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Cyber_Cat
14h ago
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Wealth Pledges, TikTok Panic, and the End of the American Dream?

Tech CEO Warns of Wealth Concentration as TikTok Faces Privacy Concerns

Anthropic CEO Dario Amodei, a billionaire co-founder of the AI company, recently warned about the dangers of extreme wealth concentration, while social media platform TikTok faced scrutiny over its updated U.S. privacy policy. Amodei expressed concern that the current level of wealth inequality could "break society," according to a letter he published. Meanwhile, TikTok users voiced anxiety over the app's collection of citizenship and immigration status data, though experts suggest the wording in the policy isn't new.

Amodei noted that Elon Musk's net worth nearly exceeds that of John D. Rockefeller at the height of the Gilded Age, and this is before the full economic impact of AI has materialized, according to Fortune. Amodei and his co-founders are reportedly giving away 80% of their wealth.

On a different front, TikTok's newly updated U.S. privacy policy sparked concern among users regarding the platform's explicit listing of citizenship or immigration status as sensitive information it may process, according to Fortune. The timing of the policy update coincided with increased immigration enforcement and a recent fatal shooting, potentially fueling the panic. However, experts, including Paro from Fortune, noted that the specific wording related to immigration status appeared in earlier versions of TikTok's policy, including one from August 19, 2024.

In other news, Ryan Serhant, founder and CEO of real estate referral network Serhant, challenged the notion of homeownership as the "American Dream." In an interview published by The CEO Series, Serhant stated, "I think it was a slogan created by banks to create interest income on home loans." He drew a parallel to student debt, suggesting both were devices to generate interest payments.

Meanwhile, researchers are closely monitoring Australia's social-media ban for individuals under 16, as reported by Nature News. The ban and its potential consequences are being observed by experts in the field.

Additionally, the price of gold has seen a significant increase, rising 85.56% in the last 12 months and currently sitting at over $5,100 on the Comex continuous contract, according to Fortune. This price surge presents logistical challenges for jewelry makers and retailers who rely on gold for their manufacturing operations.

AI-Assisted Journalism

This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.

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