Facebook

Facebook and Instagram Confront Historically Bad 'Reputational Crisis' in the Middle East (nbcnews.com) 81

NBC News reports: Facebook is grappling with a reputation crisis in the Middle East, with plummeting approval rates and advertising sales in Arab countries, according to leaked documents obtained by NBC News.

The shift corresponds with the widespread belief by pro-Palestinian and free speech activists that the social media company has been disproportionately silencing Palestinian voices on its apps — which include Facebook, Instagram and WhatsApp — during this month's Israel-Hamas conflict... Instagram has taken the greatest reputational hit, according to a presentation authored by a Dubai-based Facebook employee that was leaked to NBC News, with its approval ratings among users falling to a historical low.

The social media company regularly polls users of Facebook and Instagram about how much they believe the company cares about them. Facebook converts the results into a 'Cares About Users' metric which acts as a bellwether for the apps' popularity. Since the start of the latest Israel-Hamas conflict, the metric among Instagram users in Facebook's Middle East and North Africa region is at its lowest in history, and fell almost 5 percentage points in a week, according to the research... Instagram's score measuring whether users think the app is good for the world, referred to as 'Good For World,' has also dropped in the region to its lowest level after losing more than 5 percentage points in a week...

The low approval ratings have been compounded by a campaign by pro-Palestinian and free speech activists to target Facebook with 1-star reviews on the Apple and Google app stores. The campaign tanked Facebook's average rating from above 4 out of 5 stars on both app stores to 2.2 on the App Store and 2.3 on Google Play as of Wednesday. According to leaked internal posts, the issue has been categorized internally as a "severity 1" problem for Facebook, which is the second highest priority issue after a "severity 0" incident, which is reserved for when the website is down. "Users are feeling that they are being censored, getting limited distribution, and ultimately silenced," one senior software engineer said in a post on Facebook's internal message board. "As a result, our users have started protesting by leaving 1 star reviews."

Internal documents connect the reputational damage to a decline in advertising sales in the Middle East. According to the leaked presentation, Facebook's ad sales in the United Arab Emirates, Egypt, Morocco, Saudi Arabia, Kuwait, Qatar and Iraq dropped at least 12 percent in the 10 days after May 7.

NBC adds that pro-Palestinian civil society group believe Israel is flooding Facebook with reports of violations. "The Israeli government is spending millions on digital tools and campaigns targeting social media content," said Mona Shtaya from 7amleh, a nonprofit that focuses on Palestinians' digital rights.

The article points out that Israel "also funds a program that pays students to post and report content on social media in what is described as 'online public diplomacy.'"
AI

Automation Puts a Premium on Decision-Making Jobs (axios.com) 59

A new paper shows that as automation has reduced the number of rote jobs, it has led to an increase in the proportion and value of occupations that involve decision-making. From a report: Automation and AI will shape the labor market, putting a premium -- at least for now -- on workers who can make decisions on the fly, while eroding the value of routine jobs. David Deming, a political economist at the Harvard Kennedy School, analyzed labor data over the past half-century and found that the share of all U.S. jobs requiring decision-making rose from 6% in 1960 to 34% in 2018, with nearly half the increase occurring since 2007.

Partially as a result, a greater share of wages is going to management and management-related occupations, more than doubling since 1960 to 32% -- a trend that is more pronounced in high-growth industries. This shift has also reinforced generational disparity in the labor market. Getting better at making decisions requires experience, and experience requires time on the job. Largely as a result, career earnings growth in the U.S. more than doubled between 1960 and 2017, and the age of peak earnings increased from the late 30s to the mid-50s.

