a Volunteer, which connects blind or low-vision users with a sighted volunteer through Be My Eyes for help with everyday tasks via the glasses’ point-of-view camera.

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With the new $299 Meta-branded glasses now on sale and competitors like Google, Samsung, and Snap preparing their own entries into the category later this year, the smart glasses market is poised for a significantly more competitive stretch heading into the fall. Given the ongoing privacy litigation tied to the Sama footage-review controversy, Meta’s continued dominance in the category will likely depend not only on its hardware and AI advancements, but also on how the company addresses the data-handling concerns that have drawn regulatory scrutiny from both the UK and Kenya.

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Rinehart buys ‘Ben Roberts-Smith Beach Houses’

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Rinehart buys ‘Ben Roberts-Smith Beach Houses’

Gina Rinehart’s Hancock Prospecting has spent $8.75 million on two buildings in Scarborough, rebranding them in honour of controversial former soldier Ben Roberts-Smith.

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$25,000 bare-bones EV pickup truck will be profitable

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$25,000 bare-bones EV pickup truck will be profitable
Here’s a first look at Slate auto’s $25,000 modular cars

LOS ANGELES — Electric vehicle startup Slate Auto expects to defy challenging market conditions and avoid the losses its peers have seen by profitably selling a highly customizable EV that starts at just under $25,000.

Slate CEO Peter Faricy said every vehicle produced by the Michigan-based EV startup — which is backed by Amazon founder Jeff Bezos and Los Angeles Dodgers controlling owner Mark Walter — will be gross margin positive. That will lead the company to positive free cash flow and earnings before taxes, depreciation, and amortization by 2027, he said.

“It’s an ambitious goal,” Faricy told CNBC during an interview at the company’s new design studio outside of Los Angeles. “No other automotive company has been able to do that before. So it’s ambitious. It’s going to take a lot of work. Nothing’s guaranteed in life, but you have to have ambitious goals if you want to achieve big things. That’s the big goal we’re shooting for.”

Other recent EV startups have struggled financially. Automakers such as Lordstown Motors and Fisker Automotive went bankrupt, while Rivian Automotive and Lucid Motors have reported billions of dollars in annual losses and both recently announced layoffs. 

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Faricy, former vice president of Amazon Marketplace who was appointed to lead the automaker in March, said the company can succeed where others have failed because of its simplistic product, customer-focused business strategy and break-even point of roughly 80,000 vehicles a year.

The break-even point is just over half of the 150,000-unit production capacity the company plans to have at its assembly plant in Warsaw, Indiana. Slate is continuing to build out that facility while also producing prototype vehicles.

A Slate Auto-customized SUV on display during a media event June 22, 2026, at the company’s new design studio in Gardena, California. Slate is offering more than 100 standard wrap colors for under $500 during the vehicle’s launch this year.

Michael Wayland | CNBC

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“We have a different cost structure and a different business model than other automakers have,” he said, citing the simplicity of Slate’s vehicle and manufacturing process as well as the ability to customize the EVs.

Slate’s flagship product is a two-seat, $24,950 bare-bones electric pickup truck that’s so basic the speakers are optional and it has crank windows. The truck can be converted into a five-passenger sport utility vehicle for an additional $5,000. The vehicles will feature a Slate-estimated EV range of 205 miles, 181 horsepower and 195 foot-pounds of torque. 

Its performance pales compared with much pricier electric pickups and SUVs but is in line with similarly priced vehicles.

Slate CEO on going public

Slate Auto CEO Peter Faricy, right, speaks during a media event June 22, 2026, at the company’s new design studio in Gardena, California, ahead of the EV startup announcing official pricing for its flagship vehicle.

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Michael Wayland | CNBC

Slate was in stealth mode until the company revealed its flagship EV in April 2025. It said then that its initial starting price would be under $20,000, but that included up to $7,500 in federal tax incentives that were available at the time for purchasing an EV and have since been discontinued.

The startup has raised more than $1.3 billion in capital through three financing rounds, two of which were led by Walter’s TWG Global investment holding company after a Bezos-affiliated lead round. 

Faricy declined to discuss Slate’s capital runway but confirmed the company is continuing to opportunistically raise funding as it prepares to produce vehicles for consumers later this year and ramp up production, with deliveries expected during the fourth quarter. 

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He didn’t rule out the possibility of Slate going public, but said it would likely be too early to do that before the company ramps up production next year.

“We’re going to constantly take a look at what our options are. Certainly going public will be one,” said Faricy, who was recruited to the company by Slate co-founder and fellow Amazon executive Jeff Wilke. “2027 is probably too soon, in my book. I think we’ll want to really make sure that we’re launching and scaling the business well.”

