BUSINESS

E.U. Investigates Inappropriate Content on Elon Musk's X

The European Union initiates a formal investigation into X, Elon Musk's social media platform.

Allegations include failure to combat illicit content, disinformation, lack of transparency in advertising, and "deceptive" design practices.

Regulatory move follows X's scaled-back content moderation policies under Musk's ownership, leading to increased incendiary content and reduced advertising from brands.

Investigation conducted under the Digital Services Act, granting the EU authority to regulate hate speech, misinformation, and divisive content on social media.

The investigation is looking into how X tackles false information. Users can use Community Notes to explain posts they think are wrong, but E.U. officials aren't sure it works. Regulators are also checking how posts by X users with a blue check get more attention.

TECH

Adobe, Figma halt $20 billion deal due to regulatory roadblocks.

Adobe has called off its plans to acquire design software rival Figma for around $20 billion, the two companies announced on Monday.

The companies stated that they jointly decided to end the deal because they couldn't find a path to secure regulatory approvals from the European Commission and the UK Competition and Markets Authority. These regulatory bodies argued that the acquisition could negatively impact competition.

"Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently," Adobe's CEO and chair Shantanu Narayen said in a statement.

CRYPTO

FTX Files Plan to End Bankruptcy, Pay Crypto Creditors Billions

FTX Trading Ltd. unveiled its latest proposal for returning billions of dollars to customers and creditors, kicking off a final round of potential squabbles about how best to end the bankruptcy case of the fraud-tainted crypto firm.

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