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Nigerian Government Sue Facebook And Instagram; Seeks N30 Billion as Penalty

the Advertising Regulatory Council of Nigeria says it has lodged a suit against Meta. 

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An agency of the Nigerian government, the Advertising Regulatory Council of Nigeria says it has lodged a suit against Meta. 

Investors King learnt that the Advertising Regulatory Council of Nigeria (ARCON)  is seeking a penalty of N30 billion against Meta in a suit filed at the Federal High Court in Abuja. 

Meta is the parent company of Facebook, Instagram and WhatsApp. American billionaire Mark Zuckerberg has a majority stack in the company. 

ARCON claimed that both Facebook and Instagram displaced unapproved advertisements to Nigerian audiences. 

The advertisement regulatory agency further stated that the actions have caused a loss of revenue for the Nigerian Government. 

ARCON stated that “the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria”. 

It also stated that the council will not permit unethical and irresponsible advertising in Nigeria’s advertising space. 

Meta’s agent, AT3 Resources Limited was also joint in the suit. However, the court has not fit a date for the suit.

If the court rules in favour of ARCON, it will change the face of social media advertising in Nigeria. 

ACORN further clarified that the council is not regulating the online media space. Rather, its focus is on advertising and marketing communications on the online platforms in line with its establishment Act.

The Advertising Regulatory Council of Nigeria (ARCON) has the government mandate to oversee, approve or disapprove any advertisement in the Nigerian public space. It also has the statutory mandate to generate revenue for the government through public advertisements. 

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TikTok Faces Existential Threat as US House Votes Overwhelmingly to Ban Unless Sold

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The US House of Representatives has voted overwhelmingly to ban TikTok unless its Chinese owner, ByteDance Ltd., sells the video-sharing app.

The measure, passed by a vote of 352 to 65, marks a significant escalation in the ongoing scrutiny of TikTok, which has come under fire over concerns about national security and data privacy.

The bill, if enacted into law, would require TikTok to divest its US operations within 180 days or face a ban from US app stores, including those run by Apple and Google.

This move represents the most serious challenge yet to TikTok, which boasts a massive user base of 170 million Americans but has been criticized by some lawmakers as a potential national-security threat due to its Chinese ownership.

President Joe Biden has signaled his support for the legislation, stating that he would sign it into law if it passes the Senate.

However, the bill’s fate in the Senate remains uncertain, with Majority Leader Chuck Schumer yet to endorse it and some members, including Republican Rand Paul, expressing opposition.

TikTok has vehemently opposed the proposed ban, arguing that it would violate the First Amendment and have a detrimental impact on the economy, small businesses, and the millions of Americans who use the platform.

The company has also faced accusations of being a tool for Chinese propaganda, although it has consistently denied sharing user data with the Chinese government.

The House passage of the bill comes just days after its introduction, reflecting growing bipartisan concern over TikTok’s influence and potential risks to national security.

The swift action underscores the urgency with which lawmakers are seeking to address these concerns and highlights the mounting pressure on TikTok to address them or face significant consequences.

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Reddit Eyes $748 Million in Landmark Initial Public Offering

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Reddit Inc. is setting its sights on a colossal initial public offering (IPO) aiming to raise $748 million.

This ambitious move represents one of the most significant IPOs of the year as Reddit looks to capitalize on its vast user base and unique market position.

The social media giant, beloved for its diverse forums and vibrant community discussions, plans to offer 22 million shares at a price range of $31 to $34 each, according to sources familiar with the matter.

If successful, this would catapult Reddit’s valuation to as high as $6.5 billion, solidifying its status as a major player in the digital landscape.

What sets Reddit’s IPO apart is its innovative approach to shareholder inclusion. The company intends to reserve approximately 1.76 million shares exclusively for its dedicated users and moderators who created accounts before January 1st.

This groundbreaking move not only fosters a sense of community ownership but also underscores Reddit’s commitment to its grassroots origins.

Despite its meteoric rise, Reddit has faced its fair share of challenges.

From navigating volatile market conditions to addressing user concerns over content moderation and profitability, the company has weathered storms while staying true to its core values.

With heavyweight investment banks like Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America spearheading the IPO, anticipation surrounding Reddit’s market debut is palpable.

As the company prepares to trade under the symbol RDDT on the New York Stock Exchange, all eyes are on Reddit, poised to witness history in the making.

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Elon Musk Envisions X as the Future of Your Financial Life

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Tech visionary Elon Musk unveiled his vision for X, aiming to transform it into the epicenter of people’s financial worlds by the end of 2024.

Musk’s plan transcends mere payment solutions, targeting nothing short of the complete financial ecosystem, including money and securities. “You won’t need a bank account,” he affirmed.

X, led by CEO Linda Yaccarino, sees this as an ambitious opportunity that could reshape the financial landscape as we know it.

Musk expressed his unwavering commitment to the cause, stating, “It would blow my mind if we don’t have that rolled out by the end of next year.”

This ambition traces back to Musk’s dot-com-era online bank, X.com, which later evolved into PayPal. Musk aims to take a page from his earlier playbook, hoping to outshine PayPal with a more comprehensive approach.

The platform’s offerings are set to include high-yield money market accounts, debit cards, checks, and loan services. Musk’s endgame? An ecosystem that empowers users to send money worldwide instantly and in real-time.

However, this transformation is not without its challenges. Elon Musk must convince users of the necessity of such an all-encompassing platform while gaining their trust with their financial lives.

The vision of X as an “everything app” resonates with the rise of super apps like WeChat in China, which provide users with access to a myriad of services, from shopping to transportation.

As X positions itself to revolutionize the financial industry, Musk’s audacious endeavor promises to change the way we handle money, potentially eliminating the need for traditional banking as we know it.

The world watches with bated breath to see if Musk’s bold vision will become a reality.

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