Elon Musk’s Twitter Buyout Was A Billion Dollar Windfall For These 13 Hedge Funds

Illustration by Gracelynn Wan for Forbes; Photos by Rodolfo Glcksberg/EyeEmby/Getty Images; Imran Kadir/Getty Images

For many hedge funds, Elon Musk’s $44 billion “forced” purchase of Twitter represented an easy money trade.“You didn’t have to be a genius to realize that he was going to finish that deal,” said Carl Icahn at the Forbes Iconoclast Summit on November 3, adding that he would have considered waging a proxy fight if the deal fell through.

Icahn told the audience at New York’s Historical Society that he made a profit of around $250 million by investing in Twitter this summer. But he was far from the only one to benefit. Regulatory filings show that billionaire-led hedge funds including Citadel Advisors, Millennium Management, D.E. Shaw and Third Point built large positions in Twitter in the second and third quarters, as well as other firms like Pentwater Capital and Farallon Capital.

Musk signed a merger agreement to buy Twitter for $54.20 per share in April, but the stock was trading as low as $32.65 by July when he tried to terminate the deal. That created an arbitrage opportunity for as much as a 66% return for investors who doubted Musk had much of a chance in the Delaware Court of Chancery to back out.

Icahn’s third-quarter 13-F filing with the SEC shows that he owned 12.5 million Twitter shares as of September 30. He said at the Forbes summit he bought in the mid-$30s–if he bought at an average price of $35 per share and made a $19.20 profit on each one when the deal closed at the original price of $54.20 per share on October 28, he would have netted a $240 million profit.

The only fund that made a bigger bet than Icahn was Naples, Florida-based Pentwater Capital Management, founded by Matthew Halbower in 2007. It bought 18.1 million shares during the second quarter and added another 5.3 million shares as of the end of the third quarter.

If it bought those 24 million shares at Twitter stock’s median closing price of $40.16 in the first quarter and $41.05 in the second quarter and held them through the completion of the acquisition in October, it would have made $324 million in profit, though its 13-F filing shows it hedged some of those gains by buying put options as well. Pentwater didn’t respond to a request for comment.

In all, Forbes found 13 hedge funds that spent upwards of $100 million adding to their Twitter stakes between the end of the first quarter and the end of the third quarter this year. We reached out to each fund to ask for average purchase prices, and estimated that they bought at Twitter’s median closing price in each quarter if more precise information wasn’t available. These funds cumulatively purchased more than 10% of the company in the six months leading up to September 30 and likely made well over $1 billion in profits on the deal.

These numbers don’t include any additional shares the firms may have purchased in October, when the margins were slimmer while Musk finalized the acquisition, and don’t include possible trading that took place within each quarter. 13-F filings show a simple snapshot of each firm’s long stock holdings on the last day of each quarter and don’t provide enough information to pin down exact gains and losses, but often represent the most thorough picture of what funds are buying and selling.

The biggest winners included Hong Kong-based Segantii Capital Management, founded by British investor Simon Sadler, and Farallon Capital, the San Francisco-based firm founded by Thomas Steyer in 1986 and now run by Andrew Spokes.

David Einhorn’s Greenlight Capital initiated a position of 4.3 million shares in the third quarter, his 13-F filing shows, and he wrote in a letter to investors viewed by Forbes that the average purchase price was $37.24 per share. He expected that the Delaware Court of Chancery would be wary of inviting future buyer’s remorse suits if it let Musk walk away.

“The case law on this is quite clear. If it were anyone other than Musk, we would handicap the odds of the buyer wiggling out of the deal to be much less than 5%,” Einhorn wrote in the letter prior to the completion of the deal. “At this price there is $17 per share of upside if TWTR prevails in court and we believe about $17 per share of downside, if the deal breaks. So, we are getting 50-50 odds on something that should happen 95%+ of the time.”

Musk saw the writing on the wall and reversed course in October, agreeing to pay the full price as these investors expected. His first weeks as Twitter’s owner have been marked by confusion and complaints after he opened verification to anyone willing to pay $8 per month, causing a wave of “verified” parody accounts, and laid off 3,700 employees, almost half of its staff. He has warned Twitter’s staff that “bankruptcy is not out of the question,” but if his $44 billion equity investment goes up in smoke, the hedge funds he paid that cash to will be laughing all the way to the bank.

I’m a reporter on Forbes’ money team covering investing trends and Wall Street’s difference-makers. I’ve reported on the world’s billionaires for Forbes’ wealth team

Source: Elon Musk’s Twitter Buyout Was A Billion Dollar Windfall For These 13 Hedge Funds

.

Related contents:

Jimmy Fallon Has Not Passed Away, Breaks Silence on #RIPJimmyFallon Trend on Twitter Just Jared (Weblog)

