Home Front end Musk Meme Sees Dogecoin Skyrocketing $2 Billion; Shein will open a physical store in Japan

Musk Meme Sees Dogecoin Skyrocketing $2 Billion; Shein will open a physical store in Japan


In today’s ExchangeWire news digest: a meme tweeted by Elon Musk sees the value of Dogecoin skyrocket by $2bn (~£1.7bn); Chinese retail giant Shein set to open physical store in Japan; and the FTC orders edtech giant Chegg to notify users of data breaches.

Musk’s tweet takes Dogecoin to a six-month high

One of the largest cryptocurrencies in the world, Dogecoin, whose value skyrocketed on Tuesday (November 1) after a tweet from Elon Musk. The tweet, a photo of a Shiba Inu adorned with the Twitter logo, garnered nearly 600,000 likes on Twitter and sent Dogecoin soaring to a six-month high of $0.14 (~£0.12).

The tweet is believed to refer to Musk’s reported plans to heavily integrate Dogecoin into Twitter as he takes over the company. The billionaire also recently confirmed Twitter verification is expected to come bundled with Blue, the company’s premium subscription, with a listed cost of $8 (~£6.95) per month.

Shein to open brick-and-mortar store in Japan

Fast fashion giant Shein is set to open a physical store in Tokyo on November 13. The Chinese retailer previously opened pop-up stores across Japan earlier this year, with the Harajuku-based store serving as Shein’s first permanent bricks and mortar.

The store will integrate technology into the shopping experience, allowing customers to shop online using QR codes, and will be used to host brand events and fashion shows.

Security breaches at Chegg exposed the data of 40 million employees and users

According to the FTC, Edtech giant Chegg’s security breaches exposed the personal details of 40 million individuals four times over a period of 4 years. The US watchdog noted that Chegg also failed to notify those users and employees of the data breaches, ordering the company to do so immediately.

Samuel Levine, director of the FTC’s Consumer Protection Bureau, said Chegg “took shortcuts with millions of sensitive student information,” adding that “today’s order compels the company to strengthen security measures, to offer consumers an easy way to delete their data and to limit the collection of information upstream.

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Fact of the day

27 million euros – the amount of Dogecoin donated to fund the trip of the Jamaican bobsleigh team to the Winter Olympics in Sochi, worth approximately 30,000 USD (~£26,000).

Source: Investopedia