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Dogecoin Jumps as Musk’s Twitter Flips Logo to Shiba Inu Dog

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)
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Dogecoin Jumps as Musk’s Twitter Flips Logo to Shiba Inu Dog

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)

Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo on Tuesday, helping the meme coin add as much as $4 billion to its market value.

The token, born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, surged to 10 cents around 1500 EST from 7 cents as Elon Musk indicated in a tweet on Monday he had delivered on his promise of changing the social media app's logo to dogecoin's dog.

With a market capitalization of $13.7 billion, dogecoin is now the seventh biggest cryptocurrency, according to data site CoinMarketCap.com. Its market value stood at around $10 billion before the news.

Musk, who is ranked as the second-richest person in the world by Forbes, is a vocal proponent of cryptocurrencies and has heavily influenced prices for dogecoin and bitcoin in the past.

The Tesla boss on Friday asked a US judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.

Dogecoin more than doubled in October after Musk, dubbed "the dogefather" by retail traders, sealed a $44 billion deal to take over Twitter in October.

The shiba inu token, a spinoff of dogecoin which trades in fractions of cents, rose 5.6% to $0.000014.

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Italy Fines OpenAI over ChatGPT Privacy Rules Breach

The Italian watchdog also ordered OpenAI to launch a six-month campaign on Italian media to raise public awareness about how ChatGPT works - Reuters
The Italian watchdog also ordered OpenAI to launch a six-month campaign on Italian media to raise public awareness about how ChatGPT works - Reuters
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Italy Fines OpenAI over ChatGPT Privacy Rules Breach

The Italian watchdog also ordered OpenAI to launch a six-month campaign on Italian media to raise public awareness about how ChatGPT works - Reuters
The Italian watchdog also ordered OpenAI to launch a six-month campaign on Italian media to raise public awareness about how ChatGPT works - Reuters

Italy's data protection agency said on Friday it fined ChatGPT maker OpenAI 15 million euros ($15.58 million) after closing an investigation into use of personal data by the generative artificial intelligence application.

The fine comes after the authority found OpenAI processed users' personal data to "train ChatGPT without having an adequate legal basis and violated the principle of transparency and the related information obligations towards users".

OpenAI said the decision was "disproportionate" and that the company will file an appeal against it.

The investigation, which started in 2023, also concluded that the US-based company did not have an adequate age verification system in place to prevent children under the age of 13 from being exposed to inappropriate AI-generated content, the authority said, Reuters reported.

The Italian watchdog also ordered OpenAI to launch a six-month campaign on Italian media to raise public awareness about how ChatGPT works, particularly as regards to data collection of users and non-users to train algorithms.

Italy's authority, known as Garante, is one of the European Union's most proactive regulators in assessing AI platform compliance with the bloc's data privacy regime.

Last year it briefly banned the use of ChatGPT in Italy over alleged breaches of EU privacy rules.

The service was reactivated after Microsoft-backed OpenAI addressed issues concerning, among other things, the right of users to refuse consent for the use of personal data to train the algorithms.

"They've since recognised our industry-leading approach to protecting privacy in AI, yet this fine is nearly twenty times the revenue we made in Italy during the relevant period," OpenAI said, adding the Garante's approach "undermines Italy's AI ambitions".

The regulator said the size of its 15-million-euro fine was calculated taking into account OpenAI's "cooperative stance", suggesting the fine could have been even bigger.

Under the EU's General Data Protection Regulation (GDPR) introduced in 2018, any company found to have broken rules faces fines of up to 20 million euros or 4% of its global turnover.