18:10
18:08
17:56
17:56
17:55
17:55
17:54
17:53
17:48
17:47
17:43
17:39
17:36
17:31
17:28
17:22
17:19
17:16
17:15
17:12
17:11
17:10
17:08
17:07
17:06
17:02
17:01
.
Marketing Programs To Buy:
10 Bold Actions In Positive Life     https://jvz3.com/c/202927/383942/
3D Pal Toons     https://jvz6.com/c/202927/381689/
4brandcommercial        https://jvz1.com/c/202927/375487
7 Minutes Kit      https://jvz8.com/c/202927/374505/
9 figure Success        https://jvz8.com/c/202927/384653/
Ad Raven      https://jvz4.com/c/202927/382796/
Ada leadz     https://jvz8.com/c/202927/376381
ADA Web      https://jvz3.com/c/202927/383751/
AdRaven       https://jvz3.com/c/202927/382851/
Adsense Machine      https://jvz2.com/c/202927/290487
Adtivate Agency      https://jvz3.com/c/202927/383706/
AdvertSuite     https://jvz1.com/c/202927/335011/
AdzHero     https://jvz2.com/c/202927/366972/
AffiliateMatic     https://jvz3.com/c/202927/381148/
Agency Client Finder    https://jvz3.com/c/202927/384619/
AgencyScale      https://jvz4.com/c/202927/383111/
AIWA Commercial     https://jvz2.com/c/202927/365061
ALL-in-One HD Stock    https://jvz4.com/c/202927/381560
Animaxime    https://jvz2.com/c/202927/383307/
Appimize      https://jvz8.com/c/202927/370227
Appoint B Agency     https://jvz1.com/c/202927/384630/
Appointomatic      https://jvz6.com/c/202927/374258
Appowls    https://jvz4.com/c/202927/381231/
Art Of Living    https://jvz4.com/c/202927/382425/
Audiencetoolkit     https://jvz6.com/c/202927/302715
Audika  https://jvz8.com/c/202927/383635/
Aweber Crash Course     https://jvz6.com/c/202927/383057/
Backlinkindexer    https://jvz6.com/c/202927/88118
BettingMaster      https://jvz2.com/c/202927/387079/
BevTraders    http://www.bevtraders.com/?ref=arminham
Big Audio Club     https://jvz6.com/c/202927/380087/
BigAudio Club    https://jvz2.com/c/202927/380877/
Boost Optimism   https://jvz2.com/c/202927/380692/
BrandElevate   https://jvz4.com/c/202927/381807/
BrandElevate   https://jvzoo.com/c/202927/381812
Bybit     https://www.bybit.com/en-US/invite?ref=ALEXP
CanvaKitz    https://jvz4.com/c/202927/379051/
ChatterPal    https://jvz8.com/c/202927/324615
Clientfinda   https://jvz8.com/c/202927/370806
Clipsreel   https://jvz3.com/c/202927/372682
Commission smasher   https://jvz3.com/c/202927/376879
Content Genie   https://jvz8.com/c/202927/387717/
Content Gorilla   https://jvz2.com/c/202927/330783
Content Tool Kit   https://jvz3.com/c/202927/329145/
CourseAlly eLearning   https://jvz4.com/c/202927/384759/
CourseReel   https://jvz2.com/c/202927/355249
Courserious   https://jvz8.com/c/202927/360397/
Coursova   https://jvz1.com/c/202927/376527
Creaitecontent  https://jvz1.com/c/202927/376986
Credit Repair   https://jvz8.com/c/202927/377815/
Cryptokit    https://jvz8.com/c/202927/383809/
CryptoRocket    https://jvz6.com/c/202927/378113/
CryptoUnderworld     https://jvz8.com/c/202927/374345/
Dealcheck     https://dealcheck.io?fp_ref=armin16
DesignaSuite      https://jvz2.com/c/202927/297271
DesignBeast    https://jvz6.com/c/202927/371547
DevelopSelfEmpowerment     https://jvz6.com/c/202927/383094/
DFYappBiz   https://jvz1.com/c/202927/388099/
DFYContentClub     https://jvz6.com/c/202927/381337/
DFYSuite   https://jvz3.com/c/202927/381194/
Diabetes Guide    https://jvz2.com/c/202927/358870/
Diddly Pay’s    https://jvz2.com/c/202927/315596
Diet fitness diabetes   https://jvz1.com/c/202927/286851
Domainname    https://jvz6.com/c/202927/377005
Dominate Email   https://jvz4.com/c/202927/386980/
Dropshiply   https://jvz3.com/c/202927/383483/
DUX Forex Signals   https://jvz3.com/c/202927/128215/
EasyRankr  https://jvz2.com/c/202927/377194
EBook Agency    https://jvz2.com/c/202927/384573/
Ejaculation Total   https://jvz2.com/c/202927/75989/
Email Monetizer    https://jvz2.com/c/202927/386337/
EngagerMate  https://jvz8.com/c/202927/328172
EngageYard   https://jvz2.com/c/202927/383051/
Explaindio    https://jvz1.com/c/202927/123757/
Extreme Adz   https://jvz8.com/c/202927/379244/
Extreme Coupon  https://jvz1.com/c/202927/216101/
EZ Local Appointment  https://jvz2.com/c/202927/385180/
EZDeals    https://jvz3.com/c/202927/377689/
Ezy  https://jvz1.com/c/202927/381935/
Ezy MultiStores  https://jvzoo.com/c/202927/381935
Facebook Cash Machine   https://jvz4.com/c/202927/382333/
Facedrip  https://jvz1.com/c/202927/376325/
FaceSwap   https://jvz4.com/c/202927/381768/
Fade To Black   https://jvz2.com/c/202927/344541
Fanpage  https://jvz4.com/c/202927/144349
Fitness Nutrition   https://jvz4.com/c/202927/353334/
Followup Builder   https://jvz3.com/c/202927/386313/
Forex Atlatian   https://jvz8.com/c/202927/25069/
Forex Blizz   https://jvz8.com/c/202927/144577/
Forex Blue Stark  https://jvz3.com/c/202927/47481/
Forex expert   https://jvz1.com/c/202927/376877
Forex Hybrid Scalper    https://jvz6.com/c/202927/95037/
Forex Joustar   https://jvz6.com/c/202927/381617/
Forex Mastery   https://jvz2.com/c/202927/144621/
Forex Scouts   https://jvz6.com/c/202927/132677/
forrk  https://jvz1.com/c/202927/373449
FusionMT4    https://jvz2.com/c/202927/372523/
FX Goldminer  https://jvz1.com/c/202927/381439/
Galactic  https://jvz1.com/c/202927/188236/
Gaming job   https://jvz2.com/c/202927/184902  s
Genesis Mining   https://www.genesis-mining.com/a/2535466
Gluten free   https://jvz4.com/c/202927/296191
GMB Snap  https://jvz4.com/c/202927/376661
Grafikky  https://jvz4.com/c/202927/383879/
Graphic Alta  https://jvz2.com/c/202927/324492/
Heal Your Emptiness   https://jvz6.com/c/202927/384848/
High Converting Emails  https://jvz3.com/c/202927/386305/
HostLegends    https://jvz4.com/c/202927/384755/
Hostley Domain Creator   https://jvz1.com/c/202927/379223/
Human Synthesys Studio  https://jvz8.com/c/202927/367353/
ImageX   https://jvz6.com/c/202927/363237/
IMSyndicator  https://jvz1.com/c/202927/370769
Inboxr   https://jvz2.com/c/202927/312692
Insta Keyword    https://jvz6.com/c/202927/351606/
Instant Website   https://jvz2.com/c/202927/377557
InstantWebsiteBundle          https://jvz6.com/c/202927/377557
iTraffic X  https://jvz2.com/c/202927/320466
keysearch  https://jvz3.com/c/202927/194909
KlickCourse   https://jvz3.com/c/202927/385006/
Klippyo Kreators  https://jvz8.com/c/202927/327447
KoinCart   https://jvz2.com/c/202927/383555/
Leadvalet   https://jvz3.com/c/202927/385580/
Levidio Royal Podcasting   https://jvz6.com/c/202927/384025/
Linkable DFY   https://jvz6.com/c/202927/385873/
Linkomatic  https://jvz2.com/c/202927/380937/
