🤯 OpenAI In Talks To Raise At $150B Valuation

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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:

• Meta scraped every Australian user's account to train its AI

• OpenAI in talks to raise funds at $150 billion valuation

• Ford and Toyota lead blockchain patent filings in Q2

• UK introduces bill to clarify crypto's legal status

Let’s dive in!

STORIES MAKING A SPLASH

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Meta scraped every Australian user's account to train its AI

In a recent Australian government inquiry, Meta’s global privacy director Melinda Claybaugh admitted that the company scrapes all publicly accessible photos and texts from Facebook and Instagram posts dating back to 2007, unless set to private. Unlike in the EU, Australians don't have an opt-out option for this data collection.

Claybaugh explained that while Meta doesn’t scrape accounts of users under 18, it collects data from posts by their parents or guardians. She couldn't confirm if data collection continues after users turn 18. The lack of an opt-out option in Australia was attributed to different regulations compared to the EU.

In Europe, Meta offers an opt-out option due to GDPR requirements. Claybaugh noted that legal uncertainties around privacy laws and AI in Europe have led Meta to withhold its multimodal AI model from the region.

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^_AI
OpenAI in talks to raise funds at $150 billion valuation

OpenAI is in advanced talks to secure $6.5 billion in funding, boosting its valuation to $150 billion, according to a Bloomberg report from September 11. This new valuation does not yet include the additional funds. The startup is also seeking $5 billion in debt through a revolving credit facility, which allows flexible access to capital.

This updated valuation significantly surpasses the $86 billion from February's tender offer. Thrive Capital is leading this funding round with $1 billion, with interest from Nvidia, Apple, and Microsoft. Microsoft, which already holds 49% of OpenAI and has invested $13 billion since 2019, will also participate, though specific investment amounts from the other tech giants are undisclosed.

To fuel its expansion, OpenAI plans to introduce premium subscription models costing up to $2,000 per month for its upcoming large language models, Strawberry and Orion.

WEB3 SPECIAL

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Ford and Toyota lead blockchain patent filings in Q2

Ford and Toyota are at the forefront of blockchain technology in the automotive industry, as evidenced by their recent patent filings. In the second quarter of 2024, the two companies filed a combined total of 43 blockchain-related patents, bucking the overall industry trend of fewer filings compared to the previous quarter.

Ford's filings jumped from three in Q1 to 14 in Q2, while Toyota increased from 25 to 29 patents. Ford's latest patent aims to use blockchain for immutable vehicle ownership records, employing smart contracts to manage ownership changes automatically. This system would streamline the transfer of both the vehicle and its title in one seamless action.

Toyota, on the other hand, is focusing on an internal blockchain system for managing NFTs related to vehicles, ensuring accurate representation of vehicles in storage, such as dealer inventories.

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UK introduces bill to clarify crypto's legal status

The UK government has introduced new legislation to define Bitcoin and other cryptocurrencies as "personal property" under local laws. Announced on September 11, the Property Bill aims to clarify the legal status of digital assets, including non-fungible tokens (NFTs) and carbon credits, by creating a new category for property in the UK, recognizing these assets as "things."

The proposed law seeks to offer legal protection against fraud and scams for owners and companies, and to assist judges in resolving complex disputes involving digital holdings. It even addresses scenarios like dividing crypto assets in divorce settlements.

This legislation follows a 2023 report by the UK Ministry of Justice, which highlighted that while digital assets are not always straightforward to classify under existing laws, they still warrant recognition as personal property under English and Welsh law.

SAIL INTO A NEW CAREER

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THE WAVES

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