Techmeme
July 26, 2022, 12:05 PM

Top News

Ashley Capoot / CNBC:
Responding to criticism, Adam Mosseri says Instagram's full-screen update is “just a test” that is “not yet good” and the platform is shifting to video  —  - Instagram head Adam Mosseri shared a video on Twitter Tuesday explaining recent changes to the social media platform.
Travis Clark / Insider:
Scott Rosenberg / Axios:
Facebook's TikTok-like redesign marks the end of a social networking era centered around friends and a move toward algorithmically sorted content from strangers  —  Mark last week as the end of the social networking era, which began with the rise of Friendster in 2003, shaped two decades of internet growth …
Devin Coldewey / TechCrunch:
Bloomberg:
Sources: before its probe into alleged insider trading, the SEC started probing whether Coinbase improperly let Americans trade digital assets; stock drops 15%+  —  Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered …
Max Chafkin / Bloomberg:
Vipal Monga / Wall Street Journal:
Memo: Shopify plans to cut around 1,000 workers, or 10% of its global workforce, citing consumers pulling back from online shopping; SHOP drops 14%+  —  CEO Tobi Lütke says company made wrong bet on pandemic-fueled boom in e-commerce growth lasting  —  Shopify Inc. SHOP -1.71%▼ …
The Verge:
As Mark Zuckerberg takes a tough stance on retaining employees during a weekly Q&A, internal surveys show anxiety and unease among employees  —  As Meta's growth slows, Mark Zuckerberg is pushing even harder.  Will his employees melt under the pressure?
Jeffrey Dastin / Reuters:
Amazon plans to raise its annual Prime subscription prices across Europe by up to 43% on September 15, citing “increased inflation and operating costs”  —  Amazon.com Inc (AMZN.O) will raise fees for its delivery and streaming service Prime in Europe by up to 43% a year …
Sarah Butler / The Guardian:
Liron Shapira / @liron:
[Thread] A look at Helium, a network of 500K+ crypto mining hotspots, which raised $365M from a16z and others and generates an estimated $6.5K/month in revenue  —  .@Helium, often cited as one of the best examples of a Web3 use case, has received $365M of investment led by @a16z. Regular folks have also been convinced to spend $250M buying hotspot nodes, in hopes of earning passive income. The result? Helium's total revenue is $6.5k/month https://twitter.com/...
Nikhil Krishnan / Out-of-Pocket:
Amazon's purchase of One Medical is likely cheaper than unionization would be, and could be used as a tool to fight against unionization of employees  —  I guess I should say something? … This episode of Out-Of-Pocket is brought to you by...  Nabla creates SDKs and APIs …
Bloomberg:
UK CMA's publishes its report into music streaming services, saying the market is dominated by major players but this is not “currently causing consumers harm”  —  The music streaming market dominated by a handful of major players is giving consumers a fair shake …
Danny Nelson / CoinDesk:
Binance CEO Changpeng Zhao sues Bloomberg Businessweek's Hong Kong publisher for defamation, claiming a June 23 profile depicted him as running a “Ponzi scheme”  —  It's not the first time Zhao and Binance have sued the media.  —  Binance CEO Changpeng Zhao …
Kadhim Shubber / Financial Times:
Lawyers in the Celsius bankruptcy are examining Tether recovering an $840M USDT loan, highlighting an uncertain area of bankruptcy law for crypto companies  —  Case is a major test of how US insolvency rules will apply in digital asset sector  —  Stablecoin issuer Tether faces scrutiny …

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Reuters:
Kelcee Griffis / Bloomberg Law:
Stephen Shankland / CNET: