A Billionaire-Backed Texas Stock Exchange Is In The Works

Cailey Gleeson reports via Forbes: A group backed by more than two dozen investors — including Citadel Securities and BlackRock — is planning to start its own stock exchange in Texas, it said Wednesday, in an attempt to compete with the New York Stock Exchange and Nasdaq. The Texas Stock Exchange (TXSE) — owned by TXSE Group Inc. and founded in 2023, per its LinkedIn — will be a “fully electronic national securities exchange” that seeks to expand access to markets for all investors and those seeking access to public capital, according to Wednesday’s press release.

The TXSE aims to have primary listings, dual listings and exchange-traded products, according to The Wall Street Journal, which first reported the news. The stock exchange has raised $120 million in capital and plans to register with the Securities and Exchange Commission later this year, according to the press release, while it will also have a physical headquarters in Dallas, and the company will employ about 100 people, The Dallas Morning News reported. It plans to start facilitating trades in 2025 and host its first listing the following year, multiple outlets reported. The Wall Street Journal notes that past attempts at regional stock exchanges have failed, such as the Chicago Stock Exchange and Philadelphia Stock Exchange — both of which combined with the NYSE and Nasdaq.

“The NYSE considered relocating its electronic trading systems to the Dallas-Fort Worth area in late 2020, amid a proposed financial transaction tax on stocks in New York,” adds Forbes. “But the move did not go through, nor the proposed tax,.”

Read more of this story at Slashdot.

Remote Amazon Tribe Connects To Internet, Gets Addicted To Porn and Social Media

The Marubo people, an isolated Indigenous tribe in the Amazon, have gained high-speed internet access through Elon Musk’s Starlink service, drastically altering their traditional way of life. While the internet has brought significant benefits like improved communication and emergency response, it has also introduced challenges such as social media addiction, exposure to inappropriate content, and cultural erosion. The New York Times reports: After only nine months with Starlink, the Marubo are already grappling with the same challenges that have racked American households for years: teenagers glued to phones; group chats full of gossip; addictive social networks; online strangers; violent video games; scams; misinformation; and minors watching pornography. Modern society has dealt with these issues over decades as the internet continued its relentless march. The Marubo and other Indigenous tribes, who have resisted modernity for generations, are now confronting the internet’s potential and peril all at once, while debating what it will mean for their identity and culture.

The internet was an immediate sensation. “It changed the routine so much that it was detrimental,” [admitted one Marubo leader, Enoque Marubo]. “In the village, if you don’t hunt, fish and plant, you don’t eat.” Leaders realized they needed limits. The internet would be switched on for only two hours in the morning, five hours in the evening, and all day Sunday. During those windows, many Marubo are crouched over or reclined in hammocks on their phones. They spend lots of time on WhatsApp. There, leaders coordinate between villages and alert the authorities to health issues and environmental destruction. Marubo teachers share lessons with students in different villages. And everyone is in much closer contact with faraway family and friends. To Enoque, the biggest benefit has been in emergencies. A venomous snake bite can require swift rescue by helicopter. Before the internet, the Marubo used amateur radio, relaying a message between several villages to reach the authorities. The internet made such calls instantaneous. “It’s already saved lives,” he said.

In April, seven months after Starlink’s arrival, more than 200 Marubo gathered in a village for meetings. Enoque brought a projector to show a video about bringing Starlink to the villages. As proceedings began, some leaders in the back of the audience spoke up. The internet should be turned off for the meetings, they said. “I don’t want people posting in the groups, taking my words out of context,” another said. During the meetings, teenagers swiped through Kwai, a Chinese-owned social network. Young boys watched videos of the Brazilian soccer star Neymar Jr. And two 15-year-old girls said they chatted with strangers on Instagram. One said she now dreamed of traveling the world, while the other wants to be a dentist in Sao Paulo. This new window to the outside world had left many in the tribe feeling torn. “Some young people maintain our traditions,” said TamaSay Marubo, 42, the tribe’s first woman leader. “Others just want to spend the whole afternoon on their phones.”

Read more of this story at Slashdot.