📱Who's Going After The Social Media Industry?

Good morning. US stock futures moved higher in Friday morning trading as investors awaited fresh US inflation figures.

📈 Social media companies on trial

📝 Our report: Looks like New York City just hit the "unfriend" button! After tagging social media as a "public health hazard" in January, they're now suing Meta, Google, Snap, and TikTok for supposedly fueling a nationwide youth mental health crisis. Specifically, these companies face three counts in the lawsuit: public nuisance, negligence and gross negligence.  

 🔑 Key points:

• New York City Mayor Eric Adams administration accuses TikTok, Instagram, Facebook, Snapchat and YouTube of "endangering our children's mental health, promoting addiction, and encouraging unsafe behavior."

• The city believes that there is a correlation between the increase in social media usage and the decline in local youth mental health over "more than a decade."

• The lawsuit follows a recent US Senate hearing on online child safety, in which the CEOs of all the aforementioned tech companies (except Google) were present.

💡 So what: Social media companies have recently become the subject of many lawsuits due to concerns about their impact on user privacy, misinformation dissemination, cyberbullying, and mental health issues, particularly among young people. While individuals have their own responsibility for how they use social media, to best deal with the potential harm caused, a multifaceted approach including promoting public awareness and digital literacy, encouraging ethical design principles and responsible corporate behavior, and fostering collaboration among stakeholders to address the complex challenges posed by social media platforms has become increasingly necessary.

Friday - Consumer Sentiment, Producer Price Index

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🤖 OpenAI reportedly building search engine taking aim at Google

WHAT: OpenAI is reportedly cooking up its own web search product to give Alphabet's Google a run for its algorithms, according to The Information. According to the report, OpenAI is working on a search tool that would likely utilize Microsoft’s Bing search functionality as a foundation.

WHY: While OpenAI has not officially confirmed these plans, their efforts to expand ChatGPT’s knowledge and web browsing abilities suggest the company is moving toward a more contextual, conversational approach to search. The report speculates the new tool may be integrated directly into ChatGPT itself as a premium feature for paying subscribers.

📺 Not so fast media powerhouses…

WHAT: The U.S. Department of Justice is about to give Walt Disney, Fox, and Warner Bros Discovery's sports streaming platform a serious side-eye. They're sniffing around, concerned it might stir up trouble for consumers, sports leagues, and the competition. According to a report from Bloomberg Law, the Justice Department will examine the terms of the deal when it is finalized.

WHY: Earlier this month, the three media companies said they will launch a joint venture to start a sports streaming service this autumn to capture younger viewers. The trio have a broad portfolio of professional and collegiate sports rights, which span the National Football League, the National Basketball Association, Major League Baseball, FIFA World Cup and college competitions.

🧾 US, EU countries agree on truce over digital taxes

WHAT: Hold onto your tax forms! The U.S. and five European countries just hit the "snooze" button on their digital services taxes spat, extending the truce for another six months. A joint statement issued by the U.S. Trade Representative's office and Austria, Britain, France, Italy and Spain said that an October 2021 deal to suspend the threat of U.S. retaliatory tariffs over unilateral digital services taxes would be extended until June 30. It had previously been scheduled to expire at the end of 2023 .

WHY: The original agreement represented a compromise under which the five countries would get to keep their digital taxes in place and on hold until the "Pillar 1" global tax deal was implemented. Tax liabilities would still be accrued and credited against the new regime, which aims to allow countries to tax the excess profits of about 100 mainly large technology companies based on where activity takes place, not the headquarters location.

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