OpenAI Has Acquired Multi 🤝

Good morning. It's Tuesday, Jun. 25, and we're covering OpenAI Has Acquired Multi A Remote Collaboration Platform, Flutterwave Lays Off Workforce By 3% As It Refocuses On Key Markets, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.26 Trillion, a 0.42% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $96.19B, which makes an 89.91% increase.

• The total volume in Defi is currently $6.38B, 6.63% of the total crypto market 24-hours.

• The volume of all stablecoins is now $89.43B, which is 92.98% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.40%, a decrease of 0.78% over the day.

BUSINESS & FINANCE

OpenAI Has Acquired Multi A Remote Collaboration Platform

OpenAI has acquired Multi, a startup specializing in video-first collaboration for remote teams. This acquisition, following OpenAI's recent purchase of Rockset, is considered an acqui-hire, bringing most of Multi’s five-person team to OpenAI. Multi, co-founded by Alexander Embiricos and Charley Ho, will shut down after July 24. This acquisition aligns with OpenAI's strategy to enhance its enterprise solutions. OpenAI also signed a deal with PwC to resell its tools and launched a custom AI model tuning and consulting program.

Takeaway: Multi-developed a Zoom-based platform for remote team collaboration, featuring simultaneous screen shares, customizable shortcuts, and deep links for various documents and codes. Before the acquisition, Multi raised $13 million from investors like Greylock and First Round Capital. OpenAI's revenue is projected to exceed $3.4 billion this year, and this move could potentially lead to the integration of videoconferencing and remote collaboration features into ChatGPT. ( Read Deeper )

Biden Administration Investigates Chinese Telecom Companies Over Data Security Concerns

The Biden administration is investigating China Mobile, China Telecom, and China Unicom due to concerns that these companies could exploit their access to U.S. data and provide it to the Chinese government. The Commerce Department is conducting the investigation, which includes subpoenaing the companies and analyzing potential risks. These firms, despite being barred from offering telephone and retail internet services, still provide cloud and internet services in the U.S., allowing them access to American data.

Takeaway: The administration has not yet decided on actions to address these risks, but potential measures could include blocking key transactions to limit the companies' operations in the U.S. The Chinese Embassy has criticized the investigation, urging the U.S. to stop suppressing Chinese companies. ( Read Deeper )

TECHNOLOGY & SCIENCE

Flutterwave Lays Off Workforce By 3% As It Refocuses On Key Markets

African payments company Flutterwave has laid off about 30 employees, which constitutes around 3% of its workforce. Flutterwave stated that the layoffs were a result of a thorough analysis of their strategic priorities. The company identified that certain roles were redundant due to the shift in focus to enterprise customers and remittances. The affected employees were informed about the layoffs during a town hall meeting. The roles impacted were primarily connected to products that the company has decided to discontinue.

Takeaway: Flutterwave is preparing for a potential initial public offering (IPO). CEO Gbenga Agboola mentioned that the company is focusing on establishing strong corporate governance and ensuring operational readiness. Flutterwave will compensate the laid-off employees with an average of three months gross salary, which varies depending on the country of employment. Additionally, the company will monetize any unutilized accrued leave days. ( Read Deeper )

Oracle Warns Of Potential Impact Of TikTok Ban On Business

Oracle is concerned about the potential impact on its business if TikTok were to be banned in the United States. Oracle, which provides cloud infrastructure services to TikTok, stated in its annual report that losing TikTok as a client could adversely affect its revenues and profits. The company highlighted its strong relationship with TikTok and its role in hosting TikTok's U.S. operations on Oracle's cloud infrastructure.

Why It Matters: Oracle's business could face substantial challenges if the TikTok ban proceeds without a timely redeployment of its cloud infrastructure capacity. TikTok launched Project Texas to ensure its U.S. user data remains on Oracle's cloud infrastructure within the United States. ( Read Deeper )

AROUND DE WORLD & POLITICS

WikiLeaks Founder Julian Assange Will Plead Guilty To A US Espionage Charge

WikiLeaks founder Julian Assange will plead guilty to a US espionage charge, leading to his release from a UK prison and return to Australia. Assange, who has already served five years in jail, will be sentenced to 62 months for conspiring to obtain and disclose classified US defense documents. The sentencing will occur in Saipan to avoid his travel to the US mainland. Assange's release follows a global campaign for his freedom and pressure from the Australian government.

Why It Matters: He was initially arrested in 2010 over sex-crime allegations in Sweden, which were later dropped. Assange spent seven years in the Ecuadorian embassy to avoid extradition before being jailed in 2019. The charges against him, stemming from WikiLeaks' release of US military and diplomatic documents, have sparked widespread debate on press freedom. ( Read Deeper )

Age Takes Center Stage In First Biden-Trump Presidential Debate

The upcoming presidential debate between Joe Biden (81) and Donald Trump (78) in Atlanta highlights age as a pivotal issue, with both candidates being the oldest ever to seek the U.S. presidency. Scheduled for Thursday, this debate will provide a direct comparison of their physical and mental stamina, crucial as the election approaches. Biden, facing more intense scrutiny over his age and fitness for office, needs a strong performance to alleviate voter concerns. Polls indicate that a majority of voters see Biden as too old to be an effective president, while fewer express the same about Trump.

Why It Matters: The debate is an opportunity for Biden to demonstrate his vigor and competence, contrasting with Trump on policy and character. Despite his age, Trump has faced less scrutiny and has suggested, without evidence, that Biden might take performance-enhancing drugs. Younger voters, crucial for the Democrats, feel particularly disconnected due to the candidates' ages. ( Read Deeper )

ENTERTAINMENT & SPORTS

Pirates of the Caribbean Actor Tamayo Perry Dies in Shark Attack While Surfing in Hawaii

Tamayo Perry, known for his role in "Pirates of the Caribbean: On Stranger Tides," tragically died in a shark attack while surfing in Hawaii. The 49-year-old was surfing at Malaekahana Beach when the attack occurred around 1:00 PM. Despite swift action by emergency services, Perry was pronounced dead after being brought to shore by jet ski. A talented surfer and lifeguard, Perry had a notable career in both acting and surfing, appearing in various TV shows and movies such as "Lost" and "Hawaii Five-0." His death has been described as a significant loss by local officials and the community. ( Read Deeper )

Premier League Monitors Clubs Amid PSR Loophole Concerns In Transfer Deals

The Premier League is closely scrutinizing player transfers amid fears that some transactions are exploiting loopholes in the Profit and Sustainability Rules (PSR). Recent activities involving Everton, Aston Villa, Newcastle United, and Chelsea have raised concerns about potential coordinated efforts to inflate transfer fees and manipulate financial statements. Deals such as Villa signing Lewis Dobbin from Everton and negotiating for Chelsea's Ian Maatsen while trading Tim Iroegbunam and potentially Omari Kellyman, highlight the complexities. Although the league has rules against breaching PSR guidelines, clubs assert their compliance while exploiting perceived loopholes. ( Read deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Ben and Marc delve into several key topics regarding how small AI startups can effectively compete against the vast scale advantages of Big Tech ( Listen )

EXTRA BREVITI

• Unauthorized websites, idfinder and championtech are still operational despite being blacklisted by Nigeria’s Identity Management Commission (NIMC) for illegal personal data collection. ( Read More )

• Telegram's statement that it has "about 30 engineers" has raised concerns among security experts, who argue that this staffing level may not be adequate for a platform of its size and complexity. ( Read More )