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The number of Twitter mobile app downloads actually declined 18% in February to 14.05 million from 17.2 million in January. Meanwhile, Twitter had 14.9 million app downloads in April, which is a 2% increase from the 14.6 million downloads it accumulated in March. Musk's Twitter makeover has sparked new interest in decentralized social networks. Elon Musk's Twitter is facing new competition from a rival called Bluesky, a so-called decentralized communications app that is backed by Twitter co-founder and twice-former CEO, Jack Dorsey. The front-end apps built atop these decentralized platforms are often clunky, not professional-looking or easy to use.

☆ No Bluesky invite? You're not alone: Biden can't get one either.
▼ + stars: | 2023-05-07 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +2 min

Jack Dorsey's latest social media venture, Bluesky, aims to compete with Twitter. The fledgling app is currently completing beta testing and has an extremely exclusive waitlist. The company says Biden and other heads of state are among those who can't yet create an account. Bluesky began beta testing and launched its waitlist, now nearly 2 million strong, just days after Elon Musk announced he had completed the purchase of Twitter for $44 billion. Dorsey and representatives for Bluesky did not immediately respond to Insider's requests for comment.

☆ Meta is building an 'Instagram for your thoughts' that could take on Twitter competitor — and it could be a 'great opportunity'
▼ + stars: | 2023-05-02 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +3 min

Meta is building a decentralized text-based social network that will integrate with Instagram. It's no longer a secret that Meta is building out its own decentralized text-based social network. "We're exploring a standalone decentralized social network for sharing text updates," a spokesperson for Meta told Insider in a statement when asked about the prototype. "It's a great opportunity for them to fill that void with Twitter going through such a transition." Meta's decentralized social network could very well face the same fate.

☆ 10 Things in Tech: Amazon Slack, industry extinction, and top EVs
▼ + stars: | 2023-04-28 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Community: Inside Amazon's little-known Slack channel. And that's playing out inside an internal slack channel called #focus-and-pivot-info for employees put on performance improvement plans — also known as PIPs. Go behind-the-scenes of Amazon's little-known Slack channel here. Right as tech companies shrink their headcounts, AI is gaining popularity in the workplace, writes Insider's editor in chief for business, Matt Turner. Thousands of anonymous tech employees fretted over the future of tech compensation.

☆ Meta is working on its own Twitter-like social network. Here's why an 'Instagram for your thoughts' could win as competitors multiply.
▼ + stars: | 2023-04-28 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +3 min

Meta is building a decentralized text-based social network that will integrate with Instagram. It's no longer a secret that Meta is building out its own decentralized text-based social network. "We're exploring a standalone decentralized social network for sharing text updates," a spokesperson for Meta told Insider in a statement when asked about the prototype. "It's a better idea than a lot of other things that have come out of Meta recently," Morgan added. Meta's decentralized social network could very well face the same fate.

☆ KBW downgrades this payments stock with 'small risks starting to add up'
▼ + stars: | 2023-04-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

A growing list of headwinds is beginning to signal worry for Jack Dorsey's Block , according to KBW. The firm downgraded Block to market perform from outperform, citing pressure from small risks that are piling up. KBW also lowered its price target on Block shares to $75 per share from $90. "We think SQ's risk/reward profile has become less attractive as multiple risks are starting to add up," KBW's Steven Kwok wrote. "This could pressure volume growth, take rates, and ultimately profitability," Kwok said.

☆ Elon Musk, Jack Dorsey, and other tech execs respond to the fatal stabbing of Cash App creator Bob Lee: 'Violent crime in SF is horrific'
▼ + stars: | 2023-04-05 | by ( Grace Kay | Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Bob Lee's peers and industry leaders wrote social media posts mourning the Cash App creator. At the company, the executive created Cash App, a mobile payment platform. YCombinator CEO Garry Tan called Lee's death a "huge loss for the tech community and for San Francisco." "We do not tolerate these horrific acts of violence in San Francisco," she tweeted. —Brooke Jenkins 謝安宜 (@BrookeJenkinsSF) April 5, 2023The San Francisco police department must conclude its investigation before the DA's office can step in, Randy Quezada, communications director at the San Francisco District Attorney's office, told Insider.

☆ It's becoming increasingly clear that fintech has a fraud problem
▼ + stars: | 2023-03-29 | by ( Bianca Chan | Paige Hagy | ) www.businessinsider.com time to read: +8 min

"With fast growth comes fast fraud," Frank McKenna, a longtime fraud expert who works with banks, lenders, and fintechs, told Insider. Cash App only requires a zip code, debit-card number, and either an email or phone number to create an account. Cash App's alleged fraud problem could also be the result of its large, active customer base, which numbers some 44 million, according to the company's 2022 annual report. The fact that Cash App offers peer-to-peer payments exacerbates the fraud issue, according to McKenna, the chief fraud strategist at Point Predictive, an anti-fraud software company. Digital-only bank Chime has had its own issues with fraud, Jason Mikula, a fintech analyst and consultant, told Insider.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

☆ Hindenburg targets Block, erasing more than $6.5 billion in market cap
▼ + stars: | 2023-03-24 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHindenburg targets Block, erasing more than $6.5 billion in market capCNBC's MacKenzie Sigalos reports on the market reaction to Hindenburg's latest report, this time targeting Jack Dorsey's Block.

