Attorneys of investors mock Elon Musk, the electric vehicle maker’s CEO! Read more tech news
Good Morning Tech fam, here are some quick tech updates for you to catch on to!
What’s New Today: Meta Is Changing Its Advertising Policy on Facebook and Instagram, Limiting the Amount of Data Advertisers Can Use to Target Teenagers.
Fast-Track Insights: The Crypto Blame Game Casts a Wide Net of Shadows. The Finger-Pointing Phase of The Cryptocurrency Bear Market Is Now Official.
Elon Musk, the CEO of the electric vehicle manufacturer, is being sued by Tesla shareholders over a deceptive tweet, and their attorneys are pleading with a federal judge to deny his request to have the case relocated from California to Texas for the upcoming trial. The four-year-old case was filed in a federal court in San Francisco, and Musk claims that potential jurors will be biased against him there. The upcoming trial concerning Musk’s tweet from August 7, 2018, in which he claimed to have secured financing for a buyout of Tesla, which never happened and led to a $40 million settlement with US securities regulators, has not been moved, according to the Tesla shareholders’ lawyers, who claim there are no legal grounds for doing so. In addition, Musk’s attorneys claimed that any unfavourable perceptions are solely his fault, largely because
Facebook and Instagram’s ad policies are being updated by Meta, which limits the amount of information marketers can use to target teenagers. This is being done in conjunction with the inclusion of new controls that will enable teenagers to control the types of advertisements they see across platforms. “Teens aren’t necessarily as equipped as adults to make decisions about how their online data is used for advertising, particularly when it comes to showing them products available for purchase,” the Mark Zuckerberg-owned company claims. In response to this sentiment, Meta has begun to impose restrictions on both the methods by which advertisers can target teenagers and the data that Meta itself uses to do so. The only details that advertisers will have about a teen are their age and where they live.
According to a Supreme Court challenge seen by Reuters, Google’s Android ecosystem is in danger of stagnating in India as a result of an antitrust order that requires the company to alter how it markets the platform. In October, the Competition Commission of India (CCI) fined Alphabet Inc.-owned Google $161 million for abusing its monopoly over the Android operating system, which runs 97 percent of smartphones in India. The CCI also requested that Google modify the limitations placed on smartphone manufacturers with regard to pre-installing apps. Google has previously stated that the CCI decision will force it to alter its long-standing business model, but its Indian Supreme Court filing quantifies the impact and describes the adjustments the company will have to make.
According to an attorney for the company, Sam Bankman-cryptocurrency Fried’s exchange FTX has recovered more than $5 billion in liquid assets, but it is still unclear how much money customers lost when the company went under. In November, the company, which had a $32 billion valuation a year earlier, sought bankruptcy protection, and U.S. prosecutors charged Bankman-Fried with planning a “epic” fraud that may have cost investors, clients, and lenders billions of dollars. At the beginning of the hearing on Wednesday, Andy Dietderich, a lawyer for FTX, informed U.S. Bankruptcy Judge John Dorsey in Delaware, “We have located over $5 billion in cash, liquid cryptocurrency, and liquid investment securities.”
The crypto bear market’s finger-pointing phase has now officially begun. First, Barry Silbert, the CEO of the conglomerate of cryptocurrency businesses known as the Digital Currency Group, is constantly the target of Cameron Winklevoss’s criticism. Winklevoss’s own Gemini cryptocurrency exchange has about $900 million of its users’ money locked up in DCG’s division Genesis Global Capital after that company suspended withdrawals, blaming its own woes on the collapse of exchange FTX and failed hedge fund Three Arrows Capital. Winklevoss is requesting that Silbert be fired by the DCG board because of his alleged involvement in reckless “kamikaze” trades involving the Grayscale Bitcoin Trust, another DCG entity, and false accounting and statements.