For a brief moment in a five-hour House hearing on Thursday, TikTok’s CEO Shou Zi Chew let his frustration show. Asked if TikTok was prepared to split off from its Chinese parent company if ordered to do so by the U.S. government, to safeguard Americans’ online data, Chew went on offense.
Daily Crunch: FTC and 48 state AGs sue Facebook

Facebook faces big antitrust lawsuits, DoorDash and C3.ai go public and YouTube announces new election misinformation policies. This is your Daily Crunch for December 9, 2020.
The big story: FTC and 48 state AGs sue Facebook
The Federal Trade Commission filed an antitrust lawsuit against Facebook today, as did 48 attorneys general representing 46 states.
They’re separate suits, although the two groups coordinated their investigations. Both suits claim that Facebook has behaved illegally when it acquired Instagram and WhatsApp, and that it used its monopoly power to suppress competition. The FTC suit also calls for Instagram and WhatsApp to be split off from the company.
In response, Facebook tweeted, “Years after the FTC cleared our acquisitions, the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day.”
The tech giants
DoorDash, C3.ai skyrocket in public market debuts — Two American tech unicorns saw their values climb after they began trading today.
YouTube declares war on US election misinformation… a month late — YouTube waited until the “safe harbor” deadline, when audits and recounts must be wrapped up at the state level, to enforce a set of rules against election misinformation.
Google CEO says company will review events leading up to Dr. Timnit Gebru’s departure — In CEO Sundar Pichai’s memo, he said the company needs to “accept responsibility for the fact that a prominent Black, female leader with immense talent left Google unhappily.”
Startups, funding and venture capital
Squire, a barbershop tech startup, triples its valuation to $250M in latest round — Squire raised $59 million in a round led by Iconiq Capital.
Career Karma raises $10M to connect students to coding bootcamps — The startup is bringing a pick-and-shovel strategy to the coding bootcamp world.
Ada Ventures closes first fund at $50M, investing in diverse founders tackling society’s problems — A year ago this week, Ada Ventures launched on stage at TechCrunch Disrupt.
Advice and analysis from Extra Crunch
Coinbase’s backstory and future with ‘Kings of Crypto’ author Jeff John Roberts — “Kings of Crypto” tells the story of Coinbase, Brian Armstrong and the dream of a crypto economy.
As several marketplace unicorns prepare IPOs, a VC digs into the data — “Growth trumps all,” says Menlo Ventures partner Venky Ganesan.
How DoorDash and C3.ai can defend their red-hot IPO valuations — An excited market brings big valuations, stacks of cash and high expectations.
(Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)
Everything else
Gift Guide: The best books for 2020 as recommended by VCs and TechCrunch writers (Part 2) — Here are nine more books (plus one bonus) recommended by VCs and TechCrunch writers.
Streamers, including Netflix and CBS All Access, roll out new family-friendly features — Netflix announced the rollout of the Kids Activity Report and Family Profiles, while CBS All Access added a Kids Mode.
TC Sessions: Space 2020 launches next week — We’ll be (virtually) hosting out-of-this-world experts, innovative agencies and bold, boundary-breaking startups.
The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.
TikTok hearing obscures wider issue of Americans’ online privacy

“I don’t think ownership is the issue here. With a lot of respect: American social companies don’t have a great record with privacy and data security. I mean, look at Facebook and Cambridge Analytica,” Chew said, referring to the 2018 scandal in which Facebook users’ data was found to have been secretly harvested years earlier by a British political consulting firm.
He’s not wrong. At a hearing in which TikTok was often portrayed as a singular, untenable threat to Americans’ online privacy, it would have been easy to forget that the country’s online privacy problems run far deeper than any single app. And the people most responsible for failing to safeguard Americans’ data, arguably, are American lawmakers.
The bipartisan uproar over TikTok’s Chinese ownership stems from the concern that China’s laws could allow its authoritarian government to demand or clandestinely gain access to sensitive user data, or tweak its algorithms to distort the information its young users see. The concerns are genuine. And yet the United States has failed to bequeath Americans most of the rights it now accuses TikTok of threatening.
While the European Union has far-reaching privacy laws, Congress has not agreed on national privacy legislation, leaving Americans’ online data rights up to a patchwork of state and federal laws. In the meantime, reams of data on Americans’ shopping habits, browsing history and real-time location, collected by websites and mobile apps, is bought and sold on the open market in a multi-hundred-billion-dollar industry. If the Chinese Communist Party wanted that data, it could get huge volumes of it without ever tapping TikTok. (In fact, TikTok says it has stopped tracking U.S. users’ precise location, putting it ahead of many American apps on at least one important privacy front.)
That point was not entirely lost on the members of the House Energy and Commerce Committee, which convened Thursday’s hearing. Last year, their committee became the first to advance a comprehensive data privacy bill, hashing out a hard-won compromise. But it stalled amid qualms from House and Senate leaders.
Likewise, worries about TikTok’s addictive algorithms, its effects on teens’ mental health, and its hosting of propaganda and extreme content are common to its American rivals, including Google’s YouTube and Meta’s Instagram. Congress has not meaningfully addressed those, either.
And if Chinese ownership is the issue, TikTok has plenty of company there, as well: A glance at Apple’s iOS App Store rankings earlier this week showed that four of the top five apps were Chinese-owned: TikTok, its ByteDance sibling CapCut, and the online shopping apps Shein and Temu.
The enthusiasm for cracking down on TikTok in particular is understandable. It’s huge, it’s fast-growing, and railing against it allows lawmakers to position themselves simultaneously as champions of American children and tough on China. Banning it would seem to offer a quick fix to the problems lawmakers spent five hours on Thursday lamenting.
And yet, without an overhaul of online privacy laws, it ignores that those problems exist on all the other apps that haven’t been banned.
“In most ways, they’re like most of the Big Tech companies,” Rep. Jan Schakowsky (D-Ill.) said of TikTok after the hearing. “They can use Americans’ data any way they want.” She and several other committee members said they’d prefer to address TikTok as part a broader privacy bill, rather than a one-off ban.
But the compromises required to pass big legislation can be politically costly, while railing against TikTok costs nothing. If Chew can take any consolation from Thursday’s hearing, it’s that congressional browbeating of tech companies are far more common than congressional action against them.
For an example, he has only to look at the one he raised in that moment of frustration: For all the hearings, all the grilling of Mark Zuckerberg over Cambridge Analytica, Russian election interference and more, Facebook is still here — and now Congress has moved on to a new scapegoat.
Celebrity doctor linked to Facebook rapist Thabo Bester leaves rented Hyde Park mansion

