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Meta is exploring a new decentralized, text-based social network that could compete with Elon Musk’s Twitter.

Tech newsletter Platformer reported that the project, codenamed P92, would be built as a stand-alone app, but that users would log in using their Instagram credentials. The move could help Meta attract some of the Twitter users who are looking for alternatives after Musk took over and changed some of the site’s rules.

“We’re exploring a standalone decentralized social network for sharing text updates,” a Meta spokesperson told CNBC on Friday. “We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests.”

The effort by Meta would expand its offerings beyond Facebook, WhatsApp and Instagram, and into a space that has been dominated by Elon Musk’s Twitter. The project is being led by Instagram head Adam Mosseri, Platformer said.

Decentralized social networks, like Mastodon or Jack Dorsey-backed Bluesky, rely on individual servers which use a uniform protocol, avoiding centralized control of content and possible censorship.

It isn’t clear how long Meta has been working on the P92 product, or whether the company has moved into the development process. Moneycontrol, which first broke the story, cited a person familiar with the matter who said the idea was still a “work-in-progress.”

Meta is also exploring integrations with existing social networks like Twitter or Mastodon, in part relying on a protocol called ActivityPub, Moneycontrol reported.

Evercore's Mark Mahaney says now's the time to get into Meta

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UK loses bid to keep Apple appeal against demand for iPhone ‘backdoor’ a secret

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UK loses bid to keep Apple appeal against demand for iPhone 'backdoor' a secret

Chief Executive of Apple, Tim Cook gives a thumb’s up during a tour the Apple Headquarters on December 12, 2024 in London, England. 

Chris Jackson | Getty Images

Apple has triumphed over an effort from the U.K. government to keep details secret of its appeal against an order to create a “backdoor” to iPhone users’ data.

The U.K.’s Investigatory Powers Tribunal on Monday published a ruling dismissing the government’s attempt to prevent details from a hearing on the appeal from being made public. The government had tried to keep the information secret on the grounds it posed risks to national security.

Judges Rabinder Singh and Judge Jeremy Johnson said in their ruling that the U.K. government’s request to keep details of the hearing private “would be the most fundamental interference with the principle of open justice.”

“It would have been a truly extraordinary step to conduct a hearing entirely in secret without any public revelation of the fact that a hearing was taking place,” they said.

Britain’s Home Office was not immediately available for comment when contacted by CNBC.

‘Backdoor’ to encrypted data

The ruling relates to an appeal made by Apple against a demand from the U.K. government to allow officials to access iPhone users’ encrypted data via a technical “backdoor.”

This backdoor would allow the government to access information secured by Apple’s Advanced Data Protection (ADP) system, which applies end-to-end encryption to a wide range of iCloud data.

Governments in the U.S., U.K. and EU have long expressed dissatisfaction with end-to-end encryption, arguing it enables criminals, terrorists and sex offenders to conceal illicit activity.

In the U.K., the Investigatory Powers Act of 2016 empowers the government to compel tech companies to weaken their encryption technologies through so-called “backdoors” — a heavily controversial policy for both the tech industry and privacy campaigners.

Apple — which is known for its pro-privacy stance — has pushed back on efforts to weaken its encryption tools, saying this would undermine its security and put users at risk.

As a result of the government’s order, Apple withdrew its ADP system for U.K. users in February. In a blog post at the time, the tech giant said it has “never built a backdoor or master key to any of our products or services and we never will.”

“We are deeply disappointed that our customers in the UK will no longer have the option to enable Advanced Data Protection (ADP), especially given the continuing rise of data breaches and other threats to customer privacy,” Apple said in the post.

“Apple remains committed to offering our users the highest level of security for their personal data and we are hopeful that we will be able to do so in the future in the United Kingdom.”

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Tech stocks whipsaw in volatile trading session as Trump stands by tariffs

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Tech stocks whipsaw in volatile trading session as Trump stands by tariffs

U.S. President Donald Trump’s adviser Elon Musk reacts on the day of a rally in support of a conservative state Supreme Court candidate of an April 1 election in Green Bay, Wisconsin, U.S. March 30, 2025. 

Vincent Alban | Reuters

Technology stocks teetered in volatile trading Monday as President Donald Trump stood by his sweeping global tariff plans following last week’s devastating selloff.

The Magnificent Seven stocks — Nvidia, Apple, Meta Platforms, Amazon, Microsoft and Alphabet — were largely lower after briefly rallying amid a short-lived broader market attempt to stage a rebound. Stocks temporarily jumped on speculation of a possibly delay in the tariffs, but the White House later dismissed talk of a pause.

The technology sector is coming off a brutal week. The Magnificent Seven stocks collectively shed more than $1.8 trillion in market value during a two-day market selloff, while the Nasdaq Composite recorded its worst week since the onslaught of the pandemic and entered a bear market.

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Trump held firm on his aggressive global tariffs plans over the weekend, with an initial unilateral 10% tariff going into effect Saturday. Wall Street hoped for progress on negotiations between the administration and other countries or news of a possible delay in reciprocal tariffs slated for April 9.

The plan has already received widespread backlash in corporate America. JPMorgan Chase CEO Jamie Dimon said Monday that the new levies will hike prices on domestic and imported goods and pressure the slowing U.S. economy. Many car companies have already announced a pause in shipments, price hikes and other measures. Trade groups have also warned of higher prices at the grocery store and hikes on electronics such as personal computers.

“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump told reporters aboard Air Force One on Sunday night, downplaying the recent market meltdown.

Other technology stocks also looked to build on last week’s pain. Oracle and Palantir Technologies declined more than 2% each.

Some semiconductor stocks also struggled as investors fretted over potential demand destruction stemming from the tariffs. Advanced Micro Devices was last down about 4% each, while Intel declined more than 2%.

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Nintendo President Doug Bowser on the new Switch 2, tariffs and what’s next for the gaming giant

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Nintendo President Doug Bowser on the new Switch 2, tariffs and what's next for the gaming giant

Nintendo on Wednesday unveiled details for the Switch 2. It’ll include a bigger screen and controllers and is a faster version than its predecessor, which sold more than 150 million units since its 2017 release.

The Switch 2 will hit store shelves on June 5 for $449.99, up from $300 for the original Switch. Like the first Switch, gamers will be able to use the Switch 2 as both a handheld console and hook it up to a television. Nintendo on Friday said it would delay preorders for the device following President Donald Trump’s “reciprocal tariffs.”

The device will launch with the game “Mario Kart World.” Other games coming for the Switch 2 include “Donkey Kong Bananza,” “Street Fighter 6,” “The Duskbloods” and “Kirby Air Riders.”

Nintendo of America President Doug Bowser sat down with technology correspondent Steve Kovach in a CNBC exclusive interview after unveiling the new console’s details. Bowser touched on the technology boosts in the Switch 2, upcoming games, the future of Nintendo’s efforts in film and entertainment beyond video games, and what Trump’s new tariffs mean for console prices in the U.S.

Watch the video for the full interview.

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