Economic

Instagram users react to Meta’s new AI experiment

Meta has come under fire once again, this time over a new AI experiment on Instagram that suggests comments for users. Some users accused the company of using AI to inflate engagement metrics, potentially misleading advertisers and diminishing authentic user interaction.

The feature, spotted by test users, involves a pencil icon next to the comment bar on Instagram posts. Tapping it generates suggested replies based on the image’s content.

Meta has confirmed the feature is in testing but did not reveal plans for a broader launch. The company stated that it is exploring ways to incorporate Meta AI across different parts of its apps, including feeds, comments, groups, and search.

Public reaction has been largely negative, with concerns that AI-generated comments could flood the platform with inauthentic conversations. Social media users voiced fears of fake interactions replacing genuine ones, and some accused Meta of deceiving advertisers through inflated statistics.

Comparisons to dystopian scenarios were common, as users questioned the future of online social spaces.

This isn’t the first time Meta has faced backlash for its AI ventures. Previous attempts included AI personas modelled on celebrities and diverse identities, which were criticised for being disingenuous and engineered by largely homogenous development teams.

The future of AI-generated comments on Instagram remains uncertain as scrutiny continues to mount.

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Crypto scam victims to receive $7M in recovered funds

US authorities will return $7 million to victims of a crypto investment scam. Fraudsters tricked investors into sending money to fake platforms before funnelling funds through 75 bank accounts. The US Secret Service seized assets from a foreign bank in 2023 and settled.

Victims were misled into believing their investments were growing, only to face demands for more money. When they attempted withdrawals, scammers claimed additional tax payments were required. The recovered funds will now be distributed to affected investors.

The 2025 Crypto Crime Report highlights the rise of sophisticated cyber scams. Australian police recently warned about fraudulent messages mimicking major exchanges. Other scams have involved malware disguised as legitimate trading software.

Microsoft’s security team has identified a new trojan targeting crypto wallets in Chrome extensions. As cybercriminals refine their tactics, authorities urge investors to stay vigilant and verify platforms before transferring funds.

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Bitcoin giant Strategy plans another BTC shopping spree

Bitcoin-focused firm Strategy has announced a new $711 million preferred stock offering as part of its ongoing efforts to grow its massive BTC holdings. The shares, priced at $85 with a 10% coupon, are part of the company’s strategy to raise both equity and debt to fuel its treasury accumulation of Bitcoin.

The latest move follows Strategy’s smallest-ever BTC acquisition on 17 March, when it purchased 130 Bitcoin worth around $10.7 million. This brought its total stash to 499,226 BTC, valued at over $41.8 billion. Despite the modest scale of the recent buy, co-founder Michael Saylor has reaffirmed the company’s intention to aggressively raise further capital to keep adding to its reserves.

Earlier in March, Strategy launched its 8% Series A preferred stock programme, with plans to raise up to $21 billion for future Bitcoin purchases. The firm appears to be attracting investors with returns that outpace traditional bond yields, enticing them away from conventional debt markets.

While the company remains up roughly 26% on its Bitcoin investments overall, its shares have experienced sharp fluctuations, dropping 44% since their peak in late 2024. Nonetheless, a recent rebound saw shares rise to around $299 after dipping to $231. As part of the Nasdaq 100, Strategy is seeing increased exposure to both market gains and tech sector volatility.

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Former Cruise CEO Vogt’s Bot Company secures $150 million

Kyle Vogt’s new robotics startup, The Bot Company, has raised $150 million in a funding round led by Greenoaks, according to Reuters. Vogt, co-founder and former CEO of Cruise launched the company with Paril Jain, ex-Tesla AI tech leader, and former Cruise software engineer Luke Holoubek.

The startup, which aims to produce robots for household chores, raised its initial $150 million in May from notable investors including former GitHub CEO Nat Friedman and Stripe executives Patrick and John Collison.

The latest funding round comes less than a year after Vogt founded The Bot Company, following his resignation as CEO of Cruise in October. Vogt left Cruise after an incident in which one of its autonomous vehicles hit a pedestrian.

The Bot Company’s focus on robotics for everyday tasks signals Vogt’s continued drive to innovate in the tech space following his departure from Cruise.

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Monero surges as privacy coins gain momentum

Monero’s price has been climbing for three consecutive days, reaching its highest point since April 2022. The privacy-focused cryptocurrency surged to $216.3, marking a 110% gain from its lowest level in 2024 and outperforming major assets like Bitcoin and Ethereum.

The rally followed a key US court decision concerning Tornado Cash, a privacy tool previously sanctioned by the Treasury Department.

A judge ruled that smart contracts operating autonomously cannot be classified as property, leading to the lifting of sanctions. This decision fuelled optimism for privacy coins, which have faced regulatory scrutiny over concerns of illicit use.

Due to this scrutiny, major exchanges such as Binance, Kraken, and Coinbase delisted Monero in recent years. However, the Tornado Cash ruling may prompt some platforms to reconsider their stance, potentially restoring Monero and similar tokens like Dash, Zcash, and Horizen to wider markets.

