With five bills before the House, Congress is poised to reign in Big Tech, and a breakup may be required for Big Tech to continue to do business in the United States. The Big Nine - Facebook, Twitter, Amazon, Apple, Google, and IBM, plus Ali Baba, Tencent/TikTok, and Babu are so dominant in our society, that Congress is starting to be concerned that Big Tech has too much power, and they may require some of those firms to break up into smaller companies.
Twitter has announced a new paid subscription tier that will give users the option to edit their tweets or flat out undo them (isn't that what the delete function does?). The cost will be around $2.99 a month. Leo says that Twitter is trying to make a profit now, and promoted tweets aren't doing it.
Chinese tech giant Huawei was caught this week creating phony Twitter accounts to push their products in Belgium. The accounts consisted of phantom tech reviewers and experts who spoke positively of Huawei products. Leo says while Huawei was only caught doing what all tech companies have done, and while it's against Twitter TOS, they haven't really enforced it all that much. Even the FCC has been caught doing it to push an anti-net neutrality position.
This week, Twitter got hacked, compromising verified user accounts. Leo says it's a big deal, and a little weird, because the Tweets started with BitCoin accounts and spreading out to other verified users. It was all wrapped around "giving back" bitcoin to communities, buy offering a two for one deal on sending bitcoin. A complete hoax. But then, other verified users started to tweet it, including Joe Biden, Bill Gates, Apple, and Elon Musk, clearly indicating that Twitter had been hacked.
Twitter announced this week that their employees can work from home and don't ever have to come back to the office. Leo says that this could be a new emerging trend, where companies allow ther employees to telecommute. The result could also be that people will be able to live where they can afford, rather than living in expensive areas. But it may also mean that companies will pay their employees less if they live in cheaper areas. But companies are also battling for the best talent, by offering amenities. Working from home will be part of that.
Johnny Jet joins us to talk about the earthquakes that have struck the last few days. Though it was about 100 miles away, everyone could definitely feel it.m Here are a few tips and a plan in case of an earthquake, especially if travelling.
1. Have your phone at the ready with websites bookmarked including Tsunami.gov. You'll get a warning within minutes when you sign up.
2. Follow @NewEarthquake on Twitter
When political figures make questionable or controversial quotes that may violate Twitter's Terms of Service, the social media company will put them behind a "grey wall" with the note that the post violated their abuse rules. Leaving the reader the option to read it or not. Leo says it'll be interesting to see how this will be received or if it will just add to the problem.
Leo says that when it first began, Twitter called itself the "free speech wing" of the free speech party. But after recent bans of Alex Jones, Leo ponders what happened. The bottom line is, if you are for the first amendment, you have to be for unpopular speech as well. But make no mistake, Twitter is a private company, and it can ban anyone for any reason.
Twitter purged over a million bots and fake accounts, and Wall Street reacted by a 20% loss in Twitter's stock value. The reason? The Social Media giant is contracting, not growing. Or, in reality, the perception of Twitter's actual active users is far less than Wall Street likes and as such, many investors sold their stock.
Twitter banned a ton of fake accounts this quarter, and as a result, not only lost 1 million active users, but also saw their stock take a dump. Even though they made $20 million in the process. But Wall Street says that Twitter isn't growing, and as a result, the value declined. Even Facebook took a hit this week, in the single largest stock loss in Wall Street trading history. $120 Billion in lost value. Mark Zuckerberg lost over half his personal wealth. But Leo says he'll likely bounce back over time.