Zuckerberg Defends Facebook's Role in Capitol Attack

Tech News Highlights: March 25, 2021

Key developments in the tech world today include congressional testimony from leading tech executives, a Spotify redesign, and a new feature in development for Snapchat. This is a summary of the day’s essential tech news.

Congressional Hearing Focuses on Misinformation

Facebook’s role in the Capitol attack was the central topic as Mark Zuckerberg, CEO of Facebook, alongside Jack Dorsey of Twitter and Sundar Pichai of Google, testified before the House Energy and Commerce Committee.

The hearing addressed the spread of misinformation and the potential impact of social media platforms on events like the Capitol riot. Zuckerberg, in his initial statement, proposed changes to Section 230.

He asserted that Facebook took measures to safeguard the previous presidential election, attributing the responsibility for the Capitol unrest primarily to former President Donald Trump and others who repeatedly claimed election fraud.

When questioned by Representative Mike Doyle, Zuckerberg stated that accountability rests with those who engaged in illegal activities during the insurrection. He further indicated that individuals disseminating related content, including the former president, also share responsibility.

Updates from Major Tech Companies

Spotify has launched a revamped desktop and web application, offering users a more streamlined and uncluttered interface.

Snapchat is currently developing a ‘Remix’ feature, inspired by TikTok’s Duets, which will enable users to create content utilizing their friends’ Snaps.

Funding and Startup Activity

PPRO has expanded its latest funding round to $270 million, with investments from JPMorgan and Eldridge, to further develop its localized payments platform.

PPRO provides APIs that allow e-commerce businesses to accept payments in local currencies and methods preferred by consumers.

Notarize has secured $130 million in funding, tripling its valuation, driven by a 600% year-over-year revenue increase. This growth is attributed to the increased demand for remote online notarization services.

Everlywell has acquired two healthcare companies and established a parent company, Everly Health. This new entity will offer a range of services, including at-home lab tests, telehealth, and population-scale testing.

Analysis and Insights

There is a growing market for in-vehicle AR/VR applications, attracting interest from automakers, suppliers, and startups.

Venture capital and private equity funds are increasingly launching portfolio-acceleration platforms to support their portfolio companies.

The potential impact of diminishing “YOLO” sentiment on trading platforms like Robinhood and Coinbase is being examined, considering the implications for fintech startups reliant on high consumer trading activity.

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Other Notable News

Clothing retailer FatFace has requested customers to maintain confidentiality regarding a recent data breach.

Electric vehicle manufacturers are opposing a delay in the increase of penalties for automakers failing to meet fuel efficiency standards.

New York State has reached an agreement to legalize recreational marijuana use.

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