Techmeme
June 5, 2023, 10:40 AM

Top News

New York Times:
Internal document: Twitter's US ad revenue from April 1 to the start of May dropped 59% YoY to $88M; sources say that performance is unlikely to improve soon  —  In internal forecasts, the company projected that ad sales would keep declining, handing a tough challenge to its new chief executive.
Lawrence Abrams / BleepingComputer:
Atomic Wallet investigates user reports of compromised accounts and tries to block stolen crypto from being sold; a researcher says the hack could exceed $35M+  —  The developers of Atomic Wallet are investigating reports of large-scale theft of cryptocurrency from users' wallets, with over $35 million in crypto reportedly stolen.
Jon Porter / The Verge:
To protest API pricing for third-party Reddit apps, r/videos, r/reactiongifs, r/earthporn, and other large subreddits plan to go private on June 12 for 48 hours  —  Some of Reddit's biggest communities including r/videos, r/reactiongifs, r/earthporn, and r/lifeprotips are planning to set themselves …
Bloomberg:
Sources: Binance's Richard Teng is the frontrunner to become CEO if Changpeng Zhao steps down, as US regulatory scrutiny makes succession planning more urgent  —  In mid-May, cryptocurrency exchange Binance got some bad news in a far-flung corner of its sprawling universe.
Reuters:
Bank records: Binance executive Guangying Chen controlled five Silvergate Bank accounts from 2019 to 2020 belonging to its purportedly independent US affiliate  —  A senior Binance executive was the main operator for five bank accounts belonging to the giant cryptocurrency exchange's purportedly …
Cristiano Lima / Washington Post:
Instagram reinstates Robert F. Kennedy Jr.'s account after he launched his presidential bid; he was banned in 2021 over false claims about COVID-19 and vaccines  —  The prominent anti-vaccine campaigner was suspended in 2021 for spreading misleading health claims.
Sahar Elhabashi / Spotify:
Spotify cuts ~200 jobs, or 2% of its staff, at its podcast unit, combines Parcast and Gimlet into a renewed Spotify Studios, and reports 100M+ podcast listeners  —  Below is an adaptation of an internal update on Spotify's Podcast Business from Sahar Elhabashi, VP, Head of Podcast Business.
Forbes:
Interviews, pitch decks, and internal documents suggest that Stability AI CEO Emad Mostaque's recent success was bolstered by exaggeration and dubious claims  —  Stability AI became a $1 billion company with the help of a viral AI text-to-image generator and — per interviews with more than 30 people …
Will Douglas Heaven / MIT Technology Review:
A look at The Frost, a 12-minute movie created by Waymark using DALL-E 2, as startups like Waymark and Runway make AI tools for fast and cheap video production  —  Exclusive: Watch the world premiere of the AI-generated short film The Frost.  —  The Frost nails its uncanny, disconcerting vibe in its first few shots.
Madhumita Murgia / Financial Times:
An interview with sci-fi writer Ted Chiang on AI's limits, how current machines are not conscious, his 2010 novella The Lifecycle of Software Objects, and more  —  The visionary author on the limits of AI, the uses of science fiction — and why there's a ‘market opportunity for volleyballs’
Wall Street Journal:
Tech layoffs, compounded by interest rate increases and inflation, lead to higher unemployment levels and falling wages in California, Oregon, and Washington  —  California, Oregon and Washington have some of the nation's highest jobless rates  —  The West Coast tech downturn is sending …

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Marietje Schaake / Financial Times: