This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Twitter in new $250m court case over copyright infringement
Elon Musk’s Twitter has entered into a new legal battle as the National Music Publishers’ Association (NMPA) has sued the company for allowing unlicensed music posts.
NMPA claims Twitter promotes copyright infringement.
Unlike other platforms, Twitter doesn’t pay music rights holders. YouTube, Facebook, Snap, and TikTok make significant annual payments to music industry.
NMPA seeks court declaration that Twitter intentionally infringed on 1,700 songs.
Complaint filed on behalf of 17 music publishers, including Sony, BMG, and Universal.
Damages sought over $250 million.
NMPA president criticizes Twitter’s refusal to license songs, noting that Twitter can no longer hide behind DMCA, says NMPA.
According to Music companies, stakeholders are unhappy with platforms profiting from their work.
Before Elon Musk’s acquisition, Twitter discussed licensing agreements.
Musk, after takeover, however, focused on other matters, made changes, and reassured advertisers.
TECH TRIVIA: What is a reward offered for finding and reporting software vulnerabilities called?
A. Malware payload
B. Smart contract
C. Bug bounty
D. Virus definition
Answer: see end of post
2. Jada Fund to invest in Investcorp’s $500m Saudi fund
Jada Fund of Funds has announced intent to invest in Investcorp Saudi Pre-IPO Growth Fund.
The Fund, which focuses on companies in Saudi Arabia, aims to access public capital markets in the next few years.
Investcorp previously led a $100 million Pre-IPO funding round in TruKKer and invested in NourNet.
The Fund targets equity growth capital investments in Saudi Arabia within 3-4 years.
It offers exposure to high-growth sectors like business services, transport, logistics, healthcare, and consumer.
Jada Fund of Funds aims to support the local private equity ecosystem.
Investcorp and Jada share the goal of backing national champions and contributing to Saudi Arabia’s economic development.
This partnership marks the beginning of a long-term strategic alliance for Investcorp in Saudi Arabia.
3. TGC, MQR merge to form Egypt’s largest entrepreneurs community
GrEEK Campus and MQR merge, forming Egypt’s largest community of entrepreneurs.
They will operate independently under centralized leadership.
The merger creates a network of 14 locations for members to expand their networks and find new business opportunities.
The agreement was signed by Ahmed El Alfi and Muhammad Nagi at The GrEEK Campus in Cairo.
The merged entities have over 50,000 square meters of commercial space and 3,500+ members representing 450+ companies.
New projects and a brand-new workspace concept will be launched in the coming months.
An online platform for streamlined services will also be launched in 2024.
The goal is to create a supportive ecosystem for business growth and job creation.
The GrEEK Campus has been instrumental in supporting businesses since 2013.
MQR has been a leader in coworking since 2012, expanding to 12 locations.
The merger will accelerate expansion and provide seamless integration with real estate partners.
Trivia Answer: Bug Bounty
A bug bounty is a reward offered by the owners of a website, software company, or other business to outside individuals in return for finding and reporting bugs in a system.
Companies offer these rewards to incentivize ethical white-hat hackers to identify security holes before criminal hackers do. Rewards are usually a mix of financial compensation and professional recognition for the hacker.
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