Before diving into today’s essay on the dangers of Truth Social and personality-driven technology, we had some breaking news this morning. Microsoft has officially extended his investment in OpenAI, and Bloomberg reports that the deal is worth his $10 billion.
As expected, this investment gives OpenAI more runway to build its incredibly expensive machine learning and artificial intelligence technology. Microsoft plans to incorporate these across Microsoft’s suite of products.
Follow Fortune.com throughout the day to stay up to date on this anticipated development. Jessica Mathews and Jeremy Kahn took a closer look earlier this month.
In the newspaper industry, it is common for large dailies to pre-write “pre-obituaries” in anticipation of a VIP’s death.
Tech writers can also start drafting for Truth Social.
Last week, two reports emerged suggesting that former President Donald Trump’s fledgling social media platform, which launched with little fanfare 11 months ago, is already headed for a tech graveyard.
First, NBC News reported Wednesday that the Trump campaign has formally petitioned Meta to reinstate Donald’s Facebook account, which the company suspended shortly after the January 2021 attacks on the US Capitol. Meta officials say they plan to announce a decision to revive “within the next few weeks.”
number two, rolling stone Trump reportedly told several close friends he didn’t want to renew his exclusive deal with Truth Social, two sources familiar with the matter said Sunday. The agreement stipulates that Trump “is generally obligated to post on social media on TruthSocial, and he cannot make the same post on another social media site for six hours.”
Both news outlets also have given Trump ideas about his imminent return to Twitter, the platform Truth Social is modeled after, after it was reinstated by new owner Elon Musk late last year. said they are brainstorming. (Devin Nunes, CEO of the Trump Media & Technology Group, has refuted claims that the former president is eager for Twitter.)
Shares of Digital World Acquisition Company, a special-purpose acquisition company planning to merge with Trump Media & Technology Group, fell 2% in intraday trading on Monday. It is down 85% from his 52-week high set in March 2022.
Trump’s wandering eyes mark the near-certain demise of Truth Social, which was never built on the promise of a Republican rally space centered around Trump’s oversized persona. Launched modestly, it currently ranks as the 102nd most downloaded free social media app on the App Store, sandwiched between Purp and dating app Cougar (that’s exactly what it sounds like). is included.
To Trump, Truth Social has always seemed like a half-hearted lark seeking revenge on the tech executives who blocked, suspended, or otherwise ostracized Trump. He’s been absent for the first two months of Truth Social’s birth, bewildered. Moreover, as I argued last year, we have never weaponized the platform as a tool in the right-wing war against Big Tech.
But Truth Social’s flop is also an occasional reminder that personality trumps technology. We often toy with the most famous moguls, but their achievements in technology are rarely built on a cult character.
Steve Jobs made a name for himself with black turtlenecks and the best show-in-tech products, but the company’s success under the humble Tim Cook meant that the iPhone and computers were always the stars of the show. I am emphasizing that Elon Musk saw Trump’s cape as America’s most famous demigod/villain, depending on your political persuasion and ego tolerance, but the future of Tesla and Twitter depends on innovation in their respective sectors. defined.
In contrast, the biggest recent developments in the industry are traced to new technology advances. TikTok has become a global phenomenon due to its video-centric platform and terrifyingly good algorithms. Generative AI is born out of huge investments in machine learning. Billions of dollars have been required for research and development of augmented and virtual reality, but it is still years away from becoming mainstream.
Meanwhile, the money and spirit behind Truth Social offered little more than a lame Twitter knockoff branded in Trump’s name. The 45th president remains a modern-day marvel of political prowess (albeit on the decline), but the traits that elevated him to the White House don’t sell as well in his Silicon Valley.
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Jacob Carpenter
newsworthy
Shuffle more. Spotify became Latest tech company to announce layoff plansThe company said Monday it plans to cut its workforce by 6%, Bloomberg reported. Daniel Ek, the CEO of his music-streaming company, told employees it was “too ambitious to invest in advance of revenue growth.” alphabet, microsoftWhen Salesforce, among others. Spotify’s shares rose 4% in midday trading on Monday.
