Social media networks now face a fine of over $50 million in Germany if reported hate speech is not taken down within 24 hours, or seven days in complicated cases. Phillip Tracy, Tech Writer at The Daily Dot, joins Cheddar to discuss the new laws.
The Network Enforcement Act went into effect in October, but social media networks were given a grace period until January 1st. Facebook has reportedly already hired a team of people in Germany to deal with content deemed as hate speech. The law was met with much criticism over freedom of speech when first presented.
Tracy believes there will be a learning curve when it comes to what is considered hate speech. He doesn't think it's practical right now because of the sheer volume of content on social media platforms.
Mission-driven fintech company Propel raised $50 million in a Series B round led by Nyca Partners. Propel's mission is to help low-income Americans improve their financial health. The company's free app is called Providers, designed as a one-stop-shop for Americans to manage government benefits and other income side-by-side. Jimmy Chen, founder and CEO of Propel, joins Cheddar News' Closing Bell to discuss.
Slingshot Aerospace, a company focused on the future of space sustainability, raised $25 million in its latest Series A funding round. The company's projects will allow commercial, government, and civil satellite operators to share traffic information. Slingshot Aerospace's co-founder and CEO Melanie Stricklan joined Cheddar News' Closing Bell to talk about the up-and-coming company.
A Ukrainian drone company is using its technology to help defend its home nation during the ongoing war with Russia. Valerii Iakovenko, co-founder and CEO of DroneUA, joined Cheddar News to discuss its efforts to help against the invasion. "These drones can be used to do strikes more precise and even cheap drones, even simple technologies can help to make a defensive possibilities more precise," he said.
Ford has released its plans to grow its electric vehicle business to Europe — despite a potential lack of full features due to the ongoing chip shortage. Dan Ives, managing director of equity research at Wedbush, joined Cheddar News to talk about the challenges facing the automaker. "I mean for them, it's really a Catch-22 because they can't lose out on demand," he said. "And they're having to make some tough decisions." He noted that Ford's stock is under pressure even as the electric vehicle play is the right long-term decision.
Pete Davidson is heading to space. The “Saturday Night Live” star will be among the six passengers on the next launch of Jeff Bezos' space travel venture, Blue Origin.
Sketchers is yet another retailer to announce its entrance into the realm of the metaverse. The footwear company will be launching virtual clothing as well as an experiential store in Decentraland.
