Meta Warns Employees ⚠️ of Rough H2 in Internal Memo 📝

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Meta Warns Employees ⚠️ of Rough H2 in Internal Memo 📝

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Meta has warned employees to expect a tougher second half of the year as the company continues to weather challenges related to its core online advertising business amid a weaker economic environment.

The message comes in an internal memo from Meta’s chief product officer Chris Cox in which he detailed key priorities and challenges to its business going forward.

“I have to underscore that we are in serious times here and the headwinds are fierce,” Cox wrote in the memo.

“We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets,” he added.

To offset challenges related to the online advertising business, Cox said the company is pushing hard to make money from Instagram Reels and also investing in AI to drive content recommendations.

Additionally, the company also plans to invest in features that would make it easier for retailers to show ads to customers on its family of apps and for employees to communicate with businesses through messaging.

FCC Approves SpaceX’s Starlink Internet Service For Use in Vehicles in Motion 🚗

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The Federal Communications Commission has granted SpaceX to provide Starlink satellite internet in moving vehicles, including cars, trucks, boats, and aircraft, providing a key step for the company to further expand the service.

“Authorizing a brand unusual class of [customer] terminals for SpaceX’s satellite TV for laptop machine will amplify the vary of broadband capabilities to meet the rising user demands that now require connectivity while on the hump, whether driving an RV across the country, shifting a freighter from Europe to a U.S. port or while on a domestic or global flight,” FCC global bureau chief Tom Sullivan wrote within the authorization posted on June 30.

SpaceX requested regulatory approval from the FCC in March 2021 to allow Earth Stations in Motion (ESIM) Starlink terminals to be used for vehicles in motion.

The authorization will now allow the company to provide mobile Starlink service to consumers, businesses, and more.

To receive broadband internet coverage, customers must purchase a personal user terminal or ground-based antenna, which is designed to connect with any orbiting Starlink satellites.

EU 🇪🇺 Agrees on Rules to Crack Down ⚡ on Wild West Crypto Market

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The European Union officials have reached a landmark agreement for regulating the cryptocurrency industry, the first major regulatory framework for the digital asset industry.

The EU lawmakers, European Commission, and member states reached a deal in Brussels after hours of negotiations.

This move comes a day after the three key institutions finalized measures aimed at dealing with money laundering in the crypto market.

Dubbed as Markets in Crypto-Assets (MiCA) framework, the provisional agreement includes guidelines covering issuers of unbacked crypto assets, trading platforms, stablecoins, and wallets in which crypto-assets are held.

Under the new rules, stablecoins like USDC and Tether will have to maintain sufficient reserves to meet redemption requests in the occurrence of mass withdrawals.

MiCA will also address environmental concerns within the crypto industry and will ask companies to disclose their energy consumption as well as the impact of digital assets on the environment, among other issues.

This landmark regulation will try to put an end to the crypto wild west, confirming the EU’s role as a standard-setter for digital assets.

Medical Diagnostic Company Visby Medical Nabs $35M in Series E Expansion 💰

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Visby Medical, a U.S.-based medical diagnostic company, expanded its Series E funding round to include an additional $35 million for a total of over $135 million funding in the round.

The expanded funding was led by Lightrock, along with participation from existing Series E investors, including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors, and J Ventures.

Visby Medical is a medical diagnostic company that develops PCR-based diagnostic tests for the detection of infectious diseases.

The company’s proprietary technology development program culminated in the world’s first instrument-free, single-use PCR platform that fits in the palm of your hand and tests for serious infections.

Visby’s technology is also helping to fight the global pandemic via the Visby Medical COVID-19 Test, and its pipeline includes tests for other infectious diseases.

The company plans to use the additional funds to scale production capacity, further expand the product menu to include advanced respiratory health tests & antimicrobial resistance panels, and deliver the power of PCR diagnostics to consumers at home.

Around the Web 🌐

Crypto Exchange FTX Close To Buying BlockFi, Say Reports: Cryptocurrency exchange FTX is near purchasing digital asset lender BlockFi’s remaining assets for $25 million. According to confidential sources, the term sheet is almost over the finish line and expected to be signed by the end of the week.


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