News of the Cyber World

[kyonides]

USA

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Truth Social

Trump Could Get $3.5B Windfall after Shareholders Approve Truth Social Merger

Former President Donald Trump stands to get a windfall of $3.5 billion now that shareholders of Digital World Acquisition Corp. have approved a merger with his Truth Social on Friday.

The potential multibillion dollar infusion comes as New York Attorney General Letitia James is moving to seize Trump’s assets to pay a $464 million bond in his New York civil fraud case.

The long-delayed merger came after the Securities and Exchange Commission (SEC) approved it last month, and means that Trump’s company Trump Media & Technology Group will trade on the stock market under the stock ticker “DJT” as early as next week.

Trump will own nearly 79 million shares in the newly-merged company, which is currently around $41 per share.

The former president will not be able to cash in his stake until six months after the merger, but Talking Point USA’s Founder and CEO Charlie Kirk posted on X that Trump could seek a waiver to do so in order to pay the bond so he can appeal the fraud case.

Trump’s lawyers had said earlier this week — before the merger — that it would be a “practical impossibility” to pay the bond in cash.

Tennessee & AI

ELVIS Act: Tennessee First State to Protect Musicians and Other Artists Against AI

Tennessee Gov. Bill Lee on Thursday signed off on legislation designed to protect songwriters, performers and other music industry professionals against the potential dangers of artificial intelligence.

The move makes Tennessee, long known as the birthplace of country music and the launchpad for musical legends, the first state in the U.S. to enact such measures. Supporters say the goal is to ensure that AI tools cannot replicate an artist’s voice without their consent. The bill goes into effect July 1.

“We employ more people in Tennessee in the music industry than any other state,” Lee told reporters shortly after signing the bill into law. “Artists have intellectual property. They have gifts. They have a uniqueness that is theirs and theirs alone, certainly not artificial intelligence.”

The Volunteer State is just one of three states where name, photographs and likeness are considered a property right rather than a right of publicity. According to the newly signed statute — dubbed the Ensuring Likeness, Voice, and Image Security Act or “ELVIS Act” — vocal likeness will now be added to that list.

The law also creates a new civil action where people can be held liable if they publish or perform an individual’s voice without permission, as well as use a technology to produce an artist’s name, photographs, voice or likeness without the proper authorization.

Yet it remains to be seen how effective the legislation will be for artists looking to shield their art from being scraped and replicated by AI without their permission. Supporters like Lee acknowledged that despite the sweeping support from those inside the music industry and unanimous approval from the Tennessee Statehouse, the legislation is untested. Amid ongoing clashes between the GOP supermajority and handful of Democrats, this level of bipartisan agreement is a shocking anomaly.

Tesla

Elon Musk’s Tesla Shows Cracks in Its EV Business Model

The New York Times reports that Elon Musk’s Tesla finds itself grappling with a number of challenges that pose a significant threat to its long-standing market dominance. As the company’s share price continues to decline, with a staggering one-third of its value erased this year despite record highs in major stock indexes, investors are increasingly apprehensive about Tesla’s ability to maintain its competitive edge in a rapidly evolving market.

One of the primary factors contributing to this growing concern is the onslaught of competition from rival manufacturers, particularly those from China. Automakers such as BYD, SAIC, and Geely Auto are aggressively expanding their electric vehicle portfolios, introducing a wide range of models that cater to diverse consumer preferences and budgets. Musk is already facing severe pricing pressure in the communist country. Simultaneously, established industry giants, including BMW and Volkswagen, are intensifying their electrification efforts, with plans to launch over 150 new electric models by the end of the year, as reported by HSBC.

In contrast to its rivals’ rapid product expansion, Tesla has been comparatively slow in introducing new mass-market vehicles, with its last major release being the Model Y in 2020. Although the recently unveiled Cybertruck has generated significant buzz, its niche appeal, unconventional design, and high price point may limit its ability to capture a broad customer base. Moreover, Tesla’s highly anticipated $25,000 electric car, which could potentially tap into a wider market segment, is not expected to be available in substantial quantities until 2026.

Tesla’s pricing strategy has also come under scrutiny, as the company has repeatedly adjusted prices in an effort to stimulate sales. While these price reductions have indeed made electric vehicles more accessible to consumers, they have also had a detrimental effect on the company’s profitability and the resale value of its cars. This approach, as noted by Gary Black, managing partner of the Future Fund, conditions potential buyers to “wait for a deal,” further eroding Tesla’s long-term prospects.