☆ Short-seller Hindenburg's assertions about Block seem 'deliberately overstated,' analyst says
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShort-seller Hindenburg's assertions about Block seem 'deliberately overstated,' analyst saysLisa Ellis of MoffettNathanson discusses Hindenburg's short position on Jack Dorsey's payments firm Block and says it's "cherry-picking what I would argue is very likely a very small issue."

☆ Short-seller Hindenburg's report on Block: We're not seeing anything illegal, investment firm says
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShort-seller Hindenburg's report on Block: We're not seeing anything illegal, investment firm saysMoshe Katri of Wedbush Securities discusses short-seller Hindenburg's short position on Jack Dorsey's payments firm Block and says it's a "legitimate player in the space."

☆ Twitter founder Jack Dorsey's net worth dropped by more than $500 million after US short seller Hindenburg targeted his payments company Block
▼ + stars: | 2023-03-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Jack Dorsey's wealth tumbled after Hindenburg Research targeted his payments company Block, per Bloomberg. The short seller alleged Block misled investors "with inflated metrics"Block's share price tumbled as much as 22% on Thursday on Hindenburg's report. Block's share price tumbled as much as 22% on Hindenburg's report before closing 15% lower at $61.88 apiece on Thursday. It said Hindenburg's attacks are designed "solely to allow short sellers to profit from a declined stock price." In 2020, Hindenberg accused electric truck maker Nikola of fraud, which also sent its share price slumping.

☆ Things are pretty grim in real estate, but that could be a good thing for proptech startups in the long run
▼ + stars: | 2023-03-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Today, we've got stories on Deutsche Bank's tumbling shares, some bad news for Block, and why Gen Z might be in trouble. Of the many casualties of 2022, startups focusing on the real-estate market were some of the biggest. As the real-estate market dried up, thanks to rising interest rates, these companies that were meant to upend the industry through tech and innovation suddenly took a backseat. And while current conditions aren't ideal for proptech startups, that could actually benefit them in the long run. Click here to check out 26 of the hottest proptech startups set to take off in 2023.

☆ Block shares extend losses as Hindenburg report weighs
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File PhotoMarch 24 (Reuters) - Shares of Twitter co-founder Jack Dorsey's Block Inc (SQ.N) fell 4% in premarket trading on Friday, a day after the payments firm's Cash App business became the latest target of U.S. short seller Hindenburg Research. In a report, Hindenburg has alleged that Block overstated its user numbers and understated its customer acquisition costs. Block shares closed 15% lower on Thursday, giving up all the gains made so far this year. The report cited a non-profit organization to say that Cash App was also "by far" the top app used in reported U.S. sex trafficking.

☆ Hindenburg shorts Jack Dorsey's payments firm Block, shares plunge
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco BelloMarch 23 (Reuters) - Hindenburg Research on Thursday disclosed short positions in Block Inc (SQ.N) and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs. Shares of Block slid 20% to $57.85 in premarket trading following the report. Hindenburg added that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. Founded in 2017 by Nathan Anderson, Hindenburg is a forensic financial research firm that analyses equity, credit and derivatives.

☆ Top 10 things to watch in the stock market Thursday: Stocks bounce, Ford EVs, Apple
▼ + stars: | 2023-03-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +5 min

Marathon Oil (MRO) and Club holding Pioneer Natural Resources (PXD) catch upgrades at Citi. Club holding Ford (F) unveiled its new financial reporting structure ahead of Thursday's teach-in event. Club holding Apple (AAPL) increasing its commitment to sports and content? Coty (COTY) added to Piper Sandler's top ideas in beauty after analysts performed a round of checks in stores in Chicago plus recent company updates. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

"Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in its report. Up to 35% of Cash App's revenue is derived from interchange fees, Hindenburg alleged. But Block avoids that regulatory cap imposed on large financial institutions by routing the revenue through a small bank, Hindenburg alleged. The small-bank routing method is one employed by Block rival PayPal , the short seller claimed, and which prompted a Securities and Exchange Commission probe. Hindenburg took issue with Cash App's practices during the pandemic, when the government issued stimulus checks to qualified American adults.