Medicine

The White House Is Partnering With Dating Apps To Get Horny People Vaccinated (buzzfeednews.com) 107

An anonymous reader quotes a report from BuzzFeed News: In a national effort to get through to horny but vaccine-hesitant Americans, the White House announced Friday that it is joining forces with dating apps to encourage people to get their COVID-19 vaccines so that they can go forth and fuck freely this summer. Vaccinated users on Tinder, Hinge, Bumble, and Badoo will have access to some premium features for free. OkCupid, Chispa, BLK, and Match are giving out a free "Boost" to those who've been vaccinated so that their profiles are more likely to be seen first. Plenty of Fish is also offering free credits to vaccinated members for its livestreaming feature.

The dating apps will add badges or stickers that users can include on their profile to indicate that they've been vaccinated, as well as filters so that you only swipe on fellow vaccinated people. There will also be in-app links to find your closest vaccination site. "People who display their vaccination status are 14% more likely to get a match," White House COVID-19 adviser Andy Slavitt said at a press conference, citing research from OkCupid. "We have finally found the one thing that makes us all more attractive." The new features are expected to launch on the apps in the next few weeks.

Operating Systems

Google and Samsung Are Merging Wear OS and Tizen (theverge.com) 44

Today, Google and Samsung announced that they are merging Wear OS and Tizen in an effort to better compete against Apple's watchOS. "The resulting platform is currently being referred to simply as 'Wear,' though that might not be the final name," notes The Verge. From the report: Benefits of the joint effort include significant improvements to battery life, 30 percent faster loading times for apps, and smoother animations. It also simplifies life for developers and will create one central smartwatch OS for the Android platform. Google is also promising a greater selection of apps and watch faces than ever before. "All device makers will be able to add a customized user experience on top of the platform, and developers will be able to use the Android tools they already know and love to build for one platform and ecosystem," Google's Bjorn Kilburn wrote in a blog post.

Wired has more details on what's to come, including the tidbit that Samsung will stick with its popular rotating bezel on future devices -- but it's finished making Tizen-only smartwatches. There will also be a version of Google Maps that works standalone (meaning without your phone nearby) and a YouTube Music app that supports offline downloads. Oh, and Spotify will support offline downloads on Wear smartwatches, as well. Samsung confirmed that its next Galaxy Watch will run on this unified platform. And future "premium" Fitbit devices will also run the software.

Television

Rotten Tomatoes Is Launching a Linear Streaming Channel (variety.com) 24

Rotten Tomatoes is continuing on its quest to grow into something substantially bigger than its Tomatometer movie and TV rating scores. From a report: The website -- owned by NBCUniversal's Fandango -- expands its entertainment footprint with the launch of The Rotten Tomatoes Channel, a new over-the-top streaming service that will initially debut on on The Roku Channel. The OTT service will then come to NBCU's Peacock platform and Comcast-owned Xumo, with other distribution deals in the works including with internet pay-TV providers, according to Fandango. The first 24-hour linear video channel from Rotten Tomatoes will loop about 100 hours of premium programming around the clock on the channel, culled from RT's stable or original shows.

With the launch of The Rotten Tomatoes Channel, Fandango wants to expand its audience reach and provide new entry-points into the entire Fandango ecosystem (i.e., to push movie tickets and digital sales or rentals). Some of the shows on The Rotten Tomatoes Channel will include "Countdown," a show discussing the best upcoming movies and shows according to the Tomatometer and panelists; "The Vault," a nostalgic look back at star interviews, red carpet chats, games and more from the Rotten Tomatoes archives; "Trailers Reloaded," recapping the biggest movies and shows with an extensive collection of trailers; and "Rotten Tomatoes Essentials," a look back at movies, shows, stars and directors that defined genres and eras.

Google

JavaScript Developers Left in the Dark After DroidScript Software Shut Down by Google Over Ad Fraud Allegations (theregister.com) 40

On the last day of March, DroidScript, a popular Android app for writing JavaScript code, had its Google advertising account suspended and a week later was removed from the Google Play Store for alleged ad fraud. From a report: David Hurren, founder of the non-profit DroidScript.org and of SoftCogs Ltd, a UK-based software firm, is baffled by the charge and asked Google to explain how it came to that conclusion and to reconsider its suspension of DroidScript. But his appeals have been answered by form letters and now the app, used by more than 100,000 developers, including students, teachers and professionals, is losing premium subscribers as well as ad revenue with no further explanation from Google.