Adding to these challenges are the concerns surrounding CEO Elon Musk’s leadership and commitment to Tesla. Musk’s involvement in numerous other ventures, such as SpaceX and X (formerly Twitter), have raised questions about his ability to effectively manage Tesla. The recent Delaware court decision to invalidate his $50 billion compensation package has further strained the relationship between Musk and the company’s board, with Musk threatening to relocate Tesla’s corporate registration from Delaware to Texas in response.

Biden

Biden Economy: Record Number of Americans Using ‘Buy Now, Pay Later’ Apps

A record number of Americans have been using “buy now, pay later” apps amid the surging inflation seen in Biden’s economy.

A new report from PYMNTS Intelligence showed 6.5 percent of Americans, roughly 15 million, have been using BPNL apps to pay for groceries since last year. Per the New York Post:

Of those using the apps — offered by fintech services such as Affirm, Klarna, Afterpay and PayPal — around 5.4% were low-income Americans, according to the study.

The rest were those whose yearly incomes were at least $100,000.

Last month, the Federal Reserve Bank of New York published research which found that people with a credit score under 620 were nearly three times as likely as financially stable consumers to use BNPL five or more times last year.

BPNL loans are short-term loans with fixed payments at little to no interest. They have also been called “point-of-sale installment loans.”

Major retailers like Walmart, Amazon, and Trader Joe’s have offered the apps at checkout.

When it comes to Gen-Z, which has taken a more active role in the U.S. economy, Afterpay discovered that they have begun using BPNL loans for items like travel and even contact lenses, garbage bags, and even first-aid antiseptics.

During the State of the Union address, President Joe Biden said record inflation has been trending down, but that was misleading. While it’s true inflation has fallen from nine percent to 3.1 percent, it has been trending upward for the past three months.

America First Legal: Biden Administration Actively Supports Foreign Censorship Campaigners

America First Legal, a nonprofit organization dedicated to promoting the rule of law, has recently exposed a disturbing collaboration between the Biden Administration and the Center for Countering Digital Hate (CCDH), a United Kingdom-based nonprofit that has been encouraging online censorship for years. The evidence suggests that the Biden Administration has been mobilizing federal counterterrorism assets to support CCDH’s global censorship campaign, raising serious concerns about the government’s role in suppressing free speech.

According to the documents obtained by America First Legal, the Biden Administration’s National Security Council published its first-ever National Strategy for Countering Domestic Terrorism on June 15, 2021. The strategy asserted that “Internet-based communications platforms” make Americans vulnerable to “domestic terrorist recruitment and other harmful content,” effectively justifying censorship and turning to the national security state and allied technology companies to censor political opponents.

The Biden Administration’s strategy involved building a community of “critical partners,” including foreign allies, civil society, and the technology sector, to control information and promote censorship. The administration endorsed the Christchurch Call to Action, an international initiative to eliminate “terrorist and violent extremist content online,” which the Trump Administration had previously refused on free speech grounds.

CCDH, led by leftist political operative Imran Ahmed, has been a key player in this censorship campaign. The organization is best known for its March 24, 2021 report, “THE DISINFORMATION DOZEN,” which branded 12 Americans, including Robert F. Kennedy Jr., as “anti-vaxxers” and called for their blacklisting online. The Missouri v. Biden case revealed that White House officials quickly pressured social media companies to act on this report.

Emails obtained by America First Legal show that DHS Under Secretary Robert Silvers and CCDH’s then-Head of Policy, Eva Hartshorn-Sanders, connected in March 2022 to discuss CCDH’s research and the DHS’s strategies and plans. Hartshorn-Sanders also invited Silvers and the DHS Principal Deputy Assistant Secretary for Counterterrorism to CCDH’s Global Summit and Changemakers Dinner.

By September 2022, CCDH was directly meeting with officials from the White House, the National Security Council, and the State Department’s Bureau of Counterterrorism, updating them with CCDH’s latest findings and submitting policy recommendations to the White House Task Force to Address Online Harassment and Abuse.

Silicon Valley

Silicon Valley Blues: High Tech Job Cuts Soar to Highest Level Since Dot-Com Crash

CNBC reports that the technology industry is facing its most significant job losses since the dot-com crash of 2001, with more than 50,000 positions eliminated across over 200 companies in 2024 alone, according to data from Layoffs.fyi. This follows the 260,000 layoffs that occurred in 2023, which impacted nearly 1,200 tech companies. The current situation is a stark contrast to the booming market for AI engineers, who have seen salaries rise by 12 percent in the last quarter of 2023, with senior AI engineers earning an average of more than $190,000 nationally.

