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☆ Credit card late fees capped at $8 as part of Biden administration crackdown on junk fees
▼ + stars: | 2024-03-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees. The new rule applies to large credit card issuers – those with more than 1 million accounts. These companies represent more than 95% of total outstanding credit card debt, according to the CFPB. It also comes as Americans continue to pile on credit card debt, which recently exceeded a record $1.1 trillion. Some borrowers, especially Millennials and those with lower incomes, have been falling behind on their credit card debt following more than two years of high inflation.

Persons: Biden, ”, Rohit Chopra, “, Greg Baer, Joe Biden, “ It’s, Chuck Bell Organizations: CNN, Consumer Financial, White, Bank Policy Institute, Council, Consumer

☆ New CFPB rule caps banks' credit card late fees at $8
▼ + stars: | 2024-03-05 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Consumer Financial Protection Bureau unveiled a new rule on Tuesday that it said would cap late fees that banks charge customers at $8 per incident. By cutting late fees to $8 from an average of around $32, more than 45 million card users would save an average of $220 annually, the CFPB said in a release. Regulations tied to that law granted issuers the ability to charge ever-increasing amounts of late fees. "For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers," CFPB Director Rohit Chopra said in the release. "Today's rule ends the era of big credit card companies hiding behind the excuse of inflation when they hike fees on borrowers and boost their own bottom lines."

Persons: Rohit Chopra Organizations: Banking, Housing, Urban Affairs Committee, Consumer Financial, Bureau

☆ China EV shares are feeling the heat as price war concerns grow
▼ + stars: | 2024-03-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

While consumer interest is improving, the "wait for a better price" sentiment continues to constrain sales volumes for EV makers, Ding said. watch nowAt least 30% of China's entire auto market is made up of electric vehicles, with most of those EVs coming from homegrown brands. Hong Kong-listed shares of Li Auto fell 3.9%, while Nio shares dropped 3.6% and Xpeng was down 1.8%. BYD shares were up 0.4%. Despite price cuts announced earlier, Tesla still lost market share in China in January, mainly in the large cities, according to Morgan Stanley.

Persons: Tesla, Yuqian Ding, Ding, Xpeng, Morgan Stanley, Li, Li Auto, SCMP, Zhu Jiangming, Nio, BYD, Bernstein Organizations: Getty, HSBC Qianhai, CNBC, Li Auto, China Morning, Reuters Locations: Hong Kong, China, Stellantis

Between a few flecks of coral in the Indian Ocean, a ribbon of highway more than a mile long swoops up from the blue. Since 2018, the China-Maldives Friendship Bridge has connected this archipelago’s hyper-dense capital, Malé, and the international airport — expanded by Chinese companies — one island to the east. But China is not alone in chasing friendship with the Maldives. The Maldives, a tiny tourism-dependent country of 500,000 people, barely registers as a blip alongside India and China, the world’s most populous nations. Yet every blip counts in the two giants’ competition for influence across South Asia, and that has set the Maldives on a zigzagging course between them.

Persons: Indira Gandhi Organizations: Indira Gandhi Memorial Hospital Locations: China, Maldives, Malé, India, The Maldives, South Asia

☆ Federal appeals court throws out lawsuit against Apple, Google, Tesla and other tech giants over alleged child labor in Congo
▼ + stars: | 2024-03-05 | by ( Devan Cole | ) edition.cnn.com time to read: +2 min

CNN —A federal appeals court on Tuesday threw out a lawsuit that sought to hold Apple, Google, Tesla and other major tech companies liable for their alleged use of child labor to mine cobalt in the Democratic Republic of Congo. “The plaintiffs have not adequately alleged the Tech Companies participated in a venture because there is no shared enterprise between the Companies and the suppliers who facilitate forced labor,” Rao wrote. “The Tech Companies own no interest in their suppliers. A federal judge in DC had previously thrown the case out. The defendants in the case were Apple, Alphabet (which owns Google), Dell Technologies, Microsoft and Tesla.

