FTI Consulting News Bytes – 26 June 2026

FTI Consulting News Bytes

Similar to the UK weather this week, things are heating up in the tech industry – here’s what’s hot off the press across all things digital. First, we kick off with the announcement that more nations have joined the US-led effort to strengthen AI supply chains in the West to rival China’s. Next, Elon Musk’s new trillionaire status gets downgraded to billionaire after a drop in SpaceX’s share price. Elsewhere in the world of CEO’s, WhatsApp has had a shakeup, welcoming the Indian entrepreneur behind fintech start-up Cred to its helm. In social media news, the Government has another recommendation for big tech: make trusted news easier to find on your platforms. Lastly, the Metropolitan police is ramping up its use of innovative technology, including drones, to better police modern threats.

This week’s news

EU joins US pact to break reliance on Chinese AI supply chains

According to the Financial Times, the EU, Netherlands, Germany and Greece have become the latest US allies to join Pax Silica, an American-led effort to bolster AI-related tech supply chains as the West and its allies face “rising competition” from China. Jacob Helberg, under-secretary of state for economic affairs and architect of Pax Silica, confirmed that Argentina, Chile, Costa Rica, Kazakhstan and Panama would also join this week. In an interview, Helberg noted that Pax Silica grew out of the recognition that groups such as the G7 and G20 were ill-suited to building networks to promote AI innovation, and added that Pax Silica would promote innovation at a time of “global debate” over which policies should drive AI development. Helberg expects that more than 20 countries will sign a joint statement outlining the need for trusted partners to create an AI ecosystem, and opined that Pax Silica would “shape” a US alternative to initiatives such as the UN’s Global Digital Compact, which emphasises digital sovereignty.

Elon Musk loses his trillionaire status

Musk has returned to billionaire status just 12 days after becoming a trillionaire, according to The Times. The downgrade comes after shares in both SpaceX and Tesla came under significant pressure this week, with the newly minted SpaceX stock price dropping more than 10% following a four-day sell-off. Musk’s net worth has since dropped to $957 billion – down from a peak of $1.1 trillion – a remarkable reversal in less than two weeks, which represents the biggest ever loss of personal wealth in history. The slide is a reminder that even history-making wealth can evaporate fast when tied to volatile public markets.

Indian entrepreneur to lead WhatsApp as Zuckerberg brings in new blood

Kunal Shah, the Indian entrepreneur behind fintech start-up Cred, is set to replace Will Cathcart as CEO of WhatsApp. According to the Financial Times, Meta, which bought WhatsApp in 2014 for $19bn, announced the reshuffle at the same time as investing $900m in Cred, a Bengaluru[KA1] -based payments and financial management app. Mark Zuckerberg, CEO of Meta, commented that Shah “brings the kind of builder mentality and global perspective that will serve him well in running the world’s biggest messaging app”. India is WhatsApp’s largest market by users. Outgoing CEO Cathcart, who led the Company for seven years, said on X that WhatsApp was in the “strongest position it’s ever been” and that it “felt like the right moment to step back”. He will stay on at Meta in a product role, focused on building new apps. 

UK considers forcing social media firms to prioritise trusted news

The UK is considering “forcing” social media companies to prioritise what the government calls “trusted news sources” as part of its broader push ​to tighten regulation of the sector. Reuters reports that the Department for Culture, Media and Sport (‘DCMS’) said that ‌it was considering requiring platforms such as Meta’s Facebook, Alphabet-owned YouTube and TikTok to make content from public service media, including the BBC, ITV and Channel 4, and other ​trusted news providers easier to find in users’ feeds and searches. In a statement, Lisa Nandy, DCMS Secretary of State, commented that “it is vital that we make sure that people have better access to trusted and accurate news and that our regulated public service media is seen and heard in the fierce battle against mis- and disinformation”. The government added that boosting the visibility of regulated news providers could help tackle misinformation, particularly during crises. However, Reuters notes that any move to influence how platforms rank content is likely to face scrutiny from the social media firms, which say such rules could override user choice and disadvantage other creators.

Drone network part of Met’s London-wide tech push

BBC News reports that the Metropolitan police is ramping up its use of technology to combat crime, announcing that drones will now be integrated into 999 calls responses, providing live, aerial footage and real-time footage before officers arrive on scene. Met is simultaneously expanding its live facial recognition cameras into the West End and Soho, with commissioner Sir Mark Rowley pushing for police forces to adopt new technologies – including AI and facial recognition – without waiting for bespoke legislation for each innovation, arguing that regulatory lag is leaving policing unable to keep pace with modern threats. Rowley also called for police budgets to shift toward technology rather than officer headcount, noting tech spend has fallen to half the level of other public bodies. The Met had also sought a £50m AI data contract with US firm Palantir, though that deal was blocked by London’s deputy mayor – with Palantir now pursuing legal action.

Top Tweets of the Week

• Jessica Elgot, Deputy Political Editor, The Guardian: NEW – Nick Thomas-Symonds says the defence investment plan will be done for the Nato summit on 7th July, so to be delivered by Starmer.
• Euronews: A UN study found that data centres consumed more electricity than all but 10 countries in 2025.
• Dr. Tedros Adhanom Ghebreyesus, Director General of the World Health Organisation: Europe’s heatwave is closing schools and putting people’s health at risk. The data are clear: temperatures across Europe are rising at roughly twice the global average rate, increasing the likelihood and severity of extreme heat in the future. We cannot afford further delay. Leaders must prioritise investment in climate-resilient health systems, while also accelerating #ClimateAction and mitigating the drivers of the climate crisis.

Number of the week

36.4° The  UK’s hottest June on record which has been directly linked to the influence of climate change and the burning of fossil fuels (Press Gazette)(Yahoo)