Responding to criticism, Adam Mosseri says Instagram's full-screen feed is “a test” that is “not yet good” and that the app has to lean into the shift to video  —  - Instagram head Adam Mosseri shared a video on Twitter Tuesday explaining recent changes to the social media platform.

Memo: Shopify plans to cut ~1,000 workers, or 10% of its global workforce, citing consumers pulling back on online shopping; SHOP drops 15%+  —  CEO Tobi Lütke says company made wrong bet on pandemic-fueled boom in e-commerce growth lasting  —  Shopify Inc. SHOP -16.29%▼ …

Meta plans to increase the prices of its Quest 2 headsets to $400 for 128GB and $500 for 256GB on August 1, and bundle Beat Saber for free through December 31  —  The price for a new Quest 2 is jumping to $399 as Meta says “the costs to make and ship our products have been on the rise.”

Sources: the US Treasury Department has been investigating US-based crypto exchange Kraken since 2019 for potentially violating US sanctions on Iran and more  —  The Treasury Department is investigating whether the crypto exchange allowed users in Iran to buy and sell digital tokens, said people with knowledge of the matter.

Sources: before its probe into alleged insider trading, the SEC started probing whether Coinbase improperly let Americans trade digital assets; stock drops 21%+  —  Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered …

As Mark Zuckerberg says “there are probably a bunch of people at the company who shouldn't be here” during a weekly Meta Q&A, a survey suggests staff anxiety  —  As Meta's growth slows, Mark Zuckerberg is pushing even harder.  Will his employees melt under the pressure?

[Thread] A look at Helium, a crypto network of 500K+ IoT hotspots, which raised $365M from a16z and others and generates an estimated $6.5K/month in revenue  —  .@Helium, often cited as one of the best examples of a Web3 use case, has received $365M of investment led by @a16z. Regular folks have also been convinced to spend $250M buying hotspot nodes, in hopes of earning passive income. The result? Helium's total revenue is $6.5k/month https://twitter.com/...

Amazon plans to raise its annual Prime subscription prices across Europe by up to 43% on September 15, citing “increased inflation and operating costs”  —  Amazon.com Inc (AMZN.O) will raise fees for its delivery and streaming service Prime in Europe by up to 43% a year …

Senators Toomey and Sinema introduce a bill to exempt crypto users from being taxed on transactions of under $50, similar to a bipartisan bill in the House  —  The top Republican on the Senate Banking Committee joined Democrat Kyrsten Sinema in legislation to exempt transactions of less than $50.

The UK's CMA publishes its music streaming report, saying the market being dominated by a handful of major players is not “currently causing consumers harm”  —  The music streaming market dominated by a handful of major players is giving consumers a fair shake …

Amazon's One Medical acquisition is likely cheaper to the company than unionization would be and could be used as a tool to counter organizing employees  —  I guess I should say something? … This episode of Out-Of-Pocket is brought to you by...  Nabla creates SDKs and APIs …

Neon, which provides developers with a serverless option for Postgres databases, has raised a $30M Series A-1 led by GGV, bringing its total funding to $55M  —  Neon, a startup providing developers with a serverless option for Postgres databases, today announced that it raised $30 million …

Microsoft reports Q4 revenue of $51.87B, up 12% YoY, net income of $16.7B, up 2% YoY, Azure revenue up 40%, LinkedIn up 26% YoY, and Xbox down 6% YoY  —  REDMOND, Wash. — July 26, 2022 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2022 …