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The Latest Breaking News from FTC

Benzinga Before The Bell: Top Amazon Seller Succumbs To Economic Meltdown, Twitter To Tackle Toxic Content, Spam Bots, Bed Bath & Beyond Secures Loan Deal As It Tries To Stay Afloat And Other Top Financial Stories Wednesday, August 24

CNBC Top Amazon Seller Succumbs To Economic Meltdown

Benzinga

Twitter faces legal, political peril in whistle-blower case

A whistle-blower complaint from Twitter Inc.’s former head of security, claiming severe shortcomings in the social media company’s handling of users’ personal data, will have wide ramifications for the business.

Tribune News Service

Meta learned via a tweet of FTC’s surprise suit to block vr deal

Meta Platforms Inc. learned that the US Federal Trade Commission was suing the company over one of its smaller acquisitions via a Twitter post.

Tribune News Service

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Former Twitter security chief blows whistle on lax practices

Peiter Zatko has accused the company of ‘deliberate ignorance’ regarding the site’s spam accounts.

Al Jazeera

Whistleblower Accuses Twitter of Cybersecurity Negligence

A former head of security at Twitter alleged that the company misled regulators about its cybersecurity defenses, privacy protections and its ability to detect and root out fake accounts, according to a whistleblower complaint filed with US officials. The revelation could create serious legal and financial problems for the social…

Asharq Al-Awsat

Twitter whistleblower alleges ‘egregious deficiencies’ in security measures

Peiter Zatko says company deceived users, board members and the federal government about the strength of its security measures

The Guardian - US

Twitter covered up security flaws and fake accounts, says whistleblower

Social network dismisses ‘false’ claims that could bolster Elon Musk’s attempt to abandon $44bn deal

Financial Times

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Former Twitter security chief alleges rampant security negligence

Peiter Zatko says Twitter purposefully misled federal regulators about the platform's security measures.

Input

What The Whistleblower Means For Elon Musk And Twitter: 'Gasoline Into The Fire'

The former security chief for social media platform Twitter Inc. (NYSE: TWTR) is speaking out about practices at his former company.

Benzinga

On acquisitions, Beltway and tech talk past each other

Regulators see acquisitions as a path to monopoly. The industry sees them as how the business works.

Axios

Amazon: FTC probe hounding Bezos, execs; subpoenas too broad

Amazon has complained to federal regulators that they're hounding company founder Jeff Bezos and senior executives

The Independent UK

Amazon claims FTC is 'harassing' executives like Bezos and Jassy

The company claims the FTC’s subpoenas for evidence are unusually burdensome.

Input

FTC looking at rules to corral tech firms' data collection

Whether it's the fitness tracker on your wrist, the “smart” home appliances in your house or the latest kids’ fad going viral in online videos, they all produce a trove of personal data for big tech companies

The Independent UK

Two Right To Repair Class Action Lawsuits Have Been Filed Against Harley

Two class action lawsuits have been filed in federal court against Harley-Davidson, seeking damages stemming from what they claim are numerous violations.

RideApart

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The Guardian - US

Pro-Trump brand fined for using fake ‘Made in USA’ labels

Utah-based company Lions Not Sheep was first cited by the FTC in May for replacing ‘Made in China’ tags on their clothing

Tribune News Service

GOP’s Phillips to leave FTC, boosting Khan’s advantage

Republican Federal Trade Commissioner Noah Phillips said he plans to step down this fall, which will hand an even bigger majority to progressive Chair Lina Khan to advance her agenda.

Reason

U.S. Kills Al Qaeda Leader Ayman Al-Zawahiri. Will It Matter?

Plus: Judge rejects "terrorism" label for January 6 defendant, dozens of abortion clinics have closed since June, FTC staff recommended against Meta lawsuit, and more...

Tribune News Service

FTC’s Khan overruled staff to sue Meta over VR app deal

Federal Trade Commission Chair Lina Khan led her fellow Democrats in the agency’s majority vote to sue Meta Platforms Inc. this week, despite the staff recommending against bringing a case to challenge the company’s acquisition of Within Unlimited Inc., according to three people with knowledge of the decision.

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news in one place.

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Reason

Meta Can't Buy V.R. Fitness Company, Must Make Its Own Competing App, Says FTC

Plus: A rebranded "Build Back Better," the two-party system creates "a disconnect between elites and non-elites," and more...

Benzinga

Benzinga Before The Bell: Apple's Latest Move For Self-Driving Car Project, Monkeypox Is A National Emergency, Spirit-Jet Blue Merger And Other Top Financial Stories Thursday, July 28

Reuters

The Independent UK

Watchdog head: Bad actors should face more than big fines

The head of the nation’s financial watchdog is having second thoughts about using fines to deter illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference

Asharq Al-Awsat

Facebook's Meta Posts First-ever Revenue Drop

Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok.

Input

FTC takes first major step in blocking Meta's monopoly on the metaverse

The FTC filed a complaint to block Meta's acquisition of Within, the developer of VR fitness app, Supernatural.

The Independent UK

FTC acts to block Meta from buying VR company, fitness app

Federal regulators have taken legal action to block Facebook parent Meta and its CEO Mark Zuckerberg from acquiring virtual reality company Within Unlimited and its fitness app Supernatural

The Conversation

Tech firms face more regulation after moves to stop 'killer' acquisitions – but innovation could also be under threat

One way to eliminate the competition in business is simply to buy them out and shut them down. And that means less choice for consumers and sometimes the loss of innovative and, in the case of the pharmaceutical industry, even life-saving products. But such so-called killer acquisitions are likely to…

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