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Rep. Joe Morelle criticized Donald Trump's dismissal of Register of Copyrights Shira Perlmutter as an unprecedented power grab, coinciding with her refusal to support Elon Musk's AI copyright initiatives. The U.S. Copyright Office's recent report cautions AI companies against assuming fair use for training on copyrighted materials, highlighting potential legal risks. Perlmutter's removal is seen as detrimental to the copyright community, with ongoing lawsuits against AI firms like OpenAI and Stability AI over copyright infringement during model training.
In Q1 2025, Venmo reported a 20% revenue increase and a 10% rise in payment volume, driven by features like its debit card and online checkout integration. In contrast, Cash App saw a 10% gross profit increase but missed its payment volume forecast, highlighting challenges in user engagement and network growth. Economic pressures are reshaping P2P usage, with younger consumers using payment apps more frequently amid inflation, while both platforms strive to enhance their banking services.
Fintech firm Block is expanding Cash App into a full-service banking platform, targeting US households earning up to $150,000. With 57 million active users, the app has seen a 25% increase in direct paycheck deposits, now totaling 2.5 million. Despite offering new services like high-yield savings accounts and short-term loans, Block's stock has dropped 32% this year, facing stiff competition from Chime and Robinhood, along with regulatory challenges.
Elon Musk announced that xAI has acquired X in an all-stock deal, valuing xAI at $80 billion and X at $33 billion. Meanwhile, Block is laying off 931 employees as part of a restructuring, and 23andMe has filed for bankruptcy, with co-founder Anne Wojcicki planning to bid for the company. Additionally, a leaked database reveals China's advanced AI censorship capabilities, and Rivian's skunkworks project has spun out as a new company called Also, securing $105 million in funding.
Elon Musk's social media platform, X, has been acquired by his AI company, xAI, in an all-stock deal valued at $45 billion. This merger, which values xAI at $80 billion and X at $33 billion after accounting for debt, aims to combine advanced AI capabilities with X's extensive user base of over 600 million.Musk emphasized that the integration will enhance user experiences while maintaining a commitment to truth and knowledge. Notable developments under Musk's leadership include the launch of the AI model Grok and the reinstatement of former President Trump's account.
Elon Musk has sold Twitter, now known as X, to his AI company xAI in an all-stock deal valuing X at $33 billion, significantly lower than the $44 billion he initially paid. The merger, which values xAI at $80 billion, integrates Grok, xAI's AI technology, into the platform, despite concerns over its valuation amid competition from open-source alternatives. Investors from the original Twitter deal are left with a smaller stake in the combined entity.
Elon Musk's management style is now influencing the federal government, mirroring his approach at Twitter. Federal employees are being asked to resign if they do not commit to a five-day office workweek, with a focus on loyalty and high performance, reminiscent of Musk's "Fork in the Road" ultimatum at Twitter. Critics warn that this could destabilize the federal workforce and disrupt essential services.
Elon Musk's X has partnered with Visa to launch the X Money Account, enabling users to transfer funds between bank accounts and their digital wallets, as well as make instant peer-to-peer payments. This initiative marks X's first step towards creating a comprehensive financial ecosystem, with plans for further financial partnerships and services expected to roll out soon. The X Money service is anticipated to launch in the first quarter, allowing creators to manage payments and funds independently.
Meta has begun blocking links to decentralized competitor Pixelfed, labeling them as "spam," just days after announcing a commitment to free speech. This move raises concerns about the sincerity of the company's intentions, as it appears to prioritize suppressing competition over promoting open expression. Critics suggest that Meta's actions may be more about political maneuvering than genuine support for free speech.
Block Inc. may become the first company with an explicit Bitcoin strategy to be listed in the S&P 500, as it meets the necessary criteria for inclusion, according to VanEck's Matthew Sigel. The firm allocates 10% of its monthly Bitcoin gross profits to investment, distinguishing it from other companies like Tesla. Block, founded by Jack Dorsey, is the eighth-largest corporate holder of Bitcoin, with 8,363 BTC valued at approximately $775 million.
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