Johannesburg – Dr Nandipha Magudumana, the celebrity doctor linked with Facebook rapist Thabo Bester, has allegedly abandoned her rented Hyde Park …
Source link
Watching Meta Over One Year: This Was The Headline On Meta Employees One Year Ago; What Changed? – Meta Platforms (NASDAQ:META)

Exactly one year ago, on March 21, 2022, this was the headline: ‘Facebook Parent Meta Employees Seek Greener Pastures Post Stock Meltdown.’
Then, reports claimed Meta Platforms, Inc META employees were burdened with underwater stock options and looked to exit following plunging stock prices.
As of March 2022, Meta employees with $100,000 worth of restricted stock units around its September stock peak found them worth ~$57,000.
A series of internal leaks put massive political pressure on the company fueled by the multibillion-dollar sting of privacy changes from Apple Inc AAPL and Alphabet Inc GOOG GOOGL Google.
Opportunists from other companies like Microsoft Corp MSFT, whose price was down 10.3% as of March 2022, could theoretically “buy the dip” by taking a job at a beaten-down company like Meta and getting more stock options at a lower price.
However, by November, things changed, and the falling stock price signaled trouble. Finally, in November 2022, Meta fired 11,000 people, or 13% of its staff, scaled back budgets, and shrunk its real estate footprint in the face of macro uncertainties.
Again on March 14, 2023, Meta disclosed plans to downsize team strength by around 10,000 people and to close about 5,000 additional open roles to make it a better technology company and improve its financial performance amid macro uncertainties.
CEO Mark Zuckerberg mentioned that his restructuring plans focused on flattening its organizational structure, dumping lower-priority projects, and reducing hiring rates.
Meta highlighted investing in building AI tools as ChatGPT adoption gains momentum worldwide. It emphasized how the last downsizing improved efficiency and reduced costs by cutting out duplicative work and helping execute its highest priorities faster.
As of March 2023, Meta reportedly slashed the price of Quest Pro to fend off competition from Apple’s upcoming MR headset launch. It also remained rattled by the success of ByteDance Ltd TikTok and had forgone projects to win back lost users to the popular Chinese social media platform.
Major tech players saw huge losses in 2022, weighed by higher interest rates, high inflation, and uncertain economic conditions. Meta lost two-thirds of its value. Amazon.Com Inc AMZN also lost half its value.
Interestingly, Meta shares gained over 64% YTD, beating the broader index returns of 14.96%.
Price Action: META shares closed higher by 2.24% at $204.28 on Thursday.
-
AMAZON4 days ago
The Top 10 Benefits of Amazon AWS Lightsail: Why It’s a Great Choice for Businesses
-
WORDPRESS2 days ago
Internal Linking for SEO: The Ultimate Guide of Best Practices
-
WORDPRESS6 days ago
The best web hosting solutions for your personal webpage or business site
-
WORDPRESS6 days ago
ActivityPub for WordPress Joins the Automattic Family – WordPress.com News
-
SEARCHENGINES2 days ago
Google Search Status Dashboard Adds Google Ranking Updates
-
PPC4 days ago
PPC Campaign Testing: The Dos & Don’ts to Turn Risks into Rewards
-
MARKETING5 days ago
How to calculate customer lifetime value and maximize it for your business
-
SEARCHENGINES4 days ago
Google Generative AI Models Prohibited Use Policies