Slate has received more than 180,000 reservations for its vehicles and is officially opening up preorders on Wednesday. The reservations required refundable $50 deposits, but the orders will come with $300 nonrefundable down payments. 

Slate President of Vehicles Chris Barman, who was the company’s second employee and initial CEO, said current expectations are for the SUV to represent 60% of sales, despite the pickup being the base model at roughly $25,000. The starting price is roughly half the cost of a new vehicle sold, according to Cox Automotive data.

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Faricy commended Barman for her leadership as a “world-class automotive executive,” and confirmed he’s there to use his background in consumer retail and in the automotive industry before Amazon to take the company to its next step. 

“Companies have different life stages, and we’re now at the stage as we launch production where we’re sort of going into the next phase of our life,” he said. “I’m thrilled to join because a lot of the skills that I bring are complementary to the team that exists.”

Modular vehicle 

A wall of accessories for Slate Auto’s vehicles on display at the company’s design studio near Los Angeles. The EV startup plans to initially offer more than 175 accessories, with over 80 under $500, including roof racks, stereos and light covers.

Michael Wayland | CNBC

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When Slate revealed its vehicle as “a radically simple, radically affordable, radically personalizable car” in April 2025, more than three years had passed since Barman and Eric Keipper, an auto veteran and Slate’s head of engineering, first developed the road map for the EV’s development. 

The vehicles have injection-molded composite exteriors and a litany of do-it-yourself options. The plan is for every vehicle coming off the line to be the same to reduce complexity, before the addition of any features or different covers/tops such as fastback or squared-off to look similar to a Jeep Wrangler SUV.

Auto executives have tossed around the idea for such a modular, stripped-down vehicle as the industry has seen a rise of connectivity and affordability concerns, but so far the challenges have outweighed the potential opportunities, or companies have struggled to keep prices low

Slate’s vehicle does not feature any “connectivity” such as a modem or large screens, just a small driver information screen for range, speed and other standard gauges and warnings. Instead of a center infotainment system, drivers can use their own devices, such as a smartphone or tablet, for navigation and music. 

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The exteriors of the Slate vehicles won’t be painted. The company said they were engineered to be wrapped with a vinyl film, eliminating the need for a costly paint shop — a massive investment for automakers.

Slate is offering more than 100 standard wrap colors for under $500, but customers also can essentially pick any color or design they can imagine. The vehicle also will launch with more than 175 accessories, with over 80% of those priced under $500, including roof racks, stereos and light covers.

“Whoever you are and whatever you like in life, you can now express that through your SUV or through your truck,” said Faricy, who added that the Slate vehicle he wants is a metallic black fastback SUV. “I can’t wait to create that vehicle.”

The company continues to build the vehicles by hand, along with some factory automation, according to Dan Tasiemski, Slate’s head of manufacturing engineering. Slate is aiming to begin operating the factory through its normal production processes by August, he said. 

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Slate, which Tasiemski said is building about three vehicles a day, still needs to go through required federal vehicle validation and certification for things such as range, safety and other aspects.

Challenges

Slate Auto CEO Peter Faricy stands next to the EV startup’s barebones electric pickup truck at the company’s design studio near Los Angeles on June 22, 2026.

Michael Wayland | CNBC

In addition to challenging market conditions for EVs, Slate’s product is a unicorn — for better or worse. 

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The modularity of the vehicle is unique and so is its two-door body style. It will be the only pickup truck or SUV on sale in the U.S. to exclusively offer such a variant without also offering four-door models. 

Ford reports only 10% of its Bronco SUV models sold last year were two-door variants. Many small pickup trucks such as the Ford Maverick and Hyundai Santa Cruz exclusively offer four-door models.

Slate has not ruled out the addition of four-door models, but its sole focus is on the two-door pickup and SUVs, according to executives.

It’s also exclusively a rear-wheel drive vehicle compared with four-by-four capability or all-wheel drive. 

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Slate is expected to compete against a growing segment of small gas-powered and electric pickup trucks. Most notably, Ford has bet its future EVs on a new affordable platform, beginning next year with a pickup truck. Stellantis’ Ram brand also plans to launch new compact and midsize pickup trucks in the coming years.

Slate plans to deliver its vehicle directly to customers rather than through franchised dealers, which also presents challenges and opportunities for the company, based on similar experiences from U.S. EV leader Tesla, Rivian and others.

“I think it’s an important part,” Faricy said, adding that he thinks it will lead to lower costs and better control over the customer experience. “We’re definitely going to be a direct-to-consumer company.”

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