The app had only a single banner, added "reluctantly added to cover our development and hosting costs," Hurren explained in a DroidScript forum post about the crisis. Denied access to ad revenue and details about the supposed infraction, Hurren set about creating a new version without the AdMob banner ad shortly after the AdMob account suspension, knowing this might also prevent DroidScript users from implementing AdMob in their own apps. But Google, on April 7, suspended the app on Google Play, preventing any new version from being released. Hurren said that means the app loses all the user-ratings, download statistics, and premium subscribers accrued over the past seven years.

Music

Spotify Is Raising Prices For Lots of Its Plans (theverge.com) 59

Spotify is increasing the price of many of its subscriptions this week across the UK and parts of Europe, with the US seeing a hike to Family plans. The Verge reports: Subscribers have started to receive emails informing them of the changes, and they will affect Student, Duo, and Family plans across parts of Europe and the UK, and Family subscriptions in the US from April 30th. Single Spotify Premium subscriptions are unaffected. Spotify family is increasing from $14.99 to $15.99 per month in the US. Fortunately, Duo, Premium, and Student pricing will remain the same... for now. The bigger hits to pricing will affect users in the UK and Europe.

In the UK, Spotify Student is increasing from 4.99 to 5.99 pounds per month, with a Duo subscription (for two people) moving from 12.99 to 13.99 pounds a month. Family users will also be hit with price increases, with the Spotify Family plan (up to six accounts) jumping from 14.99 to 16.99 pounds a month. Similar price increases will affect Spotify users in some European countries, too. Ireland and a handful of other European countries will see both Student and Duo increasing by a euro each per month, to 5.99 and 12.99 euros per month respectively. The Family plan in Europe is also increasing from 14.99 to 17.99 euros per month. Some countries in Asia and South America will also see similar price increases.

All existing Spotify subscribers in the US, Europe, and UK users of Spotify will have a one-month grace period before prices are automatically increased, so existing subscribers will see an increase during the June period of billing.

Businesses

Network Security Company Proofprint Goes Private In $12.3 Billion Deal (venturebeat.com) 7

Private equity firm Thoma Bravo has announced plans to acquire cybersecurity company Proofpoint in a deal worth $12.3 billion. VentureBeat reports: Founded in 2002 by former Netscape CTO Eric Hahn, Proofpoint was originally known for an email security product that helped businesses identify spam, viruses, and other electric correspondence that might contravene company policies. In the subsequent years, the Sunnyvale, California-based company has expanded its scope to include an array of cloud-based security products designed to protect enterprises from targeted threats. Proofpoint went public back in 2012, with its shares initially trading at around $13 -- these have grown steadily over the past decade, hitting an all-time high of $140 earlier this year and giving it a market capitalization of more than $7 billion.

Thoma Bravo has a track record of taking publicly traded cybersecurity companies private, having done just that with network security company Barracuda in a 2017 deal worth $1.6 billion and with Sophos last year for $3.9 billion. The Proofpoint deal, which is expected to close in Q3 2021, sees Thoma Bravo paying a 34% premium on Proofpoint's closing price at the last full trading day (April 23), with shareholders set to receive $176 for each share they own. It's worth noting that the $12.3 billion price tag positions this as the biggest cybersecurity acquisition of all time, putting it ahead of the $7.68 billion Intel shelled out for McAfee 11 years ago. And by VentureBeat's calculations, the Proofpoint acquisition represents one of the biggest overall technology acquisitions ever, putting it in the top 20, alongside megadeals that include Dell's $67 billion EMC purchase, IBM's $34 billion Red Hat deal, and Salesforce's impending $27.7 billion Slack acquisition.

