Facebook co-founder and Meta CEO Mark Zuckerberg sits in his seat inside a bipartisan Artificial Intelligence Insight Forum for all U.S. senators hosted by Senate Majority Leader Chuck Schumer at the U.S. Capitol in Washington, D.C., on Sept. 13, 2023.
Leah Millis | Reuters
While Republican and Democratic lawmakers appear more incapable than ever of working together to pass legislation, they largely agree on one thing: Meta’s negative impact on children and teens.
A bipartisan coalition of 33 attorneys general filed a joint federal lawsuit on Tuesday, accusing Faceboook‘s parent of knowingly implementing addictive features across its family of apps that have detrimental effects on children’s mental health and contribute to problems like teenage eating disorders.
Another nine attorneys general are also filing lawsuits in their respective states.
“Kids and teenagers are suffering from record levels of poor mental health and social media companies like Meta are to blame,” Attorney General Letitia James, a Democrat, said in a statement. “Meta has profited from children’s pain by intentionally designing its platforms with manipulative features that make children addicted to their platforms while lowering their self-esteem.
Meanwhile, Tennessee’s Republican Attorney General Jonathan Skrmetti noted that polarization in politics is unlike anything this country has seen “since the Civil War.” Yet Skrmetti is firmly in James’s camp when it comes to Meta.
“For all of the attorneys general from both parties, people who frequently disagree very vocally and very publicly, to all come together and to move in the same direction, I think that says something,” Skrmetti said at a press conference after the lawsuit was filed.
The political dysfunction is most acute right now in the House of Representatives, which has been without a Speaker for three weeks after a small band of eight hardline conservative Republicans joined all Democrats to approve a “motion to vacate” introduced by GOP Rep. Matt Gaetz of Florida.
California’s Kevin McCarthy, who was booted as speaker, angered some members of his party by working with Democrats to avoid a government shutdown, even though he bowed down to many of those same lawmakers in September in instructing Republican-led committees to open an impeachment inquiry into President Joe Biden.
U.S. Rep. Matt Gaetz (R-FL) sits with fellow lawmakers as the House of Representatives votes for the third time on whether to elevate Rep. Jim Jordan (R-OH) to Speaker of the House in the U.S. Capitol on October 20, 2023 in Washington, DC.
Chip Somodevilla | Getty Images
When it comes to Mark Zuckerberg, legislators seem to find common ground. In 2020, for instance, a group of attorneys general from 48 states and territories filed two separate antitrust-related lawsuits against the company.
Despite their general disapproval of Facebook, Instagram and company leadership, party leaders don’t necessarily have the same specific criticisms of Meta.
Democrats like to focus on the company’s history of data privacy scandals. In July, for example, Sen. Elizabeth Warren of Massachusetts and other Democratic lawmakers called on the Biden administration to follow up on their probe showing how tax-preparation companies share sensitive taxpayer data with tech giants like Meta and Google.
“The sharing of taxpayer data with Meta has put taxpayer privacy at risk and appears to represent a violation of taxpayer privacy laws,” the Warren-led group wrote in a report titled “Attacks on Tax Privacy.”
Leading Republicans have focused more on Meta’s content moderation policies, which they say unfairly censor conservative views. House Judiciary Committee Chairman Jim Jordan, R-Ohio, has accused Zuckerberg and Meta of working with the White House to censor voices and posts that expressed disagreement with the Biden Administration.
Jordan’s committee was even considering holding Zuckerberg in contempt of Congress until Meta provided the lawmakers with documents they were seeking as part of their censorship investigation. Democrats were notably silent over the Republicans’ censorship claims.
Where the parties converge is in seeing the harmful effects on kids.
Dave Yost, Ohio’s Republican attorney general, said in a statement that the bipartisan lawsuit is needed to “compel the company to change its ways” because parents are letting kids use Meta’s apps.
“Given that children, when they’re on these platforms, become vulnerable to cyberbullying and online predators, Meta has added insult to injury, further injuring our children,” Yost said.
On the other side of the aisle, Pennsylvania’s Democratic AG Michelle Henry said, “The time has come for social media giants to stop trading in our children’s mental health for big profits.”
In citing the lawsuit, Henry said in a press release that “Meta not only targets young minds with addictive, harmful, trap-door content – it also lies to the public and parents about how their platforms are safe.”
Andy Stone, a Meta spokesperson, said in a statement that the company has introduced more than 30 tools “to support teens and their families.”
“We’re disappointed that instead of working productively with companies across the industry to create clear, age-appropriate standards for the many apps teens use, the attorneys general have chosen this path,” he said.
The logos of Bitcoin, Ethereum, and Tether outside a cryptocurrency exchange in Istanbul, Turkey, on Wednesday, Nov. 6, 2024.