LiteTrading   https://www.litefinance.com/?uid=929237543
Live Your Truth  https://jvz6.com/c/202927/379020
Living An Intentional Life    https://jvzoo.com/c/202927/382455
Living an International Life    https://jvz8.com/c/202927/382455/
Local Leader   https://jvz8.com/c/202927/383715/
Local Sites   https://jvz4.com/c/202927/380543/
LocalAgencyBox  https://jvz2.com/c/202927/359468
LocalCentric   https://jvz2.com/c/202927/379339/
LocalioAI    https://jvz6.com/c/202927/378310/
MarketAll      https://jvz2.com/c/202927/386971/
Marketingblocks     https://jvz6.com/c/202927/374934
MarketPresso   https://jvz2.com/c/202927/369837
Massfluence  https://jvz4.com/c/202927/386885/
Mat1 Simple Funnel   https://jvz2.com/c/202927/380197/
Maxslides  https://jvz8.com/c/202927/376842
Mech Forex Robot   https://jvz6.com/c/202927/383447/
MediaCloudPro   https://jvz2.com/c/202927/343635
Megasuite   https://jvz3.com/c/202927/383953/
Mobi First   https://jvz2.com/c/202927/353694/
Motion Kingdom Studio  https://jvz4.com/c/202927/383177/
Movid Animation  https://jvz6.com/c/202927/380385/
MT4Code System   https://jvz2.com/c/202927/376925
My Passive Income   https://jvz1.com/c/202927/384099/
MyMailIt   https://jvz3.com/c/202927/292919
MyTrafficJacker   https://jvz2.com/c/202927/353558
Next Drive  https://jvz4.com/c/202927/371095/
NichBox  https://jvz2.com/c/202927/370705/
Organic Life Guide  https://jvz8.com/c/202927/366872/
Pcommerce   https://jvz6.com/c/202927/372265/
Phemex  https://phemex.com/register-vt1?referralCode=D8HUS2
Photokit  https://jvz4.com/c/202927/373207/
PicsAds   https://jvz2.com/c/202927/385468/
PigMoneyMethod   https://jvz2.com/c/202927/377665/
Pipstock    http://pipstockexchange.com/register?ref=204
Pitchdeck   https://jvz3.com/c/202927/347847/
Pixal  https://jvz2.com/c/202927/378775/
PixaStudio    https://jvz1.com/c/202927/373089/
Pixivid   https://jvz6.com/c/202927/385213/
PlanB Muscle Growth   https://jvz1.com/c/202927/36517/
PlayerNeos   https://jvz2.com/c/202927/376962
Podcast Advantage   https://jvz8.com/c/202927/379995/
Podcast Masterclass  https://jvz3.com/c/202927/379998/
PodKastr    https://jvz1.com/c/202927/369500/
PopLinks    https://jvz2.com/c/202927/368095/
Postradamus     https://jvz6.com/c/202927/108695
Power Reviews    https://jvz8.com/c/202927/384625/
Powrsuite   https://jvz1.com/c/202927/376361
PR Rage  https://jvz4.com/c/202927/343405
prime stocks   https://jvz8.com/c/202927/369164
Profile mate    https://jvz4.com/c/202927/358049
Promovidz   https://jvz8.com/c/202927/375692/
Push Button Traffic   https://jvz2.com/c/202927/301402
QR Verse   https://jvz3.com/c/202927/383865/
Quintex Capital     https://quintexcapital.com/?ref=arminham
Quit Smoking    https://jvz3.com/c/202927/359081/
QuizMatic   https://jvz6.com/c/202927/387116/
Reputor   https://jvz8.com/c/202927/380159/
ReVideo  https://jvzoo.com/c/202927/381761
ReviewReel   https://jvz6.com/c/202927/382663/
Rewriter   https://jvz4.com/c/202927/353373/
RSI SEO   https://jvz6.com/c/202927/384381/
Scriptdio   https://jvz4.com/c/202927/385387/
Seniors Income    https://jvz2.com/c/202927/383888/
Senuke  https://jvz6.com/c/202927/279944
ShopABot   https://jvz2.com/c/202927/291955
ShopFunnels   https://jvz3.com/c/202927/384069/
SocialAgency360   https://jvz1.com/c/202927/385357/
SociCake  https://jvz2.com/c/202927/321987
Socifeed   https://jvz6.com/c/202927/375706
SociJam  https://jvz2.com/c/202927/309649
Soronity  https://jvz6.com/c/202927/368736
SqribbleEbook   https://jvz6.com/c/202927/283867
Stackable Picture   https://jvz1.com/c/202927/385046/
Steven Alvey’s   https://jvz2.com/c/202927/351754
Stoodaio   https://jvz1.com/c/202927/372094
Storymate    https://jvz3.com/c/202927/320972
StoryReel   https://jvz3.com/c/202927/387813/
StreamPilot   https://jvz2.com/c/202927/385431/
Studioninja   https://jvz1.com/c/202927/374965
Sunday Freebie  https://jvz1.com/c/202927/267113/
Super backdrop   https://jvz8.com/c/202927/376524
Survai    https://jvz8.com/c/202927/380933/
Syndranker    https://jvz3.com/c/202927/378143/
Talkingfaces   https://jvz3.com/c/202927/375550
The Internet Marketing   https://jvz2.com/c/202927/289944
Tonai Voice Content   https://jvz8.com/c/202927/383117/
Toon Video Maker    https://jvz2.com/c/202927/357201
TrafficForU   https://jvz3.com/c/202927/381950/
Trendio  https://jvz3.com/c/202927/381003/
TubePal   https://jvz6.com/c/202927/379863/
Tubeserp   https://jvz3.com/c/202927/370472
TubeTargeter  https://jvz6.com/c/202927/377211
TuneMingo    https://jvz3.com/c/202927/386556/
TV Boss Fire  https://jvz6.com/c/202927/379480/
Ultrafunnels A.I   https://jvz2.com/c/202927/381129/
VIADZ Ad Template  https://jvz4.com/c/202927/379307/
Vidcentric   https://jvz4.com/c/202927/376095
Viddeyo    https://jvz6.com/c/202927/382326/
Videevolve   https://jvz4.com/c/202927/381011/
Vidently   https://jvz2.com/c/202927/387798/
Video Campaignor      https://jvz4.com/c/202927/387058/
Video Games   https://jvz3.com/c/202927/184902/
VideoEnginePro     https://jvz2.com/c/202927/372916
VideoGameSuite    https://jvz3.com/c/202927/366537/
VideoRobot Enterprise   https://jvz8.com/c/202927/291061
VidKreate   https://jvz6.com/c/202927/386029/
VidMingo   https://jvz6.com/c/202927/378359/
VidRaffle   https://jvz2.com/c/202927/386840/
VidSnatcher    https://jvz3.com/c/202927/342585
VidVoicer   https://jvz1.com/c/202927/379983/
Vidzura   https://jvz4.com/c/202927/385754/
Viral dash   https://jvz6.com/c/202927/375959
Viral Quotes      https://jvz2.com/c/202927/386984/
VirtualReel   https://jvz8.com/c/202927/376849
Vocalic  https://jvz2.com/c/202927/383848/
VoiceBuddy    https://jvz1.com/c/202927/342854
WebCop  https://jvz4.com/c/202927/378683/
Webinarkit   https://jvz3.com/c/202927/383937/
Webprimo   https://jvz1.com/c/202927/379455/
WordPress Mastery   https://jvz1.com/c/202927/386249/
WowBackgraounds   https://jvz2.com/c/202927/381556/
WP GDPR    https://jvz8.com/c/202927/299907
WP Simulator    https://jvz3.com/c/202927/46987/
Writer Arc   https://jvz1.com/c/202927/386602/
writing job   https://jvz8.com/c/202927/213027
XBrain Forex   https://jvz3.com/c/202927/372305/
XFUNNELS   https://jvz2.com/c/202927/310335
Xinemax  https://jvz1.com/c/202927/381749/
YoDrive   https://jvz2.com/c/202927/384700/
YoSeller   https://jvz4.com/c/202927/387544/
Your 3DPal   https://jvz2.com/c/202927/381685/
YTSuite   https://jvzoo.com/c/202927/381179
Zappable   https://jvz3.com/c/202927/367328/

