πŸ‡¨πŸ‡³ Tech companies on Chinese government's hit list.

ABOUT THIS EPISODE

The ROI Overload Newsletter is the #1 daily newsletter analyzing growth trends & strategy, business, startups, and technology. Join 40,000 subscribers here. https://newsletter.roioverload.com/subscribe.

This is an audio recording of the reading of the ROI Overload Newsletter for the newsletter audio podcast.

YouTube: https://youtube.com/c/scottdclary

Tweet Me: https://twitter.com/scottdclary

Welcome to Roy Overload, the business, tech and growth newsletter. I'm Scott declary and these are these stories that I'm covering today. Three more tech firms in China come under the scrutiny of China's Cybersecurity Authority. Bugatti has a new majority shareholder and owner. Today is Jeff Bezos, is last day as Amazon CEO. There is a new law in Norway forcing influencers to disclose whether or not they retouched their photos online. And lastly, Wyoming has become the first state to legally recognize a decentralized autonomous organization, consistently being one of the leading states in terms of blockchain and cryptocurrency. So first story. So yesterday I was speaking about D d. So three more tech firms have come under the scrutiny of the SEAC. So it's no you know, no surprise. Big Shot Tech companies have been having a tough time in China for the last couple of months. It began in a lie. Began with Ali Baba. They had to shellow two point a billion dollars in antitrust finds. Recently did e Chug zing. This is the largest ride hailing company in China. Obviously a...

...competitor with Uber, Faced The wrath of the Cyberspace Administration of China. The Chinese Cyberspace Authority asked APP stores in China to remove did he's APP, as the SEAC believed that did he collected personal information from its users illegally. This action by the Cyberspace Administration of China led to a thirty percent fall in the share prices of did echokes. Now three more Chinese tech companies are under the Cyber Security Review radar. These companies include you in man, men who watch bang and boss Zepin. The SAC has said that they are probing these companies to prevent any adverse impacts on the country's data security. Similar to how diddy Chug zing had to stop on boarding new users, these three companies also have been forced to stop on boarding new users, effective immediately after. So many tech companies are facing the wrath of governmental organizations. I am very curious to...

...see who is going to be up next on their hit list. In Auto News, there is a new majority owner of the supercar brand Bugatti. So the owner is REMAC. Maybe you haven't heard of them, but have you heard of Bugatti? Well, most people have it's one of the most prolific popular supercar brands. As for the Financial Times, REMAC Automobili, it's a creation electric supercar startup, gained fifty five percent control over the iconic Bugatti brand their majority shareholders. The rest of the forty five percent ownership will remain with Volkswagen's Porsche. So let's speak about remak and what they do. So first, Matt a REMAC, the CEO of Vermac, believes that REMAC and Bugatti are a perfect match for each other, he says, he said in a press release. As a young, agile and fast paced automotive and Technology Company, we've established ourselves as an industry pioneer and electronic technologies and electric technologies with...

...the Nevera. I'll explain what that is in a second. We have also proven that we can develop and manufacture outstanding hypercars that are not only as fast but also as exciting and high quality. Bugatti, with over a century of experience and engineering excellence, also possesses one of the most exceptional heritage of any car company in history. If you haven't heard of Ramac, it's not just another ev electrical vehicle company. The Croatia based RIMAC has made quite a name for themselves in the EV space. Recently, Rimac introduced a hypercar known as Nevera, which can achieve an astonishing one point four megawatts of power, equal to Onezero, nine hundred and fourteen horse power, courtesy of its four motors. What's even more interesting is that remax Nevera will dethrone Bugatti Chiron for the coveted title of the fastest sports car in the world. After all, then, Ne Vera has a top speed of two hundred and fifty eight miles per...

...hour and can reach the speed of sixty miles per hour in one point eight five seconds. Yep, that's fast all right. Onto Amazon. You've heard this, probably in the news for a while now. Jeff Bezos has been planning to step down as CEO of Amazon. Today, July six, is his official last day. So Jeff Bezos, one of the world's richest men, has stepped down from his rule as the CEO of Amazon after twenty seven years. Who's taking his spot? Gentleman's name is Andy Josse. He is now Amazon's new CEO, and if you go on Amazon's investor relations website, the change is done and he's faces up there. So, Andy Jossey, what does he do? So he's not new to high profile positions. He's been heading Amazon's web services since two thousand and three. Though bezos is no longer the CEO, he will still play a crucial role in the ECOMMERCE giant as the executive chair. Under the leadership of Jeff Bezos Amazon, of course,...