Facebook

How Mark Zuckerberg and Tim Cook Became Foes (nytimes.com) 118

The chief executives of Facebook and Apple have opposing visions for the future of the internet. Their differences are set to escalate later today. The New York Times: At a confab for tech and media moguls in Sun Valley, Idaho, in July 2019, Timothy D. Cook of Apple and Mark Zuckerberg of Facebook sat down to repair their fraying relationship. For years, the chief executives had met annually at the conference, which was held by the investment bank Allen & Company, to catch up. But this time, Facebook was grappling with a data privacy scandal. Mr. Zuckerberg had been blasted by lawmakers, regulators and executives -- including Mr. Cook -- for letting the information of more than 50 million Facebook users be harvested by a voter-profiling firm, Cambridge Analytica, without their consent. At the meeting, Mr. Zuckerberg asked Mr. Cook how he would handle the fallout from the controversy, people with knowledge of the conversation said. Mr. Cook responded acidly that Facebook should delete any information that it had collected about people outside of its core apps.

Mr. Zuckerberg was stunned, said the people, who were not authorized to speak publicly. Facebook depends on data about its users to target them with online ads and to make money. By urging Facebook to stop gathering that information, Mr. Cook was in effect telling Mr. Zuckerberg that his business was untenable. He ignored Mr. Cook's advice. Two years later, Mr. Zuckerberg and Mr. Cook's opposing positions have exploded into an all-out war. On Monday, Apple plans to release a new privacy feature that requires iPhone owners to explicitly choose whether to let apps like Facebook track them across other apps. One of the secrets of digital advertising is that companies like Facebook follow people's online habits as they click on other programs, like Spotify and Amazon, on smartphones. That data helps advertisers pinpoint users' interests and better target finely tuned ads. Now, many people are expected to say no to that tracking, delivering a blow to online advertising -- and Facebook's $70 billion business.

At the center of the fight are the two C.E.O.s. Their differences have long been evident. Mr. Cook, 60, is a polished executive who rose through Apple's ranks by constructing efficient supply chains. Mr. Zuckerberg, 36, is a Harvard dropout who built a social-media empire with an anything-goes stance toward free speech. Those contrasts have widened with their deeply divergent visions for the digital future. Mr. Cook wants people to pay a premium -- often to Apple -- for a safer, more private version of the internet. It is a strategy that keeps Apple firmly in control. But Mr. Zuckerberg champions an "open' internet where services like Facebook are effectively free. In that scenario, advertisers foot the bill. The relationship between the chief executives has become increasingly chilly, people familiar with the men said. While Mr. Zuckerberg once took walks and dined with Steve Jobs, Apple's late co-founder, he does not do so with Mr. Cook. Mr. Cook regularly met with Larry Page, Google's co-founder, but he and Mr. Zuckerberg see each other infrequently at events like the Allen & Company conference, these people said.

Transportation

Concept Audi A6 E-Tron Has Headlights That Can Project Video Games (tomsguide.com) 71

Audi has revealed its all-electric A6 E-tron concept, a luxury sedan that will come packed with tech including the ability to project video games on to a wall. Tom's Guide reports: The A6 E-tron, which was unveiled at Auto Shanghai 2021 today, is built on the new Premium Platform Electric (PPE) chassis architecture that Audi is developing in collaboration with Porsche. And though a production version of the car isn't likely to be available until later in 2022, its development is well under way; the car you see here shouldn't be miles away from the final version.

The A6 E-tron Concept boasts almost 435 miles of range and comes armed with a 100 kWh battery, which can be replenished from 5 to 80% in under 25 minutes as well as being able to accept fast 270kW charging. Featuring a motor on each axle, with a combined power output of 469 bhp and 590lb ft of torque, the Audi A6 E-tron should be quick, too, with a 0-62 mph time of under 4 seconds. However, Audi also plans PPE-based models with a single motor mounted on the rear axle to keep energy efficiency and prices in check.

