⏰ TikTok Time-Out

TikTok's latest tune? A whopping €345 million fine over child privacy concerns in Europe.

“Champions keep playing until they get it right.”

— Billie Jean King

👋 Friends, Rallie here. The newsletter swinging into your inbox with the latest in crypto, finance, and tech.

On the menu:

  • ⏰ TikTok Time-Out

  • 🗞️ Headlines That Hit

  • 📈 Refresh: The Rule of 72

  • 💯 Top Tweets

The Rallie Recap

⏰ TikTok's latest tune? A whopping €345 million fine over child privacy concerns in Europe.

  • 🚫 The Irish Data Protection Commission (the big tech watchdog for the EU) has slapped TikTok with a hefty fine of €345 million ($368M USD). 

  • Why, you ask? The commission believes TikTok didn't do its best to protect its young users. When adolescents created accounts in 2020, they were automatically set to public — meaning anyone could check out their profiles.

  • To add to the mix, TikTok might've been a tad sneaky. The platform didn't make it super clear to kids about these privacy risks and used some deceitful tactics, dubbed “dark patterns,” to encourage users to share more personal details.

  • 👨‍👧 Another point of concern? A feature called Family Pairing (meant to let parents oversee their kids' TikTok use) didn't ensure the adult was actually the kiddo's parent or guardian. A loophole that any grown-up could jump through to potentially weaken a youngster's privacy.

  • 📣 TikTok Speaks Up: TikTok has shared that they "respectfully" don't see eye to eye with parts of the decision. They pointed out that many of the concerns raised have been addressed already, especially with their 2021 updates.

  • For the 13-15 age bracket, accounts have been switched to private by default since early 2021.

  • 👀 Keep an eye out! They're also planning to introduce private default settings for new users aged 16 and 17 very soon.

  • Fun Fact: This isn't TikTok's first dance with data protection issues. They faced a similar fine in the UK earlier this year for misusing kids' data.

Headlines That Hit

The Rallie Refresh: The Rule of 72

For many budding investors, gauging how long it'll take for an investment to double can seem complex. But there's a trick that provides a rapid estimation: The Rule of 72. Let’s break it down:

  • What is it? The Rule of 72 is a method to estimate the number of years required to double your investment. 

  • How does it work? You simply divide 72 by your expected annual interest rate, and there’s your number!

  • Example in Action: With an interest rate of 6%, it's simple math: 72 ÷ 6 = 12 years. That means in roughly 12 years, your money could double if you maintain that rate of return.

  • The Power of Compound Interest: The Rule of 72 showcases how compound interest can grow investments exponentially over time. It underlines the benefit of starting early and staying invested.

  • Limitations to Keep in Mind: While the Rule of 72 offers a useful ballpark figure, it’s mainly accurate for interest rates ranging from 6% to 10%. Beyond that range, its estimations can start to deviate.

  • Using it Wisely: Though it's a helpful tool, it shouldn't be the sole determinant in your investment decisions. Always consider market dynamics, investment horizons, and risk appetite.

As always, coupling The Rule of 72 with professional financial advice will set you on a more precise path to financial growth. Happy investing!

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DISCLAIMER: This is not financial or legal advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions