Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
Here’s what’s happening:
- Meta sued for violating patient privacy
- Robinhood lays off 23% of staff
- Digihost to move mining rigs to Alabama
- T-Hub startup Bluecopa gets the funds
- Gucci started accepting BAYC-tied token ApeCoin as Payment
Meta Sued For Violating Patient Privacy With Data Tracking Tool 🔧
Meta has been sued for violating patient privacy with a data tracking tool in the United States.
What is the lawsuit about? 🤔
- The two-proposed lawsuits filed against Meta in the Northern District of California in June and July focus on the Meta Pixel tracking tool that sends health information to Facebook.
- The tool can be installed on websites to provide analytics on Facebook and Instagram ads.
- It also collects information about how people click around and input information into those websites.
Why is Meta facing the lawsuit?
Under the medical privacy law, hospitals and healthcare organizations need patient consent to share personally identifiable health information with outside groups.
According to an investigation by The Markup, 33 of the top 100 hospitals in the U.S. use the Meta Pixel on their websites. At seven hospitals, it was installed on password-protected patient portals.
What is next for Meta? 💡
The lawsuits will now have to be certified as class actions by a judge before moving forward.
The Latest Job Cutter 🪓: Robinhood
American retail trading platform Robinhood Markets Inc. is laying off about 23% of its employees.
The layoffs will be primarily in operations, marketing, and program management.
In a blog post, Robinhood CEO Vlad Tenev said: “I want to acknowledge how unsettling these types of changes are. We often talk about our mission to democratize finance for all, and one of the most cherished aspects of Robinhood is the teamwork and camaraderie involved in working towards our mission — together. I feel incredibly privileged and fortunate to have the opportunity to build with all of you.”
Robinhood had already cut 9% of its workforce in April, saying the company’s growth had led to some duplicate roles and job functions. Tenev said that those cuts did not go far enough.
The company also released its Q2 earnings report 💰. Here’s how it did:
- Revenue: $318 million vs. $321 million estimated 🔽
- Loss: 34 cents per share vs. 37 cents estimated 🔽
Digihost Plans to Move Mining Rigs ⛏ From New York to Alabama 🚚
U.S.-based crypto miner Digihost Technology Inc. plans to move drilling rigs from New York to Alabama.
Here’s what the company said in its announcement post 📋:
Digihost stated its 55-megawatt (MW) facility ⚡ in Alabama — which the corporation acquired in June — will host a few of its crypto miners from New York, resulting in decreased operational expenditure.
With this, the company aims to have a hashing capability of 28 MW on the Alabama facility by the fourth quarter of 2022 and 55 MW by the second quarter of 2023.
What does the miner want to achieve with this move? 🤔
Like other crypto miners dealing with rising energy costs amid a bear market and record heat in parts of the United States, Digihost is moving its fleet to lower energy costs.
How is Digihost performing?
As of July 31, the crypto mining firm revealed that it has approximately 220 BTC and 1,000 Ether (ETH) worth a total of $6.8 million and is debt-free.
Bluecopa Raises $2.3 Million in Seed Funding Round 💰
Indian-based finance operations automation platform Bluecopa has raised $2.3 million in its seed funding round.
Who invested in the seed round? 👀
The seed funding round was led by Blume Ventures along with the participation of Titan Capital, T-Fund, Speciale Invest, Bharat Founders Fund, T2D3, Amplify, and Force Ventures.
The funding round was also joined by seasoned entrepreneurs Krish Subramanian, Rajaraman Santhanam (founders of Chargebee), Rohit Chennamaneni (founder of Darwinbox), and Asad Khan & Jay Singh (founders of LambdaTest).
Something about the startup 💡
- Bluecopa was founded in 2021 by Raghavendra Reddy, Satyaprakash Buddhavarapu, and Nilotpal Chanda.
- The automation platform is for finance teams in high-growth companies and assists CFOs and finance leaders get a real-time view of all the business KPIs, providing actionable insights and strategic direction to business leaders.
- The startup also manages day-to-day finance operations such as business planning, scenario modeling, variance analysis, intelligent alerts, and reconciliation.
How will Bluecopa utilize the funds? 💸
The money will be used to enhance capabilities, hire talent, and grow the company’s consumer base.
Gucci 👜 started accepting BAYC-tied token ApeCoin as Payment
Gucci has become the first major brand to accept payments in the form of the Bored Ape Yacht Club-affiliated ApeCoin (APE).
ApeCoin is a cryptocurrency tied to Bored Ape Yacht Club (BAYC), a non-fungible token (NFT) project created by Yuga Labs.
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