Twitter Services Back After Major Global Outage 🟢
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Twitter Services Back After Major Global Outage 🟢
Twitter appeared to work normally for users after experiencing an hour-long outage that affected both its app and website on July 14.
Users attempting to use the microblogging platform were met with a message saying, “Tweets aren’t loading right now. Try again.”
There were more than 27,000 incidents of users reporting issues with Twitter, according to Downdetector, a website that tracks outages by collating status reports from numerous sources.
Twitter’s support handle acknowledged the issue saying, “Some of you are having issues accessing Twitter, and we’re working to get it back up and running for everyone. Thanks for sticking with us.”
After some time, Twitter confirmed a full resolution, citing an unspecified problem with internal systems.
This is the first major Twitter outage since a series of issues faced by the company in February.
Twitter was down twice in one week in February, with users unable to access the service in parts of the US due to a technical bug preventing timelines from loading and Tweets from posting.
Federal Regulators Slap a $225 Million Fine on Bank of America 🚨
Financial services firm Bank of America has been fined $225 million by a pair of US banking regulators over what they called “botched” handling of jobless benefits during the coronavirus pandemic.
The Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) said that Bank of America had a faulty fraud detection program that improperly froze the prepaid card accounts of people seeking jobless benefits in 2020 and 2021.
The Consumer Financial Protection Bureau fined the bank $100 million and, in a separate order, the Office of the Comptroller of the Currency fined the firm $125 million.
“Taxpayers relied on banks to distribute needed funds to families and small businesses to rescue the economy from collapse when the pandemic hit,” said CFPB Director Rohit Chopra in the press release.
“Bank of America failed to live up to its legal obligations. And when it got overwhelmed, instead of stepping up, it stepped back,” he added.
The order requires Bank of America to establish a remediation plan for consumers whose accounts were frozen and determine how much they should be repaid.
NFT Marketplace OpenSea Lays Off About 20% of Employees
OpenSea, one of the largest marketplaces for nonfungible tokens (NFTs), has laid off 20% of its employees amid the growing economic uncertainty.
Devin Finzer, co-founder & CEO of OpenSea, took to Twitter to disclose that his company was laying off up to 20% of its staff.
“Today is a hard day for OpenSea, as we’re letting go of ~20% of our team,” he said.
In his lengthy message conveyed to employees, Finzer blamed “an unprecedented combination of crypto winter and broad macroeconomic instability” for the layoffs.
“Each of the people leaving has played a critical role in OpenSea’s journey. They have supported our users, championed our mission, and worked intensely to build the foundations of the NFT space,” Finzer added. He also noted that the employees are talented and committed, and they will be missed.
Despite being the most popular NFT marketplace, OpenSea is the latest Web3 firm to enter crypto winter and join the growing list of crypto companies to cut hundreds of jobs.
Climate Tech Startup Backer Systemiq Capital Raises $70 Million 💰
UK-based venture capital firm Systemiq Capital has secured $70 million in the first close of its Fund II to invest in early-stage climate tech startups.
The firm aims to raise $130 million more which would be quite a step up for the VC firm.
Investors in the second round include Lombard Odier, Andre Hoffman, The Grantham Foundation for the Protection of the Environment, and Dara Holdings.
Founded in 2018, Systemiq Capital is a venture capital firm that prefers to invest in seed-stage, early-stage, and later-stage companies. The firm seeks to invest in climate tech, clean tech, and wellness sectors.
It is a leading system change VC firm that partners with business, finance, policy-makers, and civil society to make economic systems truly sustainable. The company has funneled $30 million into 19 startups since its inception.
Systemiq plans to use the capital to fund founders who are focused on making large industries and cities “more efficient and sustainable.”
The firm will fund key areas like regenerative land use, oceans, transportation, and the circular economy.
Around the Web 🌐
Plaid Integrates Crypto Exchanges Into Finance Data Platform: Plaid, a U.S.-based fintech that aggregates users’ financial information, has weaved four major cryptocurrency exchanges into its platform, enabling users to connect their digital asset portfolios to other applications seamlessly. The data transfer network company now supports Binance.US, Gemini, Robinhood, and SoFi accounts.
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