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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.
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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 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.
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.
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.
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