☆ There are growing expectations that Salesforce is readying a succession plan to appease activist investors. 'There's not a lot of people sitting on the bench,' one analyst said.
▼ + stars: | 2023-03-01 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +8 min

Analyst said any succession plan would be about giving investors "comfort" about the future. Company insiders, former employees and Wall Street analysts increasingly expect Salesforce to put a succession plan in place soon. 'If he's willing to work with the activists, then he can stay CEO'Analysts think that if a succession plan is announced soon, it won't include Benioff's immediate exit. "Benioff is Salesforce and Salesforce is Benioff," said Dan Ives, an analyst at Wedbush Securities. Bret Taylor, former Salesforce executive SalesforceTaylor's departure in late November left Salesforce with a limited bench of potential successors.

☆ Twitter shut down 2 of its 3 offices in India and asked staff to work from home, report says — even though owner Elon Musk is a huge advocate of in-office working
▼ + stars: | 2023-02-17 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Twitter is closing two offices in India located in Delhi and Mumbai, per Bloomberg. Staff in those offices have been told to work from home, despite owner Elon Musk's distaste for home working. Twitter closed its offices in India's capital city Delhi and financial center Mumbai, sources familiar with the matter told Bloomberg. This latest cost-cutting measure came after Musk laid off over 90% of Twitter staff in India in November, leaving behind only about 12 employees. Meanwhile, staff working in marketing, communications, and public policy in India were also fired, per Bloomberg.

☆ PayPal tells Australia it supports buy-now-pay-later regulation
▼ + stars: | 2023-02-16 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, Feb 16 (Reuters) - Payments giant PayPal Holdings Inc (PYPL.O) wants buy-now-pay-later (BNPL) loans subjected to consumer protection law, it said in a submission to the Australian government, adding a powerful voice from inside the sector calling for regulation. Many other companies which sell BNPL loans said in submissions that they supported minimal or self-regulation. BNPL companies attract shoppers by charging no interest and make money from retailer fees. The company saw "merit in further consideration of the development of a bespoke BNPL credit reporting framework" without the full "costs typically associated with engaging in the credit reporting regime". The government has said it wants BNPL regulation in place in 2023.

☆ An ex-Twitter exec told Congress he had to sell his home after a barrage of 'homophobic and antisemitic' harassment over the 'Twitter Files'
▼ + stars: | 2023-02-09 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

A former Twitter exec said "homophobic and antisemitic" harassment forced him to sell his home. Yoel Roth testified to Congress that the release of Elon Musk's "Twitter Files" harmed former staff. During a lengthy hearing related to Twitter's handling with the Hunter Biden laptop story, Roth was asked how the release of Elon Musk's Twitter Files had affected his personal safety. He began by saying that the "Twitter Files" also affected more junior employees at Twitter, and that staff as far away as the Philippines were "doxxed, had their families threatened, and experienced harm equal to or greater than what I've experienced." The "Twitter Files" are a series of tweets released under Musk's leadership about "free speech suppression" on the platform under its previous management.

☆ It's hard to see what an avowed far-right militant 'would be doing much differently' than Elon Musk with his Twitter policies, extremism expert says
▼ + stars: | 2023-01-02 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +14 min

Berger, a researcher on extremism and extremist movements on social media, explained what constitutes extremism and how Musk fits into the right-wing extremist ecosystem. Elon Musk wouldn't be considered a right-wing extremist, right? It's hard to say if he's an extremist, but he is most definitely implementing policies that favor extremism. Is Elon Musk just bad at his job and unintentionally letting these right-wing extremists through or is it more sinister than that? There's a mythology of the center that the far right advances and that is the mythological center that Elon Musk is interested in promoting.

☆ Jack Dorsey apologizes for his Twitter moderation choices, saying he did the 'wrong thing for the internet and society' despite calling his decisions the 'right thing' at the time
▼ + stars: | 2022-12-14 | by ( Katherine Tangalakis-Lippert | Hannah Getahun | ) www.businessinsider.com time to read: +6 min

Dorsey condemned attacks on his former colleagues and laid out his thoughts for the future of social media. As CEO, Dorsey said he led Twitter to do the "wrong thing for the internet and society." When he co-founded Twitter in 2006, Dorsey's approach to content moderation was seen as pro-free speech and the company "had to be dragged" into content moderation, J.M. Berger, a researcher on extremism on social media like Twitter, told Insider. Dorsey, Musk, and representatives for Twitter did not immediately respond to Insider's requests for comment.

☆ Elon Musk smeared Twitter's former head of trust and safety by baselessly claiming he supports child sexualization
▼ + stars: | 2022-12-12 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Elon Musk falsely claimed that Twitter's ex-safety head supports the sexualization of children. Musk posted an excerpt from Yoel Roth's PhD thesis about "Gay Data" and misconstrued it. In the excerpt Musk posted, Roth advocated for social platforms like Grindr to become safe spaces for queer youth under the age of 18. Roth was the most senior member of Twitter's trust and safety team after executive Vijaya Gadde was fired by Musk on his first day as CEO. Musk then insinuated that executives including Roth were making "controversial decisions," often "without getting Jack's [Dorsey] approval."

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