🇨🇳 Tech companies on Chinese government’s hitlist.

06/06/2021

This installment of my newsletter is free for everyone. I send this email daily.

If you would also like to receive it every morning, join the 40,000 other people who care about Business, Tech & Growth, by clicking the button below or share it with a friend who’d find it useful.

-Scott

Subscribe now

After Didi, Three More Tech Firms Come Under the Scrutiny of China’s Cybersecurity Authority

Big shot tech companies have been having a bad time in China for the last couple of months. It all began with Alibaba, the Hangzhou headquartered multinational technology company, as the company had to shell out a $2.8 billion antitrust fine. Recently, Didi Chuxing, the largest ride-hailing company in China, faced the wrath of the Cyberspace Administration of China (CAC).

The Chinese cyberspace authority asked app stores in China to remove Didi’s app, as the CAC believes that Didi collected personal information from its users illegally. This action by the Cyberspace Administration of China led to a 30% fall in the share prices of Didi Chuxing.

Now, three more Chinese tech companies are on the CAC’s radar. These companies are Yunmanman, Huochebang, and Boss Zhipin. CAC has said that they are probing these companies to prevent any adverse impacts on the country’s data security. Similar to how Didi Chuxing had to stop onboarding new users, Yunmanman, Huochebang, and Boss Zhipin, too, have been asked to stop onboarding new users.

After so many tech companies have faced the wrath of the Chinese governmental organizations, my question to you is.. who do you think is next on their hit list!?

Rimac now a Majority Owner of the Iconic Supercar Brand Bugatti

(Image Source)

Have you heard of Bugatti? Well, who hasn’t! After all, Bugatti is one of the most popular supercar brands globally. As per a Financial Times report, Rimac Automobili, a Croatian electric supercar startup, gained 55% control over the iconic Bugatti brand.

Interesting, right?

The rest of the 45% ownership will remain with Volkswagen’s Porsche.

Mate Rimac, CEO of Rimac, believes that Rimac and Bugatti are a perfect match for each other. He said in a press release that “as a young, agile and fast-paced automotive and technology company, we have established ourselves as an industry pioneer in electric technologies. With the Nevera, we have also proven that we can develop and manufacture outstanding hypercars that are not only fast but also exciting and high-quality. Bugatti, with over a century of experience in engineering excellence, also possesses one of the most exceptional heritage of any car company in history.”

If you haven’t heard about Rimac, this it isn’t just any random EV company. Croatia-based Rimac has made quite a name for itself in the EV space. Recently, Rimac introduced a hypercar known as Nevera, which can achieve an astonishing 1.4 MW, equal to 1914 horsepower, courtesy of its four motors.

What’s even more interesting is that Rimac’s Nevera will dethrone Bugatti Chiron for the coveted title of the fastest sports car in the world. After all, Nevera has a top speed of 258 mph and can reach the speed of 60 mph in 1.85 seconds.

Yes, you read that right.

It’s Official now! Jeff Bezos is no Longer the CEO of Amazon

(Image Source)

The day has finally come.

Jeff Bezos, one of the world’s richest men, has stepped down from his role as the CEO of Amazon after 27 years.

Andy Jassy is now Amazon CEO, and this change of role can also be seen on Amazon’s investor relations website.

Andy Jassy is not new to such high-profile positions, as he has been heading Amazon Web Services since 2003. Though Bezos is no longer the Amazon CEO, he will still play a crucial role in the eCommerce giant as Executive Chair.

Under the leadership of Jeff Bezos, Amazon became the eCommerce behemoth that we know of today. His efforts made sure that Amazon successfully made out of the dot com bubble of the late 90s that saw the end of many popular internet companies of the time.

So, we have to give credit where it’s due.

Those are some big shoes to fill.

Under a new Norwegian law, a Disclosure is a Must on Retouched Photos Online

We are in the middle of selfie culture now. There are hundreds of software that can digitally enhance photos of individuals, products, and more.

What these softwares can do is definitely impressive but scary, too. Anyone can use them to alter the images, in such a way that the edited photos look altogether different from what the person looks like in reality.

Are you wondering what’s the issue with it?

It creates unrealistic expectations from people. Digitally retouched images can make real people hate their features, body, skin, etc. People may start feeling ugly when they compare themselves to digitally enhanced images of influencers. It can impact the mental health of people, especially younger women.

Considering the damage that digitally enhanced photos of online influencers can have on the general populace, the new Norwegian law is a big deal. As reported by Vice, all advertisers and influencers will have to be transparent and label retouched photos in their depictions.

Anyone found violating this new law will have to face consequences & most likely fines.

Vice News reported that “any violations are punishable with escalating fines and, in extreme cases, even imprisonment.”

Wyoming Becomes First State to Legally Recognize a Decentralized Autonomous Organization

(Image Source)

Wyoming continues to prove that it is one of the most crypto-friendly states in the United States. It has officially become the first state in the United States to recognize a decentralized autonomous organization (DAO).

The DAO to receive recognition in Wyoming is the American CryptoFed DAO. They received a notice on Tuesday from the Wyoming Secretary of State’s office. In the notice, they were intimated that they are now recognized as a legal entity in the state.

Speaking on American CryptoFed DAO becoming a legal entity in Wyoming, its CEO, Marian Orr, said:

“Wyoming is the leading digital assets jurisdiction in the USA, and now with this DAO law, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass acceptance is now possible.”

New podcasts & articles to your inbox.

No Spam. Promise.

Pin It on Pinterest