One big thing: Warren Buffet’s Berkshire Hathaway exits Paytm at a major loss, stock stumbles

In today’s newsletter: 

• Social media cos get 7-day ultimatum to tackle deepfakes
• Why investors love operator founders
• Apple officials to visit India for hacking probe

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To make a new regulation or not, that is the question.

• The government yesterday proposed introducing a new regulation to address the issue of deepfakes

However, today, the Ministry of Electronics and Information Technology shifted the responsibility to social media platforms, saying that the existing regulatory framework is sufficient to combat deepfakes. 

• The ministry also advised platforms to modify their terms and conditions to align with India's regulations

Minister of State for Electronics and Information Technology (MeitY), Rajeev Chandrasekhar, has directed platforms to update their terms and conditions within 7 days to ensure alignment with Indian laws and regulations. 

• Platforms were reminded of their legal obligations under Rule 3 (1)(b) of the IT Rules and Section 69A of the IT Act

Rule 3 (1)(b) of the IT Rules prohibits various types of content on online platforms, including "misleading or deceptive information, including impersonation or spreading false facts, including false information about the Central government."

• The government has stated that deepfakes fall under this regulation

Under Rule 7 of the IT Rules, non-compliance with the rules will result in the loss of safe harbour protection. 

• To address this issue, the government is planning to appoint a Rule 7 officer

• The officer will be responsible for developing a mechanism for users to file complaints related to deepfakes

Additionally, MeitY will assist users in filing FIRs against platforms that fail to comply with the rules.

Dig deeper

After years of backing startups in specific sectors like fintech or e-commerce, the venture capital (VC) community is embracing a new trend: investing in startups founded by former top executives of successful ventures.

A wave of senior executives from startups such as Flipkart, Swiggy, Sharechat, and Freshworks are exiting to embark on their entrepreneurial journeys, attracting a queue of VCs eager to support them.

• The trend of executives leaving to start up is not limited to a single industry; it is prevalent across various sectors, including e-commerce, SaaS, and fintech

The exits come as these startups have reached a scale where there is little room for growth.

Investors we spoke to indicate that the tough macro environment is putting pressure on startups to show a clear path to profitability. 

• Investors find comfort in backing founders who understand and implement this approach 

By the way, in India, VCs collectively have more than $10 billion in capital waiting to be invested.

Furthermore, founders of these new startups possess valuable experience gained from working across various divisions at prominent companies. Their expertise in scaling operations from the ground up and attracting talent appeals to numerous investors.

• Interestingly, these executives who leave to start up also have the support of their founders, who become angel investors, which kickstarts the fundraising process

Find out more

It has been a couple of weeks since multiple opposition MPs and journalists received threat notifications from Apple warning them of "state-sponsored" actors targeting their devices.

The question on everyone's mind is, what progress has been made in the investigation into this matter?

Apple is sending its technical and cybersecurity experts to India to meet officials investigating the threat notifications.

• While Apple's representatives in India have initiated discussions with the government, the much-anticipated visit of technical experts faced a delay due to visa issues

The notifications, which were sent by Apple on October 31, warned the recipients that their devices were being targeted by state-sponsored attackers. 

• This sparked a political firestorm, with the opposition accusing the government of spying

A government official claimed that the threat notifications were caused by a vulnerability in Apple's systems that exposed citizens across the world to viruses. 

"There was a vulnerability for a while, in that period there was an attempt to spread viruses to many citizens across countries. Threat actor is a standard language which is used (by platforms) to not take any responsibility for the existing vulnerabilities in one's system," the official said. 

Find out more

Hybrid work models are becoming the new standard in workplaces, and Slack co-founder Cal Henderson sees an opportunity in this shift. 

• In an exclusive interview with us, Henderson said that the new setup will demand a whole new set of tools for people to collaborate and work together effectively

He also spoke about their journey following the acquisition by Salesforce, how the recent AI boom is influencing their product strategy, the potential they see in generative artificial intelligence for enhancing workplace productivity, and the importance of the Indian market for the company.

Read the full interview

• Nvidia is said to have delayed the launch of its H20 AI chip in China to the first quarter of next year, potentially hindering its efforts to maintain market share against local competitors like Huawei.
  
  
• Bill Gates believes that AI will eventually allow humans to work fewer days a week and focus more on other aspects of life.

Calling all fans of the hit South Korean drama "Squid Game"! Netflix has just released a brand new reality TV series based on the show, and it's sure to get your adrenaline pumping. 

In Squid Game: The Challenge, 456 contestants from around the world compete in a series of life-sized games inspired by the show, including Red Light, Green Light and the Dalgona cookie challenge.  

• Plus, there's a whopping $4.56 million cash prize up for grabs! Watch it on Netflix

If you're looking for a suspenseful drama, check out Kannur Squad, a Malayalam film based on a true story. The film follows a team of police officers who are part of a special crime investigation unit, formed by ASI George Martin (Mammootty). The squad investigates the murder of a rich NRI businessman.Check it out on Disney+ Hotstar

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