 

The Complicated Reality of Doing What You Love

I didn’t love my old therapist, but she did give me one crucial piece of advice: Get a hobby. I was writing about food for work, so cooking didn’t really count as a hobby anymore — I’d already monetized that one — nor did reading, nor socializing, especially since all of my friends worked in my industry. I needed something in my life that existed apart from all that. I was stressed and, of course, also on my phone too much (and still am).

Maybe something you can do with your hands. The suggestion felt like an escape hatch: Maybe a hobby could free me from toil. Cooking had once been the thing I did to relax when I got home from work, the thing I was curious about, the thing that distracted my brain from its standard litany of complaints. Puttering in the kitchen had once been a release, but now it was part of my professional life. It needed a replacement. A few months later, I dutifully signed up for a ceramics class at a studio nearish my Brooklyn apartment.

This was March 2016. One of my roommates was an artist who had taken a class at that same studio, and I always envied the little pots she made. One of them was shaped like the face of a woman, with a ponytail for a handle. She gave it to me, and I put a small succulent in it that would soon die. I hoped that taking a class could make me more like her, or at the very least, happier — and if not that, well, maybe I’d make myself a bowl to put pasta in.

Learning to make ceramics on the wheel — this is what you picture when you think of that scene from Ghost — feels initially impossible, pointless, tantrum-inducing. In class, our teacher showed us how to take a blob of clay and slam it onto the machine’s surface, strong-arm it into symmetry as the wheel whirred around, dig a hole in its center with our fingers, make the hole wider, and then raise up the walls that would make it a vessel.

Doing it on my own was another thing entirely: a reminder of the unkind presence of physics, an asymmetrical lump thwapping around like an off-balance tornado, just some really ugly shit that would occasionally collapse in on itself.

This is par for the course. Most of us suck at first. The stuff you made in second-grade art class was objectively better. Clay shrinks when fired in a kiln, so the first mugs I made that weren’t ugly came out more like handled thimbles. Glazing each piece — decorating it with the often-colorful vitrified coating that makes it water-tight and food-safe, and glossy or matte — was its own messy challenge. My goal became not to make art or even craft, so much as to make things I didn’t hate.

Of course, failing at something new doesn’t feel good; it feels like banging your head against a wall in front of an invisible audience of your own making. Turning off the desire to excel once you leave work is often impossible, if not difficult.

That said, the pace of my failure was different at the studio. Making ceramics requires patience and is an exercise in delayed gratification (or dissatisfaction). There are so many ways to fuck something up, so many stages to the process, and entering that cycle of hope, expectation, and either failure and trying again or ecstatic satisfaction added a new dimension to the rhythms of my life. Entering that cycle of hope, expectation, and failure and trying again added a new dimension to the rhythms of my life

Through this mild and harmless struggle, I acquired a hobby. “How agitated I am when I am in the garden, and how happy I am to be so agitated,” Jamaica Kincaid writes in My Garden (Book). “Nothing works just the way I thought it would, nothing looks just the way I had imagined it, and when sometimes it does look like what I had imagined (and this, thank God, is rare) I am startled that my imagination is so ordinary.”

Powerlessness, for an amateur, can be its own draw. At the studio, I started as a lazy learner, but in a few months became obsessed, signing up for more classes when my session ended. My classes netted out to about $40 a week, plus materials and the cost of firing. I was spending maybe $200 a month, which required an increased vigilance in my other spending but also meant I had something to care about.

I had a place to go in my free time that was not my office, or my apartment, or a friend’s apartment, or a restaurant, or a bar. I had something to be curious about, and my goals were unrelated to exterior forces: a boss, a job, a market, a reader. Unlike with writing, my progress was quantifiable: Now I can make a vase this tall. Now I have made a planter. Now my handles are beautiful. Now I have made two things that more or less look like a pair.

I also relished having something to do that didn’t involve a screen and therefore felt far from the style of work to which I was most accustomed. Hands covered in clay cannot swipe very well. Hobbies have always been defined by their tenuous relationship to work: After industrialization bifurcated life into the realms of work and leisure, hobbies appeared as something “productive” for workers to do with their newly minted chunks of free time.

“Leisure came to represent freedom because it took place in time separate from work, and time in an industrial world could be used for either work or leisure,” writes Steven Gelber in his book Hobbies: Leisure and the Culture of Work in America. “For this reason, industrial capitalism sharpened the West’s ambivalent feelings about leisure.” Leisure does not exist without work and is therefore defined by it.