Persons: Neomi Rao, “, ” Rao, Rao, Michelle Toh Organizations: CNN, Apple, Google, Democratic, DC Circuit, Appeals, “, Tech Companies, Companies, DC, Dell Technologies, Microsoft, International Rights Locations: Democratic Republic of Congo, Congo

☆ Forced to Change: Tech Giants Bow to Global Onslaught of Rules
▼ + stars: | 2024-03-04 | by ( Adam Satariano | David Mccabe | ) www.nytimes.com time to read: +1 min

And Apple will give iPhone and iPad users access to rival app stores and payment systems for the first time. The tech giants have been preparing ahead of a Wednesday deadline to comply with a new European Union law intended to increase competition in the digital economy. Those changes are some of the most visible shifts that Microsoft, Apple, Google, Meta and others are making in response to a wave of new regulations and laws around the world. In the United States, some of the tech behemoths have said they will abandon practices that are the subject of federal antitrust investigations. “This is a turning point,” said Margrethe Vestager, the European Commission executive vice president in Brussels, who spent much of the past decade battling with tech giants.

Persons: ”, Margrethe Vestager Organizations: Google, Microsoft, European Union, Markets, Apple, Justice Department, European Commission, “ Locations: United States, Brussels

☆ Apple hit with more than $1.95 billion EU antitrust fine over music streaming
▼ + stars: | 2024-03-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNTwatch nowThe European Commission, the European Union's executive arm, on Monday hit Apple with a 1.8 billion euro ($1.95 billion) antitrust fine for abusing its dominant position on the market for the distribution of music streaming apps. Apple also banned developers of music streaming apps from providing any instructions about how users could subscribe to these cheaper offers, the Commission alleged. Apple responseIn a fiery response to the fine, Apple said Spotify would stand to gain the most from the EU pronouncement. That's because instead of selling subscriptions in their iOS app, Spotify sell them via their own website stead. Apple fine just a 'parking ticket'The Commission said that Apple prevented developers of music streaming apps from informing their iOS users within their apps about prices of subscriptions or offers available elsewhere.

Persons: Apple, —, Margrethe Vestager, Vestager Organizations: European Commission, Apple, Commission, EU, U.S, Spotify, Apple Music Locations: Brussels, Stockholm, Sweden, Cupertino

☆ Veteran investor picks 'Glorious 10' global stocks with 30% annual gains over the last 5 years
▼ + stars: | 2024-03-04 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

However, veteran investor and trader Adam Reynolds says it's time to look beyond the U.S. and consider 10 lesser-known companies from across Europe, Japan and Australia. "The focus on U.S. tech stocks — and especially the Magnificent Seven — is driving huge amounts of performance to the U.S. stock market. Calling valuations of U.S. stocks "stretched," Reynolds said there are opportunities in moving toward a "more diversified global portfolio," including better valuations — and returns. In terms of allocation, Reynolds suggests that investors put 30% of their equities portfolio in U.S. stocks, 40% in Asia and 30% in Europe. Chip stocks Shares of semiconductor manufacturer Tokyo Electron are up over 140% over the last 12 months.

Persons: Adam Reynolds, Reynolds, we're, Reynold Organizations: Big Tech, Apple, Microsoft, Nvidia, Tesla, Saxo Capital Markets, CNBC Pro, Japan, Tokyo, Novo Nordisk, Nordisk, BYD, Ferrari Locations: Europe, Japan, Australia, Asia, Tokyo, Europe's

☆ Apple has been hit with a fine of nearly $2 billion by the European Commission over music streaming restrictions
▼ + stars: | 2024-03-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The European Commission fined Apple 1.8 billion euros for abusing its market dominance. Apple restricted app developers from informing users about alternative, cheaper music services. AdvertisementApple has been hit with a fine of 1.8 billion euros ($1.95 billion) by the European Commission, part of the European Union. The EU regulators said iOS users paid "significantly higher prices for music streaming subscriptions" as a result of Apple imposing the fees on developers, which lasted for nearly a decade. The streaming firm claimed Apple's App Store rules "purposely limit choice and stifle innovation" by imposing a 30% commission on app developers.

