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An artistic triumph: Canva’s value soars three-fold

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From Instagram posts to water bottles, the design network that can turn anyone into an artist is now worth fortunes.

Canva, the online design platform now worth billions

The value of design platform Canva has increased almost three-fold, with the once $15 billion company now worth $40 billion USD.

It comes after a funding round led by T.Rowe Price helped raise 200 million dollars for the company.

AirTree adventures, Blackbird and Dragoneer Investments were among the new and pre-existing investment companies that contributed to the deal.

It’s a win for the Australian tech scene, painting Canva as one of the most valuable software companies online.

The graphic design platform enables anyone to be a star designer, no matter the level of experience.

From videos to t-shirts, Canva offers a range of templates across their easy-to-use platform, providing a convenient and easy experience for the user.

A step into the future of design

Co-founder and CEO Melanie Perkins says the goal of her platform is to replace PDF documents.

“Rather than people sending PDFs backwards and forwards between the designer and the client, designers can just create a template for organisation use,” Perkins says.

“It’s less important for us to absolutely excel at things like vector design because there are amazing programs on the market that may be there.”

“We really want to focus on that collaboration piece.”

How will the funding help?

The extra cash will be splashed on hiring two thousand workers, doubling their existing team where 42 percent of their workforce are women.

The extra funding also means the company is able to fulfill their dreams of further growing their business.

Web design, video editing and offline mode are all other features the platform is hoping to offer their growing user base, which is something the extra money can help them launch.

Perkins says it’s the funding from the investors that helps the platform remain to an extent free.

“We intentionally make our free product extremely generous for a number of reasons,”

“It means that people are able to love the product, share it with their friends and family, and promote it on social media, and then that virality really rapidly fuels our growth.”

Today, Canva has over 60 million users across 190 countries.

A number of big-name companies also use the platform, paying for their premium enterprise service.

Written by Rebecca Borg

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Tech

Tesla is slashing prices to stay competitive

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Tesla cut the U.S. prices of its Model Y, Model X and Model S vehicles by $2,000 each, days after the first-quarter deliveries of the world’s most valuable automaker missed market expectations.

Elon Musk’s electric-vehicle (EV) maker lowered the prices for its Model Y base variant to $42,990, while the long-range and performance variants are now priced at $47,990 and $51,490, respectively, according to its website.

The basic version of the Model S now costs $72,990 and its plaid variant $87,990. The Model X base variant now costs $77,990 and its plaid variant is priced at $92,900.
Tesla North America also said in a post on X said it would end its referral program benefits in all markets after April 30.

Referral program allows buyers to get extra incentives through referrals from existing customers, a strategy long used by traditional automakers to boost sales.

Musk has postponed a planned trip to India where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, Reuters reported on Saturday.
On Monday Reuters reported, citing an internal memo, that the EV maker was laying off more than 10% of its global workforce.
Earlier this month Reuters reported the EV maker had canceled a long-promised inexpensive car, expected to cost $25,000, that investors had been counting on to drive mass-market growth.
The EV maker reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand.

Tesla is to report first-quarter earnings on Tuesday.

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TikTok launches Instagram competitor ‘Notes’

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TikTok Notes has launched in Australia & Canada as a formidable competitor to Instagram, offering a unique platform for content creation, text and sharing.

“TikTok Notes is a lifestyle platform that offers informative photo-text content about people’s lives, where you can see individuals sharing their travel tips and daily recipes,” reads the official App Store description.

Take note

The app allows users to create content by combining short videos with text-based notes, closely resembling that of Meta’s Instagram.

Whether it’s sharing a quick tutorial, a personal anecdote, or a thought-provoking message, TikTok Notes is positioned to be a formidable social media platform.

Currently, the app is only available for download and “limited testing” in Australia and Canada.

As it gains momentum, the platform is poised to contest Instagram’s established reign in the social media landscape.

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Ramifications of a TikTok ban to impact Open Internet

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The United States’ longstanding advocacy for an open internet faces a critical juncture as Congress considers legislation targeting TikTok.

The proposed measures, including a forced sale or outright ban of TikTok, have sparked concerns among digital rights advocates and global observers about the implications for internet freedom and international norms.

For decades, the U.S. has championed the concept of an unregulated internet, advocating for the free flow of digital data across borders.

However, the move against TikTok, a platform with 170 million U.S. users, has raised questions about the consistency of America’s stance on internet governance.

Read more – Big tech to handover misinformation data

Critics fear that actions against TikTok could set a precedent for other countries to justify their own internet censorship measures.

Russian blogger Aleksandr Gorbunov warned that Russia could use the U.S. decision to justify further restrictions on platforms like YouTube.

Similarly, Indian lawyer Mishi Choudhary expressed concerns that a U.S. ban on TikTok would embolden the Indian government to impose additional crackdowns on internet freedoms.

Moreover, the proposed legislation could complicate U.S. efforts to advocate for an internet governed by international organizations rather than individual countries.

China, in particular, has promoted a vision of internet sovereignty, advocating for greater national control over online content.

A TikTok ban could undermine America’s credibility in urging other countries to embrace a more open internet governed by global standards.

 

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