❓ Monopoly Over App Market Over for Large Tech?

ROI Overload Business, Tech & Finance Newsletter

  
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US Senators Brings Bill to End the Manipulating Influence Large Tech Has Over the App Store Market

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Three US senators, namely Richard Blumenthal (D-CT), Marsha Blackburn (R-TN), and Amy Klobuchar (D-MN), have introduced a bill in the Senate titled the Open App Markets Act. 

This bill challenges the manipulating influence large tech companies have over the app store market and the way they could force developers to utilize the store’s payment systems. Large tech companies mean the likes of Apple and Google that have their app stores. 

The bill also aims at stopping these companies from penalizing developers that offer lower prices on a separate app store or through their payment systems. 

It also asks for making it unlawful for these companies to utilize the non-public data from their stores to build products that compete against these companies. 

A response to this bill has come from the Apple, where its spokesperson has categorically stated that since its founding, the company has always put users at the center of what they do and app store is the “cornerstone” of that effort that connects “developers and customers in a way that is safe and trustworthy.”

Users Can Now Limit DMs and Comments From People Who Don’t Follow Them on Instagram

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Instagram is introducing or expanding three of its safety features. One of these three is known as Limits. If this feature is turned on, it will stop anyone who is not following you from commenting on your posts or sending you a direct message. 

While the option to turn off comments and DMs entirely will still be there, this additional solution would help people who want to engage with their community without getting lost in negative engagements. 

Instagram is also building a hidden words feature. It will help people to auto-filter direct messages containing offensive words, phrases, and emojis. 

These words, phrases, and emojis, after the introduction of this feature, would be relegated to a hidden folder. The third feature would be issuing stricter warnings to people trying to post offensive comments. 

Indian Education Startup Raises $650 Million to Cross $3.2 Billion Valuation

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Eruditus, the startup that is Softbank’s second major bet after Unacademy to capture a significant portion of India’s Edtech market, has raised $650 million in its latest funding round. 

Although Accel and SoftBank Vision Fund 2 led this round, the company also counts Chan Zuckerberg Initiative and Sequoia Capital among its investors. 

Another investor that came on board during this round was the Canada Pension Plan Investment Board. After this round of fundraising, Eruditus’ valuation reached $3.2 billion from around $700 million only a year back. 

Eruditus offers more than 100 executive-level courses to students in over 80 nations and has tie-ups with more than 30 top-tier universities, including MIT, Harvard, Columbia, Cambridge, INSEAD, Wharton, UC Berkeley, IIT, IIM, and NUS. 

Eruditus plans to utilize these freshly infused funds to scale up its unique business model while continuing to deliver strong learning outcomes and grow its global impact. 

Hacker Returns $258 Million from What Could Have Been the Largest Crypto Hack Ever

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The Poly Network hack, which was being termed as the largest DeFi hack ever with a reported exploit of $612 million, has seen $258 million comings back from the hacker. 

The rest of the funds are yet to be returned. Experts believe that it was a white hat hack, where the hackers wanted to teach Poly network a lesson about the flaws in its security setup. 

However, another set of experts believe that it is not about the good intentions of the hacker. 

Rather, it demonstrates how difficult it is to launder stolen crypto funds and cash them out, because of the transparency of the blockchain. 

However, what is the most amusing about this entire event is the Ask Me Anything session conducted by the hacker who has used embedded messages in Ethereum transactions. 

AROUND THE WEB

🧠 Zoom’s Focus Mode: Zoom’s new focus mode is targeted at keeping students from getting distracted by making it so that a meeting’s participants won’t be able to see other’s videos or screen shares, while the host would still be able to see everyone’s webcams. 

🍄 Fable Food Raises 6.5m AUD: Australia-based plant-based food startup Fable Food that uses mushrooms in its meat alternatives has raised AUD 6.5 million.


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