Persons: —, Apple, Apple didn't Organizations: European Commission, Apple, Spotify, Service, European Union, Digital Markets, Commission, Business Locations: EU, Paris

☆ Telcos are barely done rolling out 5G networks — and they're already talking about '5.5G'
▼ + stars: | 2024-03-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +10 min

And yet bosses of major carriers are already talking about building something called "5.5G," or "5G Advanced." Carriers in China, South Korea, the United States, and Europe, properly got underway with launches of 5G networks in 2019. 5G Advanced, or the name for the next stage of 5G, is the next evolution of mobile networks. 5G advanced — 5G standalone, that's absolutely fine. Telcos haven't yet revealed how much more a 5G Advanced data plan will cost compared with 5G.

Persons: Angel Garcia, it's, GSMAi, Milind Kulkarni, Howard Watson, 5.5G, Watson, execs, Mats Granryd, Granryd, Karen Tso, Telcos, Philip Song Organizations: Bloomberg, Getty, Spain — Telecom, Mobile, Congress, MWC, Deutsche Telekom, Telefonica, BT, Vodafone, Facebook, YouTube, Netflix, Apple, Apple Vision, Meta Quest, Telecommunications, 3GPP, CNBC, telco, Huawei, 5G, 5.5G Locations: BARCELONA, Spain, Barcelona, Orange, China, South Korea, United States, Europe, East, Asia Pacific, America

☆ Fungi mystery: Amphibian found with mushroom growing from its body
▼ + stars: | 2024-03-02 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

But a newly described mystery involving a mushroom and a frog suggests that fungi’s role in the environment is anything but black-and-white. Once upon a planetA golden-backed frog is seen with a small mushroom (right) growing out of its body. Elsewhere in our solar system, space scientists have spotted three faint and tiny moons orbiting the outermost planets in the Milky Way: Uranus and Neptune. — A dead star that feasted on a planet once in its orbit could foretell the eventual fate of our own solar system. They find wonder in planets beyond our solar system and discoveries from the ancient world.

Persons: Lohit, Dimorphos, ”, Dr, Sabina Raducan, it’s, Ralf Britz, Britz, Here’s, Odysseus, Odie, —, Ashley Strickland, Katie Hunt Organizations: CNN, NASA, DART, University of Bern’s Physics, CNN Space, Science Locations: Indian, Karnataka, Dimorphos, Switzerland, Myanmar, Dresden, Germany, Roman Britain, United States

☆ Elon Musk just threw down the gauntlet at Sam Altman, and there's no going back
▼ + stars: | 2024-03-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read previewIt was last May, and Elon Musk was sitting down for an interview with CNBC's David Faber. When asked about Altman and OpenAI, Musk grew visibly frustrated. AdvertisementMusk's answer may have been the writing on the wall that the billionaire was ready to take Altman and OpenAI to court. "It would be very difficult to claim a breach of contract without a written contract," Hoffman said. As one of the richest men in the world, Musk could tie OpenAI up in litigation for years, according to Lawrence.

Persons: —, Elon Musk, CNBC's David Faber, Altman, Musk, OpenAI, Kyle Lawrence, Falcon Rappaport, Berkman, he'd, Tesla, Musk's grandstanding, David Hoffman, Hoffman, Samuel Brunson, Lawrence, who's, " Brunson Organizations: Service, Business, Microsoft, GPT, Falcon, University of Pennsylvania, Altman, Loyola University Locations: Lawrence

☆ Two Young Climate Scientists. Two Visions of the Solution.
▼ + stars: | 2024-03-01 | by ( Hiroko Tabuchi | Damon Casarez | ) www.nytimes.com time to read: +1 min

Two good friends, Rebecca Grekin and Yannai Kashtan, met up one crisp December morning at Stanford University, where they both study and teach. Work that has changed the world. Ms. Grekin and Mr. Kashtan are young climate researchers. I had asked them there to explain how they hoped to change the world themselves. “I’m just not convinced we need fossil fuel companies’ help,” said Mr. Kashtan, 25, as we toured the lab where he works, surrounded by sensitive electronic gear used to detect methane.

