Tech
People are running to replace Elon Musk on Twitter! The UK Advertising Regulatory Authority bans Turtle United’s NFT and Crypto.Com adverts.
People nominate to replace Elon Musk on Twitter, from a pet and Messi! Read more tech news
Good morning tech family, here are some quick tech updates to keep an eye out for!
Today’s news: Twitter is under scrutiny by the FTC for its privacy and security practices. The agency inquired about the privacy consent decree.
Quick Insights: The next financial crisis will come from cryptocurrencies, says RBI governor, speaking at the BFSI Insight Summit 2022 hosted by Business Standard
Elon Musk, CEO of Tesla, is no stranger to the news these days. Musk has consistently riled the Internet with his sweeping changes to the microblogging site since he bought Twitter. But when Musk organized a poll asking whether or not he should resign, all hell broke loose. He is not surprised that the billionaire did not fare well in the results. Elon Musk announced that he would step down as CEO once a replacement was found, so this story doesn’t end there. People started recommending candidates in their tweets for the position of CEO of Twitter, from Messi to a cat.
The US Federal Trade Commission (FTC) is expanding its investigation into Twitter’s data privacy and security practices, according to Bloomberg News on Tuesday, which cited people familiar with the situation. According to the article, FTC lawyers recently questioned two former company executives about the social networking site’s compliance with the agency’s 2011 consent agreement. A person familiar with the situation told Reuters last week that the The agency asked the company whether it has the necessary capabilities to comply with the Privacy Consent Decree.
It seems that Elon Musk’s Tesla company will soon announce another round of layoffs. More layoffs are expected and Tesla has begun alerting staff about them, according to people familiar with the situation who spoke to news site Electrek. According to the cited source, the layoff will take place in the next quarter, which essentially means early 2023. Furthermore, Tesla is also said to have stopped hiring, however it is unclear whether this will affect all positions or just some. . According to the indicated source, the IT giant is preparing to grow in several production regions, where it may feel the need to hire more staff.
The UK’s Advertising Standards Authority (ASA) has rejected advertisements for non-fungible token (NFT) promotions from Turtle United and Crypto.com. According to the ASA’s December 21 decision on Foris DAX Global and Turtle United NFTs, both companies failed to fully disclose transaction fees or adequately describe the dangers of participating in NFTs. The decision affects paid Facebook advertisements that both companies ran in July. The ASA has told both companies not to run the adverts in the same way again, although its decision is only a warning.
According to RBI Governor Shaktikanta Das on Wednesday, private cryptocurrencies will cause the next financial catastrophe if their growth is not regulated. Speaking at the BFSI Insight Summit 2022 hosted by Business Standard, Das said he continues to believe that cryptocurrencies should be outlawed as they have no intrinsic value and pose dangers to macroeconomic and financial stability. The RBI has long opposed the legalization of the use of private cryptocurrencies because it believes they pose a threat to stability. The central bank recently began testing its digital currency, the digital rupee, as a defense against them.