The Rise of Meta’s Threads: An Instagram Rival
Meta, the parent company of Facebook, recently launched its new social networking app called Threads. This highly anticipated app allows Instagram users to post short, tweet-like updates using their existing Instagram credentials. Within just 24 hours of its launch, the app exceeded 30 million downloads and quickly gained popularity among users.
Twitter Fights Back Against Meta
Following the success of Threads, Twitter has threatened to sue Meta, accusing the company of stealing ideas and trade secrets from former Twitter employees. In a letter sent to Meta CEO Mark Zuckerberg, a Twitter lawyer accused the social media giant of engaging in the misappropriation of intellectual property. This legal battle between the two tech giants adds an interesting twist to the competition between social media platforms.
Deleting Threads Account Requires Deleting Instagram Account
One surprising discovery made by users of the Threads app is that deleting a Threads account also requires deleting the linked Instagram account. Meta explains this stipulation by stating that a Threads profile is part of the user’s Instagram account. Many users were taken aback by this requirement, as they were not aware of the connection between the two accounts.
OpenAI Introduces GPT-4
OpenAI, a leading artificial intelligence company, announced the release of its latest text generation model, GPT-4. Unlike its predecessor, GPT-3.5, which only accepted text input, GPT-4 can generate text, including code, and accept both image and text input. OpenAI claims that GPT-4 performs at a “human level” in various academic and professional benchmarks. However, the model is not without its flaws, as previous coverage has noted.
Humane Unveils its First Product: Ai Pin
Former Apple design and engineering duo Imran Chaudhri and Bethany Bongiorno launched their startup, Humane, which revealed details about its first product, the Ai Pin. This wearable device features a projected screen and AI-powered features, similar to a futuristic smartphone but in a different form factor. The launch of the Ai Pin has generated excitement and curiosity among tech enthusiasts.
Pornhub Blocks Access in Three US States
In response to recently passed laws requiring age verification to access adult websites, Pornhub has blocked access for users in Mississippi, Virginia, and Utah. These laws have faced criticism from internet privacy advocates, who argue that they require users to share personal information, such as government IDs, to access adult content. The actions of Pornhub highlight the ongoing debate surrounding online privacy and age restrictions.
Fidelity Lowers Valuation of Reddit
Fidelity, an investment firm, has decreased the estimated value of its stake in social media giant Reddit. The Fidelity Blue Chip Growth Fund valued its Reddit holdings at $15.4 million as of May 31, marking a 7.36% decrease from the previous valuation. This represents an overall drop of 45.4% since Fidelity’s investment in August 2021, resulting in a revised valuation of $5.5 billion for Reddit.
Goldman Sachs May Exit Partnership with Apple
Goldman Sachs, the investment banking firm, is reportedly seeking to end its high-profile partnership with Apple, which included the launch of the Apple Card and savings accounts for cardholders. The firm is in talks with American Express to transfer the partnership, but no concrete decisions have been made. The potential breakup highlights the challenges and complexities of partnerships between financial institutions and tech companies.
TechCrunch’s Podcasts Offer Insightful Content
TechCrunch offers a range of podcasts that provide in-depth interviews and discussions on various topics. One episode features Immad Akhund, CEO and co-founder of Mercury, who shares his experiences in filling the commercial banking void left by the collapse of Silicon Valley Bank. Another episode features Charles Baron, co-founder and CMO of the Farmers Business Network, which offers online services to farmers. These podcasts offer valuable insights into the world of startups and technology.
Additional Piece: The Future of Social Media and User Privacy
The rise of Meta’s Threads and its legal battle with Twitter bring attention to the evolving landscape of social media and user privacy. As social media platforms continue to innovate and compete for users’ attention, issues of intellectual property theft and data privacy become increasingly important.
The interconnectedness of platforms like Instagram and Threads raises questions about the ownership and control of user data. The requirement to delete an entire Instagram account when deleting a Threads account highlights the complex relationship between different applications under one parent company.
Furthermore, the blocking of access to adult websites in certain US states underscores the ongoing debate around online privacy, age verification, and the role of technology companies in ensuring responsible usage of their platforms.
These developments also shed light on the influence of startups and small companies in shaping the future of technology. Humane, with its launch of the Ai Pin, demonstrates the potential for innovation and disruption in the hardware market. As technology continues to advance, we can expect to see more startups challenging established players and introducing new products that push the boundaries of what is possible.
In summary, the tech industry is constantly evolving, with new platforms, products, and controversies emerging regularly. The rise of Meta’s Threads, the legal battles between social media giants, the innovations of startups like Humane, and the ongoing debates around online privacy all contribute to the ever-changing landscape of the tech world. Keeping up with these developments is crucial for anyone interested in the future of technology and its impact on society.
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Hello friends, welcome to Summary of the week (WiR), TechCrunch’s regular roundup of the week in tech. Have you been too criticized to follow the news cycle as closely as you’d like? It is not to worry. That’s why WiR exists. We’ll get you up to speed in no time.
