Hello, ‘Addiction machines’--that’s how social media platforms including Facebook and YouTube were described during a recent court hearing in California. The trial, which began earlier this week, will likely lead to closer scrutiny of social media platforms and set a benchmark for future cases. Over the course of the next few weeks, experts, and family members of children who have been affected by the companies and representatives of the tech giants will present their testimonials, according to the BBC. Meanwhile, India wants social media platforms to increase policing of deepfakes and other AI-generated impersonations, according to multiple media reports. It has also shortened the time given to platforms to take down such content, in a move that could significantly affect how social media companies work in one of the world’s largest market for internet services. In the world of technology, data and AI company Databricks has completed $5 billion of new equity financing and secured about $2 billion of additional debt capacity, lifting total new investments to more than $7 billion and valuing the business at about $134 billion. Lastly, how’s your work week going? We bet that whatever latest office struggles you are facing pales in comparison to the absolute chaos unfolding at South Korean cryptocurrency exchange Bithumb. The company is scrambling to recover more than $40 billion of cryptocurrency, which it accidentally gave away in the form of Bitcoins last week. While the company has managed to recover most of the lost crypto, about $9 million remains unaccounted for after recipients sold or withdrew the funds, The Guardian reports. Ouch! In today’s newsletter, we will talk about - Wakefit’s bottomline turnaround
- Fidelity’s innovation-driven strategy
- Livelihoods for tribal communities
Here’s your trivia for today: What planet was the first to be discovered by mathematical prediction and not observation?
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