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Meta Settles With US Government Over Discrimination in Housing 🏡 Ad Tool 🔧
Meta and the U.S. government have agreed to settle a lawsuit that accused the company of engaging in discriminatory advertising for housing, according to a press release published by the Department of Justice (DOJ).
The housing discrimination lawsuit, filed by the government in 2019, accused Meta of facilitating and encouraging advertisers to target their housing ads based on traits like race, color, religion, sex, disability, etc.
This would allow the advertisers to decide which Facebook users will be eligible and ineligible to receive housing ads.
Under the settlement, which will have to be approved by a judge, Meta will stop using an advertising tool for housing ads that relies on a discriminatory algorithm to find users who look like other users based on Fair Housing Act (FHA)-protected characteristics.
Additionally, Meta will also work on a new system to address racial and other discrepancies caused by its use of personalization algorithms in its ad delivery system for housing ads.
This settlement marks the first time that Meta has agreed to terminate and modify its algorithmic targeting tools for housing ads in response to a civil rights lawsuit.
Tesla to Lay Off 3.5% of Its Total Workforce ✂️, Says Elon Musk
Electric vehicle maker Tesla will cut its total workforce by 3.5% over the next three months, said Tesla CEO Elon Musk at the Qatar Economic Forum organized by Bloomberg.
The job cuts would amount to about a 10% reduction in the salaried workforce at the company.
“We grew very fast on the salaried side,” Musk said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the event.
“A year from now, I think our headcount will be higher” in salaried and hourly workers, but for now the reduction will be 3% to 3.5%, he added.
The comments come days after the world’s richest person made varied internal and public statements about recession and workforce reductions, bringing more clarity to the situation with Tesla’s staffing.
Over the years, Tesla has hired rapidly, growing to about 100,000 employees globally. But now, the job cuts will affect several employees, including human resource representatives and software engineers, among others, who will have to face the risk of getting laid off from the company soon.
Crypto Exchange Huobi Gets Licenses in Dubai And New Zealand 🇳🇿
Huobi, a leading cryptocurrency exchange with a strong presence in the Asian markets, has acquired licensees in Dubai and New Zealand, marking the first crypto exchange to obtain licenses in these countries.
Huobi Group received the Innovation License under the Dubai International Financial Centre (DIFC) on June 17, securing the company’s first-ever license in the country.
This license authorizes the exchange to incentivize technology startups to set up operations in Dubai.
The license also offers numerous benefits like access to the local tech ecosystem and preferential treatment for technology research and developments, capital flows, and taxes.
Besides setting up its presence in the UAE, the exchange also obtained registration on New Zealand’s Financial Services Provider Register (FSPR) to offer its crypto trading services in the country.
The registration allows Huobi’s local entity — HBGL New Zealand Limited, to operate a regulated foreign currency exchange and money or value transfer services in the country.
The license also allows the exchange to offer asset management services and over-the-counter trading.
Ghana-Based Fintech Fido Raises $30 Million in Series A 💰
FIDO, a technology-driven financial service provider, has raised $30 million in its Series A funding round, bringing the total equity investment raised to date to $38 million.
The funding was led by Fortissimo Capital, along with participation from other investors such as Yard Ventures, a VC fund by Harvard alumni.
Founded in 2013 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido Micro Credit (FIDO) provides fast and easy micro-loans called FIDO Loans to customers.
The startup provides loans to artisans, micro-entrepreneurs, and SMEs to grow their businesses.
FIDO automates the entire financial services process for its customers, from onboarding to credit analysis, and also provides financial guidance.
The company leverages machine learning-risk models, making instant credit decisions even for customers with no financial track record while helping reduce operational costs.
FIDO plans to use the fresh funds to include savings and payment products in its portfolio later this year.
In addition, it plans to establish operations in Uganda, in line with its expansion plan into other regions in Africa.
Around the Web 🌐
Crypto Exchange Bitpanda Gets Regulatory Approval in Spain: Austrian cryptocurrency exchange Bitpanda has received registration as a digital currency exchange and digital asset custody service provider in Spain. The crypto exchange was officially entered into the Bank of Spain’s registry for crypto firms on June 16.
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