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The Discord app is seen on an iPhone in this photo illustration in Warsaw, Poland on April 3, 2021.

Jaap Arriens | NurPhoto | Getty Images

We’ve been here and done this before when it comes to social media: a new, fast-growing app is providing a way for online users to share inspiration and encouragement. At some point in most social media companies’ histories, dating all the way back to Facebook’s role in global “democratization” during Arab Spring, early social media success has been focused on positive effects.

The world has come a long way since Arab Spring and through many reckonings with both the benefits and risks of social media, including the potential health and wellness impacts on teenagers. Seattle Public Schools’ recently filed lawsuit against TikTok, Meta, Snap and others alleging a youth mental health crisis caused by social media.

Social media is also facing one of its greatest legal challenges ever, with the Supreme Court poised to review whether Section 230 statute of the Communications Decency Act should provide these companies with immunity from user content liability claims, as has been the case throughout their rise.

So there is good reason for the next big thing in social media to be all about positivity, and here we are again, with social media company Discord announcing the acquisition of Gas this week, a quickly growing social media company designed to promote positive affirmations.

“Gas is all about uplifting and empowering each other through positive affirmations. Its tremendous success shows the opportunity that exists in creating a playful yet meaningful place for young people,” Discord stated in a blog post about the deal. Terms of the deal were not disclosed.

Gas allows users to anonymously share compliments with one another via polls, or as TheVerge noted in a report on the deal, “The app is designed for anonymous compliments and positive affirmations or, as kids say, gassing your friends up.”

The app has gained increasing popularity among teenagers. In just two months since its August launch, Gas surpassed TikTok and BeReal in Apple’s App Store free app rankings, reaching 1 million daily active users. It was crowned as “the hottest app right now” by The Wall Street Journal. It boasted 30,000 new users per hour in October.

Gas already has had its early issues — it was caught up, unfairly, in a sex trafficking hoax this fall, which forced its founder to respond after three percent of users deleted their accounts.

But Gas has continued to grow as a place for teens to engage with peers, amassing 7.4 million installs.

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If you have not heard of Gas, it did not come out of nowhere. Its founder Nikita Bier previously sold tbh, another poll-based app, to Facebook in 2017, but the app was shut down in less than a year due to low usage. Nonetheless, Discord said in the blog post that “Gas’ founders have a proven track record of creating exciting apps and experiences.”

Snapchat’s platform has feature multiple anonymous polling apps, including Yolo and LMK, where users can ask questions to their friends who can then answer anonymously — and also turned out to be far from immune to abuse. Last year, Snap banned anonymous messaging apps.

While anonymous features can pose a specific form of risk to user safety and increase harassment, Gas says it avoids these obstacles by polls consisting of Gas-approved compliments. These compliment prompts prevent users from creating their own polls or sending direct messages, which could include harmful content.

Gas itself explains in its app description that, “Gas is where friends tell you what they love about you. And no, they won’t dunk on you like other anonymous apps. How it works: 1) Join your school 2) Add friends 3) Answer polls 4) Get flames when picked.”

Discord has had its own share of safety issues associated with its success among a younger demographic, with increasing harassment reports on the platform in recent years. The company has been investing heavily to combat this problem, acquiring Sentropy, an AI-based software company focused on fighting abuse and harassment online. Its latest transparency report, published in December 2022, the company said it had disabled 42,458 accounts and removed 14,451 servers for child safety violations during the third quarter of 2022, a 92% decrease in the number of accounts disabled when compared to the previous quarter. 

Entering the social app scene in 2015 as a platform for video game players to chat with one another, Discord has been expanding beyond its roots as an alternative to spotty Skype chats for gamers. The two-time CNBC Disruptor 50 company, has moved beyond its predominately gaming-based uses, with a more general use case voice chat platform and live stream capabilities, while also allowing users to monetize their servers.

As social audio boomed, Discord released Stage channels in 2021, giving users a new way to organize and host large audio events. In July, it released Threads, a way to branch a conversation off of a channel’s main feed without removing it from the channel. The company also has premium membership features, allowing creators and community owners to require a subscription to access all or part of their server, tiered perks, and view analytics on member engagement.

Microsoft was reported to have made a bid for the company at one point, though no deal was reached.