I am looking for a new dormitory. A senior Indian government official said: appleU.S. plans to reduce dependence on China include: Manufactures up to 25% of iPhones In his country, CNBC reported on Monday. Minister of Commerce and Industry of India, Piyush GoyardApple and its contractors currently assemble between 5% and 7% of iPhones in India, with a goal of expanding in the next few years. Apple declined to comment on his Goyal statement, but the company is gradually shifting some of its production to India, Vietnam and other Asian countries.
It’s not on the docket yet. supreme court I asked the Biden administration to consider A move that effectively boosts potential judge rulings on the constitutionality of two state laws restricting the moderation of social media content until at least 2024, new york times Reported on Monday. The court asked federal officials for their opinion on laws passed in the past two years by Republican-led legislatures in Florida and Texas aimed at curbing censorship of political content. Judges have not agreed to hear appeals related to Florida and Texas law, although they may take up the matter in late 2023 or early 2024.
Are you ready to rumble? talking hedge fund Elliott Investment Management have acquired a multi-billion dollar stake in SalesforceBloomberg reported that more changes are likely at enterprise software companies. Elliott executives said they look forward to working with Salesforce to “deliver value that meets the company’s mandate.” Salesforce has captured the attention of activist investors amid a staggering Slack integration and the departure of several executives, including its co-CEO. Brett Taylor.
food for thought
about borrowed time. Promises of cryptocurrency lenders to function as modern digital banks have come to naught.filed for bankruptcy last week by Genesis Global Capital It marks another failure in the once-popular cryptocurrency lending space as organizations try to profit from loans tied to retail and institutional investors. Four of the sector’s biggest names — Genesis, Celsius network, voyager digitalWhen block phi— has filed for bankruptcy since July 2022 after taking on varying levels of lending risk. Their demise revealed the unfulfilled promise of high returns and the lack of protection given to investors when the value of cryptocurrencies plummets.
from article:
Fundamentally, cryptocurrency lenders have the same business model as banks. But traditional banks have capital requirements, bank examiners who review loan quality, and a federal deposit insurance corp. ) are subject to a range of regulations, including backstops from Cryptocurrency lenders have no such protection.
A string of failures has shown how interconnected cryptocurrency lenders are, allowing market shocks to spill over to the next lender.
in case you missed
Amazon is laying off 18,000 employees while trying to fill hundreds of jobs. Here are some of the teams Amazon is still hiring, by Andrea Guzman:
ChatGPT has passed the Wharton MBA exam, but is still in its early stages.A professor is sounding the alarmSteve Mollman
Big Tech is yelling about AI as it lays off tens of thousands of workersSteve Mollman
Rishi Snack’s former hedge fund boss, who paid himself $1.9 million a day last year, wants Alphabet to lay off more staff and cut salariesChloe Taylor
Elon Musk testifies his tweets have not affected Tesla’s stock: ‘Just because I tweet about something doesn’t mean people believe it’Joel Rosenblatt, Malathi Nayak, Bloomberg
Tech layoffs are piling up as years of industry hiring reverseby Associated Press
TSA’s no-fly list goes public because hackers found it when they were ‘bored’Alice Hearing
Zombies, fire sales, junkyards: Here’s what venture capitalists can expect in the Year of the Dragon.Mael Gavet
before going
Viva La Federal Pen? Planned trip to Mexico returns to haunt Elizabeth Holmes. federal government Prosecutors claimed last week That Theranos The founder, who was sentenced to 11 years in prison on fraud-related charges in November 2022, could face a fugitive if she is allowed to remain free on bail while she appeals her conviction. there would be a risk of Associated Press reported on Saturday. As evidence, prosecutors cited Holmes’ purchase of a one-way ticket to Mexico, where he was due to depart in late January 2022, three weeks after he was convicted. . Holmes’ attorney said his client had booked the flight before he was convicted and had no plans to board the plane, noting that he had to surrender his passport after the sentencing. A hearing is scheduled for mid-March to determine if she can. She is tentatively scheduled to appear in prison in late April.