Standout cosmetic touches include digital matrix LED headlights, which have the party trick of being able to project images. Audi suggests that owners can park facing a wall during recharging and pass the time playing a video game using the technology, or watch a movie. Audi has even developed a game, which is playable via a smartphone, to show how the concept works. Four more LED projectors are housed in the corners of the car to shine animated turn signals on the road. OLED technology in the taillights promises more electrical trickery and there are additional projectors that switch on when the doors are opened. These, suggest Audi, can be used to issue greetings to passengers or warnings to passing cyclists when the doors are opening.

Bitcoin

Coinbase Opens at $102 Billion Valuation on First Day of Public Trading (axios.com) 66

Cryptocurrency exchange Coinbase opened trading on Wednesday at $381 per share, giving it a fully diluted market value of around $102 billion. From a report: This is a slight premium to the most recent private trades for Coinbase stock, and more than 50% higher than the reference price set last night by the Nasdaq. Coinbase's public listing has been among the most anticipated in recent years, with expectations it will garner a massive market cap. Further reading: Coinbase's blockbuster debut is a 'watershed' for crypto -- but there are risks ahead.
Apple

Apple Will Hold a Special Event on April 20 (engadget.com) 26

If you're wondering when Apple will hold its next event, Siri may have the answer. From a report: Ask the digital helper: "When is the next Apple event?" and it will respond with "the special event is on Tuesday, April 20, at Apple Park in Cupertino, CA. You can get all the details on Apple.com." MacRumors, which spotted the reply, says the virtual assistant is providing it in certain instances on iPhone, iPad, Mac, and HomePod. While it's an open secret that Apple is planning an event for later this month where it's expected to debut a new iPad Pro, Siri has seemingly leaked the date ahead of confirmation. We won't have to wait long to find out if the info is correct, though. Apple normally sends out invites to the press a week ahead of the proceedings, so it should make it official later today. The event itself is expected to be a virtual affair starring the iPad Pro (in two sizes) and possibly featuring the AirTags Bluetooth tracker. Apple's next premium slate reportedly features a Mini LED display on the flagship 12.9-inch model, but supply chain issues could see it ship later than planned and in limited quantities.
Earth

PayPal Pledges To Reach Net-Zero Greenhouse Emissions By 2040 (bloomberg.com) 38

An anonymous reader quotes a report from Bloomberg: PayPal said it would achieve net-zero greenhouse-gas emissions by 2040 as it looks for ways financial technology can prevent climate change. The payments giant also vowed to use renewable-energy sources to power its data centers by 2023, and pledged to reduce its operational greenhouse gases by 25% by 2025. The promises are part of PayPal's commitment to help limit global warming to no more than 1.5 degrees Celsius, the most ambitious goal of the Paris Agreement.

"Our climate action goes beyond our science-based targets," Sri Shivananda, PayPal's chief technology officer, said in an email. "As we continue to develop more effective and efficient payment solutions, we have an opportunity to identify financial-inclusion solutions that build greater climate resilience and maximize outcomes for underserved communities hit hardest by climate-related extreme events." PayPal said it has also been financing projects in communities where it has significant operations to address the "unavoidable climate pollution" they generate. The firm, for example, has been helping a foundation restore historically Black cemeteries in Richmond, Virginia, as a way to offset its greenhouse gas emissions.
"It will take us all to succeed at creating a climate-neutral economy," Shivananda added. "We will lead on researching opportunities and bringing in partners for collaboration to advance innovative fintech solutions that prioritize climate and financial-health impact."
Communications

SpaceX President Says Starlink Doesn't Plan To Offer Tiered Pricing (gizmodo.com) 122

Starlink opened up pre-orders for its service in February for a $99 deposit, but it doesn't appear that the company plans to offer any kind of tiered plan to folks who were hoping for some options. Gizmodo reports: SpaceX President Gwynne Shotwell, speaking during a Satellite 2021 LEO Digital Forum panel on Tuesday, said that she doesn't "think we're going to do tiered pricing to consumers" for Starlink's satellite internet service. Shotwell added that the company was "going to try to keep it as simple as possible and transparent as possible, so right now there are no plans to tier for consumers."

