Instagram is Removing ❌ Shorter Daily Time Limit ⏲️ From Its App
Scott D. Clary | Daily Business, Tech & Finance Newsletter
This is a daily newsletter that covers trending business, tech and finance stories. If you enjoyed the newsletter, please share it with a friend who’d find it useful.
Or… invite friends to the newsletter through our referral program for Amazon gift cards.
Instagram is Removing ❌ Shorter Daily Time Limit ⏲️ From Its App
Instagram is reportedly removing its app time limit features to encourage users to update their settings.
Earlier, users were able to select a time limit as low as five minutes a day, while with the new option the minimum daily time reminder is now 30 minutes and goes up to three hours.
With the new update, Instagram users will get a popup option at the top of their feed, asking them to set a new daily limit. The pop-up also says that users can keep their existing limit intact if they want.
If any user wants to change their time limit, then they have to click on the edit button that directs them to select a preset option.
The lowest limit option available in the app is 30 minutes. Additionally, there is one more pop-up option in the app mentioning that it no longer supports the 10-minute value.
Instagram had introduced the daily time limit option in 2018, which was mainly implemented in response to criticism from technology companies about their products' effect on user well-being, and now it is removing the shorter daily time limit option.
Business-to-Business Commerce Platform MarketForce Raises $40 Million 💰
MarketForce, a B2B platform for retail distribution of consumer goods and digital financial services, has raised $40 million in its Series A funding round.
The funding was led by V8 Capital Partners and also saw participation from Ten13 VC, Vu Ventures, Vastly Valuable Ventures, SOSV Select Fund, and Uncovered Fund. Existing investors such as Reflect Ventures, Greenhouse Capital, Century Oak Capital, and Remapped Ventures also participated in the funding round.
Ken Njoroge, cofounder and former CEO of Cellulant, also participated in the round. He has also joined the MarketForce board as Chairman.
Founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce is a leading B2B commerce and fintech platform.
The startup empowers informal merchants in Africa by providing a unified digital commerce marketplace to facilitate trade among Africa’s informal merchants and leading consumer brands.
Currently, the platform works with more than 50 brands and has processed over $500 million in sales transactions.
MarketForce plans to use the fresh proceeds to scale merchant inventory financing, grow deeper in existing markets, expand its presence into newer markets, and increase its internal workforce.
SEC Accused of Leaking Information of a Federal Probe ⚖️ Against Elon Musk
Elon Musk, the CEO of Tesla, has accused the Securities and Exchange Commission (SEC) of leaking information about a federal probe to retaliate against him.
Musk, via his attorney Alex Spiro, has accused SEC of leaking the information.
In a letter on February 21, to U.S. District Judge Alison Nathan, Spiro said, "It has become clearer and clearer that the Commission is out to retaliate against my clients for exercising their First Amendment rights—most recently by criticizing the Commission on the public docket and by petitioning this Court for relief."
The letter comes only four days after Musk accused SEC of engaging in harassment by regularly investigating him.
He said that the regulatory body was trying to freeze his right to free speech and had neglected their duties to remit $40 million to Musk and Tesla shareholders previously paid in fines to settle securities fraud charges.
While the attorney did not specify to whom the SEC may have leaked the information, he claimed that at least one member of the SEC had leaked some information relevant to the investigation. However, the attorney did not offer any supporting evidence.
Russian 🇷🇺 Finance Ministry Introduces Crypto Bill, Brushes Aside Apprehension From Country’s Central Bank 🏦
The Finance Ministry of Russia is moving forward with its plan to regulate cryptocurrencies in the country by formally introducing a bill that proposes to regulate them, brushing off the central bank’s objections.
According to a press release published by the Ministry of Finance, the bill was submitted to the government on February 18 and is based on the previously approved roadmap drafted by several government bodies, including key law-enforcement agencies.
The proposed bill treats cryptocurrency as an investment tool, not a legal tender, and says cryptocurrencies may not be used to pay for goods and services.
The bill details requirements for crypto exchanges and over-the-counter desks, which meet specific criteria to obtain a license and be included in a dedicated government register.
The finance ministry has also put forward the idea of dividing investors up along the lines of their skill level for entering the cryptocurrency market by way of testing and setting an investment threshold.
Citizens who successfully pass the test can invest up to 600,000 rubles ($7,700) in digital currencies per year, whereas for those failing the test, the ceiling amount of investment would be limited to 50,000 rubles ($646).
Around the Web 🌐
Twitter is Testing a 'Leave This Conversation' Button: Twitter is reportedly testing a new feature that will allow users to leave a conversation who don’t want to be part of a thread. The feature, called ‘leave this conversation,’ will untag your username from a Twitter conversation, prevent other users from mentioning you in the conversation again, and stop you from receiving notifications about it.
FTX Launches Gaming Unit to Promote Crypto Adoption: Crypto exchange FTX is launching a new gaming unit that will enable gaming companies to create tokens and provide support for NFTs to customers. The new unit will reportedly be a “crypto as a service” platform that will help encourage the onset of digital currencies, blockchain technology, and NFTs in the gaming world.
If you like the content in this newsletter, there’s a pretty good chance you’ll like my podcast, “Success Story”, where I unpack the playbooks of entrepreneurs, executives and other high performing individuals.
Latest Episode 👇
If you enjoyed the newsletter, please share it with a friend who’d find it useful.