“Ask app not to track”... Meta partly blamed Apple’s iOS update — which asks users if they want to opt out of ad-tracking on apps like Insta — for slowing its quarterly sales growth and shrinking profits. Investors weren’t impressed, wiping $230B off Meta’s market cap in one day. But Amazon and Google, which are less reliant on iPhone tracking and collect more data directly, just posted record quarterly sales (awk). Meanwhile, Snap and Pinterest shares rose after both said they’re successfully adapting to the recent iOS changes. Meta expects to lose $10B this year because of tracking opt-outs.
Bit regulated?… Biden reportedly plans to release an executive action demanding regulation for Bitcoin and other cryptocurrencies. Because cryptos are traded freely between countries, Biden says regulation is now a “matter of national security.” Some regulators are getting ahead: Last month, the SEC started a review process for a new bill that could define some crypto-related platforms as regulatable exchanges — but said don’t expect any real reform this year. Cryptocurrencies have plunged from their highs, yet crypto startups raised a record $33B in VC investments in 2021, and could see another record this year.