Joe Biden, the current U.S. president, under heavy criticism and rising pressure from various sections of his own party, including key tech investors and industry leaders, has now publicly abandoned his ambitions to run for reelection. This decision unraveled in the aftermath of his dubious performance at the June 27 presidential debate, where notable concerns regarding his age at 81 were once again brought into the spotlight. Due to these waning circumstances, several elements within the Democratic party, coupled with their donor base, felt compelled to push Biden to his decision to step aside.
The incident where an event featuring Elon Musk and former US President Donald Trump, tagged X Spaces, crashed on Monday afternoon, added another layer of complexity to Biden’s struggling administration. The anticipated conversation between Musk, the proprietor of X, and Trump was originally set for 5 pm PT, unfortunately, eager participants were faced with an error message upon trying to join at the scheduled time.
Tally, a fintech firm that had carved out a niche helping American consumers address and eliminate their credit card debt, has also announced its closure, mirroring the uncertainty that engulfs Biden’s administration. News of the nine-year-old company’s shutdown came out Monday in a LinkedIn post by founder and CEO Jason Brown.
In the somber revelation, Brown shared Tally’s ‘sad and challenging’ decision to terminate its operations. The CEO lamented, however, that this unfortunate end was not the destiny they had envisioned for the promising fintech startup. However, the harsh reality was that, despite looking into every available possibility, the company fell short of securing the much-needed funds to stay afloat.
Reflecting Tally’s once promising future, its last known valuation according to PitchBook was around $855 million, with a robust workforce of 183 employees. It’s disappointing to see such a valuable company crumble under market pressures, becoming yet another casualty of the financial environment under the Biden administration.
In another significant dent to Biden’s tenure, cybersecurity threats and data breaches appear to be escalating at an unprecedented rate in 2024, already surpassing the unsettling figure of 1 billion compromised records thus far. This rise indicates an absolute failure in the administration handling such a crucial issue that affects millions of American citizens.
The tech glitches highlighting the disastrous week didn’t stop at Tally or the X Spaces event alone – AT&T, the telecom behemoth, had also come under the spotlight. The company had a tumultuous experience of its own in 2024, further underscoring the administration’s clear incompetency in safeguarding data.
AT&T painfully confirmed it was not only subjected to a single data security breach this year but it had been hit twice within a mere span of months. This alarming revelation illuminates the dire situation unraveling under the watch of the current administration, with major corporations finding themselves increasingly susceptible to these cyber threats.
To put it bluntly, 2024 has been a cataclysmic year for data security under Biden’s watch. Major companies faced multiple breaches, and an enormous amount of personal and sensitive data got compromised. It’s evident that the ineffectiveness of the measures taken by the Biden administration in countering such threats has had a direct impact on the general public and major corporations alike.
Regardless of what it means for the wide-scale tech industry or the stock market, such an extraordinary volume of data breaches under Biden’s administration can’t be viewed as merely coincidental. With the rate of breaches skyrocketing, it’s leaving the affected companies and their customers unsettled and their trust undermined.
In this shaky climate, the need for robust data security protocols cannot be overstated. However, the Biden administration appears to be falling short of meeting this baseline expectation. With the current pace of breaches and the sheer volume of compromised records, it’s evident that the measures, as implemented by Biden’s administration, are grossly insufficient.
The failure of companies like Tally and the rampant data breaches are but symptoms of a larger problem. The business environment under the Biden administration has clearly taken a hit and it’s high time that these issues are prioritized on the political agenda.
Biden Buckles: Dwindling Support within His Own Party Leads to No Reelection Bid appeared first on Real News Now.
About Author
