Mo’ Meta, mo’ problems: The social giant again must respond to lawmakers

Friday, August 16, 2024 Posted by bloggerdaddy

Friday, August 16, 2024

Welcome to TechCrunch AM! Hey, y'all. I'm your guest writer today while Rebecca is out. We have some exciting news, from Revolut's new valuation to the latest Rivian news. Without further ado, let's dive in!

TechCrunch Top 3

Image Credits: Adam Berry / Getty Images

More Meta, more problems: The EU Commission is asking Meta more questions about why it decided to deprecate its CrowdTangle transparency tool — and about the tools the company chose to replace it with. It's already being investigated by the Commission for its election strategy. Read more

Revolut has a new valuation: After secondary market sales, the fintech company has confirmed a new $45 billion valuation. The news comes after Revolut recently secured a banking license in the U.K. and Mexico. It has raised more than $1.7 billion in funding since its launch in 2015 and has become one of Europe's most valuable private tech companies. Read more

California takes a digital leap: Soon, California residents will be able to store digital identification, like a driver's license or state ID, in their Apple or Google Wallets. California is hardly the first state to do this — Arizona, Colorado, Georgia, Maryland, and Ohio have already embraced the digital way forward. Read more

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Morning must-reads

Image Credits: CannonKeys

New year, new keyboard: CannonKeys is launching a new version of its Satisfaction 75, complete with new color options and product features. It also comes with a much cheaper price tag compared to the $400 it originally went for back in 2019. Read more

A quick hitch to space: A Rocket Lab spacecraft is heading to Mars. It's going as part of the ESCAPADE mission to study the interaction between the Martian atmosphere and solar winds. Working with NASA, the spacecraft will launch on Blue Origin's New Glenn launch vehicle. One goal of the mission is to prove that going to space doesn't always have to be a costly endeavor. Read more

More tech layoffs: Layoffs hit 3D printing company Formlabs, adding to what has been an already tough year for tech workers. The company confirmed to TechCrunch that it has been laying off employees in waves over the past few years but added that it is also hiring for new roles as it invests "heavily" in research and development. Read more

A long-awaited launch: Rivian has finally launched a camp kitchen five years after initially showcasing the demo product. The one on the market is quite different from the original — for starters, it's much smaller and costs nearly half as much. The new camp kitchen, which attaches to the tailgate, has some environmentally sustainable features in addition to a food-safe prep space and dimmable lights. Read more

Google's AI Overview takes flight: Google announced it's expanding its AI search overview features to India, Brazil, the U.K., Indonesia, and Mexico. The company is also testing a way to display links within the AI overviews. Read more

Epic Games breaks free: Epic Games launches a new app store on iOS in the EU after years of a legal back-and-forth with Apple and Google over their controversial app store practices. Apple and Google can charge a pricey fee on sales for apps in their stores, and Apple especially has faced criticism from governments and consumers alike for feeling too restrictive. At a press conference, Epic Games' CEO Tim Sweeney said it was "worth paying for freedom" as the company moves forward with its rival store launch. Read more

A Message from Daniel P McLaughlin & Co. Auctioneers

Public Auction on August 20

You're invited to join a public auction for the business assets of InvestFin, a former fintech startup based in Delaware. Assets include finserv software and various intellectual property. The auction takes place on Tuesday, August 20, in New York City at the offices of Feuerstein Kulick LLP. Bid in person or by teleconference.

Learn More

Around the web 🌐

Meta faces more lawmakers: A bipartisan group of lawmakers sent Meta a letter to ask why ads for illicit drugs have continued to proliferate on its platforms, especially while the company is facing a federal probe over the issue, the Wall Street Journal reported. It comes after the outlet published a story on the impact such drug ads have had on Meta platform users. Read more

Funding to Black founders takes a dip: The latest Crunchbase data shows that Black founders raised 0.32% of capital this H1, a decrease from the 0.73% the group raised in H1'23. Gené Teare, Crunchbase News' senior data editor, said that though AI funding seems to boost capital allocation to women founders, the same cannot be said for Black founders, and there is no indication that things will improve soon. Elsewhere, the Southern Poverty Law Center has sent legal notices to three states calling for a look into discriminatory venture practices against people of color. Read more

Before you go 🧵

Need a refresher on Threads? The product, launched by Meta, has emerged as one of the biggest competitors to X. The app is quite different from X, though — no paid tiers with no features like audio rooms or direct messages just yet. Still, that hasn't stopped more than 200 million users from signing up. It also helps that Threads is connected to one's Instagram account.