David Lombeida | Bloomberg | Getty Images
The crypto market’s bullishness may be tipping into speculative frenzy, if the latest MicroStrategy-style copycat is any indication.
On Monday, a little-known Canadian vape company saw its stock surge on plans to enter the crypto treasury game – but this time with Binance Coin (BNB), the fourth largest cryptocurrency by market cap, excluding the dollar-pegged stablecoin Tether (USDT), according to CoinGecko.
Shares of CEA Industries, which trades on the Nasdaq under the ticker VAPE, rocketed more than 800% at one point after the company announced its plans. CEA, along with investment firm 10X Capital and YZi Labs, said it would offer a $500 million private placement to raise proceeds to buy Binance Coin for its corporate treasury. Shares ended the session up nearly 550%, giving the company a market cap of about $48 million.
Given the more crypto-friendly regulatory environment this year, more public companies have adopted the MicroStrategy playbook of using debt financing and equity sales to buy bitcoin to hold on their balance sheet to try to increase shareholder returns, pushing bitcoin to new records.
Now, with the S&P 500 trading at new records, the resurgence of meme mania and a pro-crypto White House supporting the crypto industry, investors are looking further out on the risk spectrum of crypto hoping for bigger gains.
In recent months, investors have rotated out of bitcoin and into ether, which led to a burst of companies seeking a similar treasury strategy around ether. SharpLink Gaming, whose board is chaired by Ethereum co-founder Joe Lubin, was one of the first to make the move. Other companies like DeFi Development Corp, renamed from Janover, are making similar moves around Solana.
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In the suit, filed Friday in U.S. District Court in Florida, the company accused the merchants of selling “inferior imitations” of Trump-branded products on several online marketplaces, including Amazon, Walmart and eBay.
The Trump Organization company, which is owned by Trump, sells a variety of branded merchandise through its website, including a gold T1 smartphone. The Trump Organization alleges the online merchants didn’t license its trademarks and weren’t authorized resellers of genuine merchandise.
“By selling counterfeit products that purport to be genuine and authorized products using the TRUMP trademarks, defendants cause confusion and deception in the marketplace,” the complaint says.
Coffee mugs, hats, t-shirts and sweatshirts emblazoned with “Trump,” “Trump 2028,” and American flags were among the examples of alleged knockoffs listed in the suit.
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The Trump Organization intends to file a motion to seal an exhibit listing the merchants’ identities, according to the complaint.
The company is seeking to prevent the merchants from using Trump trademarks. It also asks a judge to compel Amazon and other online marketplaces to destroy the alleged counterfeit goods and close the merchants’ selling accounts.
Representatives from Amazon, Walmart and eBay didn’t respond to requests for comment.
Amazon, Walmart and eBay all operate thriving online marketplaces that allow third-party businesses to list and sell goods. The companies have all battled issues in the past around the sale of inauthentic or unsafe goods on their platforms.
Amazon sellers looked to cash in on Trump’s return to the White House earlier this year.
Sales of Trump-branded merchandise, including calendars, toilet paper and greeting cards, spiked in January, according to e-commerce marketing company Omnisend, which collected its data from seller software provider JungleScout.
In the lead-up to last year’s election, Amazon sellers made $140 million from Trump-related merchandise and $26 million from products promoting presidential candidate and former Vice President Kamala Harris, Omnisend found.
The Texas-based space company said in an updated prospectus Monday that it’s planning to sell about 16.2 million shares. The offering could raise up to $631.8 million.
Earlier this month, Firefly filed its plans to go public on the Nasdaq under the ticker symbol “FLY.”
Its debut comes amid a renewed push in the space race, as billionaire-led companies such as Elon Musk‘s SpaceX funnel more money into space activities and startups try their luck at the public markets.
Space tech firm Voyager went public in June, while reusable rocket developer Innovative Rocket Technologies said it plans to debut through a $400 million special purpose acquisition company merger.
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Firefly’s public market launch also coincides with a revival in IPO activity as debilitating interest rates and an overhang from President Donald Trump‘s tariff plans begin to clear. Design software company Figma is slated to go public this week after raising its range.
Firefly makes rockets, space tugs and lunar landers, including satellite launching rockets known as Alpha. At the end of March, the company reported a sixfold jump in revenue from $8.3 million a year ago to $55.9 million.
The company also reported a net loss of about $60.1 million, up from a loss of $52.8 million a year ago, and said its backlog totaled about $1.1 billion.
Some of Firefly’s major backers include AE Industrial Partners, which led an early investing round in the company. Defense contractor Northrop Grumman invested $50 million in the startup this May, and Firefly says it has collaborated with Lockheed Martin, L3Harris and NASA.