😳 CEO Spends $1.8 Million on Domain for AI Pendant Startup

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Hey Waivly Crew! 🌊 In today’s edition, Friend invests $1.8 million in the domain Friend.com for its AI pendant, while Donald Trump drops Bitcoin-themed sneakers after his Bitcoin 2024 talk.

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Here’s what’s on the horizon today:

• Friend CEO spends $1.8 million on Friend.com domain

• Reddit CEO wants Microsoft to pay for its content

• Trump launches limited edition Bitcoin sneakers

• Tether reports record $5.2 billion in first half of 2024

Let’s dive in!

STORIES MAKING A SPLASH

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Friend CEO spends $1.8 million on Friend.com domain

In today’s digital age, URLs might seem less crucial, but for Friend, they’re a big deal. The startup, which is developing an AI-powered pendant that doubles as a digital companion, invested $1.8 million of its $2.5 million funding to acquire the premium domain Friend.com for its wearable's website.

Avi Schiffmann, Friend’s founder, believes the high price is justified. “Premium domains are costly, but they cut down marketing expenses in the long run,” he told 404 Media. The $99 device, launching next year, has already caught attention with a viral promotional video showing users interacting with the pendant during various activities.

The coin-sized Friend, worn as a necklace, listens and responds to conversations, sending text messages back to the wearer. Schiffmann, known for creating a free Covid tracking site, sees this domain investment as a smart move for his company’s future.

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Reddit CEO wants Microsoft to pay for its content

Reddit CEO Steve Huffman didn’t hold back in his interview with The Verge, targeting Microsoft and other AI search engines like Anthropic and Perplexity for using Reddit’s data without payment. Huffman revealed that some of these services have already been blocked from Reddit.

While Reddit has agreements with companies like Google and OpenAI to compensate for using its content, Huffman accused Microsoft of refusing to negotiate, a point contested by Reddit’s spokesperson. Without these agreements, Huffman said Reddit has no control over data use, forcing the site to block non-compliant services.

Frustrated by the process, Huffman noted that blocking companies is a hassle he’d rather avoid. Reddit has tightened its rules against unauthorized data scraping, updated its Robots Exclusion Protocol in June, and confirmed Bing’s blocked access.

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WEB3 SPECIAL

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Trump launches limited edition Bitcoin sneakers

After his speech at the Bitcoin 2024 conference, Donald Trump launched limited edition Bitcoin-themed sneakers. Available in just 1,000 pairs and priced at $299, each pair features the American flag, the Bitcoin symbol, and the phrases “Trump” and “Crypto President.” They can be pre-ordered using Bitcoin or other cryptocurrencies.

In his Truth Social post, Trump excitedly promoted the sneakers, highlighting their limited availability and unique numbering. The conference also proved highly lucrative for Trump, raising $25 million during the event and a subsequent fundraiser at Nashville’s Music City Center.

Beyond the conference, Trump has raised over $4 million in digital currencies, including Bitcoin, with significant contributions from the Winklevoss twins. His recent Nashville events have included high-ticket fundraisers, demonstrating a growing embrace of the crypto world.

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Tether reports record $5.2 billion in first half of 2024

Tether, a leading stablecoin issuer, reported a record net profit of $5.2 billion for the first half of 2024 in its latest quarterly attestation. The company achieved a net operating profit of $1.3 billion in Q2, driven by yield-bearing investments and reserves, as confirmed by global accounting firm BDO.

Tether’s USDT stablecoin, with a market cap nearing $115 billion, has flourished amid post-COVID inflation and higher interest rates. The firm credits its financial strength to investments in U.S. Treasuries and has reinvested profits into decentralized AI, Bitcoin mining, and the peer-to-peer platform Keet.

Despite its success, USDT has faced scrutiny over its reserve backing, as there has never been a full audit. In February 2021, Tether settled with the New York Attorney General for $18.5 million over misleading claims about its reserves.

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THE WAVES

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SAIL INTO A NEW CAREER

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