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Internet for all, and TikTok gets in trouble
Good morning everyone, and welcome to the weekend! Hopefully you’ve got an exciting and restful couple of days planned!
0:05- Internet for all
On Thursday, the FCC approved a groundbreaking action that implemented an emergency subsidy aimed at providing low-income houses with high speed internet. The subsidy, which was approved unanimously by the four-member commission, includes $50 per month for low-income households, and $75 per month on Native American land. In addition to that, those eligible will also receive a one-time discount of $100 to be used on a computer or tablet. The funding for this project comes from the $3.2Bn included in the Covid relief bill passed last year by Congress, which will allow it to be active within the next 60 days.
After they reported their (subpar) earnings last week, BestBuy also announced that it had laid off more than 5k employees in the past month, and had plans to continue that trend as they shut down more and more stores. In their statement, BestBuy said this was due to the accelerated change in consumer behavior caused by the pandemic. Over the next year they’re projecting 40% of all sales to come from online purchases, and thus they decided to alter their workforce. This week may mark the end of an era for big box technology stores— Fry’s Electronics also suddenly shut down all of their stores last Wednesday.
You might be familiar with LVHM, the company we reported on earlier this week after they purchased Jay-Z’s champagne brand, and now they’re back in the news for purchasing Birkenstock for a reported $4.87Bn. Birkenstock, which is older than the US (founded in 1774), has been family owned up until this point, but they’re now looking to expand to countries like India and China, and needed help.
Yesterday TikTok agreed to a $92M settlement in a class action lawsuit in Illinois that alleged that they had been collecting biometric data of minors (including face scans and skin color), to improve their recommendation and advertising algorithms (something they’ve denied in the past). This isn’t a first for a social media company though — Facebook had to pay a $650M fine last year for the same thing.
Have a great rest of your day, and we’ll see you Monday bright and early!
-The 90 Second News Team
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