X, the prominent platform that underwent a tumultuous period in 2023, is now facing a critical situation. Since Elon Musk acquired X in October 2022, its value has plummeted by a staggering 71%, as reported by prominent mutual fund firm Fidelity. This dramatic decrease led Fidelity to reduce its investment in X holdings by 71.5% from its initial share valuation. The platform has also undergone substantial downsizing, with over half of its workforce being dismissed.
Meanwhile, OpenAI, an influential artificial intelligence organization, is proactively working to minimize its regulatory risks in the European Union (EU). OpenAI recently communicated an update on its terms, disclosing that its entity serving EEA and Swiss residents, including the popular ChatGPT, will now be OpenAI Ireland Limited. This strategic move will come into effect on February 15, 2024. By establishing its subsidiary in Dublin as the data controller for users within the European Economic Area and Switzerland, where the General Data Protection Regulation (GDPR) is enforced, OpenAI aims to streamline privacy oversight across borders. This shift reduces the ability of private watchdogs situated elsewhere in the region to take immediate action on concerns, instead referring them to the lead supervisor of OpenAI’s main established company. Although local regulators can still intervene in urgent situations, these interventions are typically temporary and exceptional.
Turning our attention to the United Kingdom, the government is set to tighten its control over the ecommerce market by implementing a new policy. Under this policy, ecommerce platforms facilitating the sale of second-hand goods will be required to report user earnings to the UK’s tax authority, HM Revenue and Customs (HMRC). The primary objective of this legislation is to ensure the collection of tax revenue on income generated from the sale of used goods on popular platforms like eBay, Amazon, and Depop. According to the new guidelines, sellers earning over £1,000 per year will be classified as self-employed individuals and will need to file a tax return with the UK tax authority.
In other news, EX.CO, a leading platform, has recently introduced a vertical video player designed specifically for publishers’ websites. This innovative feature aims to enhance the video viewing experience for audiences, offering seamless integration within publishers’ content. With the increasing popularity of vertical videos across social media platforms, EX.CO aims to provide publishers with a tool that aligns with evolving consumer preferences.
Furthermore, Adelaide, a renowned media quality specialist, has unveiled their Attention Leaderboard, highlighting exceptional media quality achievements. This leaderboard serves as a platform to recognize and showcase outstanding efforts in capturing and retaining audience attention. The leaderboard will undoubtedly contribute to raising industry standards by encouraging excellence in media quality.
Overall, X has faced a significant decline in value following Elon Musk’s takeover, while OpenAI strategically shifts its operations to reduce privacy regulatory risks in the EU. The UK government’s new policy aims to impose greater control over the ecommerce market, obligating platforms to report user earnings. On a positive note, EX.CO and Adelaide introduce innovative features, catering to publishers’ needs and promoting excellence in media quality.
