December 11, 2023
Press
Well, Elon, this is awkward.
Twitter’s CEO just took a peek at their bank account and found out the platform is now worth a measly $20 billion. That's less than half of what he paid for it just five months ago. Ouch.
According to some internal emails that American news media got their hands on, the CEO had to break it to his employees that things weren't looking great for the company. In fact, Twitter was in such dire straits that they were on the verge of bankruptcy.
Musk even had to get all serious and use words like "brutal contraction" to describe the company's financial situation. But don't worry, he did have some good news. Apparently, some advertisers are coming back to the platform (even though they ran away when the billionaire took over), so things might start looking up soon.
To help boost morale, the CEO even said that employees could cash in their shares every six months. And he's got a "clear but difficult path" to a $250 billion valuation. We'll see how that goes. In the meantime, we'll just have to watch and see if Twitter can get its act together.
Get ready to up your shopping game because Pinterest is about to get a whole lot more interactive. The social media giant is teaming up with their collage-making app, Shuffles, to bring us a brand new way to shop.
If you haven’t tried it yet, Shuffles is a nifty little app that lets you create beautiful collages using photos from Pinterest or your own camera. And now, they're adding shopping capabilities to the mix. So, not only can you create amazing collages, but you can also shop the products featured in them.
Pinterest says that Shuffles bring a whole new level of interactivity to the shopping experience, allowing users to dig deeper and connect with other Shuffles that include the same Pins. It's like having your own personal stylist, but with a playful, DIY twist.
And this is just the beginning. Pinterest is already testing out new ways to integrate Shuffles into their platform even more, so who knows what new features they'll come up with next? One thing's for sure, with Shuffles and Pinterest on your side, your shopping game is about to get a serious upgrade.
TikTok CEO, Shou Zi Chew appeared before the House Committee on Energy and Commerce, and unsurprisingly the app went into a spin.
And while we don't encourage thirsting after a tech CEO downplaying national security concerns, it's no surprise that Chew looked like a hero after the hearing. Elected officials often seem clueless when trying to regulate tech giants, as evidenced by embarrassing moments such as Georgia rep Earl "Buddy" Carter asking if phone cameras track pupil dilation and North Carolina's Richard Hudson not understanding how Wi-Fi works, asking if TikTok accesses home networks.
Aside from that nonsense, Chew was grilled on censorship, data tracking, algorithm, and youth safety. And while he managed to dodge most of the hard-hitting questions, he did make one key statement: "American data is stored on American soil by an American company overseen by American personnel."
That's because TikTok has a multi-billion dollar plan, called "Project Texas," to separate US user data from its Chinese parent company. They're hoping this will be enough to convince regulators that American users are safe. But when pressed on whether TikTok would ever sell user data, Chew was tight-lipped.
It's hard to say what's next for TikTok in the US. The Chinese government is opposed to a sell-off of the app, and rising tensions between the US and China only add to the uncertainty.
It feels like TikTok is stuck in the middle of a much bigger dispute between two nations.
“Shou came prepared to answer questions from Congress, but, unfortunately, the day was dominated by political grandstanding that failed to acknowledge the real solutions already underway through Project Texas or productively address industry-wide issues of youth safety,” a spokesperson from TikTok said.
So while Chew did his best to assure lawmakers, it might not be enough. The next steps are out of his hands, and it's possible that TikTok's fate in the US will be determined by something completely out of their control.
In the meantime, social media has a new star.