Even as hobbies gained popularity among the 19th-century middle class, they mimicked the capitalist attitudes of the workplaces from which they were meant to provide relief. “Since the hobby was done at home in free time, it was under the complete control of the hobbyist. It was, in other words, a re-embracing of preindustrial labor, a recreation of the world of the yeoman, artisan, and independent merchant,” Gelber writes. “Hobbies were a Trojan horse that brought the ideology of the factory and office into the parlor.”

The capitalist value of a “work ethic” has always been present in the world of the hobbyist. We love hobbies because they are something to do that isn’t work, something that we choose to do. But they still so often require toil; we are still proud of ourselves when we perform our hobbies efficiently, competently. Pursuit of mastery is implied, if not always present. For me, few things match the thrill of pulling something beautiful out of the kiln. It always feels like a surprise I have magically given myself.

Once I had made a few things that I didn’t hate — and because I have a smartphone and a need for validation — I began posting photos of my work on Instagram. I loved making mugs, loved their practicality and the way they fit into a home. A mug can look like anything. I had newfound opinions on what mine should look like, and that felt good.

By the winter, people were asking to buy them. I was freelancing at the time, and my studio cost about $200 a month, plus more for materials. If I could regularly sell a few mugs, I’d break even. The baseline price for these things, according to a brief survey of other potters, was around $40 — I started selling mine for $35 or $40, depending on size.

From the beginning I felt like I was doing everything wrong. Like maybe I should wait until I got a little better, or until I could make a nice shiny website, or until I had, I don’t know, SKUs. But it felt irresponsible to turn down a few people who would help cover my expenses and who wanted my work in their hands. Once you start making things, you have to put them somewhere. You begin to understand why people collect stamps.

Certain hobbies are difficult to monetize — say, bird-watching. Coin collecting, unless you sell it all. Gardening. Many things can only be monetized by becoming a teacher, or maybe now an influencer. Once demand appeared, selling felt like an inevitability. I wanted to keep making things but didn’t have space to keep it all; people love mugs; selling something feels like a pat on the head followed by a treat. (To be clear, the treat is money.)

People began commissioning mugs, and they’d tell me what color they wanted, send me a photo of something I’d made and ask for something similar. It was slapdash but it worked, and it covered my expenses. I was having fun and only mildly stressed by the process, always behind schedule. I look back now at some of the things that people paid for and feel a bit embarrassed, but I’m always wishing my work were a little uglier, so maybe I should be proud.

Once demand appeared, selling felt like an inevitability Somewhere along the line I made a website and started selling things more formally, claiming the revenue on my taxes, finding a person with a real camera to take photos of my work. I’d leave my day job at a magazine and go to the studio, often until 1 or 2 in the morning. It made me late for work, but I didn’t care; I ended up getting laid off with one foot out the door, and was given the gift of time — more daytime hours, at least — to spend at the studio. I had lost my hobby and gained a revenue stream.

My ceramic work, now, is caught up in the question of selling. Mugs sell, so I make more of them. I take a sick pleasure in the exhausting production line of throwing, trimming, attaching handles, smoothing everything down, painting, glazing, firing, staring at rows of cups lined up like synchronized swimmers, ready to jump. It’s the same sick pleasure I get in staying up until 2 am working on a jigsaw puzzle: maniacally focused on my goal at the expense of my posture. Untangling the question of what I want to make from what will sell feels like crawling out of a very deep well.

The swiftness with which modern craftspeople can and do monetize their hobbies is, of course, not a surprise. Traditional careers are crumbling, and side hustles are fetishized; Instagram has turned marketing into a basic skill we’re all expected to have. It’s easier to sell the crap you make in your spare time, and you’re more likely to need the money than you might have been a few decades ago, when you could have just foisted it all on your friends. This all risks turning hobbies into even more of an illusion, a mirage of leisure that quickly turns to obligation.

Some people, though, have fought the seduction of commerce and won. RC, an artist who makes work under the name marinatedclouds, began her first sculptural project with the express intention not to sell it. She was burned out from working a full-time job in graphic design, where in order for an idea to succeed, it needed to be marketable. “So many interesting concepts got dismissed because they couldn’t fit into a business context,” she remembers. “It became a situation where I started feeling really empty — I didn’t know how to have fun anymore.”

She had long toyed with the idea of creating a book about chicken and rice, with 35 different dishes from around the world. But she’d never gotten around to it; the work was too similar to her job as a graphic designer. So she decided to turn it into a sculptural project, quitting her job in April 2018 and giving herself the summer to focus on ceramic chicken and rice. Once she was done, she just kept making things.

Her work is influenced by early 2000s nostalgia and her Taiwanese American upbringing; her pieces look like something made by a child from a different dimension, playful and mind-blowing in one. Pencils are sliced like bananas; crayons threaten to crawl out of their box. She once made an entire aughts-era desktop computer.

Nurturing ideas was and is something I’m still extremely steadfast about,” RC says. “I want to pursue every idea, whether it lacks concept or not. Sometimes just making crayons is literally what I want. There’s no additional background to it, I just like the rainbow.” Refusing to sell her work — something she did for two years, despite enthusiastic interest from people on Instagram — allowed her to create the world of marinatedclouds without tainting it with outside influence. “For me, it’s just pursuing any and every idea that I have. That’s my form of self-expression.”

Quickly, her pieces began to pile up in her one-bedroom apartment. She was tripping over things. She got rid of her living room and turned it into a studio; she has no couch. But last winter, after a financially challenging 2020, she decided to sell some of her older pieces, both to make money and to clear space for new work. She learned that donuts sell really well. “That’s feedback that I didn’t actually need, but it does stay in the back of my head, and that’s something I do really want to avoid,” she says. She doesn’t want to cater to demand — only her own whims.Advertisement

This is, for many of us, the dream: unfettered commitment to externalizing our innards without concern for any gaze but our own. Reclaiming one’s time, you could say. But it requires nothing short of a battle. “Society puts so much pressure on success as in status or monetization,” RC says, “but success to me now is being true to myself.”

I can no longer call ceramics my hobby, and I doubt I ever will. I assume I will sell my work until people stop buying it, both out of necessity and because it does bring me joy to make a silly little thing that someone will incorporate into the tableau of their home. The struggle, for me, is between what I want to make and what I assume people will buy; the struggle of wishing I could log off forever but knowing that Instagram is the most direct marketing tool I have. The only solution I have come up with is to have a segment of my work I make just for myself, without concern for the market — or at least with an attempted lack of concern.

