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Nick Cleggs stint as Metas president of global affairs ended earlier this year. Now, in his book How to Save the Internet, he outlines what he thinks needs to change in tech. The reception hasnt been kind, with some calling the book baffling and unsatisfying. But buried in the otherwise thin prose are a few surprising anecdotes and arguments. Clegg once sparred with his deputy in MMA Mark Zuckerbergs reinvention as an MMA enthusiast is well documented. Less known is how he encouraged his senior executives to join him. Marks commitment to MMA is so strong that he insisted one morning, during a management offsite, that some of his most senior executives join him for a training session, Clegg writes. Thats how he ended up on the mat, straddled by his deputy Joel Kaplan (who would later replace him), in a manoeuvre apparently known as the Domination Mount, which Clegg admits was too close for comfort. Politics accounts for just 6% of the Facebook feed Clegg makes a spirited, if not always convincing, attempt to address the claim that Meta has harmed public interactions and polarized politics. Most people dont really use social media to engage in politics, he writes. Political content, he claims, makes up less than 6% of what people see on Facebook. If you want to assign blame for political discourse, he suggests, look instead to X (formerly Twitter). Social media has changed democracy According to Clegg, social media has transformed democracy, but it hasn’t destroyed it. Undoubtedly it has [changed democracy], he writes, describing it as a disruptive and messy change. He argues it will take time to understand the full implications but insists there are benefits alongside the well-documented problems. Clegg suspended Donald Trumps account in 2021 One underexplained section covers Metas response to Donald Trumps role in the January 6 Capitol riots. Trump was banned from Facebook apps, a decision later reversed after his suspension ended. Trumps support for those protesting at the Capitol, and his refusal to condemn the violence of the insurrectionists, was tantamount to inciting further violence, Clegg writes, adding that Mark Zuckerberg made clear that the decision would be mine. Clegg ultimately chose to suspend Trumps access to Facebook and Instagram. How AI will change our world Clegg thinks generative AI can help address the Wests stagnating productivity. The implicit promise of capitalism is that the next generation will be better off than the last, with hard work rewarded by economic security and decent public services to provide a safety net when tragedy or misfortune strikes, he wrote. That promise, he argues, has broken down: younger generations are overworked, underpaid, and overstressed. Clegg believes AI can help. Im not suggesting AI is a silver bullet that will suddenly reverse decades of gradual decline, he wrote. But the developed world badly needs a productivity boost. Clegg wasnt a fan of the AI Safety Summitor AI doomers Clegg recounts his experience at the AI Safety Summit in Bletchley Park in November 2023, attended by Kamala Harris, Rishi Sunak, and Ursula von der Leyen. Clegg claims he told a story about a hypothetical woman, called Mrs. Miggins, who lived just down the road from the summit. He writes: I can guarantee, I said, that shes more terrified of AI now than she was before this summit started two days ago. Little surprise, then, that he also dismisses doomsday scenarios of AI domination. Were merely in the foothills, debating the perils we might find at the mountaintop, he writes.
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Shares in French drugmaker Sanofi fell more than 10% on Thursday, wiping nearly $13 billion off its market value, after late-stage trial data for its experimental inflammatory disease drug amlitelimab disappointed Wall Street. The company said amlitelimab, which it is developing for atopic dermatitis, a severe form of eczema, met all main goals in the Phase III study, showing statistically significant improvements in skin clearance and disease severity compared with placebo after 24 weeks. But the data looked weak against Dupixent, Sanofi’s best-selling medicine, which treats the same condition and is due to lose patent protection in 2031. The company has billed amlitelimab as a potential successor to Dupixent, and Barclays analyst Emily Field told Reuters investors had viewed amlitelimab as Sanofi’s lead pipeline asset to follow on from that drug ahead of the data release. “That’s why we’re seeing a big reaction in the stock, because of the concern that Sanofi is not going to have enough in its pipeline to replace Dupixent after patent expiry,” Field said. “This is increasingly looked at as a cliff stock.” Shares were down 10.3% at 0950 GMT, making Sanofi the biggest faller on Europe’s blue-chip STOXX 600 index. Dupixent, which Sanofi jointly developed and co-owns with drugmaker Regeneron, is approved not only for eczema but also for other immune-related conditions, including severe asthma. With the patent expiry looming, Sanofi has doubled down on immunology, making amlitelimab a pillar of that effort. JPMorgan said the data confirmed the drug is less effective than Dupixent, which brought in about 13 billion euros ($15.22 billion) in sales for Sanofi in 2024. Analysts at Jefferies said the Phase III results fell short of its earlier trial and of rival biologic drugs, though the drug’s safety profile and convenient 12-week dosing could still support its use. UBS called the drug’s efficacy solid despite it being weaker than Dupixent, adding that this could be countered by the advantage of amlitelimab’s less frequent dosing, which some injection-averse patients may prefer. ($1 = 0.8542 euros) Maggie Fick, Reuters
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On Wednesday, September 3, Figma released its first earnings report since going public in July, bringing with it a significant change in tide. The collaborative design software platform had an incredible initial public offering (IPO), which saw its stock price rise 250%. In contrast, Figmas shares (NYSE: FIG) have now plunged about 15% in after-hours and premarket trading on Thursday. So, what brought Figmas stock down? Revenue-wise, the company grew 41% year-over-year (YOY), reaching $249.6 million. The figure beat Wall Streets predicted $248.8 million, according to consensus estimates cited by CNBC. Figma further said it expects 2025 revenue between $1.02 billion and $1.03 billion, beating an estimate of $1.01 billion cited by Reuters. Finally, the company also announced a series of new products, including Figma Make, an AI-powered design tool, and Figma Sites, which lets users publish websites from the platform. While its earnings numbers are positive, the company’s explosive IPO stock growth may have meant that some investors had unrealistically high expectations, Reuters notes. ‘Significant investments in our AI efforts’ In an earnings call, Figma cofounder and CEO Dylan Field noted how AI growth might negatively impact profits. You should expect to see significant investments in our AI efforts because we believe AI will be critical to how software development workflows evolve moving forward,” Field said. “This means that we expect margins to come down in the near term as we invest in the long term. Another consideration for the drop in share price might stem from their availability. When the stock market closes on Thursday, September 4, the lockup period will end for 25% of shares owned by employees. This change means that a significant number of shares will enter the public market, potentially diluting the existing shares’ worth. This story is developing…
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