Technical indicators suggest continued bullish momentum, with Monero trading above the 50-week Exponential Moving Average. If the price breaks above its current ascending channel, further gains towards $290—a key resistance level from April 2022—could be expected.

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US retailers resist price hikes amid tariff pressures

US retailers Walmart and Target are engaged in tense negotiations with suppliers over proposed price increases on a wide range of products.

Manufacturers argue that rising costs, driven by tariffs imposed under former President Donald Trump, are making it difficult to maintain prices. Retailers, however, are pushing back to avoid losing market share and discouraging cost-conscious shoppers.

United States businesses such as Nordic Ware and Bogg Bag have seen production costs surge due to tariffs on aluminium and Chinese imports.

While some suppliers are attempting to raise prices, major retailers require a lengthy review process before accepting any increases.

Smaller manufacturers face the risk of having their products replaced with cheaper alternatives if they insist on higher prices.

Toymaker MGA Entertainment is among the firms negotiating price hikes with Walmart and Target, but retailers are resisting, citing concerns over strained consumers.

Some companies are absorbing losses to maintain shelf space, while others are seeking alternative production locations to reduce costs. The outcome of these pricing battles will determine how much shoppers ultimately pay for everyday goods.

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SEC lawsuit against Elon Musk sparks political debate

The US Securities and Exchange Commission (SEC) voted 4-1 to sue Elon Musk over his delayed disclosure of Twitter shares, a move that has sparked political controversy.

Republican Mark Uyeda, now the agency’s acting head, opposed the lawsuit, while the remaining commissioners, including fellow Republican Hester Peirce, supported it.

Uyeda reportedly asked enforcement staff to confirm the case was not politically motivated, but they declined, citing SEC procedures.

Musk’s failure to disclose his Twitter stake within the required timeframe allegedly saved him $150 million by allowing him to buy shares at lower prices.

The SEC attempted to settle the case in December, but Musk refused, accusing the agency of giving him an unreasonable deadline. Legal experts have questioned why the case took so long to be filed, with some suggesting the delay has undermined the SEC’s credibility.

The lawsuit is the latest in Musk’s long-running feud with the SEC, dating back to 2018 when the agency sued him over his tweets about taking Tesla private. He has until 4 April to respond to the summons.

Meanwhile, President Donald Trump has ordered a review of investigations conducted under Joe Biden, adding further political weight to the case.

Critics argue the SEC must enforce market rules consistently, while others see the timing as a potential sign of selective enforcement.

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Malaysia under scrutiny over semiconductor exports to China

Malaysia plans to tighten regulations on semiconductor shipments following US concerns over the potential transfer of high-end Nvidia chips to China.

Trade Minister Zafrul Aziz stated that the United States has urged Malaysia to closely monitor shipments, ensuring that advanced AI chips do not end up in unauthorised locations.

The move comes amid increasing global scrutiny over AI-related technology exports.

Authorities in Malaysia are also investigating whether local laws were breached in a case involving servers linked to a Singapore fraud investigation.

The case involves transactions worth $390 million, and reports suggest that some servers may have contained Nvidia chips subject to US export controls. Singapore media have linked the matter to potential transfers to Chinese AI company DeepSeek.

The United States has been tightening restrictions on advanced semiconductor exports to China, particularly chips crucial to AI development.

Malaysia’s role as a key semiconductor hub has drawn greater attention, with US officials pushing for stricter oversight.

The government is expected to introduce measures to ensure compliance with international regulations while maintaining its position in the global chip supply chain.

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23andMe enters bankruptcy after failed takeover bids

Genetic testing company 23andMe has filed for Chapter 11 bankruptcy protection in the United States as part of efforts to sell the struggling business.

Co-founder and CEO Anne Wojcicki has resigned after multiple failed takeover attempts, with CFO Joe Selsavage stepping in as interim chief executive.

The company had previously cut 40% of its workforce and halted therapy development in a restructuring effort announced in November.

Wojcicki had been pushing for a buyout since April 2023 but faced repeated rejections from the board. Her most recent bid, valuing 23andMe at $11 million, was significantly lower than the company’s current $50 million market value.

Despite financial difficulties, the firm has secured a $35 million financing commitment and expects to continue operations during the sale process.

The company has faced mounting challenges, including a $30 million settlement for a 2023 data breach that exposed the personal information of 6.9 million customers.

With estimated liabilities between $100 million and $500 million, 23andMe’s future now depends on securing a buyer willing to salvage the once high-profile genetic testing firm.

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SAP reaches $340 billion market cap, leading European companies

German software company SAP has become Europe’s largest firm by market capitalisation, surpassing Danish healthcare giant Novo Nordisk.

SAP’s market value stood at $340 billion on Monday, edging ahead of Novo Nordisk, according to Reuters calculations using LSEG Workspace data.

Novo Nordisk, known for its dominance in the diabetes and weight-loss drug market, had held the top spot for some time.

The rise of SAP reflects the growing influence of the European tech sector, with the company benefiting from strong demand for its enterprise software and cloud-based services.

SAP’s achievement marks a significant moment for the region’s corporate landscape, signalling the increasing importance of technology firms in the European economy.

The shift in rankings highlights the evolving competition between industries as technology continues to drive market growth.

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