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Supreme Court sends social media moderation case back to lower courts
Bay Area Times
July 02, 2024
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Top stories today:
- Supreme Court sends social media moderation cases to lower courts
- Revolut’s revenue 2x’s to £1.8B, net profit jumps to £0.4B
- Steve Ballmer flips Bill Gates as #6 richest with Microsoft’s rise
- Bridge rounds represent record 42% of seed rounds in Q1
- Mental health startup funding recovering vs. 2023
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Elena Kagan wrote the Court’s decision.
Lower courts had focused too narrowly on how the laws apply to the challengers Facebook and YouTube, Kagan wrote, without considering the constitutionally of the laws broadly.
The current District Court injunctions against both laws will remain, celebrated NetChoice, a trade association of online businesses.
In parallel, the Supreme Court ruled that presidents have criminal immunity for official acts. They already had civil immunity since Nixon v. Fitzgerald in 1982.
2. Revolut’s revenue 2x’s to £1.8B, net profit jumps to £0.4B
UK bank license is expected soon, which would allow the neobank to expand its offerings in its home country.
In talks to raise ~$500M at $40B+.
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4. Steve Ballmer flips Bill Gates as #6 richest with Microsoft’s rise
Ballmer has 90%+ of his net worth in Microsoft, while Gates has diversified his holdings (or diworsified, as Charlie Munger would say):
