Wednesday, May 22, 2024

Turkey’s competition authority fines Meta Platforms $18.63m. 2 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. Turkey’s competition authority fines Meta Platforms $18.63M

Turkish competition authority has announced fining Facebook’s parent, Meta Platforms Inc, 346.72 million lira ($18.63 million) for breaking its competition law.

A spokesperson at Meta platform confirmed the fine in a statement on Wednesday.

Ripples Nigeria understands that Meta was fined based on the company’s 2021 income and the company could object to the decision within 60 days.

Reacting to the fine, Meta spokesperson said:

“Meta Platforms protect user privacy and provide people with transparency and control over their data, the company will consider all options.”

Tech Trivia: What removable memory card technology was developed by Sony?
A. SmartMedia
B. Compact Flash
C. Memory Stick
D. Secure Digital
Answer: see end of post

2. WhatsApp set to roll out ‘Forward media with a caption’ feature

Beryl TV images-3-13 Turkey's competition authority fines Meta Platforms $18.63m. 2 other stories and a trivia Technology

24 hours after experiencing an outage, messaging platform, WhatsApp, has announced plans to roll out a new feature.

Read also:Buhari signs Nigeria Startup Bill into law

This was disclosed by WABetainfo, a platform focused on monitoring news development on popular messaging app, WhatsApp on Wednesday.

In a statement published on Wednesday, WABetainfo said:

“The feature was under development the last week and it is unexpectedly rolling out to some lucky beta testers after installing the latest WhatsApp beta for Android update from the Google Play Store!”

The new feature if enabled on WhatsApp accounts will allow users forward an image with a caption, a feature that had eluded WhatsApp users for many years.

3. Australian VC, Square Peg Capital, closes $550 million fifth funding

Beryl TV images-2-10 Turkey's competition authority fines Meta Platforms $18.63m. 2 other stories and a trivia Technology

Square Peg Capital, an Australian VC, has announced closing its fifth fund of $550 million.

Piruze Sabuncu, the cofounder at Square Peg Capital, confirmed the new development in a statement on Wednesday.

The fresh funding brings its total raised across all funds to about $1.6 billion.

As of October 2022, Square Peg has invested in more than 60 companies and returned over $580 million to its investors across 11 exits at an IRR of 42%.

The VC firm said that it will invest in the later stages of its best-performing portfolio companies through its Opportunities Fund.

In a statement, Sabuncu said, “We already know the potential Southeast Asia presents when we look at the basic macro numbers, but the last few years have proven that you can build global businesses from this region, or create new business models that can disrupt the way people access various services—whether it be lending, education or healthcare.”

The Southeast Asian firm boasts of investment in companies including LottieFiles, Doctor Anywhere, FinAccel, and many others.

Trivia Answer: Memory Stick

Memory Stick is a type of flash memory developed by Sony.

It is used to store data for digital cameras, camcorders, and other kinds of electronics.

By Kayode Hamsat

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