Major players in the industry, such as Google, Amazon, Mark Zuckerberg’s Meta, and Microsoft, have all taken part in the downsizing, along with companies like eBay, Unity Software, SAP, and Cisco. While Wall Street has largely applauded these cost-cutting measures, the reality for those affected is far from positive. Many highly skilled workers are now settling for lower-paying positions or even leaving the tech industry altogether.
Allison Croisant, a data scientist with a decade of experience in technology, was among those laid off by PayPal earlier this year. She described the job search process as “insane,” noting that “everybody else is also getting laid off.” Croisant applied to 48 openings and landed only two interviews during her five weeks of job hunting. She eventually accepted a lower-level data analyst role with a roughly $3,000 reduction in her base pay.

Krysten Powers, who was laid off from travel tech startup Flyr in January after two years in marketing, echoed Croisant’s sentiments. Powers said navigating the current labor market is like a full-time job, “sometimes even harder.” She added, “You’re putting out resumes and getting almost immediate rejections. It does take a toll on your confidence, and you get this sort of imposter syndrome.”

Even former employees of Google, once considered the home of Silicon Valley’s elite talent, are not immune to these challenges. Christopher Fong, founder of Xoogler.co, a support group for laid-off Google employees, stated that the “biggest challenge” for many ex-Google workers is finding a job that maintains their previous level of pay.

Apple of Discord

5 Key Allegations in the DOJ’s Antitrust Case Against Apple

The DOJ’s 88-page complaint filed in the U.S. District Court for the District of New Jersey argues that Apple has engaged in a persistent pattern of anticompetitive conduct to maintain its dominance in the smartphone market, particularly in the premium segment known as “performance smartphones.” The lawsuit contends that Apple’s actions have resulted in higher prices, reduced innovation, and limited consumer choice.

It’s All About the iPhone

Although Apple is a vast company with a wide range of products and services, the lawsuit is entirely focused on the iPhone and its associated App Store. Apple’s practices have been under scrutiny starting during the Trump Administration in 2019, but this case was on hold during Epic Games’ civil lawsuit against Apple, which concluded last year.

The very beginning of the complaint sets the tone, with the DOJ writing, “Over many years, Apple has repeatedly responded to competitive threats by making it harder or more expensive for its users and developers to leave than by making it more attractive for them to stay.” This behavior, in the eyes of the government, “locked in users and developers while protecting its profits.”

The complaint highlights several key areas where Apple has allegedly used its control over app distribution and creation to stifle competition and reinforce its monopoly power, including the “apple tax” that developers must pay via the App Store. But the lawsuit also alleges that the iPhone giant suppresses the development of “super apps,” programs that provide multiple services at once typically including a financial aspect, because Apple sees such apps as a threat to its phone business, and blocking cloud streaming apps, particularly in gaming, that could deliver high-quality experiences on less expensive hardware, thus reducing the need for costly iPhones.

iDesperate: Apple Boss Tim Cook Sucks Up to China During Shanghai Visit

Apple Insider reports that during his visit to Shanghai, Apple CEO Tim Cook has been promoting the company’s strong ties with China, emphasizing the nation’s importance to Apple’s supply chain and future growth. Cook is in the city for the grand opening of Apple Jing’an, the company’s eighth store in Shanghai, set to open its doors on Thursday.
In an interview with China Daily, Cook highlighted the significance of China to Apple, stating, “there’s no supply chain in the world that’s more critical to us than China.” Despite recent moves by some of Apple’s suppliers to diversify their manufacturing locations, Cook made it clear that the company’s nearly 30-year history with China is set to continue. “We’ve been building up and investing more and more,” he said, adding that “Today’s factories are so much more modern… and in 10 years from now, we will keep advancing.”

As part of his visit, Cook met with several Chinese suppliers, including BYD, Lens, and Everwin, at Apple’s Shanghai office. The companies showcased their latest products and innovations during the meeting, further reinforcing the strong partnerships between Apple and its Chinese suppliers.

In addition to discussing business matters, Cook has also been engaging with the local community during his stay in Shanghai. He shared a post on his Weibo page about touring the city and having breakfast with popular Chinese actor Zheng Kai. The accompanying video quickly gained traction, with half a million views within minutes of posting, as reported by Bloomberg.

However, despite Cook’s assertion that “there’s no supply chain in the world that’s more critical to us than China,” and his commitment to continue investing in the country, Apple has lost its position as the top-selling smartphone maker in China. According to a report by Counterpoint Research, the company’s iPhone sales in China fell by 24 percent in the first six weeks of 2024, causing Apple’s market share to slip from 19 percent in 2023 to 15.7 percent.