Persons: Rebecca Grekin, Yannai Kashtan, Grekin, Kashtan, “ I’m, ” Organizations: Stanford University

☆ OpenAI's legal headaches are adding up
▼ + stars: | 2024-03-01 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Even as it promises to disrupt the economy, OpenAI's legal headaches are adding up. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOn Wednesday, The Wall Street Journal reported that the Securities and Exchange Commission was investigating whether OpenAI misled investors. AdvertisementIn December, The New York Times filed a suit against OpenAI and Microsoft, alleging Times articles had been used to train chatbots. In July, the FTC also began investigating OpenAI over data and privacy concerns to determine whether the company was in violation of consumer-protection laws.

Persons: Elon Musk, OpenAI, —, Tesla, Musk, Sam Altman, Jonathan Franzen, John Grisham, George R.R, Martin, That's, Sora, Axel Springer Organizations: SEC, Service, Microsoft, Street Journal, Securities and Exchange Commission, The New York Times, OpenAI, Times, Federal Trade Commission, FTC, Google, Business Locations: OpenAI

☆ Why 7 prominent VCs are investing millions in new social startups like Diem, Lex, and 222
▼ + stars: | 2024-03-01 | by ( Sydney Bradley | Marta Biino | ) www.businessinsider.com time to read: +8 min

Mervana Parekh is a principal at Acrew and has invested in social startups like Diem, Afterparty, and Anything World. Best Nights VC. Nichols is a founding managing partner at MaC, which recently invested in social startups like Spill and Swsh. Boyce has backed a slew of new social startups, including Diem, Lex, Koodos Labs, and Swsh, alongside associate Rhian Horton. In 2024, Best Nights is looking to invest in companies that facilitate travel experiences after hearing people say their best nights have happened during trips or vacations, said de Silva.

Persons: —, Connie Chan, Mervana Parekh, Peter Boyce II, Marlon Nichols, Catalyst, Web3, Peter, Diem, Afterparty, Lorrain de Silva, Andrew Kahn, Miley Cyrus, Lorde, Kahn, Aaron Matusow, Dan Kruchkow, Nichols, Elizabeth Weil, Kevin Weil, John Smothers, Boyce, Lex, Rhian Horton, Lorrain, Silva, BestNights, Aaron Leithäuser, Gen Z, Peter Boyce, de Silva, Acrew Organizations: Service, Business, Acrew, Stellation, MaC Venture, VCs, Stanford University, Startup, Pudgy Penguins, Crush Ventures, VC, Crush, MaC Venture Capital, MaC, Catalyst, Koodos Labs, Big Tech Locations: 1kx, San Francisco , New York, Lisbon, Acrew, San Francisco, Berlin, Los Angeles and New York, Los Angeles, New York, Rythm

☆ Here's what tech giants are betting on next — from robot dogs to smartphones you can wear on your wrist
▼ + stars: | 2024-03-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +4 min

Arjun Kharpal | CNBCThe Mobile World Congress, the world's largest mobile show, is a place where device makers show off some of their latest innovations. Arjun Kharpal | CNBCTecno showed off an augmented reality glasses product with a video game controller attached. Arjun Kharpal | CNBCXiaomi has spent years talking up its smartphones' camera capabilities. Arjun Kharpal | CNBCChinese firm Tecno showed off a robot dog. Arjun Kharpal | CNBC

Persons: Arjun Kharpal, It's, There's, Oppo Oppo, Kharpal, CNBC Tecno, CNBC Xiaomi, German Shepherd, Tecno Organizations: Mobile, CNBC, Congress, Motorola, China's Lenovo, CNBC Lenovo, Samsung Galaxy, Samsung, CNBC Samsung Locations: Barcelona, Spain, Korean, German

☆ This fund beat the S&P 500 without holding any Magnificent 7 stocks. Here's what they're buying right now
▼ + stars: | 2024-02-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

Picking great stocks and avoiding disastrous investments enabled the Ranmore Global Equity Fund to beat the S & P 500 over the past two years, according to its fund manager. The fund, run by portfolio manager Sean Peche, returned 31% in 2023 compared to 24% for the S & P 500 . The Ranmore fund also outperformed its benchmark with 1.8% total returns in 2022 when the S & P 500 and broader indexes nearly fell into a bear market. The fund manager says they take a probability-based approach with many small positions rather than a few big bets. However, according to the fund manager, the market appears to be undervaluing its cash and securities.

