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| Here's a look at today's tech briefing: - Investors approve Trump $5.7B social media merger.
- Groups urge Meta to avoid CrowdTangle shutdown until after elections.
- Study: TikTok contributed $24.2B to U.S. GDP last year
Beth
p/beth-duckett | |
| 1 | | Investors in a blank-check company approved a deal to take Donald Trump's media company public, potentially earning the former president over $3.5B. Trump Media & Technology Group, the parent company of Trump's Truth Social site, is on track to list on the Nasdaq next week under the ticker DJT. More: - Shareholders of Digital World Acquisition Corp. (DWAC) on Friday approved the merger to list Trump Media & Technology Group on the stock market.
- The deal could net Trump roughly $3.5B based on his nearly 79 million shares in the merged company.
- However, Patrick Orlando, Digital World's ex-CEO, and two former Trump associates have sued to stop the merger, claiming they deserve more shares for their past contributions.
- If the deal goes through, Trump will not be allowed to sell his shares for six months under a lock-up agreement.
Zoom out: - The potential windfall comes as Trump faces a New York civil fraud judgment and the risk of asset seizure if he can't secure a $464M bond by Monday.
- The deal could also provide Trump Media & Technology Group with a $300M cash boost after the company lost over $31.6M since its 2021 founding and has funded itself with $40.7M in stock-convertible loans.
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| 2 | | The Mozilla Foundation and other groups are urging Meta to extend its CrowdTangle site until after this year's elections, arguing its shutdown could harm misinformation-tracking efforts. Meta plans to discontinue CrowdTangle, its site for tracking viral content on Facebook and Instagram, on August 14. More: - Journalists, fact-checkers, and researchers use CrowdTangle to analyze and monitor trends on social media, including viral content.
- Meta's Facebook is now ending development support for the tool and planning to shut it down after this year's U.S. primary elections but before the November elections.
- In an open letter, the Mozilla Foundation, along with 90 groups and CrowdTangle's ex-CEO, argue that the shutdown would prevent the world from being able to see what's happening on Facebook and Instagram during a pivotal election year.
- The letter urges Meta to maintain CrowdTangle until January 2025 and "rapidly onboard" election researchers onto its latest tool.
- Meta will replace CrowdTangle with a similar tool, Content Library, though that platform will be limited to nonprofit researchers and academics only.
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| 3 | | A TikTok-commissioned study estimates that the app contributed $24.2B to the U.S. GDP last year. The report by Oxford Economics comes as a new bill in the U.S. threatens to ban TikTok or force its sale. What happened: To gauge TikTok's economic impact, Oxford Economics, an economics consultancy, surveyed over 1,000 small-business owners on TikTok and 7,500 users nationwide. TikTok funded the study and provided data on its operations, such as employee numbers. What the numbers show: The study found that U.S. small and mid-sized businesses advertising on TikTok generated around $15B in revenue in 2023. Along with valuing TikTok's free services for organic growth, the efforts contributed a total of $24.2B to the U.S. GDP in 2023, the study estimates. What else: The GDP contribution from SMBs on TikTok was highest in the food and beverage industry, chipping in $6.4B and supporting 73,000 jobs last year, according to the results. Health and wellness came in second at $3.9B, and business services added $3.6B. Why it matters: TikTok is working to highlight its positive contributions as it faces a potential U.S. ban or forced sale of its U.S. assets. During classified briefings this week, national security officials briefed U.S. lawmakers on TikTok's threats as the Senate decides how to proceed after the House passed a bill supporting TikTok's sale or ban. The legislation is advancing more slowly in the Senate, however, facing a higher barrier of a 60-vote threshold needed for approval. 
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| 4 | | The U.K. competition watchdog could launch an in-depth investigation into a proposed merger between Vodafone's domestic mobile phone business and rival CK Hutchison's Three UK. The Competition and Markets Authority (CMA) has given the mobile operators five working days to offer "meaningful solutions" or face the probe. More: - The CMA is concerned that merging two of the U.K.'s four mobile network operators could lessen market competition, leading to higher prices and lower quality of service.
- Regulators began looking into the deal in January. On Friday, the CMA said it had yet to find enough evidence supporting the companies' claims that the deal would be good for competition and investment.
- The CMA noted that merging Three, the least expensive of the U.K.'s major mobile networks, with Vodafone could lessen competition to win new customers.
- In response, Vodafone and Three said the CMA's pursuit of a more detailed Phase 2 review was expected and aligns with their initial timeline to complete the deal.
Zoom out: - A previous bid by Three to acquire British telecom provider O2 was blocked by European regulators, who cited a reduction in U.K. mobile operators as a key concern.
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| 5 | | Google's new Android 15 preview introduces satellite messaging, giving users constant connectivity even in remote areas without cell coverage. The next major update to the mobile OS is expected to have a full release between August and October. More: - According to Google, the preview allows preloaded RCS applications to send and receive messages via satellite connectivity.
- Android 15 will display the satellite network's name and an icon, along with a notification of satellite connectivity.
- The follow-up to Android 14 also includes contactless payment improvements, volume consistency, multi-language recognition, and PDF app interactions.
Zoom out: - The developer preview initially targets Google's Pixel devices, like the Pixel 8 and Fold, with Android 15 expanding to more devices later.
- The betas will test the features, which are likely to appear in the final public release later this year.
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| 6 | | The United Nations General Assembly on Thursday unanimously approved its first resolution supporting safe, trustworthy, and human-centric AI. The U.S. first proposed the nonbinding rules, which were co-sponsored by China and 121 other countries. More: - The resolution calls for the U.N.'s 193 member states to adopt "effective safeguards" for AI use and promote "responsible and inclusive" development.
- It advocates for the protection of personal data, AI risk assessments, and the safeguarding of human rights.
- The AI resolution targets using AI to advance the U.N.'s 2030 goals, including ending hunger and poverty, improving health, and universal education.
- It also clarifies that the U.N's Universal Declaration of Human Rights and its charter's goal of eradicating war also apply to AI development.
- General Assembly resolutions are not legally binding, though they are a reflection of global opinion.
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- Bloomberg reporter Mark Gurman says Apple will not announce the iPad Air 2024 and iPad Pro 2024 next Tuesday, as previously reported.
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 | AI and technology writer | | Beth is a contributing editor and writer of Inside's AI and Tech newsletters. She has written for publications including USA Today, the Arizona Business Gazette, and The Arizona Republic, where she received recognition with a Pulitzer Prize nomination and a First Amendment Award for collaborative reporting on state pension cost increases. You can reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by Eduardo Garcia | |
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