Tue. 09/03 – The X Ban In Brazil

Sep 3, 2024 17m

AI Summary Available

Get the full experience! Sign up to access transcripts, personalized summaries, and more features.

Episode Description

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)

AI-Generated 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.