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Good morning readers. Here’s a reason to log off for the weekend and start drinking early today: everyday from here on out will only get shorter. That’s because the summer solstice (aka the longest day of the year) was yesterday. That’s a good enough reason, right?

Happy Friday.

Let’s jump into today’s storylines.

In today’s digest:

• New York just put social media on a leash for kids, but can it hold?

• Headline Hustle: TikTok presents its case against the U.S. government, U.S. bans sale of Kaspersky software citing national security risks, legendary actor Donald Sutherland passes away at 88

• SpaceX packs the internet into a backpack

• Pulse Points: What’s Trending

BUSINESS

New York tightens the reins on social media for kids

If New York were a parent, it just grounded every social media platform with a "lights out by 9" curfew. Yesterday, Governor Kathy Hochul inked two groundbreaking laws that put social media giants on a tight leash when it comes to hooking the Empire State’s youngsters, placing the state at the forefront of regulating addictive digital behaviors.

How we got here

This legislative push follows closely on the heels of US Surgeon General Vivek Murthy’s call for warning labels on social media platforms earlier this week, likening them to cigarette packets and spotlighting their potential harms, especially for teens.

The freshly minted SAFE For Kids Act requires social media feeds for users under 18 to be displayed in chronological order, taking the steering wheel away from manipulative algorithms. Additionally, the New York Child Data Protection Act tightens the reins on data collection, preventing the sharing of minors' personal information without consent—enhancing federal protections already in place for children under 13.

The laws also take a swipe at those pesky late-night notifications designed to keep users glued to their screens, potentially disrupting precious sleep.

Big Tech is ‘kind of’ on board

Meta, while not fully on board with every facet of the legislation, tipped its hat to New York for leading the charge, hinting at a collaborative approach moving forward.

But not everyone's cheering.

• Critics, including tech advocates like Adam Kovacevich of the Chamber of Progress, argue that the laws might be missing the mark, suggesting that algorithmic curation isn't the villain it's made out to be.

• According to Kovacevich, "Banning algorithms could make social media worse for teens, not better."

Looking ahead…as the ink dries, New York is getting ready for a likely series of legal challenges, marking the start of what could be a nationwide re-evaluation of how social media interacts with its youngest users.

SPONSORED BY MASTERWORKS

Yes, this platform’s 77% return is an outlier – but the rest may surprise you

The news is true: Masterworks’ 15th sale just weeks ago returned an impressive 77% to investors. While such a high return is an outlier for the blue-chip art investing platform, you might be wondering what their prior sales delivered.

Glad you asked…
Every one of their sales has returned a profit to investors, with 12 of them delivering double-digit returns, and 1 delivering triple-digit annualized returns.

In full, Masterworks has over 300 paintings and their 16 exits have delivered: 32%, 39.3%, 36.2%, 27.3%, 9.2%, 33.1%, 21.5%, 17.8%, 13.9%, 35%, 10.4%, 325.5%, 4.1%, 17.6%, 77.3%, and 13.4% net annualized returns.

Every sale but one outperformed the stock market in the period from when it was offered to when it was sold.

With performance like that, offerings on the platform can sell out in minutes. However, Pulse of Progress readers can skip the waitlist to join with this exclusive link.

IN THE KNOW

Headline Hustle

📱 TikTok presents its case against the U.S.. TikTok has challenged a U.S. law threatening its operations and put its case forward, arguing in DC Circuit Court filings that Congress ignored its comprehensive mitigation strategies, making the law a severe free speech violation. The platform, alongside creators, contends the law was passed without properly evaluating less restrictive alternatives. The upcoming hearing on September 16th will explore these First Amendment concerns ahead of a January 2025 deadline, amidst broader fears of Chinese governmental influence over TikTok's parent company, ByteDance.

💻️ U.S. bans sale of Kaspersky software, urges users to find new provider. The U.S. government has imposed a ban on the sale of Kaspersky antivirus software, citing national security and privacy risks due to the company's Russian origins. Commerce Secretary Gina Raimondo emphasized the risk of Russian exploitation of Kaspersky to gather and weaponize American data. The ban, starting July 20, restricts new sales and will stop updates by September 29. U.S. users, while not facing legal penalties, are urged to switch providers to protect their data. The government plans extensive outreach to assist users in transitioning away from Kaspersky products.

🎥 Donald Sutherland, known for his role in ‘The Hunger Games’ has passed away at 88. Donald Sutherland, renowned for his diverse roles in films like "MAS*H," "Klute," and "The Hunger Games," has passed away at 88 after a long illness. His son, Kiefer Sutherland, praised him as a pivotal figure in film history. Donald's career, spanning over six decades, included memorable performances across various genres, earning him an Emmy and multiple Golden Globes. He leaves behind a legacy of impactful roles and deep dedication to his craft, culminating in an honorary Academy Award in 2017.

TECH

SpaceX shrinks Starlink to backpack size

If Elon Musk's latest project were a movie, it'd be titled "Honey, I shrunk the internet." SpaceX, Musk’s aerospace company, is shrinking things down to size with its latest rollout: the Starlink Mini. This little device, no bigger than your average novel, promises to keep you connected no matter where you are in the world.

Announced through a customer email, the Starlink Mini is an ultra-compact device offering high-speed internet, barely larger than your average laptop and tipping the scales at a mere two pounds. Designed to fit snugly next to your travel essentials, it offers low-latency internet "on the go" for a cool $599—just a hundred bucks more than its bigger brother, the Standard antenna.

But SpaceX isn't just selling a smaller antenna; they're pitching a bigger vision. "Our goal is to reduce the price of Starlink, especially for those around the world where connectivity has been unaffordable or completely unavailable," the company stated. For adventurers and remote workers, the Starlink Mini comes with a built-in WiFi router, lower power consumption, and impressive download speeds over 100 Mbps.

As Musk puts it: setting up a Starlink Mini is a breeze, taking less than five minutes. "This product will change the world," he declared. With Starlink now serving 3 million users across 100 countries and expanding into markets from maritime to aviation, it's clear that SpaceX is not just reaching for the stars but bringing them a little closer to us all.

SNIPPETS

Pulse Points

• The FAA is investigating a Southwest Airlines flight that flew just 525 feet above the ground near Will Rogers World Airport in Oklahoma City on Wednesday, triggering an altitude warning from air traffic control.

• Boeing’s Starliner capsule is facing more delays despite its recent launch, with the two-person crew now set to return on June 26 instead of June 14 due to ongoing technical issues.

• OpenAI competitor Anthropic announced its most powerful AI model yet, Claude 3.5 Sonnet, on Thursday.

• Student loan borrowers have until the end of June to meet a deadline for quicker debt forgiveness, with some potentially seeing their debt cleared immediately.

• The Los Angeles Lakers have agreed to a four-year contract with JJ Redick to be their next coach, sources told ESPN on Thursday.

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_{A note from Masterworks: past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd}