Fidelity, one of the banks that stumped up cash to Elon Musk so he could buy Twitter, has downgraded its valuation of the business from US$44b down to US$15b - that's a 65% loss. It's the equivalent of taking $100,000 of my life savings in October 2022 and investing it in an emu farm or whiskey barrels, then trying to sell them to a fresh idiot in June and the best I can get is $35,000. It's unknown how Fidelity came to that number, but I assume they have access to data the public doesn't as Twitter is a private business and they own a chunk of it. Beats me how Twitter will ever triple it's value to be worth $44b again so Elon can break even, let alone exceed that.
Christian Selig, developer of popular 3rd-party Reddit app Apollo is getting stung with a US$20m/year bill to continue to access Reddit's API. It's unclear what will happen next for Apollo or other 3rd-party Reddit apps, as Christian explains that "the average Apollo user uses 344 requests per day, which would cost $2.50 per month", double the current subscription price and 20x times the revenue even Reddit themselves get from users. Seems obvious to me that Reddit doesn't want anyone using the API and is trying to funnel everyone into using their very average first party app and thinks they can get away with it because Twitter is doing the same thing. The enshittification continues.
The eSafety Commissioner has decided "not to register the Designated Internet Services (DIS) code, covering apps, websites, and file and photo storage services like Apple iCloud and Microsoft One Drive; and the Relevant Electronic Services (RES) code, covering dating sites, online games and instant messaging". According to the commissioner, "the Designated Internet Services code still doesn't require file and photo storage services like iCloud, Google Drive, or OneDrive to detect and flag known child sexual abuse material" and "the Relevant Electronic Services code also doesn't require email services and some partially encrypted messaging services to detect and flag this material either". As a result, the commissioner is going to "develop mandatory and enforceable industry standards for Relevant Electronic Services and Designated Internet Services".
In the mid-1950s IBM hired prominent designers to rebrand the company, to develop a corporate image that matched its vision for the future. This textile pattern by Angelo Testa and Company features the graphic designer Paul Rand's IBM logo. As just one more aspect to a coordinated corporate identity, this fabric was made for a fully branded IBM environment. (The Henry Ford)
📻 The Door is Closing - Spirit of the Beehive
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