Saturday, July 22, 2023

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☕️ Reddit takes control of protesting subreddits

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This is your daily dose of ☕️ Techpresso, where you get the latest tech news of the day effortlessly.

Here's the latest tech news from the last 24 hours:

🔒 Reddit takes control of protesting subreddits
🏝️ FTX tried to buy an island to conduct human genetic experimentation
🐦 Twitter's plan to reduce spam through DM limits
⚖️ Bolt's ex-CEO Ryan Breslow is in trouble

🔒 Reddit takes control of protesting subredditsLINK

  • Reddit has assumed control of major subreddits like r/malefashionadvice, following their shutdown to protest new API charges; these changes forced many third-party developers to abandon their apps.
  • Reddit saw a decrease in traffic due to the protest and warned moderators of private or read-only subreddits of potential replacement, with the company considering such subreddits as "abandoned".
  • Reddit has reactivated r/place, a communal art project, which users are utilizing to voice their complaints against the company and CEO Steve Huffman.
  • 🏝️ FTX tried to buy an island to conduct human genetic experimentationLINK

  • Gabe Bankman-Fried, former lobbyist for the collapsed crypto exchange FTX and brother of Sam Bankman-Fried, considered purchasing the island nation of Nauru as a fortified apocalypse bunker state, according to a lawsuit filed in Delaware bankruptcy court.
  • The planned purpose of the island was not only to provide protection for philanthropic allies during an extreme catastrophic event, but also to serve as a site for the development of a genetically enhanced human species.
  • The lawsuit alleges that the island, which is not for sale according to a representative from Nauru, was also being considered as a base for a group of "effective altruists" and possibly for other uses that come with owning a sovereign country.
  • 🐦 Twitter's plan to reduce spam through DM limitsLINK

  • Twitter plans to restrict the number of daily DMs that unverified accounts can send, as part of its effort to reduce spam in direct messages.
  • This change, alongside the company's previous actions such as limiting the visibility of tweets for unverified accounts, is viewed as a push for users to subscribe to the paid Blue membership.
  • These moves come in the context of Twitter's financial difficulties, with Elon Musk noting a 50% drop in the platform's advertising revenue and an ongoing negative cash flow.
  • ⚖️ Bolt's ex-CEO Ryan Breslow is in troubleLINK

  • Ryan Breslow, co-founder of e-commerce software company Bolt, was subpoenaed by the U.S Securities and Exchange Commission (SEC) in 2022, in connection with potential violations of federal securities laws during a fundraising round.
  • The allegations suggest that Breslow made significant misrepresentations about Bolt's financial status and product pipeline, leading to an inflated valuation during the company's $355 million Series E round.
  • In a separate lawsuit, former board member Steve Sarracino accuses Breslow of removing him and two others from the board when they refused to assist in repaying a $30 million loan; a Bolt spokesperson stated that the company is seeking resolution and remains well-capitalized.
  • Other news you might like

    ChatGPT for Android, developed by OpenAI, is launching next week, with the experience expected to be similar to the iOS and desktop versions.LINK

    SAG-AFTRA union is on strike, protesting the use of AI in creating synthetic actors and concerns over usage of digital replicas without proper consent and compensation.LINK

    Disney CEO Bob Iger is criticized for calling strikers' expectations unrealistic while his own salary is 535 times Disney's median employee pay.LINK

    Recording Academy CEO Harvey Mason Jr. supports AI use in Grammy-nominated songs, emphasizing its role in amplifying human creativity, not replacing it.LINK

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