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Pinterest CEO Steps Aside, as Former Google Commerce Chief Takes the Reigns at the App

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Pinterest CEO Steps Aside, as Former Google Commerce Chief Takes the Reigns at the App

This is a significant update.

Pinterest has today announced that co-founder and CEO Ben Silbermann is stepping down from his role, and shifting to a new position within the organization, with online commerce expert Bill Ready set to take over as Pinterest chief, effective June 29th, 2022. 

Silberman posted an impassioned update on the Pinterest blog, noting the significance of the platform to him and his life.

“As you can imagine, this was a hard decision. So much of my heart belongs to Pinterest. I guess you could call it a founder’s love. And, when you care about something so much, the natural instinct is to hold it as tight as you can. But often, the most loving thing to do is let it go and watch it flourish in new ways.” 

Silbermann will move into the newly created role of Executive Chairman, where he will continue to oversee the growth and development of the app, albeit from a more distant perspective.

Silbermann’s decision is obviously a major change within itself, but the appointment of Ready is also notable, given his most recent role at Google, where he served as the search giant’s president of commerce and payments.

As per Ready:

There’s no better time to join Pinterest. I have long admired the brand and platform that Ben and the Pinterest team have created and everything the Company stands for. I am excited to build on that foundation to further scale the Company’s ecosystem and drive increased value for shareholders. Having built multiple businesses from zero and operated at the scale of billions of users, I have a deep appreciation for what it takes to scale a business like this to the next level. I look forward to working closely with Ben, the Board and the rest of the leadership team to capitalize on the many opportunities ahead and usher in Pinterest’s next chapter of growth and success.”

Under Ready, Google had been steadily updating its eCommerce tools, with a focus on improving the connection between search and purchase. Which is much the same as Pinterest’s mission – and at times, that had seen the platform step on Google’s toes to some degree.

Which has seemingly prompted various replication efforts from Google, with the search giant making its visual search results look more Pinterest-like, adding a visual search tool, which is very similar to Pinterest Lens, and possibly throttling Pinterest’s referral traffic from Search results.

In its Q4 21 update, Pinterest noted that:

“In addition, lower search traffic (driven by Google’s algorithm change in November) negatively impacted our MAUs on a year-over-year basis. In fact, we believe lower search traffic was the primary reason for the sequential decline in MAUs from Q3 to Q4 in both the US and international markets.”

There’s no direct correlation, as such, but Pinterest seemingly lost a heap of Google traffic, which could have been Google’s way of diluting its rising presence as a search platform, which again, steps into its core territory.

Which is a concern, in that Google, as essentially a competitor in the same market, has the power to negate any advantage that Pinterest may gain. But now, Pinterest has inside knowledge of Google’s exact plans and strategy on this front, with Ready having played a key role in that exact process from Google’s end, which could give Pinterest a big advantage moving forward.

I mean, Google still controls search traffic, and still holds a massive advantage in this respect. But Pinterest facilitates more than 5 billion searches per month, which are predominantly product-based, and with Ready’s in-depth insights into how the biggest search platform in the world sought to capitalize on such, that could help Pinterest boost its platform to the next level.

Of course, it still has to bring users in, which has been problematic of late, and it needs to keep finding new ways to add in more merchants and product listings. But the knowledge and experience that Ready brings will be invaluable in evolving the platform to the next stage as a discovery network.

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An Overview of Generative AI [Infographic]

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An Overview of Generative AI [Infographic]

Generative AI is the latest big tech trend, with the latest variations of text and image generators now able to create original content that’s comparable to human outputs, opening up a range of new possibilities.

That’s also freaking a lot of people out, due to concerns that they could be out of the job entirely due to the sudden influx of impressive AI tools. And some, like digital artists, are already feeling the pinch – but it is worth noting that AI systems can only iterate on what’s come before, in order to provide similar content, they can’t come up with entirely original, unique, or even trustworthy material.

‘Trustworthy’ in this context relates to the accuracy of the text data such systems provide, with AI systems known to ‘hallucinate’ answers based on the various data points they can connect to your query. Essentially, you really have to know and understand the topics that you’re focusing on to produce the best results, because you can then view the outputs with a more critical eye, and ensure no mistakes or errors slip through.

In this sense, these tools work best as assistants – and in that context, it’s less about them taking your job, and more about them leveling up your capacity.

To provide more context as to what these systems are, and how they work, the team from Visual Capitalist has put together a basic overview of some of the key generative AI processes that you need to know about as we move into the next stage of the digital era.

Understanding these tools, and their many applications, will soon become a requisite for many roles – and the more you know, the better placed you’ll be.

Time to jump in – check out the full infographic below.

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US state to require parental consent for social media

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Social media in Niger came under a massive disinformation attack in February, an AFP Fact Check investigation has found

Social media. – © AFP Denis Charlet

Utah on Thursday became the first US state to require social media sites to get parental consent for accounts used by under-18s, placing the burden on platforms like Instagram and TikTok to verify the age of their users.

The law, which takes effect March 2024, was brought in response to fears over growing youth addiction to social media, and to security risks such as online bullying, exploitation, and collection of children’s personal data.

But it has prompted warnings from tech firms and civil liberties groups that it could curtail access to online resources for marginalized teens, and have far-reaching implications for free speech.

“We’re no longer willing to let social media companies continue to harm the mental health of our youth,” tweeted Spencer Cox, governor of the western US state, who signed two related bills at a ceremony Thursday.

The bills also require social media firms to grant parents full access to their children’s accounts, and to create a default “curfew” blocking overnight access to children’s accounts. 

They set out fines for social media companies if they target users under 18 with “addictive algorithms,” and make it easier for parents to sue social media companies for financial, physical or emotional harm.

“We hope that this is just the first step in many bills that we’ll see across the nation, and hopefully taken on by the federal government,” said state representative Jordan Teuscher, who co-sponsored the bill.

Michael McKell, a Republican member of Utah’s Senate who also sponsored the bill, said it was a “bipartisan” effort, and praised President Joe Biden’s recent State of the Union address, in which he raised the issue.

Biden last month called on US lawmakers to restrict how social media companies advertise to children and collect their data, as he accused Big Tech of conducting a “for profit” experiment on the nation’s youth.

California has already introduced online safety laws including strict default privacy settings for minors, but the Utah law goes further.

Lawmakers in states such as Ohio and Connecticut are working on similar bills.

Platforms including Instagram and TikTok have introduced more controls for parents, such as messaging limits and time caps.

At Thursday’s ceremony in Utah, McKell pointed to data from the federal Centers for Disease Control and Prevention which he said highlighted the toll social media apps can have on young minds.

“The impact on our daughters — and I have two daughters — it was incredibly troubling,” he said. 

“Thirty percent of our daughters from ninth grade to 12th grade had seriously contemplated suicide. That’s startling.”

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ChatGPT is being used to lure victims into downloading malware

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ChatGPT

Hackers are trying to capitalize on the enormous popularity of ChatGPT to distribute malware, security experts have warned.

A report from cybersecurity researchers CloudSEK has detailed an elaborate scheme that includes stolen Facebook accounts, groups, and pages, malicious Facebook ads, and fake ChatGPT software.

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