DoorDash, Wing & Wendy's

Gig Workers Take Note: DoorDash Claims Drones Will Deliver Wendy’s Burgers

The Verge reports that DoorDash, a leading food delivery platform, has joined forces with Wing, Alphabet’s drone delivery company, to remove gig economy workers from the delivery equation. A new pilot program, launched today, allows customers living near the Wendy’s located at 2355 N. Franklin Street in Christianburg, Virginia, to have their hamburgers and frosty treats delivered to their home via drone instead of human driver.
According to Mattie Magdovitz, a representative from DoorDash, the drone delivery service covers “most homes within about 2.5 miles” of the participating Wendy’s restaurant. However, to ensure successful delivery, customers must have a clearing of approximately two meters in diameter, such as a driveway, free from any obstructions like trees or buildings. The drones, capable of traveling at speeds of around 65 mph, are expected to deliver orders within 10 to 30 minutes.

While most of the Wendy’s menu is available for drone delivery, certain item combinations may exceed the volume and weight restrictions. In such cases, DoorDash is prepared to deploy up to three drones to fulfill the order. If the order is still too large for drone delivery, a traditional human delivery person will be assigned to complete the task. The new “drone dasher” service is only available during certain hours.

Another video of the service shows that food is lowered down from the drone in a small package instead of the drone landing for delivery.

This collaboration between DoorDash and Wing is not their first venture together. The two companies have had a similar partnership in Australia since 2022, which has grown to include “over 60 participating merchants” across three locations in Queensland. Wing has also established partnerships with other major companies in the United States, such as Walgreens and Walmart, showcasing the increasing interest in drone delivery services.

Movies & AI

Poll: Surprising Number of Consumers Believe AI Can Make ‘More Interesting’ Movies, TV Shows than Humans

A surprising number of respondents to a poll — 22 percent — believe artificial intelligence (AI) technology can deliver TV shows and movies that are more appealing than human efforts.

Deloitte’s 18th annual Digital Media Trends survey, released Wednesday, contained the change in consumer views.

According to the poll, backing for AI content was highest among millennials (30 percent) and Gen Z consumers (25 percent).

In addition, overall, 42 percent said generative AI and humans can each produce entertaining content.

Gen Zs and millennials are already leading the way in experimenting with AI tools: 18 percent of those generational cohorts have used generative AI to create images, and 25 percent surveyed have used it to create text, per Deloitte‘s report. Older generations are further behind on these counts.

The result comes as more and more creators in Hollywood have expressed concerns over generative AI technology encroachment.

As Breitbart News reported, thousands of blue-collar crew workers who are responsible for the physical side of production — cameras, lighting, sound, sets, trucks, and much more – fear most from AI advances.

In addition, post-production workers — editors, sound designers, visual effects crews — stand to lose a great deal from the encroachment of the technology.

Nick Lynes — co-founder and and co-CEO of Flawless, which creates AI visual effects tools for the entertainment industry — spoke about the possibilities in a recent interview with Bloomberg News.

EUROPE

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PM Meloni

Italian Prime Minister Giorgia Meloni Seeks Damages over AI-Generated Deepfake Porn

Italian Prime Minister Giorgia Meloni is seeking damages over AI-generated deepfake pornography that superimposes her face onto the body of a naked woman.

Meloni is seeking €100,000 ($108,250) in damages in response to the discovery of deepfake porn videos depicting her on the internet, adding that the money would be donated to an interior ministry fund for women who have been victims of male violence, according to a report by the Italian news agency ANSA.

“I have requested compensation which will be donated to charity,” Meloni’s attorney said, according to a report by la Repubblica.
The Italian prime minister is set to testify before a court on July 2 in Sassari, Italy.

A father, 73, and son, 40, from the Sardinian city have been accused of defamation and manipulating videos by replacing a porn actress’ face with the face of Meloni, and then publishing the content to a U.S. website.

Under Italian law, defamation cases can be criminal and carry a sentence.

The father and son allegedly created the deepfake pornography in 2020, before Meloni was prime minister, but a complaint was filed after her staff recently found the videos online.

The deepfake videos depicting Meloni reportedly remained on a U.S. porn website for several months, and were viewed millions of times from users from around the world.

Police said they were able to track down the two men with the nickname they used on the website, as well as the phone number from which the deepfake porn videos had been distributed. The 40-year-old man’s house was then raided by authorities.

The 73-year-old man has asked the judge to give him community service and close the case against him. The judge reportedly plans to make a decision on that request next week.

Meloni’s attorney, Maria Giulia Marongiu, said the donation to Solidarity Fund for victims of violence is meant to be “symbolic” and “send a message to women who are victims of this kind of abuse of power not to be afraid to press charges.”

The prosecution states that the videos were created using a graphics software.