Here is today’s top trending news from the world of technology. News that we feel every tech enthusiast should keep a tab on.
1)
Twitter’s Head of Trust and Safety Ella Irwin Resigns
Twitter’s Head of Trust and Safety, Ella Irwin, resigned on Thursday, becoming the latest executive to depart from the microblogging company. The sudden resignation of Irwin, who is responsible for content moderation, is likely to further raise concerns about Twitter’s ability to curb misinformation and fake news. In the past, Musk has been a vocal critic of Twitter’s moderation policies, terming it restrictive and arbitrary. Irwin is the first top executive to resign since Musk announced Twitter’s new CEO last month. Musk’s Twitter takeover last year led to the departure of many top executives including CEO (Parag Agarwal), chief financial officer, chief legal officer, chief privacy officer.
2)
Meta officially launches Quest 3 at $499
Meta’s latest headset Quest 3 was finally announced on Thursday. The headset will be available for sale in the fall. It has a starting price of $499.99 for the 128GB model and $599.99 for the 256GB model. The Meta Quest 3 has many new features including a new design that is 40% thinner and lighter than its predecessor and a new touch plus controller that has been redesigned for a more comfortable and ergonomic experience. Meta’s latest headset will compete with premium headsets like Valve Index and HTC Vive Pro 2. Notwithstanding Meta’s failed experiment with Metaverse, the social media giant still seems to have serious plans for the VR/AR headset market.
3)
Airbnb sues New York City over Rental Restriction
Homestay Airbnb has filed a lawsuit against New York City over NYC’s latest decision to impose restrictions on short-term rentals. NYC’s new law, which goes into effect next month, mandatorily requires hosts to register with the city and pay a $200 annual fee. Additionally, the law curbs the number of days that a short-term rental can be rented out per year to 120 days. In its lawsuit, Airbnb has called the new law as unconstitutional. The new lawsuit is a sign of Airbnb’s growing regulatory problems in the U.S. The company has faced similar regulatory hurdles in other cities including San Francisco, Boston, and Los Angeles.
4)
Elon Musk becomes World’s Richest Man (Again)
Elon Musk on Thursday reclaimed the title of the world’s richest man, according to Bloomberg Billionaire Tally. He toppled LVMH CEO Bernard Arnault who has been holding the number one position since few months. Musk’s net worth surpassed $198 billion as on June 1, 2023 after Tesla’s stock price witnessed a surge rise in past few days. The electric car maker has seen its stock price more than double since the start of the year, mainly owing to strong demand for Tesla’s cars as well as the company’s plans to expand its production capacity. Musk’s wealth is also being driven by his other ventures, such as SpaceX and Neuralink.
5)
Fidelity cuts its Equity Valuation in Reddit by 41%
Fidelity Investments has downgraded the value of its equity stake in Reddit by more than a third. Fidelity had invested nearly $28 Mn in Reddit in August 2021. As per reports, Fidelity has slashed its value from $61.79 to $39.65 per share. This is almost a 41% decrease since its investment in 2021. Fidelity is not the only investor to cut Reddit’s valuation. Few months back, another high profile investor Tiger Global Management also slashed the valuation. It is not clear whether these development will have any effect on Reddit’s plan to go public. The company filed confidentially for an IPO in October 2021, but it has not yet set a date for its debut