That could be a make-or-break for potential subscribers who were hoping for a discounted -- or for that matter, even more premium -- version of the service than the one it's currently offering. The $99 refundable security deposit offering that rolled in February does not cover the total cost for the service. The Starlink installation kit costs $499 and includes a power supply, a wifi router, and a mountable dish antenna. Shipping and handling will add at least another $50 to that price. And then there's the service itself, which costs $99 per month.

Bitcoin

Bitcoin is Trading Near $66,000 in South Korea as 'Kimchi Premium' Returns (theblockcrypto.com) 56

Bitcoin is trading near $66,000 levels in South Korea as "Kimchi Premium" has returned. From a report: Kimchi Premium is the spread between bitcoin's price on South Korean crypto exchanges and Western exchanges. Bitcoin is currently trading at around $66,200 on Bithumb, according to TradingView. That is whopping about 15% or $9,000 higher than bitcoin's price of around $57,000 on Coinbase. Ether (ETH) is also trading higher at around $2,350 on Bithumb compared to $2,020 on Coinbase, according to TradingView. The Kimchi Premium suggests rising demand for bitcoin and ether in South Korea as the cryptocurrency market continues to soar worldwide.
Power

Tesla will Sell 'Green Credits' to Volkswagen in China (reuters.com) 37

Reuters reports: A Volkswagen joint venture in China has agreed to buy green car credits from Tesla to help meet local environmental rules
The deal, the first of its kind to be reported between the two companies in China, highlights the scale of the task Volkswagen faces in transforming its huge petrol carmaking business into a leader in electric vehicles to rival Tesla. Shares in Volkswagen, the world's second-biggest automaker, have soared this year as investors warm to its plans to go electric. But in China, and elsewhere, the German company is still heavily reliant on traditional combustion-engine vehicles.

China, the world's biggest auto market where over 25 million vehicles were sold last year, runs a credit system that encourages automakers to work towards a cleaner future by, for example, improving fuel efficiency or making more electric cars. Manufacturers are awarded green credits that can be offset against negative credits for producing more polluting vehicles.

The VW-venture's gas-powered SUVs and sedans "have so far proved far more popular in China than their electric vehicles," Reuters notes.

MarketWatch adds that "A deal to buy credits from Tesla at a premium represents Volkswagen buoying the margins of one of its fiercest rivals in the electric-vehicle space." According to Swiss bank UBS, Tesla and Volkswagen will be the two global leaders in electric-vehicle sales within the next two years. The analysts expect that Volkswagen will catch up with Tesla in terms of total volume of cars sold as soon as next year, when the two companies could deliver around 1.2 million cars each.
Government

Weather Service Internet Systems Are Crumbling As Key Platforms Are Taxed and Failing (washingtonpost.com) 111

An anonymous reader shares an excerpt from a Washington Post article, written by Matthew Cappucci and Jason Samenow: The National Weather Service experienced a major, systemwide Internet failure Tuesday morning, making its forecasts and warnings inaccessible to the public and limiting the data available to its meteorologists. The outage highlights systemic, long-standing issues with its information technology infrastructure, which the agency has struggled to address as demands for its services have only increased. In addition to Tuesday morning's outage, the Weather Service has encountered numerous, repeated problems with its Internet services in recent months, including: a bandwidth shortage that forced it to propose and implement limits to the amount of data its customers can download; the launch of a radar website that functioned inadequately and enraged users; a flood at its data center in Silver Spring, Md., that has stripped access to key ocean buoy observations; and multiple outages to NWS Chat, its program for conveying critical information to broadcasters and emergency managers, relied upon during severe weather events. The Weather Service is working to evaluate and implement solutions to these problems which are, in the meantime, impacting its ability to fulfill its mission of protecting life and property. [...]

