Business and Tech News - 4.25.24

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Skool Projekt Staff
April 25, 2024

TikTok Bill Signed Into Law By Biden

President Joe Biden signed an aid package that includes a bill mandating TikTok's divestment by its parent company, ByteDance, within nine months, with a possible extension of three months. The legislation was successfully advanced by attaching it to foreign aid measures, which extended the divestment period. TikTok plans to challenge this divest-or-ban law in court. TikTok CEO Shou Chew has publicly criticized the legislation, labeling it as a de facto ban on the platform.

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Biden Mandates Automatic Refunds, Bans Surprise Fees

The Biden administration has announced new regulations that mandate airlines to disclose extra fees transparently and issue automatic cash refunds for cancellations or inadequate services. These rules, set to be implemented within six months to two years, are part of a larger initiative to combat corporate "junk fees." Additionally, there are proposed rules to safeguard families and wheelchair users and improve the provision of amenities. This move aligns with President Biden's broader effort to tackle hidden fees across various sectors.

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UK Investigates Amazon and Microsoft AI Collaborations

UK regulators are inviting feedback on AI partnerships involving Microsoft and Amazon, specifically Microsoft's dealings with Mistral and Amazon's investment in Anthropic, as well as Microsoft's recruitment from Inflection AI. This consultation is part of the preliminary information-gathering phase before a formal Phase 1 review by the UK Competition and Markets Authority (CMA). Microsoft and Amazon contend that their actions are designed to enhance competition rather than constituting mergers. The CMA's proactive approach signals a tightening scrutiny of large US tech companies to address competition concerns.

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Ex-Stanford President's AI Startup Secures $1B

Xaira Therapeutics has launched with a funding of over $1 billion, co-led by Arch Venture Partners and Foresite Ventures. The startup, which aims to revolutionize drug discovery through machine learning and data generation, is led by former Stanford president Marc Tessier-Lavigne, who was cleared of research misconduct. The investment in Xaira is the largest in Arch Venture Partners' 39-year history, highlighting the significant commitment to the company's future. Key investors in the San Francisco-based company also include Sequoia Capital, NEA, Lux Capital, among others.

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Trump Media CEO Seeks GOP Probe on Stocks

Trump Media CEO Devin Nunes has requested a GOP-led investigation into unusual trading activities of DJT stock, alleging potential manipulation and legal violations including RICO and tax evasion. Since its trading debut, DJT stock has lost over half its value amid ongoing volatility. Trump Media, the company behind the Truth Social app, is predominantly owned by former President Donald Trump. Nunes addressed his concerns in a letter to the leaders of the House Financial Services, Judiciary, Ways and Means, and Oversight committees.

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