But making time for that also means carving out time, both for creation and inspiration, for the rest that is required for my brain to think thoughts. This is something I crave more than a new hobby; this is peace.

Marian Bull is an editor, writer, and potter living in Brooklyn.

Source: When you monetize your hobby, it looks a lot like a job

.

More contents:

Pinterest Asks Court To Dismiss Influencer’s Claim That She’s An Uncredited Cofounder

Pinterest wants a lawsuit brought by a woman claiming to be an uncredited cofounder dismissed, saying she played no role in the company’s start.

Christine Martinez, who has long operated as a popular influencer on Pinterest, originally filed against Pinterest in September, alleging breach of implied contract, idea theft, unjust enrichment and unfair business practices. Martinez maintains she helped the company’s acknowledged founders Ben Silbermann and Paul Sciarra get Pinterest going in 2009 when the two were shifting focus from a shopping app to what became the social media company.

Pinterest went public in 2019, and its stock has proposed during the pandemic as more users browsed its app while at home. Silbermann remains the company’s CEO. Sciarra left soon after the company began. Both still hold lucrative stakes in the company worth more than $1 billion.

In a new legal filing in California Superior Court, Pinterest further presses for dismissal by arguing that Martinez waited too long to bring this up, her claims falling outside the statutes of limitation. Martinez hasn’t specified exactly how much she thinks she’s entitled to, though a stake in Pinterest similar to Silbermann’s and Sciarra’s would be worth over a billion dollars.

It’s unclear why Martinez waited more than a decade to press her claims, while former and current employees at Pinterest have said they have little to no recollection of her. She is not described in any previous news coverage of the company as a cofounder, and in her 2012 book how to succeed on Pinterest, The Complete Idiot’s Guide to Pinterest Marketing, she describes herself only as an “early adopter.”

The battle between Martinez and Pinterest is made complicated by several things. While she may or may not have been a cofounder, what’s clear is that she and Silbermann were once friends, reportedly close enough to appear in Silbermann’s wedding party. Further, Pinterest was hit last year by complaints from several employees that it mistreated female staff and people of color.

Last month, it pledged to spend $50 million on diversity initiatives within the company, ending litigation brought by Pinterest shareholders. In 2020, it agreed to pay $22.5 million to former Chief Operating Officer Françoise Brougher, who had brought a case alleging racial and gender discrimination.

Follow me on Twitter. Send me a secure tip.

I’m a senior editor at Forbes, where I cover social media, creators and internet culture. In the past, I’ve edited across Forbes magazine and Forbes.com.

Source: Pinterest Asks Court To Dismiss Influencer’s Claim That She’s An Uncredited Cofounder

.

Critics:

Pinterest has settled a lawsuit brought against it by shareholders who claimed that the company’s workplace discrimination against women and racial minorities hurt its reputation, according to NBC News. The company reportedly agreed to spend $50 million on improving its diversity and equity, and will let former employees talk about racial or gender discrimination they experienced, even if they were bound by a non-disclosure agreement. Other financial details of the settlement weren’t disclosed.

The lawsuit was filed against the company’s executives in November 2020, with shareholder claiming that the company was acting irresponsibly by doing nothing to address “widespread claims of race and gender discrimination.” The complaint also accused the company’s CEO of “surrounding himself with yes-men and marginalizing women who dared to challenge Pinterest’s White, male leadership clique.”

That year, multiple women reported that Pinterest paid them less than male employees, and some reported racial discrimination and retaliation for speaking out. The Verge also reported on discrimination within the company’s finance team. Separately, the company paid out $20 million to its former COO Françoise Brougher after she alleged that the company paid her less than male colleagues, didn’t invite her to important meetings, and fired her after she brought up the issues.

How To Protect Yourself From Overdraft Fees

Citing the impact of Covid-19 on many consumers’ finances, some banks, including Ally Bank and KeyBank, have stopped charging overdraft fees or have offered relief from them. Other banks, however, have gone in a different direction. Between March 13, 2020, and September 20, 2021, account holders filed over 1,600 complaints against various banks to the Consumer Financial Protection Bureau (CFPB) about overdraft fees, the agency’s records show.

“Wells Fargo picks and chooses when they are going to charge overdraft fees and when they are going to pay a bill or not,” one complaint filed against Wells Fargo on September 1, 2021, reads. “I will go to sleep and my account [is] positive and there is enough to cover pending charges. Then all of sudden days later the date of the [charge] is changed and I have been charged an overdraft fee. They have recently even had notices within the app that says your balance amount may not be accurate.”

These fees, which can be as high as $35 per overdraft transaction, are an incredible hardship for some consumers. As the complaint continues, “I have a second chance checking account and because of some hardships I am limited in who I can bank with. I feel like Wells Fargo takes advantage of the underprivileged.”

Overdraft fees composed $2.32 billion of those service charges in Q4, a 64 percent spike from Q2 2020

Though some US banks temporarily paused on charging overdraft and other service fees, an analysis of banks with more than $1 billion in assets and some smaller institutions that chose to disclose data suggests that banks are on their way to charging service fees at pre-pandemic levels even as the Covid-19 pandemic resurges.

A March 2021 report from S&P Global Market Intelligence indicated that banks collected $3.6 billion in service fees in the fourth financial quarter of 2020. Overdraft fees composed $2.32 billion of those service charges in the quarter, a 64 percent spike from just six months prior in the second quarter of 2020, the report noted.

Put simply, these fees amount to another tax on the poor, an extraction from the country’s poorest Americans to its wealthiest banks, experts say. Overdraft fees are meant to safeguard banks from risks associated with covering account holders’ overspending, but they can disproportionately hurt low-income consumers who need protection the most, experts told Vox.

Lawmakers and advocacy groups had called for the curtailing of these fees even before the Covid-19 pandemic disrupted the US economy. Now, the call to regulate bank fees has returned as the coronavirus crisis continues to upend consumers’ financial lives.

Why do banks charge account maintenance and overdraft fees?

The FDIC defines overdraft fees as a fee assessed whenever an account holder spends more than what’s in their account. Banks may also charge an account maintenance fee, also known as monthly service fees, just for having the account or for falling below a certain minimum balance, per the FDIC. Banks, of course, can charge a range of other fees, including ATM use fees, per-check fees, and stop-payment fees.

