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Advocacy Organizations Cautions Meta to Terminate Plans to Allow Minors Into Its Metaverse

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Several advocacy organizations have written to giant tech company Meta, cautioning the tech company to terminate plans to allow minors into its virtual reality world (Metaverse).

These advocacy organizations via a signed letter by major safety groups, disclose that Meta must first assess the potential risks of allowing minors into its Metaverse, as they will likely face harassment and privacy violations in its virtual reality world.

Part of the letter reads, “Meta must wait for more peer-reviewed research on the potential risks of the Metaverse to be certain that children and teens would be safe. Should Meta throw open the doors of these worlds to minors rather than pause to protect them, you would yet again, demonstrate your company to be untrustworthy when it comes to safeguarding young people’s best interests”.

The letter also made reference to a March report from the Center for Countering Digital Hate, that reported harassment of users who were under 18 on the app. Researchers within the center reported 19 episodes of abuse directed at minors by adults, during numerous visits to the most popular worlds within Horizon Universe, a metaverse implementation created by Meta, formally known as Facebook.

In response to the caution from advocacy organizations, Meta spokesperson Joe Osborne via a statement said that Meta does not intend to neglect its plans for minors in the virtual reality world but is making plans to adopt some extra measures to protect them from any violations.

In his words, “Before we make Horizon Worlds available to teens, we will have additional protections and tools in place to help provide age-appropriate experiences for them. Quest headsets are for people 13+ and we encourage parents and caretakers to use our parental supervision tools, including managing access to apps, to help ensure safe experiences.”

Investors King understands that experts are not too optimistic about how the Metaverse will affect children. Citing the negative effects of social media on individuals most especially Teenagers, such as depression, self-harm, and other mental health-related cases, experts note that the Metaverse might even be worse.

However, despite some of its shortcomings, the Metaverse has been hyped to present many advantages for kids, especially from an educational perspective. With the help of such remarkable technology, these kids will be able to grasp abstract concepts easily in a more engaging way. The Metaverse has also been poised to offer a hands-on experience that can be very beneficial for children and help them to better understand the world around them and how things work.

Meanwhile, safety experts feel minors should not be allowed into the Metaverse owing to the fact that the disadvantages outweigh the advantages. The latest pushback from online safety experts represents another headache for Meta’s CEO Mark Zuckerberg, who has poured billions into metaverse technology. The costly initiative has also drawn mockery and rankled investors and employees alike over the last year.

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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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