Tech & IT

Musk’s Acquisition Leads to 71% Decline in X Holdings’ Value

The financial trajectory of X Holdings, previously known as Twitter, has taken a dramatic downturn, with a 71% decrease in market value following its acquisition by Elon Musk. This striking decline was revealed in a report by Axios, citing data from Fidelity, a mutual fund investor in X Holdings.

Elon Musk, the CEO of SpaceX and Tesla, made headlines with his $44 billion acquisition of Twitter in October 2022, subsequently rebranding it as “X” in July 2023. However, this rebranding has not been well-received, as evidenced by Fidelity’s recent valuation of X Holdings at just $12.5 billion, a significant fall from its purchase value.

A key factor in this devaluation is a 15% reduction in X’s monthly user base since Musk’s takeover. Users have expressed concerns over an increase in hate speech on the platform, leading to this notable decline.

Additionally, X has undergone drastic internal changes, including a 50% reduction in staff and a decrease in moderation efforts. The European Union issued a warning to Musk in September, noting that X had the highest rate of disinformation among major social media networks.

The period up to November 2023, as covered in Fidelity’s report, also saw major advertisers withdrawing from X. This move came in response to Musk’s endorsement of an antisemitic conspiracy theory, further damaging the company’s financial health.

Elon Musk, with a net worth of $251 billion, had declared his intention to acquire Twitter to “help humanity.” However, his subsequent decisions, including reinstating controversial figures like Donald Trump and Alex Jones, have sparked widespread criticism.

Donald Trump, facing numerous criminal charges and civil lawsuits, and Alex Jones, recently ordered to pay $1.5 billion to Sandy Hook families, are among the notable reinstatements on X. Jones’s attempt to declare bankruptcy to evade this payment was overruled by a Texas judge.

The reinstatements and Musk’s management style have added to the controversies surrounding X Holdings. As the company wrestles with these challenges, its future in the social media landscape remains in question.

Tech & IT

WhatsApp to Implement Age Verification in the US

Revealing one’s birth year can be a sensitive matter, and many prefer to keep such personal details private. However, WhatsApp will soon require US users to provide their birth year to comply with new age verification laws.

Meta, the parent company of WhatsApp, has not officially confirmed this change, but multiple reports indicate that certain US states have passed laws mandating age verification. These laws aim to restrict minors’ access to explicit material and ensure that children cannot access such content without parental consent.

The new regulations are being implemented more rapidly than expected, primarily in Republican-led states. Various bills are currently under development in different states.

To comply, WhatsApp plans to integrate a feature in its newest beta version that requires users to input their birth year. According to WABetaInfo, this will become a mandatory part of the setup process. The app will also warn users that they cannot change this information later.

Although the exact timeline for this change is unclear, leaked information suggests that Meta will not announce the specific date in advance. This update is necessary for users to comply with state age laws.

Experts believe that only residents of states with these laws or those visiting such states will need to comply immediately. This situation is similar to how certain sites like Pornhub have responded to age verification requirements.

Currently, the states enforcing these laws include Alabama, Idaho, Nebraska, South Carolina, Florida, Oklahoma, South Dakota, Kansas, Tennessee, Indiana, and Georgia.

Tech & IT

Mastercard Pilots Crypto Credential Network

Mastercard has started testing its Crypto Credential network, aiming to simplify and secure cross-border digital asset transactions between Latin America and Europe.

Launched last year, Mastercard Crypto Credential ensures verified interactions among consumers and businesses using blockchain networks.

During these pilots, users from various countries on the Bit2Me, Lirium, and Mercado Bitcoin exchanges can send both cross-border and domestic transfers across multiple currencies and blockchains.

Instead of using the typically long and complex blockchain addresses, users can now send and receive crypto using their Mastercard Crypto Credential aliases.

For payments, exchanges will first verify users according to Mastercard Crypto Credential standards. Once verified, users receive an alias to facilitate sending and receiving funds across all supported exchanges.

When a user initiates a transfer, Mastercard Crypto Credential checks that the recipient’s alias is valid and that their wallet supports the digital asset and associated blockchain. If the receiving wallet doesn’t support the asset or blockchain, the sender is notified, and the transaction is halted to prevent potential loss of funds.

Mastercard believes this system could greatly benefit the remittance market and plans to extend support to NFTs, ticketing, and other payment options.

Walter Pimenta, EVP, product and engineering, Latin America and the Caribbean, Mastercard, states, “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks.”

Source: finextra.com

Tech & IT

Apple Started to Remove Apps for Creating AI-Generated Adult

Apple has taken action against three apps on its App Store after they were found to be advertising capabilities to create AI-generated pornographic images. These apps, which were misleadingly described as “art generators,” actually offered features that could simulate nude images of individuals without their consent. This function has the potential to be misused for harassment or blackmail.

The issue was highlighted by 404 Media, which reported to Apple about these apps advertising on Instagram and adult websites with promises to “Undress any girl for free.” Despite the capabilities being hidden, some apps also featured face swap technology for adult content. Apple struggled initially to locate these problematic apps until specific links and advertisements were provided by 404 Media.

These apps had been available on the App Store since as early as 2022, and appeared innocent enough to both Apple and Google, escaping scrutiny by being listed on their respective platforms. Even after the discovery, there was a delay in their removal; the apps were allowed to remain available as long as they ceased their inappropriate advertising. However, the oversight continued until Google eventually removed one from the Play Store earlier this year for failing to comply with these conditions.

This incident comes at a sensitive time for Apple as it prepares to announce significant AI enhancements to iOS 18 and Siri at the upcoming Worldwide Developers Conference (WWDC) in June. The company is making efforts to maintain a clean corporate image, which includes licensing content legally for AI training amidst growing concerns over copyright issues in the industry. This situation poses a challenge to Apple’s efforts to keep its reputation untarnished in the evolving AI landscape.

Source: phonearena.com, 404 Media