Persons: Sean Peche, Peche, Andrew, there's, Where's, Ranmore, it's Organizations: Ranmore Global Equity Fund, Microsoft, Meta, Petrobras, Japan's Nippon TV, GSK, eBay, of, Bank of America, UBS, Carrefour, ABN AMRO, Nippon Locations: Wall, of London, Europe, Ukraine, U.S, Japan, Holland, Netherlands

☆ Amazon recommends video doorbells that can let anyone spy on you, report finds
▼ + stars: | 2024-02-29 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Researchers said they've found multiple video doorbells with serious security concerns. At least one doorbell sold by a brand was marked as "Amazon's Choice" product. AdvertisementYou might want to double-check that your video doorbell isn't vulnerable to being hacked. Instead, it seems like they're coasting on their reputation and saddling unknowing consumers with broken products," Brookman told CR. BI also reached out to Eken for comment on these issues and details about the brand names through which it appears to sell these video doorbells, but got no response.

Persons: they've, —, Tuck, Eken —, Justin Brookman, Brookman, didn't, Temu Organizations: Amazon, Walmart, Service, Sears, Consumer, CR

☆ Dude, you’re not getting a Dell. So why is its stock soaring?
▼ + stars: | 2024-02-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —It’s not a good time to be selling PCs — Dell has been grappling with sinking demand for the past few years. But its stock still shot up 20% in after-hours trading after the company excited investors about the tech industry’s favorite buzzwords: artificial intelligence. Dell revenue declined 11% in the fourth quarter. Still, the Texas-based firm noted demand for powerful servers to run AI workloads surged in the last three months. Dell Technologies shares, which reached a record high close to cap Thursday’s trading session, rose almost 20% in after-hours trading.

Persons: New York CNN — It’s, Dell, workloads, “ We’ve, Jeff Clarke, Gartner, ” Clarke, CNN’s Krystal Hur Organizations: New, New York CNN, Dell, Dell Technologies, Nvidia Locations: New York, Texas

☆ Nita Ambani is now the most powerful woman in Indian media
▼ + stars: | 2024-02-29 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

New Delhi CNN —Just a few months ago, Nita Ambani stepped away from frontline business to focus on philanthropy. Now, the wife of Asia’s richest man is back with the biggest job in the ferociously competitive world of India media. Nita Ambani will not be steering the media giant alone. Nita Ambani first stepped into the business limelight 10 years ago, becoming the first woman director on the board of Reliance Industries. With her new job title, Nita Ambani has become the most powerful woman in Indian media and entertainment sector, which is worth over $25 billion and growing rapidly.

Persons: New Delhi CNN —, Nita Ambani, Mukesh Ambani, Uday Shankar, “, ”, Ambani’s, Nita Mukesh Ambani, Bikas Das, —, Isha, Anant, Akash —, Akash, ” Nita Ambani, National Stock Exchange —, EY, Mihir Shah Organizations: New, New Delhi CNN, Disney’s, Reliance Industries, Disney’s Asia, Disney, Reliance Foundation, Indian Premier League, IPL, Reliance, Music, International Olympic Committee, Metropolitan Museum of Art, National Stock Exchange, Media Partners, Netflix Locations: New Delhi, India, Mumbai, Disney India, New York, Viacom18

☆ Viking Therapeutics' weight loss drug showed faster results in clinical trials than Ozempic or Wegovy. Here's how it works.
▼ + stars: | 2024-02-28 | by ( ) www.businessinsider.com time to read: +3 min

Biotech company Viking Therapeutics saw stock prices double after a report on weight loss drug VK2735. The new drug could lead to even more weight loss at a faster pace than Ozempic or Mounjaro. Viking Therapeutics, a small California-based biotech company, shared the topline results from a mid-stage trial of its drug VK2735 on February 27. AdvertisementHowever, the early results of clinical trials suggest it could be on par to offer even more weight loss in less time than its competitors. How Viking Therapeutics' weight-loss drug worksVK2735 mimics two hormones that affect weight control.

