😳 Mark Cuban Wants To Buy Twitter/X

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• Former MoviePass CEO Mitch Lowe pleads guilty to fraud

• Microsoft, BlackRock to launch $30B AI infrastructure fund

• Mark Cuban says he’d like to buy Fox News and X

• Discord now encrypts your voice and video calls

Let’s dive in!

STORIES MAKING A SPLASH

^_BUSINESS
Former MoviePass CEO Mitch Lowe pleads guilty to fraud

On Monday, former MoviePass CEO Mitch Lowe pleaded guilty to securities fraud, admitting to misleading investors about the viability of a $9.95 monthly plan offering "unlimited" movie access. Lowe, who led MoviePass starting in 2016, introduced the subscription model in 2017, but the unsustainable strategy led to the company's downfall and bankruptcy by 2019.

Lowe’s guilty plea follows a 2021 FTC settlement and a subsequent SEC lawsuit accusing him and Ted Farnsworth, ex-CEO of MoviePass's parent company Helios and Matheson Analytics, of inflating stock values through false claims about the subscription service.

Lowe faces a $250,000 fine and up to five years in prison, though a reduced sentence is anticipated due to his cooperation. Farnsworth remains in custody, awaiting his securities fraud trial set for March 2025.

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The Drop In by DoubleBlind

^_AI
Microsoft, BlackRock to launch $30B AI infrastructure fund

BlackRock and Microsoft have partnered to launch a $30 billion fund aimed at revolutionizing artificial intelligence infrastructure. This investment will focus on developing advanced data centers and energy projects crucial for supporting AI technologies, which require immense computational power and energy.

The initiative, named the Global AI Infrastructure Investment Partnership, addresses the demand for specialized data centers needed to support AI's extensive data processing and deep learning capabilities. The collaboration will streamline AI supply chains and energy sourcing to meet the increasing needs of these high-tech systems.

The fund will also benefit from the expertise of AI chip leader Nvidia and the backing of Abu Dhabi’s MGX. When combined with debt financing, the total investment potential of the partnership could reach up to $100 billion.

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TECH SPECIAL

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Mark Cuban says he’d like to buy Fox News and X

Mark Cuban, the billionaire and Shark Tank star, recently expressed interest in buying Fox News and Elon Musk's X, but admitted he can’t afford it. Despite his $5.7 billion net worth, Cuban estimated it would take between $15 billion and $20 billion to acquire and revamp Fox News, a sum he doesn’t have readily available.

“If I had enough money, I’d buy Fox News in a heartbeat,” Cuban told Wired, calling it the key to reaching the “Fox News generation.” However, he acknowledged the cost would require a significant premium and additional investment to turn the network around.

Cuban also mentioned he'd consider buying X, but believes Musk has no intention of selling. The two billionaires have clashed in the past, with Cuban accusing X's algorithms of favoring Musk’s political leanings.

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Discord now encrypts your voice and video calls

Discord announced that audio and video calls on its platform are now end-to-end encrypted (E2EE), ensuring even the company can't access users' conversations. This update follows a trend among popular messaging apps like WhatsApp and iMessage, which have adopted E2EE over the last decade.

Originally built for gamers, Discord has since grown into a platform for various communities, boasting 200 million monthly users. Last year, the company revealed plans to introduce E2EE for audio and video calls, and the technology is now being rolled out across direct messages, group DMs, voice channels, and live streams.

However, text messages will remain unencrypted, with Discord continuing its content moderation efforts. According to staff engineer Stephen Birarda, safety remains a key priority while expanding encryption for calls.

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THE WAVES

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More Stories Surfing The Web

🤖 ByteDance moves toward developing in-house AI chips

📜 California greenlights two significant AI bills

📱 Cristiano Ronaldo first to hit 1B social media followers

🔋 Apple raises battery replacement costs on iPhone 16

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