Discord, unlike the first generation social media giants, does not make money from advertisements, and that gives it something else in common with Gas beyond a focus on a younger demographic. Gas has gained its almost $7 million in user spending through paid subscription features like “God Mode” which provides users with hints on who gave them compliments.

For the time being, Gas will operate as a standalone app, but this doesn’t rule out the potential for polls to become a new method of communication on Discord.

“We’re always working to create an inclusive world where no one feels like an outsider and we’re excited to welcome Gas to the Discord community as our next step to fulfilling that vision,” Discord said in the blog post.

One of the toughest tasks the companies will find, as many social media apps have before — keeping the story positive.

CNBC is now accepting nominations for the 2023 Disruptor 50 list – our 11th annual look at the most innovative venture-backed companies. Learn more about eligibility and how to submit an application by Friday, Feb. 17.

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Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges $2 billion

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Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges  billion

The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023.

Justin Sullivan | Getty Images

Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange’s first institutional investment and the “single largest investment” ever paird in crypto.

In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the “largest investment ever” paid in cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typically with a peg to a fiat currency. 

Abu Dhabi launched the MGX investment firm last year with a focus on AI technology. In September, MGX partnered with the likes of BlackRock and Microsoft to launch a more than $30 billion AI fund, but it had yet to invest in the cryptocurrency industry and blockchain sectors. 

“MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance,” Ahmed Yahia, managing director and CEO at MGX, said in a statement.

The press release added that “by partnering with the leading industry player, MGX aims to enable innovation at the intersection of AI, blockchain technology and finance.”

Binance and MGX did not immediately comment on the size of the stake or what stablecoin would be used for the payment. Binance has not responded to an inquiry on whether the deal had been completed.

As part of the UAE’s broader ambitions to become a global technology leader, it has been growing into a regional crypto hub

Binance, the largest cryptocurrency exchange in the world, has grown its Middle East footprint as it faced regulatory hurdles and enforcement measures in other jurisdictions in recent years, 

According to the press release, Binance employs approximately 1,000 of its roughly 5,000 global workforce in the UAE. It adds that it now boasts over 260 million registered users and has surpassed $100 trillion in cumulative trading volume. 

Binance CEO Richard Teng is scheduled to take part in a panel session at CNBC’s CONVERGE LIVE in Singapore at 2:40 p.m. local time (2:40 a.m. ET) on Thursday.

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Meta goes to arbitrator to prevent whistleblower from promoting tell-all book

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Meta goes to arbitrator to prevent whistleblower from promoting tell-all book

This photo illustration created Jan. 7, 2025, shows an image of Mark Zuckerberg, CEO of Meta, and an image of the Meta logo.

Drew Angerer | Afp | Getty Images

Meta is seeking to stop the promotion of a new memoir by a former staffer that paints the social media company in an unflattering light, including allegations of sexual harassment by the company’s policy chief. 

An emergency arbitrator ruled Thursday that Sarah Wynn-Williams is prohibited from promoting “Careless People,” her book that was released Tuesday by Flatiron Books, an imprint of publisher Macmillan Books.

The memoir chronicles Wynn-Williams’ tenure at Facebook from 2011 through 2017. During that time, she became a high-level employee who interacted with CEO Mark Zuckerberg, then-COO Sheryl Sandberg and Joel Kaplan, the company’s current policy chief. In the book, Wynn-Williams alleges that Kaplan made a number of inappropriate comments to her, which she then reported to the company as sexual harassment.

“This is a mix of out-of-date and previously reported claims about the company and false accusations about our executives,” a Meta spokesperson previously said about both her book and complaint.

Wynn-Williams also details in her book the company’s various attempts to enter the Chinese market, including building tools that would censor content to appease the Chinese Communist Party. Wynn-Williams addressed some of these China-specific claims in a whistleblower complaint that she filed in April with the Securities and Exchange Commission, NBC News reported.

The emergency arbitrator ruled in favor of Meta after watching a podcast appearance of Wynn-Williams in which she discussed her memoir and her allegations that Meta was attempting to “shut this book down.”