Persons: —, Eli Lilly, GIP, VK2735 Organizations: Biotech, Viking Therapeutics, Service, Novo Nordisk, Washington Post, Therapeutics, Viking Locations: California

☆ This Big Tech stock has an 'absolutely compelling' valuation, top fund manager says
▼ + stars: | 2024-02-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

However, the company's revenues and profits have surged since then, and one outperforming fund manager sees the current valuation as a buying opportunity. Alibaba shares are traded in the U.S., Hong Kong and Germany. BABA 1Y line The slump in the company's share price came amid concerns of an economic slowdown in China and increased regulation of the internet sector by authorities in Beijing. Alibaba's cheap share buyback Lapping also pointed to the impact of Alibaba's share buyback program as distinct compared to many richly valued U.S. tech darlings. However, with its share price now 65% off its peak, Alibaba's compensation costs have dwindled dramatically.

Persons: Sean Peche, BABA, It's, Andrew Organizations: Ranmore Fund Management, Wall Street, Tech, Ranmore Global Equity Fund Locations: China, U.S, Hong Kong, Germany, Beijing

☆ CNBC Daily Open: Americans sour on the economy
▼ + stars: | 2024-02-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Mixed bag on Wall StreetU.S. stocks ended mixed Tuesday as investors prepared for key inflation data due out later this week. South Korea's Japan-style measures to boost corporate governance may not work to lift its undervalued stock markets and tackle the so-called "Korea discount." Honor's foray into flip phonesChinese technology firm Honor will launch a foldable flip phone this year, the company's CEO George Zhao told CNBC.

Persons: Joe Biden, Dow, Bitcoin, Tesla, George Zhao, Andrew Organizations: CS Wind America Inc, CNBC, Wall Street, Nasdaq, Apple, Bloomberg, Will, Korea's, Financial Services Commission, Samsung Locations: Pueblo , Colorado, Korea's Japan, Korea

☆ Microsoft could be sitting on a $50 billion advertising opportunity, Barclays says
▼ + stars: | 2024-02-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Advertising cold be an additional source of growth that brings in tens of billions of dollars to Microsoft , according to Barclays. Microsoft can be a long-term challenger to existing advertising giants in the technology sector, Lenschow said. Beyond that, he said another $20 billion could get added to the top-line if Microsoft improves distribution. MSFT YTD mountain Microsoft, year to date With acquisitions of advertising technology companies like PromoteIQ and Xanadr, Microsoft can obtain greater exposure to higher-growth digital areas such as connected TV and retail media, Barclays believes. "This holistic ad-tech stack serves as a unique value proposition for Microsoft, and mirrors the transformation of similar advertising mainstays," Lenschow said.

Persons: Raimo Lenschow, Lenschow, Microsoft's Organizations: Microsoft, Barclays, Bing, Google, of Justice, European Union, PlayStation Locations: Redmond, Washington, European

☆ News outlets are collapsing as advertisers flock to social media platforms, with major implications for society
▼ + stars: | 2024-02-28 | by ( Oliver Darcy | ) edition.cnn.com time to read: +7 min

New York CNN —Social media companies are soaking up the billions in advertising dollars that once flowed to legacy media companies — a trend that continues to accelerate despite an ever-growing mountain of evidence indicating the Silicon Valley titans govern their ballooning kingdoms with little regard for how their products negatively impact society. Time and time again, companies like Instagram, YouTube, TikTok, Snapchat and others have been caught allowing harmful content to exist on their platforms. The committee heard testimony from the heads of the largest tech firms on the dangers of child sexual exploitation on social media. To be fair, brands would likely prefer to advertise on the platforms of responsible media actors versus the risky world of social media. But Big Tech offers these brands much more effective targeting, while boasting a larger and younger audience than legacy news organizations.

Persons: BuzzFeed, You’re, It’s, Meta, ”, Jeff Horowitz, Katherine Blunt, Mark Zuckerberg, Anna Moneymaker Organizations: New York CNN, Social, Media, New York Times, CNN, YouTube, Times, Meta, Dirksen, Facebook, Big, Big Tech, News Locations: New York, Snapchat, Washington ,

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