Problems with the Weather Service's Internet systems have persisted for years, in part because of increasing demand from users, which the agency has struggled to meet. In December, because of an escalating bandwidth shortage, the Weather Service proposed limiting users to 60 connections per minute on a large number of its websites. Constituents complained about the quota and, earlier this month, the Weather Service announced it would instead impose a data limit of 120 requests per minute and only on servers hosting model data, beginning April 20. Meanwhile, on March 9, the Weather Service's headquarters in Silver Spring "experienced a ruptured water pipe, which caused significant and widespread flooding," which affected a data center, the agency said in a statement. "Some NWS data stopped flowing, including data from ocean buoys," the statement said, noting some of the buoys are used "to detect and locate a seismic event that could cause a tsunami."

Neil Jacobs, former acting head of the National Oceanic Atmospheric Administration, which oversees the Weather Service, said many of the agency's Internet infrastructure problems are tied to the fact they run on internal hardware rather than through cloud service providers such as Amazon Web Services, Microsoft and Google Cloud. "I've demanded in writing that NWS transition these applications to our Cloud partners. It's part of an internal strategy I've laid out," Jacobs, a Trump administration appointee, told the Capital Weather Gang in an email before he left office. In July, NOAA released its Cloud Strategy, which stated, "the volume and velocity of our data are expected to increase exponentially with the advent of new observing system and data-acquisition capabilities, placing a premium on our capacity and wherewithal to scale the IT infrastructure and services to support this growth. Modernizing our infrastructure requires leveraging cloud services as a solution to meet future demand."

IT

Dropbox Passwords Rolls Out Free Version Just as LastPass Limits Free Users (gizmodo.com) 39

Just as LastPass nerfs the free tier of its popular password manager, Dropbox has swooped in with a free version of its own password app -- but there's a bit of a catch. From a report: Dropbox today announced that Passwords will soon be free to all of its users, whether they're on its free basic plan or one of its premium individual or business tiers. Beginning in early April, any Dropbox user will be able to access a limited version of Passwords that will securely store up to 50 credentials. The catch here, of course, is that most people likely have more than 50 passwords to various accounts, and a password manager should ideally be used for all of them.
Businesses

Telegram App Is Booming but Needs Advertisers -- and $700 Million Soon (wsj.com) 30

Telegram is riding high, adding tens of million of users this year. Now the bill is coming due. WSJ: The messaging service and social-media platform owes creditors roughly $700 million by the end of April, according to people briefed on the company's plans and loan documents viewed by The Wall Street Journal. At the same time, Telegram Group must cover rising equipment and bandwidth expenses because of its rapid growth, despite going years without attempting to generate revenue. Telegram is one of the few significant social-media challengers to Facebook on a trajectory toward one billion users active each month by the end of 2022, up from roughly 550 million today. But first Pavel Durov, the Dubai-based Russian emigre who owns Telegram, needs to figure out how to convert his app's momentum into a self-sustaining business. [...] To pay the bills, Mr. Durov is issuing investors $1 billion to $1.5 billion of company debt, with the promise of discounted equity if the company eventually goes public, the people briefed on the plans said. He has also announced plans to start selling ads in public Telegram channels as soon as later this year, as well as offering other premium services for businesses and users.
News

Beeple's 5,000-Day Digital Art Collection Sells for $60.25 Million (theblockcrypto.com) 18

Popular digital artist Beeple's 5,000-day collection has sold for $60.25 million, making it one of the highest art auction sales ever. From a report: Christie's website shows that the auction concluded with a $9 million premium, which is a percentage of the final (or "hammer") price. The sale, hosted by British auction house Christie's, received a total of 353 bids. The collection of 5,000 pieces titled Everydays: The First 5000 Days, has been called "one of the most unique bodies of work to emerge in the history of digital art." To create the collection, Beeple produced a new work of art every single day for 14 years, starting in May 2007.

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