...it became the ECOMMERCE behemoth that we know today. His efforts made sure that Amazon was successful. It started off and you know, at the end of thecom bubble in the late s that really just decimated many popular Internet companies and Amazon was one of the ones that obviously stuck around. So we have to give credit work. Credits due for for Jeff's incredible work, but my God, Andy, those are some big shoes to fill. Okay, new law in Norway. You must disclose if you retouch your photos. So influencers are posting selfies, you know, it's a thing. Everybody's posting selfies, shots, whatever, and there's a lot of software that you can use to digitally enhanced photos of individuals, products, everything. What these softwares and tools can do is impressive, but it's scary how much it can manipulate what a image can looks like. Right, it looks like a real image, but it can be manipulated to a significant extent. Anybody can use them to alter...

...images of very user friendly and they can be altered so much so that the person or the product or the thing that's being altered doesn't even look like the thing that like the original picture that you took. So this has a variety of, you know, implication, but one of the main issues is that it creates unrealistic expectations for people. So digitally retouched images can make people really like real people hate the way they look, the the the features their body, their skin, whatever. People can feel ugly, can feel like they're not as beautiful as what they see online and it has a significant impact on people's mental health, especially in younger women, but for anybody it can be very damaging. So, considering the damage that the digital, digitally enhanced photos of online influencers can have on the general population, there's a new Norwegian law that is a big deal in the space. It's precedent setting. As reported by vice originally, all advertisers and influencers will have to be transparent and label...

...retouched photos in their depictions. So anybody found violating this law will have to face consequences and most likely finds. The Vice News report stated that any violations are punishable with escalating fines and, in extreme cases, even imprisonment. And last story, some positive news for blockchain. Wyoming became the first state to legally recognize a decentralized autonomous organization. And, just to paint a little picture, decentralized autonomous organization is an organization that votes through governance, so voting, voting on decisions, but it's not controlled by a central body. So what blockchain allows you to do is it allows you to submit votes on initiatives, on on a different thing that the company is going to take on, and because your vote is recorded and can't be manipulated in any way, you can trust that that the masses, or the people that have the ability to vote can vote, and that's how you can move the decisions of the organization forward. And it's decentralized, meaning that they leverage blockchain to record and track and...

...verify those votes, versus a central body, somebody you know, sitting in a desk talling and whatnot. Okay, so Wyoming continues to prove that it is one of the most crypto friendly states in the United States. It is officially become the first state in the United States, in the US, to recognize a decentralized autonomous organization. It's also known in crypto world or blockchain world as a Tao. The Tao, the Dao, that's the acronym decentralized autonomous organization to receive recognition in Wyoming is the American crypto fed Dow. They received the notice on Tuesday from the Wyoming Secretary of State's office. In the notice they were they were told that they were now recognized formally as a legal entity in the state. So, speaking on American crypto Fed Dow becoming a legal entity in Wyoming, the CEO of the organization behind the Tao, his name is Maryon or. This is a quote. Wyoming is leading digital asset jurisdiction...

...in the US and now, with this Dow law, this precedent setting, Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with math mass acceptance is now possible. So Wyoming truly is leading the way in terms of bringing this bleeding edge tech and making it so that it is not only you're not you're enabling an environment of startups and entrepreneurs to build out companies in this ecosystem, but you're making sure that they're doing it in a safe and legal way so that they can continue to push the boundaries of what this tech can do. But they're doing it and they're doing it properly and they're doing it so that no one is going to suffer or get hurt or get ripped off or gets scamped. anyways, that's it for today. If you enjoyed this newsletter, make sure to share it with your friends, families, peers, co workers, anybody who you think would find this useful, and they can go subscribe and get this delivered...

...daily to their mbox at newsletter dot Roy overloadcom.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (179)