“The Emergency Arbitrator finds that, after reviewing the briefs and hearing oral argument, (Meta) has established a likelihood of success on the merits of its contractual non-disparagement claim against Respondent Wynn-Williams, and that immediate and irreparable loss will result in the absence of emergency relief,” the filing said.

Additionally, the arbitrator ruled that so much as Wynn-Williams can control, she is prohibited from further publishing or distributing the book and from further disparaging Meta and its officers or repeating previous disparaging remarks. The arbitrator also ruled that Wynn-Williams is to retract her previous disparaging remarks.

The company has previously dismissed Wynn-Williams’ claims as “out-of-date” and said that she was fired for “poor performance and toxic behavior.”

Meta spokesperson Andy Stone shared the emergency arbitrator’s ruling in a post on Threads, saying that it “affirms that Sarah Wynn Williams’ false and defamatory book should never have been published.”

“This urgent legal action was made necessary by Williams, who more than eight years after being terminated by the company, deliberately concealed the existence of her book project and avoided the industry’s standard fact-checking process in order to rush it to shelves after waiting for eight years,” Stone said.

Meta alleged that Wynn-Williams violated the non-disparagement terms of her September 2017 severance agreement, resulting in the company filing an emergency motion on Friday. The emergency arbitrator then conducted a telephone hearing involving legal representatives of Meta and Macmillan Books, but not Wynn-Williams who did not appear though she was given notice, the filing said.

Wynn-Williams, Flatiron Books and Macmillan Books did not respond to requests for comment.

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Intel appoints Lip-Bu Tan as new CEO, stock jumps 12%

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Intel appoints Lip-Bu Tan as new CEO, stock jumps 12%

Lip-Bu Tan appointed chief executive officer of Intel Corporation

Courtesy: Intel

Intel said on Wednesday that it had appointed Lip-Bu Tan as its new CEO, as the chipmaker attempts to recover from a tumultuous four-year run under Pat Gelsinger.

Tan was previously CEO of Cadence Design Systems, which makes software used by all the major chip designers, including Intel. He was an Intel board member but departed last year, citing other commitments.

Tan replaces interim co-CEOs David Zinsner and MJ Holthaus, who took over in December when former Intel CEO Patrick Gelsinger was ousted. Tan is also rejoining Intel’s board.

The appointment closes a chaotic chapter in Intel’s history, as investors pressured the semiconductor company to cut costs and spin off businesses due to declining sales and an inability to crack the booming artificial intelligence market.

Intel shares rose over 12% in extended trading on Wednesday.

Tan becomes the fourth permanent CEO at Intel in seven years. Following Brian Krzanich’s resignation in 2018, after the revelations of an inappropriate relationship with an employee, Bob Swan took the helm in Jan. 2019. He departed two years later after Intel suffered numerous blows from competitors and chip delays. Swan was succeeded by Gelsinger in 2021.

Gelsinger took over with a bold plan to transform Intel’s business to manufacture chips for other companies in addition to its own, becoming a foundry. But Intel’s overall products revenue continued to decline, and investors fretted over the significant capital expenditures needed for such massive chip production, including constructing a $20 billion dollar factory complex in Ohio.

Last fall, after a disappointing earnings report, Intel appeared to be for sale, and reportedly drew interest from rival companies including Qualcomm. Analysts assessed the possibility of Intel spinning off its foundry division or selling its products division — including server and PC chips — to a rival.

In AI, Intel has gotten trounced by Nvidia, whose graphics processing units (GPUs) have become the chip of choice for developers over the past few years.

In January, Intel issued a weak forecast even as it beat on earnings and revenue. The company pointed to seasonality, economic conditions and competition, and said clients are digesting inventory. The prospect of tariffs was adding to the uncertainty, Zinsner said.

Intel said that Zinsner will return to his previous role of CFO. Holthaus will remain in charge of Intel Products.

Intel was removed from the Dow Jones Industrial Average in November and was replaced by Nvidia, reflecting the dramatic change of fortune in the semiconductor industry. Intel shares lost 60% of their value last year, while Nvidia’s stock price soared 171%. At Wednesday’s close, Intel’s market cap was $89.5 billion, less than one-thirtieth of Nvidia’s valuation.

WATCH: Intel appoints Lip-Bu Tan as CEO

Intel appoints Lip-Bu Tan as CEO

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