Thanks to the July 4th holiday, the work week was somewhat disrupted. But still a lot happened. Meta launched Threads, its Twitter competitor, which quickly grew to tens of millions of users. Meanwhile, Twitter has quietly removed the login requirement to view tweets that it had imposed just days earlier. Somewhere in the middle of it all, secretive hardware startup Humane revealed the details of its first product. And OpenAI made its GPT-4 generative AI model generally available.
Read on for more of the week’s top stories, and if you haven’t already, sign up here to receive WiR in your inbox every Saturday.
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The threads are activated: This week, Instagram announced the highly anticipated launch of its text-based social networking app, Threads, which allows Instagram users to authenticate with their existing credentials to post short, tweet-like updates. Within 24 hours, the app, which is available for iOS and Android in around 100 countries (but not in the EU, supposedly due to local data privacy regulations), exceeded 30 million records.
Twitter takes off its gloves: With the success of Threads, Twitter threatens to sue Meta, which it accuses of stealing from former Twitter employees to create the new platform. Shortly after Threads’ launch, a Twitter lawyer, Alex Spiro, sent a letter to Meta CEO Mark Zuckerberg accusing the social media giant of engaging in the misappropriation of trade secrets and other intellectual property from Twitter.
A difficult thread to remove: In more Threads news, it turns out that deleting a Threads account also requires deleting the linked Instagram account. The reason, Meta explains on the policy page, is that a Threads profile is part of the user’s Instagram account. The discovery of this stipulation has surprised many users, unsurprisingly.
OpenAI releases GPT-4: OpenAI this week announced the general availability of GPT-4, its latest text generation model, through its paid API. GPT-4 can generate text (including code) and accept image and text input, an improvement over its predecessor GPT-3.5, which only accepted text, and performs at “human level” in various academic and professional benchmarks. But it’s not perfect, as we noted in our previous coverage.
Humane introduces the Ai Pin: Humane, the startup launched by former Apple design and engineering duo Imran Chaudhri and Bethany Bongiorno, this week revealed details about its first product: the Ai Pin. Humane’s product is a wearable device with a projected screen and AI-powered features, just like a futuristic smartphone, but in a much different form factor.
Pornhub blocks access: Pornhub is blocking access for users in Mississippi, Virginia and Utah, which recently passed laws requiring age verification to access adult websites. Internet privacy advocates have long criticized these age controls, which require users to share personal information like their government ID to use the Internet.
Reddit’s rating is lowered, again: Fidelity has further cut the estimated value of its stake in social media giant Reddit. Fidelity Blue Chip Growth Fund valued its Reddit holdings at $15.4 million as of May 31, according to the fund’s monthly disclosure published last Friday. That is 7.36% less than the $16.6 million mark at the end of April and overall a drop of 45.4% since its investment in August 2021. The updated value of the shares suggests a valuation of $5.5 billion for Reddit.
Goldman seeks to dump Apple: Four years after partnering with Apple on the Apple Card launch, Goldman Sachs may be eyeing the exits. The Wall Street Journal reports that Goldman is “seeking a way out” of its high-profile deal with Apple, which was recently expanded to include savings accounts for Apple Card holders. The investment banking firm is apparently in talks to transfer the partnership to American Express, the WSJ report added, but nothing seems set in stone so far, nor is it clear whether Apple would support the transfer.
Audio
Do you need a podcast to pass the time? You have come to the right place. TechCrunch offers an ever-growing list of quality shows, and there’s plenty of new material this week.
Equity featured Immad Akhund, the CEO and co-founder of Mercury, who made headlines earlier this year for how he stepped in to help fill the commercial banking vacuum left behind by the collapse of Silicon Valley Bank.
And the Found The team interviewed Charles Baron, co-founder and CMO of the Farmers Business Network, a start-up that offers a suite of online services to farmers.
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TC+ subscribers get access to detailed feedback, analysis and surveys, which you know about if you’re already a subscriber. If you’re not here consider signing up. Here are some highlights from this week:
Europe, the diffuse technological cloud: Haje writes about the differences between the US and European boot environments. The latter, he writes, has an appetite for experimentation that fails to fully settle into a coherent whole, in contrast to the handful of major hubs in the US that attract the lion’s share of talent and investment.
Moving to save money: For company founders and shareholders with an exit on the horizon, a move for tax reasons can make a lot of financial sense. However, many times it is not that simple. Peyton Carr, Managing Director of Keystone Global Partners, expands on this.
Being a black founder in France: The French startup ecosystem for black founders is shrouded in mystery, but Dom tries to pull back the curtains. She finds that deep-seated racial stereotypes and prejudices still fester in the country, manifesting in the form of economic discrimination against black employers.
Get your TechCrunch IRL fix. Join us at Disrupt 2023 in San Francisco this September to dive into all things startup. From headline interviews to intimate panel discussions to a packed startup show floor, there’s something for everyone at Disrupt. Save up to $600 when you purchase your pass now through August 11, plus save 15% on top with promo code WIR. Learn more.
Meta’s Threads goes live, OpenAI launches GPT-4 and Pornhub blocks access
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