It’s hard to pinpoint when banks began charging overdraft fees in the US. Vox reached out to JPMorgan Chase, Wells Fargo, and Bank of America to ask when they started charging account maintenance and overdraft fees, but none of them shared when they implemented these charges.

According to a 2020 report from the Center for Responsible Lending, banks historically declined debit card charges when account holders lacked the funds to cover charges. But over time, banks — at the urging of software consultants who were promoting overdraft programs on a contingency fee basis — began allowing overdraft transactions to go through and charging customers fees.

“I think that at some point it was clear that it was a helpful situation, so that bills didn’t bounce, checks didn’t bounce, mortgage payments didn’t bounce,” said Peter Smith, senior researcher at the Center for Responsible Lending. “This was a fairly informal service, but when people started using debit cards more [and] people started using electronic payments more, I think banks began to see this as an opportunity for revenue and not just a convenience service they could offer their account holders.”

“I think banks began to see this as an opportunity for revenue and not just a convenience service they could offer their account holders”

Though overdraft fees can be costly for low-income households, they make up a small share of banks’ overall income. Per the Center for Responsible Lending’s analysis, bank overdraft fees average $35. That fee tends to be higher than the value of the transaction that triggers it, which is $20 on average. For banks with assets of $1 billion or more, overdraft or insufficient funds fees are about 5 percent of their non-interest income, the report noted.

Banks charge overdraft fees to account for the risks associated with covering charges on overdrawn accounts, said Deeksha Gupta, assistant professor of finance at the Tepper School of Business at Carnegie Mellon University. Though banks are profitable without charging these fees, they want to avoid risks for paying merchants’ charges and deter account holders from overspending, Gupta said.

Bank fees’ impact on vulnerable consumers

Banks don’t want to take on the risks of covering consumers’ overdrawn transactions, but it remains up for debate whether the fee is truly worth it given its impact on low-income consumers. Overdraft fees tend to prey upon low-income consumers, Rebecca Borné, senior policy counsel at the Center for Responsible Lending, said. The center’s 2020 report found that 9 percent of bank account holders pay 84 percent of the more than $11 billion overdraft fees banks collect every year.

Borné said while other fees serve a function — it does cost banks to administer checking accounts, rendering account maintenance fees somewhat necessary, for instance — with overdraft, the effect is different. Besides charging a high overdraft fee per transaction with insufficient funds, banks engage in a range of practices that can leave customers with compounding overdraft fees, including charging more than one fee per day, charging fees for debit card purchases and ATM withdrawals, and imposing another overdraft fee if previous fees aren’t paid within a set period of time, the Center for Responsible Lending’s report explained.

As some banks resume charging overdraft fees, pre-pandemic research suggests such fees play a role in excluding unbanked consumers from accessing traditional bank accounts. According to the FDIC’s 2019 How America Banks report, about 5.4 percent (7.1 million) of US households were unbanked, meaning nobody in the household had a checking or savings account at a bank or credit union.

Among the reasons why respondents said they don’t have a bank account: Almost half of respondents said they don’t have enough money to meet minimum balance requirements, and more than a third said bank account fees are too high.

Complaints filed to the CFPB offer a window into consumers’ struggles with overdraft charges. “In … 2021, US Bank had enrolled me into an overdraft protection program which I never authorized. One time I was out traveling and forgot to put money in my checking account, and my balance hit negative. I was unaware and kept using my debit card for small transactions like coffee,” reads one complaint filed August 27 against US Bancorp. “The majority of these transactions are below [$10].

Instead of declining these charges, US Bank charged me a series of overdraft fees, each of them [$36]. In the end, the total overdraft fees ended up being [$360] for over a couple of days. They waived three of them, bringing my loss down to [$250] … Talking to their customer service, they never offered an option to opt out of their overdraft ‘protection’ program. They offered some even more predatory protection options instead which I declined.”

With bank fees pushing consumers away from traditional bank accounts, vulnerable consumers may be driven to use even costlier alternative financial services. According to a May 2020 Federal Reserve report, 16 percent of US adults were underbanked in 2019, meaning they had a traditional bank account, but also used alternative financial services like check cashing services, money orders, and payday loans.

The report also noted that unbanked and underbanked Americans were more likely to have lower education levels, be people of color, or have lower incomes. For consumers who are worried about overdraft fees, they’d rather turn to riskier alternatives instead.

As for why consumers turn to alternative financial services, some consumers have no other option, and these alternatives are actively targeting them. The Federal Reserve report noted that 43 percent of credit applicants with incomes of less than $40,000 were denied credit, compared to 9 percent of applicants who earn more than $100,000.

Even for underbanked consumers who have traditional bank accounts, payday lenders and other high-cost installment lenders aggressively target customers in low-income neighborhoods, communities of color, and people who need extra cash, Borné wrote in a follow-up email. Meanwhile, banks don’t always offer affordable small loans for consumers, and they have little incentive to do so because regulators can allow them to charge high overdraft fees for each overdraft, she added.

“Those who go to payday lenders because they believe they will be in and out of the loan quickly are often stuck for the long term, incurring a lot of overdraft fees when the payments are extracted from their accounts,” Borné wrote. “Ultimately, they often lose their accounts. These wealth-draining products tend to feed each other, creating needs rather than filling them, and leaving customers with fewer credit options down the line.”

“These wealth-draining products tend to feed each other, creating needs rather than filling them”

Gupta agreed underbanked and unbanked consumers are often forced to turn to more expensive alternatives. As the coronavirus pandemic continues with no discernible end in sight and assistance programs come to an end, overdraft and account maintenance fees can compound for households that are struggling now, she added.

“Ideally, the banking system should be helping low-income consumers. We don’t want that type of money to be flowing from lower-income households to banks because they’re in overdraft,” Gupta said of the billions of dollars in overdraft charges.

Even though overdraft fees and other service charges make up a small share of major banks’ revenue, some experts questioned whether limiting these fees would disincentivize banks from offering affordable financial services that could attract low-income consumers. As Gupta explained, some banks could opt not to offer certain affordable bank accounts to avoid taking on additional risk. An April paper from the Consumer Financial Protection Bureau also suggested that capping overdraft fees could cause banks to offer fewer affordable account options for low-income people.

