MrBeast's Beast Industries acquired Step, a banking app targeting Gen-Z and Gen Alpha, while other tech developments include AI's potential to reshape electricity markets and the growing concerns about burnout in the workplace, according to multiple sources. The acquisition, announced on Monday, comes as the popular YouTuber Jimmy "MrBeast" Donaldson plans to launch a personal finance and investing channel. Simultaneously, London-based startup Tem secured $75 million in Series B funding to leverage AI for optimizing electricity markets, and a Harvard Business Review study suggests that the widespread adoption of AI in the workplace may lead to increased burnout.
Beast Industries' acquisition of Step, a finance app aimed at teens and young adults, marks a significant move into the financial technology sector. The app acquisition follows Donaldson's announcement of a new YouTube channel focused on personal finance and investing. His main channel boasts 466 million subscribers, indicating a substantial audience for his financial ventures, according to The Verge.
In the energy sector, Tem's recent funding round, led by Lightspeed Venture Partners, values the company at over $300 million. Tem's AI-powered energy transaction engine aims to reduce electricity costs for its business customers, with the promise of savings up to 30% on energy bills. The startup has already signed up more than 2,600 business customers in the U.K., according to TechCrunch.
However, the integration of AI into the workplace is raising concerns about employee well-being. A study published in the Harvard Business Review suggests that companies risk creating "burnout machines" as they embrace AI tools. This contradicts the narrative that AI will simply make workers more efficient and less stressed, according to TechCrunch.
In other tech news, social media platforms are inching towards age verification, with Discord's teen-by-default rollout representing a stronger clampdown, according to The Verge. Additionally, Nothing is exploring the creation of an ecosystem of AI-generated apps, but faces challenges in making them truly useful, according to The Verge.
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