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- 😳 Visa Hit With Antitrust Lawsuit from DOJ
😳 Visa Hit With Antitrust Lawsuit from DOJ
Prosecutors say Visa's monopolistic actions affect "the price of nearly everything"
Waivly Crew
September 25, 2024
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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.
Here’s what’s on the horizon today:
US DOJ sues Visa over debit card market monopoly
Ex-Alameda Research CEO sentenced to two years in prison
TikTok is shutting down its music streaming business
Marques Brownlee's new wallpaper app faces backlash
Let’s dive in!
STORIES MAKING A SPLASH
BUSINESS
US DOJ sues Visa over debit card market monopoly
The Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, accusing the company of monopolizing the debit network market and charging excessive fees that ultimately burden consumers. The lawsuit claims Visa’s dominance stifles competition from rivals like PayPal and Square.
This legal action follows a multiyear investigation, which began in 2020, into Visa’s business practices. Previously, the DOJ blocked Visa’s $5.3 billion bid to acquire fintech startup Plaid, arguing the deal would eliminate a significant competitor and further entrench Visa’s control over the market.
Attorney General Merrick Garland stated that Visa’s “exclusionary agreements” with banks and businesses have allowed it to unlawfully amass power, resulting in higher costs for consumers. He emphasized that Visa’s actions impact not just the price of debit services, but potentially the cost of many everyday purchases.
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CRYPTO
Ex-Alameda Research CEO sentenced to two years in prison
Caroline Ellison, former CEO of Alameda Research, was sentenced to two years in prison for fraud and conspiracy tied to the collapse of Sam Bankman-Fried’s crypto exchange, FTX. In addition to the 24-month sentence, she was ordered to forfeit $11 billion. Ellison had faced up to 110 years but received a reduced sentence due to her cooperation.
Ellison, 29, took a plea deal in 2022 and provided crucial testimony against Bankman-Fried during his trial, where he was convicted and sentenced to 25 years in prison. Prosecutors called her testimony the "cornerstone of the trial."
Ellison’s lawyers had sought a lighter sentence, citing her immediate cooperation with U.S. authorities and regulators after FTX’s collapse. They emphasized that she "profoundly regrets" her involvement with Bankman-Fried and the misuse of FTX customer funds.
CAREER DEVELOPMENT
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TECH SPECIAL
TECH SPECIAL
TikTok is shutting down its music streaming business
ByteDance is shutting down its music streaming service, TikTok Music, on November 28, 2024. The service, available in Indonesia, Brazil, Australia, Singapore, and Mexico, will automatically cancel all subscriptions on that date. Users are encouraged to transfer playlists by October 28 and request refunds by November 28.
The decision comes as TikTok focuses on boosting music discovery through partnerships with streaming platforms rather than direct competition. In February, TikTok introduced an “Add to Music” feature, allowing users to save tracks directly to Apple Music, Amazon Music, or Spotify playlists.
Initially launched as Resso in 2019, TikTok Music was rebranded and expanded in 2023 but struggled to gain traction outside a few markets. Despite this, TikTok remains a powerful tool for music discovery, helping artists increase their streams and visibility.
TECH SPECIAL
Marques Brownlee's new wallpaper app faces backlash
Marques Brownlee, known as MKBHD, is responding to backlash over his new wallpaper app, Panels. Launched during his iPhone 16 review, the app faced criticism for its $49.99/year subscription and privacy concerns. Brownlee acknowledged the feedback, promising to adjust pricing and reduce ads for the free version.
Panels offers curated high-resolution wallpapers from digital artists, but users were unhappy with the subscription model and data tracking requests. Brownlee clarified that the app wouldn’t track location or internet history and that the team is working to correct the issue.
After years of reviewing tech, Brownlee has ventured into product development, partnering with Ridge and Atoms. He says Panels, built “from scratch,” aims to support artists by splitting profits 50/50 and will continue to evolve with user feedback.
SAIL INTO A NEW CAREER
NEW JOB OPPORTUNITIES
Waivly Work Highlights
👩💻 Senior Cryptographic Engineer at Horizen Labs
👩💻 Senior DevOps Engineer at Horizen Labs
👩💻 Middle 2D Artist at iLogos Game Studios
👩💻 Fraud and Chargeback Analyst at iVisa
👩💻 Market Analyst (Blockchain) at iForte
👩💻 Executive Assistant at OP Labs
👩💻 Product Strategist at OP Labs
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THE WAVES
OTHER NEWS
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Discover more Waves in the Waivly Community. Click here to get onboard and join the community! 🌊
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BACK TO THE SHORE
THANKS FOR READING
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