May 10, 2022, 11:50 AM

Top News

Stacy-Marie Ishmael / Bloomberg:
A look at Do Kwon's algorithmic UST stablecoin, designed to trade at $1, after it fell as low as $0.60; CoinMarketCap says there are 18.5B UST in circulation  —  Algorithmic stablecoins, like their more “traditional” counterparts, are supposed to provide calm in the chaos of crypto.
Sam Reynolds / CoinDesk:
Binance has temporarily suspended withdrawals of LUNA and UST tokens due to a high volume of pending withdrawals and “network slowness and congestion”  —  Binance has resumed withdrawals of LUNA and UST tokens after the two tokens crashed on Tuesday on the back of a broader fall in the crypto markets.
Sam Kessler / CoinDesk:
Jordan Novet / CNBC:
At Monday's close, the largest US tech companies lost $1T+ in value over three trading sessions; Apple lost $220B, Microsoft $189B, Amazon $173B, and Meta $70B  —  - Apple, the most valuable publicly traded company, has seen its market capitalization trimmed by over $200 billion since Wednesday …
Laurence Fletcher / Financial Times:
Analysis: Tiger Global has lost about $17B in 2022 during the tech stock sell-off, erasing around two-thirds of its gains made since 2001 in four months  —  Hedge fund suffers ‘breathtaking’ drop as speculative stocks sink from pandemic peaks  —  Tiger Global has been hit by losses …
James Pearson / Reuters:
The UK and EU say Russia launched a cyberattack on satellite internet network Viasat at the onset of the Ukraine war in late February, affecting many in Ukraine  —  Russia was behind a massive cyberattack against a satellite internet network which took thousands of modems offline at the onset …
New York Times:
Sources: in a note to employees, Netflix executives say an ad-supported tier could launch in Q4 2022  —  Executives said they were aiming to introduce an ad-supported, lower-priced subscription tier in the last three months of the year, quicker than originally indicated.
Thomas Claburn / The Register:
Study claims the implementation of EU's GDPR has reduced the number of apps on Google Play by a third, increased costs, and reduced revenues for app developers  —  Privacy rules increase cost, reduce choice, slash revenues, study concludes  —  Europe's data protection regime has reduced …
Steve Dent / Engadget:
Sony reports Q4 gaming revenue rose 4.9% YoY to ~$5.1B; PS5 sales were 2M, reaching 19.3M in total, around 3.1M behind the PS4 at the same point in time  —  Sony announced that it sold just 2 million PlayStation 5 units last quarter (Q4), bringing its overall total to 19.3 million.
Callan Quinn / The Block:
Casa, which offers a “self-custody” bitcoin wallet and just launched an API to help businesses integrate multi-sig wallets, raises a $21M Series A  —  Quick Take  — Casa has raised $21 million in a round led by Acrew Capital.  — The company also announced a new API …
More: Casa Blog and CoinDesk
Ingrid Lunden / TechCrunch:
Paddle, which provides a billing backend for SaaS companies, raises a $200M Series D led by KKR at a $1.4B valuation, bringing its total raised to $293M  —  Software as a service has become the default for how organizations adopt and use apps these days, thanks to advances in cloud computing and networking …
Nintendo reports Q4 revenue rose 6% YoY to ~$2.9B as profit rose 0.6% YoY to $922M; Switch sales were 4.11M, for 23.1M total; Nintendo will split its stock 10:1  —  Nintendo Co. will split its stock into 10 from October, potentially propping up the shares as the Mario creator struggles …
Aisha Malik / TechCrunch:
TikTok will roll out its “Friends” tab, dedicated to watching your “friends' videos”, to more people over the coming weeks, replacing the “Discover” tab  —  TikTok is rolling out a new “Friends” tab that replaces the “Discover” tab in the bottom menu of the app.
More: iMore
Dan Goodin / Ars Technica:
F5 disclosed and patched an actively exploited critical bug last week in its BIG-IP products that act as load balancers and firewalls within enterprise networks  —  Flaw in widely used gear from F5 executes root commands, no password necessary.  —  Researchers are marveling at the scope …
Frederic Lardinois / TechCrunch:
Supabase, an open-source Firebase alternative, raises an $80M Series B led by Felicis Ventures and says 80K+ devs have created 100K+ databases on the service  —  Supabase, which bills itself as an open source alternative to services like Google's Firebase, today announced that it has raised …
New York Times:
Interviews with 50+ people detail Bolt's meteoric rise, which involved overstating tech and performance, as its valuation went from $250M to $11B in three years  —  The start-up has had a meteoric rise, thanks to its charismatic co-founder, Ryan Breslow.  But he sometimes stretched the truth to get there.
The Information:
Sources: Meta is considering reducing the money it gives news outlets and focusing on news content as short videos on Facebook rather than as links to articles  —  Meta Platforms is considering reducing the money it gives news organizations as it reevaluates the partnerships it struck …

Sponsor Posts
Free compensation benchmarking data from 3,000 startups  —  Search by job title and get FREE access to market pay data.  Paid version helps HR teams automate comp reviews and communicate total compensation to employees.
Personalized wealth management, built for tech people  —  Managing your finances and taxes is complicated.  Compound is how people at companies like Stripe, OpenAI, and Discord make smart decisions about their money.
Total talent management  —  Total talent management (TTM) involves bringing all work resources together, including full time employees, contingent workers, freelancers, work that is outsourced, and even work that is automated.
Free Figma template of onboarding & activation designs  —  Take inspiration from the popular onboarding experiences in SaaS.  Adapt to your product with these reusable components and launch them in-app with Bento.
Techmeme Ride Home:
Fri. 06/09 - Zuck's Not Worried About Apple's Headset (Corrected)
The day's tech news, every day at 5pm ET. Fifteen minutes and you're up to date.
Subscribe via Apple Podcasts, Spotify, or RSS.

About This Page

This is a Techmeme archive page. It shows how the site appeared at 11:50 AM ET, May 10, 2022.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

More News

Earlier Picks

Drew Harwell / Washington Post:
Washington Post:
Anushree Dave / The Block: