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Social Media

Meta felt “pressured” by the Biden-Harris administration to censor posts

In the least surprising news today…. CEO of Meta, Mark Zuckerberg, said in a letter sent to the House Judiciary Committee that the Biden administration “repeatedly pressured” the social media behemoth to censor specific content related to Covid-19 on Instagram and Facebook.

Zuckerberg alleges that senior officials in the administration would often ask the company to take down certain information, and would “express a lot of frustration” when Meta was hesitant to comply.

Looking in hindsight

Over 20 million posts related to Covid were removed during the pandemic and 2020 presidential election.

Since then, allegations that Meta wrongly deleted and restricted posts had widely surfaced, to which Zuckerberg added, “we made some choices that… we wouldn’t make today.”

• In a statement issued to Politico, the White House said it stood by its actions.

• The House Judiciary Committee shared the letter on X, saying it is a “big win for free speech.”

Zuckerberg went on to say that “the government pressure was wrong,” and that he and Meta would be prepared to “push back” should something similar happen in the future.

Another censored story

Zuckerberg also admitted in the letter that the company briefly “demoted” content relating to the Hunter Biden laptop controversy ahead of the 2020 election.

Though the president and his son denied any criminal proceedings, the story became a major political talking point, and equally controversial after social media platforms censored the story.

• Zuckerberg went on to say in the letter “in retrospect, we shouldn’t have demoted the story,” and that the company has “changed [its] policies… to make sure this doesn’t happen again.”

Zuck wants to stay out of politics: He has said “my goal is to be neutral and not play a role one way or another.” Facebook and Instagram have long been criticized by conservatives for censorship and catering to left-wing priorities, a sentiment Zuckerberg has seemingly tried to change:

• He called Trump’s response to the assassination attempt “badass” in an interview with The Cricut, but did not endorse him for president.

• He also went on the Joe Rogan podcast in 2022, which some have said was to change the company’s perception on the right.

Him and his wife, Priscilla Chan, donated $400 million to help election infrastructure during the 2020 presidential election, though the Meta CEO noted he wouldn’t make any more contributions in the future.

Space

SpaceX will put the first civilian astronauts in space

This mission will mark the furthest humans have flew from Earth in over 50 years. SpaceX is launching four civilian astronauts into space under mission Polaris Dawn, in which the crew will perform the world’s first commercial spacewalk.

Jared Isaacman, a multibillionaire entrepreneur, will captain SpaceX's Dragon capsule for the mission (and also fund it), along with Air Force pilot Scott "Kidd" Poteet, a longtime friend and colleague, and SpaceX engineers Sarah Gillis and Anna Menon.

• Polaris Dawn will mark Issacman’s second launch to orbit, as well as the second space mission he has backed with his own finances.

Making history… fashionably

The crew of the Polaris project will be carried by a SpaceX Dragon capsule that is affixed to it's flagship Falcon 9 rocket. They’ve spent two years and countless hours training in simulated missions in order to prepare for the launch.

• If the mission is successful, they will reach a height of 870 miles (1,400 kilometers).

• It will mark the highest point achieved by a crewed mission in more than a half-century, since NASA's Apollo program went to the moon.

  • Menon and Gillis will become the highest-flown women in history.

The crew plans to spend six days in the vacuum of space, with the spacewalk being conducted on day three. But a space mission is only as good as its equipment:

The crew will be dripped out in SpaceX’s state-of-the-art extravehicular activity (EVA) suits.

• Similar to the suits worn in the company’s first crewed launch in 2020, the new suits will have improved heat control materials and technology which will shield the wearer from the harsh, constantly changing environment of space.

• They feature a holographic heads up display, where the astronauts can see the suits internal temperature, humidity, and pressure, a mission clock, among other things.

• The suits also focus on mobility, offering the most flexibility and rotation of any space suit ever worn.

The spacewalk is expected to take two hours, and you best know they’ll look good doing it.

What’s the plan once they’re up?

First, the crew will fly by the Van Allen radiation belt to the desired point in space (870 miles away from Earth).

After, they will descend to 435 miles above the planet, where the spacecraft must depressurize completely before Isaacman and Gillis exit it (while sporting the drippy new spacesuits) for a brief but perilous spacewalk.

Throughout the journey they will also be testing Starlink’s satellite communication services, observe effects from the radiation belt, and gather data on how being in space effects the health of each individual crew member.

There is one problem: The crew was supposed to launch on Tuesday morning, but had to delay because of a helium leak and “unfavorable weather,” according to a SpaceX post on X.

Business

Amid record profits, Lego goes recyclable

What’s the best way to celebrate big profits? Announce you’re going to cut them. Lego announced skyrocketing profits on Wednesday, booming 26% in the first half of 2024 to $1.2 billion. Revenue also jumped 13% to over $5 billion.

Lego contributed its growth to strategic investments and high-profile collaborations with widely recognized brands, like Star Wars (I own a couple myself), Harry Potter, and a partnership with the uber popular Battle Royale game Fortnite.

Brick-by-brick

Along with reporting record profits, Lego also said it’s going to up its efforts on using recyclable materials, meaning higher costs. By 2032, the company stated it will source all its products from fully renewable and recyclable materials:

• Its new method, which will be around 50% more costly, will use renewable resin instead of raw virgin plastic made from crude oil.

This won’t translate to higher cost Lego products (good, because they’re already expensive), according to CEO Niels Christiansen, as the company will take on all of the increased costs.

Compared to other toy companies… Lego is doing great. The entire toy sector is fighting to recover from a 7% decrease in sales last year, and competitors Mattel and Hasbro announced lower sales for the first half of 2024.

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Grab Bag

Now anyone can buy an NFL team… sort of

The booming business of the NFL just got a huge influx of cash. The league voted on Tuesday to allow private equity ownership of franchises, letting certain businesses buy up to a 10% stake in NFL teams.

The special meeting that took place in Eagan, Minnesota, owners opened up their teams to private investment, becoming the last major sports league in North America to do so. Private equity can own up to 30% of NBA, NHL, and MLB teams.

Do they really need the money?

No, not necessarily. According to Sportico, the NFL’s total value has gone from $23.46 billion to $190 billion in the past 20 years, and the average franchise was worth $5.1 billion last year, up 14% from 2022. The teams have gotten too expensive for people to buy:

• You either need to be a multibillionaire, or join a group of people willing to bet the house on a team.

  • This was the case when the Washington Commanders were bought by Josh Harris and 15 others for over $6 billion.

This creates a problem for the NFL… by not only limiting the potential number of owners, but by putting all of the owners’ (financial) eggs in one basket. This makes it so they can’t take financial liberties to build new stadiums or make major improvements because their money is tied up in the team itself. But now with PE involved:

• It will unlock liquidity for teams, allowing them to reinvest in the game.

• It will make deals much easier as teams can go to private equity firms.

  • There are seven approved firms, which range from multinational investment companies like Blackrock, to smaller, sports-focused ones like Dynasty Equity.

Previously, ownership was only open to individuals and family trusts and the vote will now open up a whole new field of play. However, it remains to be seen how the league will open up ownership to unapproved firms.

Weight loss drugs are getting more affordable

If you want to skip the gym and buy some drugs instead now is the time. In order to widen access to its weight loss drug, Eli Lilly has released a new form of Zepbound that cuts the cost nearly in half, forgoing the injectable pens.

Those with with a prescription can obtain single-dose vials with a 2.5 or 5-milligram dosage for $399 and $549 per month, respectively. Normally, it would cost north of a thousand dollars for the same dosage, without insurance.

Stepping on the scale

Due to a weight loss drug shortage, plenty of copycats (which typically sit around the same price as Eli Lilly’s old offering) have been making the rounds to try and capitalize off of demand. The new way solves some issues:

• Patients will have an easier time paying out of pocket.

• Copycats will have a harder time selling.

• The new process ships out vials in place of injectable pens, which are easier to use, but also contributed to the shortage due to long manufacturing times.

As Eli Lilly lowers its costs, it may force other rival weight loss drug producers, like Novo Nordisk, to do the same, or even lower the cost of weight loss drugs in general. Still, some say that the cost of these drugs are still too high and can’t get to everyone that needs them.

Fast Facts

Melting Money: Town officials in Boston raised $20,000 to shut down a little boy’s ice cream stand because it supposedly violated state food code.

Internet Interruption: Hackers backed by the Chinese government broke through US internet service providers to spy on their users, per the Washington Post.

Relatable Risk: According to a new study, male fruit flies ignore physical danger during attempts to mate.

Trading Trillions: Warren Buffett’s holding company, Berkshire Hathaway, reached $1 trillion in market cap Wednesday, becoming the first non-tech US firm to hit the mark.

Teen Trouble: Being a teen is harder than it was 20 years ago, according to a Pew Research Center poll of 1,453 US parents and teens on the challenges they face today.