What to do if you’re being charged too much in overdraft fees

Banks could do a better job of disclosing bank fees to consumers, said Desmond Brown, assistant director of the CFPB’s office of consumer education. He said depending on the institution, overdraft fees can be structured in a complex way. Some bank accounts offer the option to opt in to overdraft fees, so consumers should see whether it’s an option to opt out when looking for a new account.

When signing up for a new account, Brown said, consumers concerned about fees should shop around and ask for bank accounts that are tailored to low-income consumers and learn about the bank’s cost structures. Consumers can also look for banks that provide alerts when their funds are low, he added.

Brown also encouraged consumers to file complaints with the agency if they’re experiencing fee problems with their bank. Doing so not only allows CFPB to assist consumers directly, but it also helps the agency assess issues happening in the marketplace, he said.

“If we have seen a spike in an area of complaints, then we can look to other tools at the bureau to help drill down and find out exactly what’s going on, and be more responsive to consumer needs,” Brown said.

For consumers looking for affordable bank accounts, Brown pointed to the FDIC’s Model Safe Accounts program, which works with banks to determine how they can offer affordable bank accounts. Some financial services firms offer accounts with no overdraft or account maintenance fees.

(In their respective statements, JPMorgan Chase said during the pandemic it has waived $650 million in fees, including overdraft fees, between January 2020 and March 2021; and Wells Fargo touted its low-cost, no-overdraft-fee bank account, its zero balance alerts, and its overdraft fee waivers.)

“We’re talking about billions of dollars every single year being drained, disproportionately from Black and brown communities”When asked what the agency is doing to assist consumers who’ve been charged excessive overdraft fees, a CFPB spokesperson said, “Overdrafts have the potential to be very costly for consumers, and we are continuing to closely monitor developments in this area.”

But as consumers file complaints or seek low-cost bank accounts on their own, advocacy groups and lawmakers have pushed for more restrictions on overdraft fees. On June 30, Rep. Carolyn Maloney (D-NY) introduced the Overdraft Protection Act of 2021, a bill that aims to regulate the marketing and charging of overdraft fees at financial firms. During a House Committee on Financial Services hearing on July 21, Borné provided a statement on behalf of the Center for Responsible Lending calling for Congress to hold regulatory agencies like the CFPB to protect consumers from harmful overdraft fee practices.

“What to me is especially frustrating is that financial inclusion is all the buzz in a lot of circles. I feel like in a lot of these conversations people just try to talk around the elephant in the room, which are bank overdraft practices,” said Borné. “We’re talking about billions of dollars every single year being drained, disproportionately from Black and brown communities, and kicking people out of the banking system, eroding trust in banks. It’s just a huge barrier to real financial inclusion.”

Source: How to protect yourself from overdraft fees

.

More contents:

Facebook Will Shut Down Facial Recognition System

Facebook Inc (FB.O) announced on Tuesday it is shutting down its facial recognition system, which automatically identifies users in photos and videos, citing growing societal concerns about the use of such technology.

“Regulators are still in the process of providing a clear set of rules governing its use,” Jerome Pesenti, vice president of artificial intelligence at Facebook, wrote in a blog post. “Amid this ongoing uncertainty, we believe that limiting the use of facial recognition to a narrow set of use cases is appropriate.”

The removal of face recognition by the world’s largest social media platform comes as the tech industry has faced a reckoning over the past few years over the ethics of using the technology.

Critics say facial recognition technology – which is popular among retailers, hospitals and other businesses for security purposes – could compromise privacy, target marginalized groups and normalize intrusive surveillance. IBM has permanently ended facial recognition product sales, and Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O) have suspended sales to police indefinitely.

The news also comes as Facebook has been under intense scrutiny from regulators and lawmakers over user safety and a wide range of abuses on its platforms.

The company, which last week renamed itself Meta Platforms Inc, said more than one-third of Facebook’s daily active users have opted into the face recognition setting on the social media site, and the change will now delete the “facial recognition templates” of more than 1 billion people.

The removal will roll out globally and is expected to be complete by December, a Facebook spokesperson said. Privacy advocacy and digital rights groups welcomed the move.

Alan Butler, executive director of the Electronic Privacy Information Center, said, “For far too long Internet users have suffered personal data abuses at the whims of Facebook and other platforms. EPIC first called for an end to this program in 2011,” though he said comprehensive data protection regulations were still needed in the United States.

Adam Schwartz, senior staff attorney at the Electronic Frontier Foundation, said that although Facebook’s action comes after moves from other tech companies, it could mark a “notable moment in the national turning-away from face recognition.”

Facebook added that its automatic alt text tool, which creates image descriptions for visually impaired people, will no longer include the names of people recognized in photos after the removal of face recognition, but will otherwise function normally.Facebook did not rule out using facial recognition technology in other products, saying it still sees it as a “powerful tool” for identity verification for example.

The company’s facial recognition software has long been the subject of scrutiny. The U.S. Federal Trade Commission included it among the concerns when it fined Facebook $5 billion to settle privacy complaints in 2019. A judge this year approved Facebook’s $650 million settlement of a class action in Illinois over allegations it collected and stored biometric data of users without proper consent.

By:  and

Source: Facebook will shut down facial recognition system | Reuters

.

Related Contents:

Staff, By GCN; Jun 10, 2020. “IBM bows out of facial recognition market -“. GCN. Retrieved October 7, 2021.“Mugspot Can Find A Face In The Crowd – Face-Recognition Software Prepares To Go To Work In The Streets

Bonsor, K. (September 4, 2001). “How Facial Recognition Systems Work”ford, Mark. “Facial recognition progress report

  • October 6, 2011.

Kimmel, Ron. “Three-dimensional face reco

Riggan, Benjamin; Short, Nathaniel; Hu, Shuowen (March 2018). “Thermal to Visible Synthesis of Face Images using Multiple Regions”

“Galaxy S8 face recognition already defeated with a simple picture”. Ars Technica. Retrieved November 2, 2017.

“Facial recognition technology is coming to Canadian airports this spring”. CBC News. Retrieved March 3, 2017.

“TSA had expressed its intention to adopt a similar program for domestic air travel”. USA Today. August 16, 2019.“Police use facial recognition technology to detect wanted criminals during beer festival in Chinese city of Qingdao”. opengovasia.com. OpenGovAsia. Archived from the original on N

Dai, Sarah (June 5, 2019). “AI unicorn Megvii not behind app used for surveillance in Xinjiang, says human rights group”. South China Morning Post.

%d bloggers like this: