Tech Brew Ride Home
Tue. 09/03 – The X Ban In Brazil
· Summarized
Key takeaways
- Brazil's Supreme Court has made a substantial move to ban X, highlighting the contentious balance between legal compliance and free speech.
- Canva's drastic price increases have angered users and could lead to a shift towards competitors.
- Crypto platforms Pump.fun and Polymarket are experiencing substantial growth amidst a cautious recovery of the cryptocurrency sector.
- Hewlett Packard Enterprise's pursuit of damages from Mike Lynch's estate poses ethical questions in light of recent tragedies.
Summary
X Banned in Brazil
In a significant international story, Brazil has banned X (formerly Twitter) following an order from Supreme Court Justice Alexandra Demoreus, spurred by Elon Musk's refusal to name a legal representative in the country. The ban has led to a spike in usage of alternative platforms like Blue Sky and Threads, particularly as Brazil is X's fifth largest market with over 20 million users. The controversial judge, criticized for wielding excessive power and unilaterally issuing fines and bans, is facing scrutiny for how far his actions could be interpreted as overreach in the realm of free speech.
Canva's Price Hike
Canva is under fire after announcing price hikes of up to 300% for some users, justifying the increase by touting new generative AI features. Many users expressed their discontent online, threatening to cancel their subscriptions and switch to competitors like Adobe, citing that the AI features do not add substantial value to the original offerings of Canva.
Crypto Success Stories
Despite a dip in mainstream crypto conversations, two startups are thriving: Pump.fun, a meme coin launchpad, has generated over $100 million in revenue since its January launch, while Polymarket, a decentralized prediction marketplace, has outperformed NFTs with nearly $500 million in traded value, particularly as the 2024 U.S. presidential election approaches.
Lawsuit Against Mike Lynch's Estate
Hewlett Packard Enterprise plans to pursue a $4 billion damages claim against the estate of tech executive Mike Lynch, who recently died. Lynch was previously ruled to have committed fraud related to the collapse of his company Autonomy. Pursuing the damages from Lynch’s grieving family raises reputational concerns for HPE.
Sponsors
- DataTribe · Data Tribe is still accepting applications for its 2024 Challenge Program and Live Pitch event. The Data Tribe Challenge is a unique program to accelerate cybersecurity startups. You can workshop your messaging with startup veterans and meet potential investors and customers.
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Show notes
We missed a pretty big story this weekend. X getting banned in Brazil. I’ll try to catch you up on all the contours of this. Canva’s raising prices and it’s pissing people off because, I mean, they are REALLY raising prices. And the two pretty big success stories in crypto this year that we haven’t spoken about yet.
Sponsors:
DataTribe.com/challenge
Hims.com/ride
Links:
Brazil’s Most Powerful Judge Is in the Spotlight—Again (Americas Quarterly)
How Brazil’s Experiment Fighting Fake News Led to a Ban on X (NYTimes)
Canva says its AI features are worth the 300 percent price increase (The Verge)
HP to Pursue $4 Billion Damages After Mike Lynch Yacht Death (Bloomberg)
Pump.fun surpasses $100 million in revenue as Polymarket outshines NFTs in August (The Block)
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