not the first attempt to challenge the micro—blogging app, but others such as mastodon, blue sky and truth socialthey all remain still pretty small right now. as history shows, though, creating a social media platform, well, it's hard, but when it works, it really works. the reverse, however, is also true. and when communities leave a social media platform, they can do so pretty quickly. remember myspace? anyone? michelle fleury there. chinese officials are closely watching the performance of the renminbi, it has fallen by almost 5% against the us against the us dollar this year making it one of the worst—performing currencies in the region. something to note — china does not have a floating exchange rate — determined by market forces. instead, it pegs the yuan to the us dollar. if you look at this chart, it shows how much yuan you can get for one us dollar in the last six months. the people's bank of china — the central bank there — sets the midpoint fixing for the currency. the yuan can trade within the 2% range. recently, that midpoint has been fixed higher to tackle the slide of the currency.

is not the first attempt to challenge the microblogging app but others such as mastodon, blue sky and truth socialain small. history shows that creating a social media platforms hard but when it works, it really works. the reverse however is also true and when communities leave a social platform, they can do so pretty quickly. remember myspace, anyone? meanwhile, china's officials _ myspace, anyone? meanwhile, china's officials are _ myspace, anyone? meanwhile, china's officials are closely - china's officials are closely watching the performance of the remember the, watching the performance of the rememberthe, making it watching the performance of the remember the, making it one of the worst performing currencies in the region. rate, instead it p995 in the region. rate, instead it pegs the un to the —— the one to the us dollar stop it shows how much you aren't you can get for one us dollar over the past six months. the central bank says the mid— point fixing for the currency and the yuan can trade with the present range. recently that point has been fixed higher to tackle the slide in the currenc

not the first attempt to challenge the micro—blogging app, but others such as mastodon, blue sky and truth social small right now. as history shows, though, creating a social media platform. well, it's hard, but when it works, it really works. the reverse, however, is also true. and when communities leave a social media platform, they can do so pretty quickly. remember myspace? anyone? in other news: the european commission has announced a pact with the us to allow easier legal transfer of personal data across the atlantic. the deal ensures meta, google and other tech giants can continue sharing information with the us. presidentjoe biden and eu officials welcomed the deal, which overcame objections about us intelligence agencies' access to european data. an australian parliamentary committee is asking executives at the world's biggest social media firms, including meta, google, tik tok and twitter about what they're doing to prevent foreign interference in democratic processes. australia's domestic intelligence agency says that espionage and foreign interference represent greater security threat

blue sky, i who are there. this is one of i the reasons why blue sky, truth social and rivals of twitter have found it hard to dislodgecause twitter already has a degree of critical mass even if there are suggestions that the number of users has gone down because of disagreements over having to pay, over limits on the number of tweets that you can read each day. it still has a degree, that recognition and the others have found it difficult to come at it from a standing start. again, the advantage that threads has it has those uses that can potentially come to it and it does give it a potentially much bigger weapon with which to threaten twitter. it is bigger weapon with which to threaten twitter.— threaten twitter. it is really interesting _ threaten twitter. it is really interesting timing - threaten twitter. it is really interesting timing as - threaten twitter. it is really interesting timing as well, | interesting timing as well, isn't it, to launch now at a time when it has plenty of time to gain momentum and of a us election next year, when actually, social media conversation on these platforms is fairly importa

and since may i ask, who's taking over twitter, we've seen lots of different kind of various types of twitter clowns that have come about. we've seen truth social, we've seen blue sky. we see mastodon and then there's more of these out there. and in all cases, there's a bit of fanfare when they 1st started off or, or something happens on twitter that people think is going to lead to more people go into these platforms. but then they kind of fade, right, because they don't really offer anything new. and we don't really have a good example of a social media platform that has, you know, gotten to the level of prominence of like a tick tock without actually having anything new to it. but as you said, what does differentiate threads from the all these other attempts previously to come up with that kind of twitter alternative is the power of meta and the power of how many users is has. so it's been very interesting to see, for example, that they did launch. these threats has been launch is essentially a part of or an addendum to instagram. and so it does make it when you saw i went and signed up last night with soon as you sign up, the 1st thing they ask you do is you, w

past year we've seen so many companies try to take on twitter, whether it's blue sky or spill or getter or truth social, andase and desist letter like this, never seemed worked up or too threatened. a little bit with mastodon but not this level. i think the reason is that he is facing so much critical backlash from users who feel as though the service has gotten too spammy, advertisers feel there is not enough content moderation and now to have a service overnight pick up 40 million people is a huge threat to the potential success and future of twitter. >> elon musk fired 80% of its employees, he said it himself, when he bought twitter for $44 billion. it would be no surprise that people from twitter would be looking for a job over at meta. does musk have any case here that, in fact, intellectual property was stolen? >> not that i'm aware of but obviously we will leave it to some legal folks to figure that out. to meta's point they said there was no one working on the thread's engineering team that came from twitter. of course silicon valley is very transient, i'm sure there are ex-twitter employees who hav