💸 Google Founders Offload $1 Billion in Stocks

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Google Founders Offload $1 Billion in Stocks

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Larry Page and Sergey Brin, the founders of Google and its majority stakeholders, have offloaded more than $1 billion in stocks since May this year. 

The news has created quite a stir in the market as this duo had not sold their shares since 2017, despite having stepped down from their executive positions in 2019. 

According to reports compiled from the SEC data, Page and Brin have sold Alphabet Class A and Class C shares valued at more than a billion. 

While Sergey Brin sold more than $610 million worth of shares, Page has offloaded stocks valued at over $462 million. 

Page and Brin founded Google together in 1998. Since then, they have remained Board members of the company, holding a majority stake, controlling 51% of a special class of Alphabet’s voting shares. 

Since the time this duo stepped down, the share price of Alphabet has almost tripled. 

Malaysia Instructs Binance to Shut Down its Operations

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Accusing Binance of continuing its operations in the country illegally, Malayasia has served a public reprimand against Binance, one of the largest crypto exchanges worldwide. 

According to the observations made by the Securities Commission of Malaysia, Binance has been operating in the country ignoring the previous warning issued by the authorities. 

Indeed, media reports show that Binance did not have the required permission to operate in Malaysia even in July 2020. 

According to the instructions issued by the country’s Securities Commission, Binance has 14 days to disable its website and mobile apps in the country and discontinue any media campaign promoting its services in Malaysia.

Other than Malaysia, countries like Italy, Germany, Poland, Japan, Thailand, Singapore, and the United States have also issued warnings about Binance. 

Responding to such warnings issued against it globally, the exchange has declared to have taken steps to neutralize the situation. 

Changpeng Zhao, the CEO of Binance, has also promised to work with regulators amid plans for even further expansion worldwide.

Twitter Holds Competition for Hackers and Researchers

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Twitter is to hold a competition for hackers and researchers to identify biases in its image cropping algorithm. The winning teams will get cash prizes. 

After Twitter gives the competing teams access to its image cropping algorithm codes, they will have to identify ways in which the algorithm could prove harmful. 

Next, they would have to submit their findings as a description and an accompanying dataset that can demonstrate the issue by running through the algorithm. 

Looking at these findings, Twitter will assign points. How many points a team could score would depend upon the kinds of harms they have found and the potential impact they could have on users opting to crop images. 

Twitter has announced $3,500 as awards for the winning team and separate $1,000 prizes for findings that are innovative and most generalizable. With Twitter’s normal bug bounty program fetching a reward of $2,940, the amounts for this special competition has appeared to be less than the standards expected from Twitter.

Amazon Fined $887 Million

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The National Commission for Data Protection, Luxembourg, has fined Amazon 746 million Euros or US$887 million. 

It came under the category of GDPR fine over the way Amazon uses customer data for its targeted advertising efforts. 

The penalty came as a result of a French privacy rights group’s complaint. 

La Quadrature du Net, the group, claims to be the representative of the interests of thousands of Europeans who do not want their personal data to be used by Big Tech companies to manipulate their behaviour for political or commercial purposes. 

Amazon has termed the decision baseless by disclosing the ruling in its latest SEC filing. It has also declared to defend itself “vigorously in this matter.”

AROUND THE WEB

🚫 Stopping the Derivatives: In a major move, the globally renowned crypto exchange Binance has declared to suspend its derivatives trading across the European region, which will start from the countries of Germany, Italy, and the Netherlands. 

🎮 Elon Musk Agrees to Epic Games: Taking the side of Epic Games in its legal battle with Apple, Elon Musk has tweeted saying that the “app store fees are a de facto global tax on the Internet.”

📶 What’s Your Wifi Strength: AirBnB rental listings will include a new section showing the property’s WiFi speed and quality before it is booked.


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